Fund Description

The fund was incepted in August 1994 and is managed by Deutsche Investment Management Americas Inc. The fund seeks to provide high current income and, secondarily, long-term capital appreciation. The fund invests under normal circumstances, the fund invests at least 80% of net assets in high yield bonds (also known as "junk bonds") and other debt securities issued by governments and corporations in emerging market countries (i.e., the issuer is traded mainly in an emerging market, is organized under the laws of an emerging market country or is a company with more than half of its business in emerging markets) or the return on which is derived primarily from emerging markets. The fund also does not invest more than 40% of total assets in any one country. The fund may invest up to 20% of net assets in debt securities from developed markets and up to 20% of net assets in US debt securities including those that are rated below investment-grade. Dividends are distributed quarterly. Capital gains, if any, are distributed annually.