Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in equity securities of companies organized, or with a majority of assets or operations, in emerging market countries generally represented by the MSCI Emerging Markets Index. Using bottom-up fundamental analysis and individual stock selection, the sub-adviser evaluates governance standards, long term growth outlook, business franchise quality, pricing power, returns on invested capital and financial leverage. It invests across at least five emerging market countries and any market capitalization, with holdings that may have value and/or growth characteristics, and may deviate from MSCI country, industry or sector weights; it may also hold more than 20% in certain sectors or countries. Stocks may be sold if business attributes or the investment's risk-reward profile deteriorate.