Fund Description

Under normal circumstances, the fund invests at least 80% of its net assets, including borrowings for investment purposes, in common and preferred stocks of emerging markets small companies. Small companies generally are those with market capitalizations no higher than the greater of $5 billion or the largest company in the MSCI Emerging Markets Small Cap Index. The fund may also invest in Small Companies located in developed countries; however, it may not invest in any company located in a developed country if, at the time of purchase, more than 20% of the fund's assets are invested in developed market companies. It has from time to time concentrated in a single country. The fund may also invest in depositary receipts treated as emerging markets investments and may invest in affiliated and unaffiliated ETFs for cash equitization purposes.