The fund invests primarily in a global portfolio of fixed-income securities and derivatives of any maturity of issuers located in emerging markets that may be denominated in any currency (on a hedged or un-hedged basis). It will invest at least 80% of its assets in fixed-income securities issued by governments, their political subdivisions (states, provinces, and municipalities), agencies, and companies tied economically to an emerging market. The fund is non-diversified.