Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies, and in other instruments, principally derivatives and shares of investment companies (including exchange-traded funds (ETFs)), that have economic characteristics similar to such securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The equity securities in which the Fund invests are primarily publicly traded common stocks, but may also include private placements; rights and warrants; depositary receipts (including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs)), which are certificates typically issued by a bank or trust company that represent ownership interests … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies, and in other instruments, principally derivatives and shares of investment companies (including exchange-traded funds (ETFs)), that have economic characteristics similar to such securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The equity securities in which the Fund invests are primarily publicly traded common stocks, but may also include private placements; rights and warrants; depositary receipts (including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies; and securities immediately convertible into equity securities (principally bonds and preferred stock that are immediately convertible into common stock). The Fund may also invest in out-of-the-money convertible securities and may invest in securities of companies with any market capitalization. The Fund considers a company to be an emerging market company if, at the time of purchase: (i) at least 50% of the companys assets are located in emerging or frontier market countries; (ii) at least 50% of the companys revenue is generated in emerging or frontier market countries; or (iii) the company maintains its principal place of business in an emerging or frontier market country. The Fund considers emerging market countries to be: (i) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation; (ii) countries that have low or middle economies according to the World Bank; (iii) countries listed in a World Bank publication as developing; (iv) countries considered industrially developing countries by the International Monetary Fund; and (v) other countries that have similar characteristics, as determined by RWC US. The Fund considers frontier market countries to be countries included in the MSCI Frontier Markets Index and other countries that have similar characteristics, as determined by RWC US. Under normal circumstances, the Fund invests in at least three emerging or frontier market countries. From time to time, the Fund may focus its investments in a particular country, such as the Peoples Republic of China (China). The Fund may invest in A-Shares of companies based in China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai Hong Kong and Shenzhen Hong Kong Stock Connect programs (Stock Connect). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may utilize derivatives, principally equity-linked notes (including participation notes and other instruments whose return is determined by the performance of a single equity security, a basket of equity securities or an equity index) and swaps, to seek to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. For purposes of the Funds 80% investment policy, the Fund generally values its derivative instruments using the market values of the investments, but reserves the right to use an investments notional value, where determined appropriate in RWC US discretion. In selecting investments for the Fund, RWC US implements its Growth At A Reasonable Price investment philosophy by combining top-down analyses of economic, political and social factors with Show less