Strategy. Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the equity securities of emerging market issuers. The fund considers emerging market issuers to include: issuers organized under the laws of an emerging market country, issuers with a principal office in an emerging market country, issuers whose equity securities are traded principally in an emerging market country, issuers that derive at least 50% of their gross revenues or profits from goods or services produced in emerging market countries or sales made in emerging market countries, or issuers that have at least 50% of their assets in emerging market countries. The fund considers any market that is not developed … Show more… Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the equity securities of emerging market issuers. The fund considers emerging market issuers to include: issuers organized under the laws of an emerging market country, issuers with a principal office in an emerging market country, issuers whose equity securities are traded principally in an emerging market country, issuers that derive at least 50% of their gross revenues or profits from goods or services produced in emerging market countries or sales made in emerging market countries, or issuers that have at least 50% of their assets in emerging market countries. The fund considers any market that is not developed to be an emerging market. Emerging markets generally will include countries included in the Morgan Stanley Capital International (MSCI) Emerging + Frontier Markets Index. The fund's investments will not be confined to securities issued by companies included in the index. At the investment adviser's discretion, the fund may invest in other emerging markets. The fund may invest up to 20% of its assets in securities of issuers in developed countries. For purposes of the fund's investment policies, equity securities include common stocks and securities with common stock characteristics, such as securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds) that invest primarily in equity securities, equity interests in real estate investment trusts (REITs), preferred stocks, depositary receipts, equity-linked notes (ELNs), warrants and rights. The fund may consider another fund, such as an exchange-traded fund (ETF), as an emerging market issuer for purposes of satisfying the fund's 80% policy if the ETF invests at least 80% of its net assets in equity securities of emerging market issuers. The fund may invest in initial public offerings of equity securities. The fund may also purchase and sell forward foreign currency exchange contracts in non-U.S. currencies in connection with its investments, including as a means of managing relative currency exposure. The fund may invest in debt securities of any quality or maturity. The fund may not invest more than 10% of its net assets in debt securities rated below investment grade (known as junk bonds) or in unrated securities of comparable quality, including securities of issuers in default. Generally, the fund does not intend to invest 25% or more of its total assets in issuers organized in any one country. However, from time to time, the fund may invest more than 25% of its assets in issuers organized or located in China. The fund may, but is not required to, use derivatives, such as ELNs, forward foreign currency exchange contracts and stock index futures. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund also may hold cash or other short-term instruments. The fund integrates a top-down macroeconomic approach focusing on the relative attractiveness of emerging market countries with fundamental, bottom up, equity analysis. The investment process combines the skill of the advisers macroeconomic analysts and fundamental equity research teams, in a portfolio construction process that uses qualitative and quantitative measures. In assessing the investment potential of each country, the adviser considers economic growth prospects, monetary conditions, political risks, currency risk, capital flows and other factors. In selecting investments, the adviser focuses on those issuers that it believes have above average potential for earnings growth and securities that are trading at attractive market valuations. The adviser evaluates a securitys potential value based on the companys quality, growth, risk, and prospects for future economic profit growth. The adviser generally sells a portfolio security when it believes that the security's market value reflects its intrinsic value. The adviser makes that determination based upon the same criteria it uses to select portfolio securities. The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investments performance potential. The adviser generally considers ESG information in the context of an issuers respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and cluster bombs. Show less