The investment seeks high total return. The fund invests at least 80% of net assets in debt securities of "emerging market countries" which including those considered to be developing by the World Bank, the International Finance Corporation, the United Nations, or the countries' authorities, or countries with a stock market capitalization of less than 3% of the Morgan Stanley Capital International World index. It may invest up to a 100% of assets in debt securities that are rated below investment grade. The fund may also invest up to 15% of net assets in defaulted debt securities. It is nondiversified.