The investment seeks current income; capital appreciation is a secondary objective. The fund normally invests at least 80% of assets in debt securities issued by companies and governments in emerging markets. It expects to emphasize investment in Latin America, and, to a lesser extent, Asia, Africa, and emerging European nations. The debt securities held by the fund may be below investment-grade; some securities may be in default. The advisor manages the asset allocation with regard to geographic region and currency denomination. The fund is nondiversified.