The investment seeks long-term capital appreciation. The fund invests at least 80% of total assets in securities of small cap companies located in "emerging market countries". It may invest up to 20% of total assets in securities of issuers in developed market countries, up to 15% of total assets in illiquid securities and up to 20% of total assets in debt obligations of emerging market countries, which may be lower-rated or unrated. The fund also invests in American, Global, and European Depositary Receipts. It is nondiversified.