The fund invests, under normal circumstances, at least 80 percent of its net assets (plus the amounts of any borrowings) in equity securities issued by companies that are economically tied to emerging market countries. The equity securities in which it invests are primarily publicly traded common stocks. For the purpose of the fund's 80% investment policy, equity securities also include preferred stock, convertible securities, warrants/rights, installment receipts, trust units and equity-linked investments such as depositary receipts and participation notes. It is non-diversified.