The Fund intends to achieve its Investment Objective by taking long positions in global securities which typically have the following characteristics:

1. Are domiciled in and/or derive a majority of their revenues from emerging markets as defined by the Morgan Stanley Capital International (MSCI) Emerging Markets and Frontier Markets indices, or other widely recognized financial market classification services.

2. Individual companies and market sectors which are believed to have superior growth prospects and/or trade at reasonable valuations.

3. Meet basic criteria for market liquidity.

4. The Fund is also permitted to short (bet against by selling borrowed shares) individual companies or market subsectors which the manager believes will decline in value or underperform the emerging market group as a whole; and

5. The Fund may invest up to 20% of its assets in debt obligations of issuers located in or tied economically to emerging market countries (which may be lower rated or non-rated), when consistent with the Fund’s goals.