The Fund seeks attractive risk-adjusted returns and current income. Under normal circumstances it invests at least 80% of net assets in instruments economically tied to emerging market countries, using a flexible allocation across public and private credit: sovereign and quasi-sovereign debt, corporate bonds and loans, stressed and distressed debt, mortgage and consumer instruments and collateralized debt obligations. It may hold local currency and below investment grade debt without limit. It uses leverage, principally reverse repurchase agreements, and derivatives for hedging, investment and leverage. Effective October 30, 2026 the 80% policy broadens to emerging markets and/or income-producing investments.