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As reflected by the impressive 300-basis-point tightening in emerging market debt spreads since October 2002, it would seem evident that the market is yet to internalize the advice given to our bond trader. In declaring the new rate, the Fund cited continued favorable market conditions for emerging market debt issuers and strong demand among investors that has resulted in generally lower yields on emerging market debt and, consequently, less income generated by the portfolio and thus available to be distributed to shareholders. In declaring the new rate, the Fund cited continued favorable market conditions for emerging market debt issuers and strong demand among investors that has resulted in generally lower yields on emerging market debt and, consequently, less income generated by the portfolio and thus available to be distributed to shareholders. |
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