Fund Description

The fund invests substantially all assets in a separate registered investment company to pursue total return (income plus capital appreciation) through securities, derivatives and other instruments in developed and emerging markets. Under normal conditions, it invests at least 80% of net assets (plus borrowings) in foreign-currency-denominated securities, foreign fixed income, and/or derivatives based on foreign currencies, rates or issuers, and normally at least 40% in foreign investments. The fund's investments may be significant in a geographic region and the fund frequently has significant exposure to emerging markets investments; emerging market countries include so-called frontier market countries. It may hold below-investment-grade or unrated debt of any duration, commodities-related investments, and up to 5% in equities. Derivatives use may be extensive, may create economic leverage, and may include long/short rate positions. The investment adviser adjusts investments in an effort to take advantage of differences in countries, currencies, interest rates and credits based on its global macroeconomic and political analysis, and may consider ESG factors alongside other research.