Fund Description

The fund normally invests at least 80% of net assets, plus any borrowings for investment purposes, in local-currency-denominated debt instruments of issuers economically tied to emerging market countries and in derivatives with similar economic characteristics. It may also invest in debt and derivative instruments not tied to emerging markets, including U.S. Government securities, inflation-adjusted debt, and corporate debt. It may invest up to 100% in below investment grade debt, may invest significantly in a single country or region, and is non-diversified. While derivatives may be used for any investment purpose, they are expected to be used primarily to adjust market, segment, security, interest rate, or currency exposure, or as alternatives to direct investments. Asset allocation across countries is based primarily on analysis of creditworthiness and relative values of external debt, currencies, and local market debt.