Fund Description

Under normal market conditions, the fund invests at least 80% of net assets in debt securities of emerging market countries, as defined by the International Monetary Fund or the United Nations; by inclusion as developing or emerging markets by S&P Dow Jones, Morgan Stanley Capital International or FTSE index providers; or by inclusion in the JPMorgan Emerging Markets Bond Index - Global (EMBIG) or the JPMorgan Government Bond Index - Emerging Markets Broad (GBI-EM Broad). It may also include countries that have restructured external or local debt. It invests mainly in sovereign and subsovereign issuers, may invest in sovereign-controlled corporates, corporate emerging markets debt and LPNs. Up to 100% may be below investment grade and up to 15% may be defaulted. It may use currency derivatives, including currency and cross-currency forwards, and take long or short currency exposure, emphasizing country, currency and issue selection via bottom-up research.