Fund Description

The fund invests at least 80% of assets (net assets plus borrowings for investment) in emerging market debt, primarily seeking high total return from less-developed economies or bond markets. It invests mainly in sovereign debt issued or guaranteed by foreign governments and related entities or supranational agencies, and may also buy debt of foreign corporations and financial institutions. Securities may be of any maturity and quality, with no minimum rating, and it may invest without limit in below-investment-grade or unrated securities. Derivatives, including futures contracts, options, swaps and foreign currency derivatives, may be used to help manage duration, sector and yield curve exposure and credit and spread volatility, to hedge non-dollar investments back to the U.S. dollar (but not always), and to increase income and gain to the fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. The adviser sets overweight and underweight positions versus the J.P. Morgan Emerging Markets Bond Index Global Diversified using top-down spread-duration analysis and bottom-up fundamental research, while assessing ESG factors.