Fund Description

The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in fixed income securities of issuers considered to be emerging market issuers based on the issuer's country of risk (or similar designation) as determined by a third party, with the subadvisor retaining discretion over which countries qualify. Securities may be foreign-currency denominated and include below-investment-grade debt, using the higher of multiple NRSRO ratings. It may invest across any duration or maturity, primarily in sovereign, quasi-sovereign and corporate Eurobonds, plus floating and inverse floating rate notes. It may use derivatives, including swaps (up to 20% of total assets), and currency transactions. The process uses relative-value analysis, integrates ESG risks, may avoid issuers where risks are not reflected in valuations, and excludes certain controversial activities.