Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus borrowings in high yield bonds and other debt securities issued by emerging market governments and corporations, or whose returns are primarily derived from emerging markets, as defined by the fund to include, but not be limited to, countries or markets in the JP Morgan Emerging Markets Bond (EMBI) Global Diversified Index, countries or markets classified as emerging market and developing economies by the IMF, and certain low or middle income countries listed by the World Bank under the conditions described by the fund. It may invest without limit in investment-grade and below-investment-grade debt, including non-interest-paying and defaulted securities, and invests at least 50% of total assets in U.S. dollar-denominated securities. Management uses top-down and bottom-up approaches, considers ESG factors, may invest in derivatives, including Treasury futures, forward currency contracts and credit default swaps, and may use futures for duration management or non-hedging purposes, forward currency contracts for hedging or other purposes, and credit default swaps to increase income, gain exposure, or hedge default risk, may lend securities (up to one-third of total assets) to approved institutions, and may trade actively.