Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (plus borrowings for investment) in high yield bonds and other debt securities issued by governments and corporations in emerging market countries, or with returns derived primarily from emerging markets. 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 combines top-down duration and risk positioning relative to the JP Morgan EMBI Global Diversified ex-CCC Index with bottom-up relative value security selection, incorporating financially material ESG factors. It may use derivatives and lend securities up to one-third of total assets, and may trade actively.