Strategy. Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in debt securities issued or guaranteed by companies, financial institutions and government entities located in emerging market countries. An emerging market country is a country that, at the time the Fund invests in the related security or instrument, is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Funds investments include, but are not limited to, debt securities issued by sovereign entities, quasi-sovereign entities and corporations. Quasi-Sovereign refers to an … Show more… Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in debt securities issued or guaranteed by companies, financial institutions and government entities located in emerging market countries. An emerging market country is a country that, at the time the Fund invests in the related security or instrument, is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Funds investments include, but are not limited to, debt securities issued by sovereign entities, quasi-sovereign entities and corporations. Quasi-Sovereign refers to an entity that is either 100% owned by a sovereign entity or whose debt is 100% guaranteed by a sovereign entity. The Fund may invest up to 25% of its net assets in securities issued by corporations in emerging market countries that are not Quasi-Sovereign entities. The Fund will invest at least 90% of its assets in dollar-denominated securities. The Funds investment sub-advisor, TCW Investment Management Company LLC ( TCW or the Sub-Advisor ), seeks to outperform the JPMorgan Emerging Markets Bond Index Global Diversified (the Benchmark ) over time through the utilization of integrated top-down and bottom-up research to identify securities that are relatively undervalued. Under normal conditions, the Fund seeks an average portfolio duration that varies within one year (plus or minus) of the Benchmark duration. As of October 31, 2024, the Benchmark had a duration of 6.65 years. As a separate measure, there is no limit on the weighted average maturity of the Funds portfolio. While maturity refers to the expected life of a security, duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest. The Fund may invest without limitation in securities rated below investment grade by one or more nationally recognized statistical rating organizations ( NRSROs ), or, if unrated, judged to be of comparable quality by the Sub-Advisor (commonly referred to as high yield or junk bonds). Below investment grade securities are those that, at the time of purchase, are rated lower than BBB- by Standard & Poors Ratings Group, a division of the McGraw Hill Companies, Inc. ( S&P ), or lower than Baa3 by Moodys Investors Service, Inc. ( Moodys ), or comparably rated by another NRSRO. The Fund may only invest up to 30% of its net assets in securities rated B or below by one or more NRSROs, or, if unrated, judged to be of comparable quality by the Sub-Advisor. The Fund may also invest in distressed securities, which are securities that are in default and are not expected to pay the current coupon. The Fund may also utilize over-the-counter derivatives instruments including, but not limited to, futures, options, swap agreements and forward contracts for duration/yield curve management and/or hedging purposes. Duration/yield curve management refers to the Funds ability to manage interest rate risk or actively manage interest rate exposure arising from the Funds investments. The Fund may invest up to 25% of its net assets in over-the-counter derivatives that are used to manage currency, interest rate or credit risk arising from the Funds investments. The Funds investments in over-the-counter derivatives that are not used to hedge the Funds portfolio against currency, interest rate or credit risk will be limited to 20% of the net assets in the Funds portfolio, including, on occasion, the expression of express long credit positions through the use of credit default swaps and/or credit default swap indices. For purposes of these percentage limitations on over-the-counter derivatives, the weight of such derivatives will be calculated as the aggregate gross notional value of such over-the-counter derivatives. The Fund may also invest in restricted securities, floating rate securities, fixed-to-floating rate securities, money market funds and other cash equivalents. Show less