Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries. Such instruments may include credit linked notes and other investments with similar economic exposures. The Funds portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Funds overall risk budget and the views of the Investment Advisers Global Fixed Income top-down teams. As part of the Investment Advisers fundamental investment process, the Investment Adviser may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors. No one factor or consideration is … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries. Such instruments may include credit linked notes and other investments with similar economic exposures. The Funds portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Funds overall risk budget and the views of the Investment Advisers Global Fixed Income top-down teams. As part of the Investment Advisers fundamental investment process, the Investment Adviser may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. The Fund may invest in all types of foreign and emerging country fixed income securities, including the following: ? Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds; ? Interests in structured securities; ? Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper); ? Loan participations; and ? Repurchase agreements with respect to the foregoing. Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. Dollar. The Fund intends to use structured securities or derivatives, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to certain countries or currencies. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (ETFs). The Fund may invest in securities of any credit rating. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Moreover, to the extent the Fund invests in corporate or other privately issued debt obligations, many of the issuers of such obligations will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment. Securities of these issuers may be rated below investment grade (so-called high yield or junk bonds) or unrated. Although a majority of the Funds assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. For purposes of the Funds policy to invest at least 80% of its Net Assets in securities and instruments of issuers in emerging market countries, the Investment Adviser generally expects a country to be an emerging market country if the country is identified as an emerging market country in the Funds benchmark index. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities. Sovereign debt may also include nominal and real inflation-linked securities. An emerging market country issuer is an issuer economically tied to an emerging market country. The Funds target duration range under normal interest rate conditions is expected to approximate that of the J.P. Morgan Emerging Markets Bond Index (EMBI SM ) Global Diversified Index (Gross, USD, Unhedged), plus or minus 2 years, and over the last five years ended June 30, 2025, the duration of this index has ranged between 6.2 and 8.3 years. Duration is a measure of a debt securitys price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that securitys market price. The Investment Adviser measures the Funds performance against the J.P. Morgan Emerging Markets Bond Index (EMBI SM ) Global Diversified Index (Gross, USD, Unhedged). Show less