Strategy. The Adviser and the Funds Sub-Adviser, Morgan Stanley Investment Management Limited (MSIM Limited), seek to achieve the Funds investment objective by investing in fixed-income securities of government and government-related issuers and corporate issuers in emerging market countries. Under normal circumstances, at least 80% of the Funds assets will be invested in debt securities of issuers located in emerging market or developing countries. This policy may be changed without shareholder approval; however, you would be notified upon 60 days in writing of any changes. The Funds securities will be denominated primarily in ? U.S. dollars. The Fund may invest, to a lesser extent, in securities denominated in currencies other than U.S. dollars. The Fund may invest in fixed-income securities that are … Show more… The Adviser and the Funds Sub-Adviser, Morgan Stanley Investment Management Limited (MSIM Limited), seek to achieve the Funds investment objective by investing in fixed-income securities of government and government-related issuers and corporate issuers in emerging market countries. Under normal circumstances, at least 80% of the Funds assets will be invested in debt securities of issuers located in emerging market or developing countries. This policy may be changed without shareholder approval; however, you would be notified upon 60 days in writing of any changes. The Funds securities will be denominated primarily in ? U.S. dollars. The Fund may invest, to a lesser extent, in securities denominated in currencies other than U.S. dollars. The Fund may invest in fixed-income securities that are rated below investment grade or are not rated, but are considered by the Adviser and/or Sub-Adviser, as applicable, to be of equivalent quality. These fixed- income securities are often referred to as high yield securities or junk bonds. High yield securities are fixed-income securities rated by one or more rating agencies below Baa3 by Moodys Investors Service, Inc. (Moodys), below BBB- by S&P Global Ratings Group, a division of S&P Global Inc. (S&P), below BBB- by Fitch Ratings, Inc. (Fitch), or the equivalent by another nationally recognized statistical rating organization (NRSRO), or, if unrated, considered by the Adviser and/or Sub-Adviser, as applicable, to be of equivalent quality. The Adviser and/or the Sub-Adviser, as applicable, implement a top down assessment of the global economic environment and the sensitivity of emerging economies in general to worldwide events. In selecting the Funds investments, the Adviser and/or the Sub- Adviser, as applicable, analyze the ability of an emerging market countrys government to formulate and implement fiscal and economic policies; socio-political factors, including political risks, election calendars, human development and social stability; and exchange rate and interest rate valuation. The Funds investment process incorporates information about environmental, social and governance issues (also referred to as ESG) via an integrated approach within the investment teams fundamental investment analysis framework. The Adviser and/or the Sub- Adviser, as applicable, may engage with management of certain issuers regarding corporate governance practices as well as what the Adviser and/or the Sub-Adviser, as applicable, deem to be materially important environmental and/or social issues facing a company. The Funds holdings may range in maturity from overnight to 30 years or more and will not be subject to any minimum credit rating standard. ?The Adviser and/or the Sub-Adviser, as applicable, generally consider selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria. The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to seek to earn income. The Funds use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps, structured investments and other similar instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. The Fund may also invest in restricted and illiquid securities. Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. Show less