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The Fund seeks long-term total return. Total return includes all aspects of return, dividends, interest and share price appreciation/depreciation.
As a non-fundamental policy, under normal circumstances, the Emerging Markets Debt Local Currency Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities that are denominated in the currency of an emerging market country and which are issued by: (a) government related bodies of emerging market countries; and/or (b) corporations that (i) are organized under the laws of, or have their principal office in, an emerging market country, (ii) have their principal securities trading market in an emerging market country, or (iii) alone or on a consolidated basis derive the highest concentration of their annual revenue or earnings from goods produced, sales made or services performed in emerging markets countries. An emerging market country is any country determined by the Adviser or Subadviser to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe.
TOP HOLDINGS (all classes) as of 03/31/2016
View detailed list of holdings
|POLAND (REP OF) 5.75% 25/04/29 0429 PLN||4.94%|
|CAGAMAS MBS 3.9% 29/05/17 4 MYR||4.64%|
|PETROBRAS GBL FINANCE FRN 20/05/16 USD||4.30%|
|RUSSIAN FEDERATION 7.05% 19/01/28 6212 RUB||3.91%|
|BRAZIL (FED REP OF) 10% 01/01/25 NTNF BRL||3.89%|
|INDIA (GOVT OF) 8.12% 10/12/20 INR||3.76%|
|ROMANIA (REP OF) 5.8% 26/07/27 15YR RON||3.58%|
|TURKEY (REP OF) 9% 08/03/17 5YR TRY||3.44%|
|COLOMBIA (REP OF) 7.5% 26/08/26 B COP||3.34%|
|TURKEY (REP OF) 10.4% 20/03/24 TRY||3.31%|
Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase).
The Fund’s investments in high-yield bonds and other lower-rated securities will subject the Fund to substantial risk of loss. Foreign securities are more volatile, harder to price and less liquid than U.S. securities; and are subject to different accounting and regulatory standards, and political and economic risks. These risks are enhanced in emerging markets countries.
The Fund is non-diversified and may hold larger positions in fewer securities than other funds and have greater risk than more diversified funds.
Derivatives are speculative and may hurt the Fund’s performance. They present the risk of disproportionately increased losses and/or reduced gains when the financial asset or measure to which the derivative is linked changes in unexpected ways.
May 02, 2011
$1,000 Classes A and C
$1,000 IRA: Classes A and C
$1,000,000 Inst. Svc.
as of March 31, 2016