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Fixed Income

Emerging Markets Local Bond

    Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the value of a portfolio's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows.When interest rates rise, bond prices generally fall, and the value of the portfolio can fall.Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. May invest at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. Eurozone investments may be subject to volatility and liquidity issues. The portfolio may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer.The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer.Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments.

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