BEFORE YOU INVEST

Before considering an investment in the Fund, you should understand that you could lose money.


Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets.


The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.


Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.


A portion of the Fund’s income may be subject to state and local taxes or the alternative minimum tax.


JPMorgan EMBI Global Diversified Index is a market capitalization-weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.


An investment cannot be made directly into an index. 


Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.


Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. 


R-Squared measures the percentage of a fund's movements that result from movements in the index.


Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.


Effective Maturity is the average time to maturity of debt securities held in the portfolio, taking into consideration the possibility that the issuer may call the bond before its maturity date.


Effective Duration provides a measure of a fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.


Annual Turnover Rate is as of the most recent annual shareholder report.