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Emerging Markets Local Currency Debt Fund - R5 (JECRX)

Emerging Markets Local Currency Debt Fund - R5 (JECRX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 7/31/2015)
1. Republic of Poland, 3.25%, 7/25/2025 3.0%
2. Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2021 2.9%
3. Colombian TES, 6.00%, 4/28/2028 2.7%
4. Republic of South Africa, 8.75%, 2/28/2048 2.4%
5. Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2018 2.1%
6. Republic of Indonesia, 8.38%, 3/15/2024 2.0%
7. United Mexican States, 8.50%, 5/31/2029 2.0%
8. Republic of Hungary, 5.50%, 6/24/2025 1.9%
9. Republic of Turkey, 8.50%, 7/10/2019 1.8%
10. Republic of Indonesia, 8.38%, 3/15/2034 1.8%
Total of top ten 22.6%
Portfolio breakdown* (as of 7/31/2015)
Foreign Government Securities 65.3%
Short-Term Investments 34.7%

* Due to rounding, values may not total 100%.

Average life* (as of 7/31/2015)
Years 1-3 38.0%
Years 3-5 11.2%
Years 5-7 9.1%
Years 7-10 15.4%
Years 10-20 11.6%
Years 20+ 14.7%
Duration 5.08 years
Average Maturity 7.81 years
Average Life 6.92 years

* Due to rounding, values may not total 100%.

Currency allocation* (% total net assets) (as of 7/31/2015)
USD 33.70
TRY 9.10
IDR 8.30
BRL 7.20
THB 6.10
ZAR 5.10
RUB 4.80
COP 4.70
MYR 4.50
Other 16.60

*Due to rounding, values may not total 100%. Net currency exposure is inclusive of the fund's derivative positions.

Contribution to duration (in years) (as of 7/31/2015)
Cash/Cash-Equivalent 0.86
Indonesia 0.57
South Africa 0.50
Thailand 0.47
Mexico 0.40
Colombia 0.38
Poland 0.35
Malaysia 0.32
Turkey 0.32
Brazil 0.22
Peru 0.22
Hungary 0.21
Russian Federation 0.18
Romania 0.06
Kenya 0.01
Nigeria 0.01
Portfolio stats (as of 7/31/2015)
Number of Holdings 77
Fund Assets $277.55
(in millions)
Turnover Ratio 145.08%
(Trailing 12 month) (10/31/2014)
Weighted bond equivalent yield 6.32%
Quality* (as of 7/31/2015)
AAA 35.0%
A 15.3%
BBB 39.8%
BB 6.8%
CCC & Lower/Other 3.0%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the lowest rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.


What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

International investing involves special risks, including economic, political, and currency instability - especially in emerging markets. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. The small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Emerging markets may not provide adequate legal protection for private or foreign investment or private property.

Under normal circumstances, the Fund invests at least 80% of its Assets in debt securities of issuers located in or tied economically to emerging markets that are denominated in emerging markets currencies (Local Currency Debt Securities) or in derivatives or other instruments that are used as substitutes for Local Currency Debt Securities.

The Fund may invest all or substantially all of its assets in sovereign debt securities. These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.