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International and global bond funds invest in a range of taxable bonds issued by foreign governments and corporations.
|Developed market government||
Developed market government bond funds invest in bonds issued by countries with developed economies or those that typically have a more established history of repayment. These funds are generally considered to have the lowest risk profile of the group.
|Emerging market government||
Emerging market government bond funds typically invest 65% of assets in bonds issued by countries with smaller, less developed economies.
|Developed market corporate||
Developed market corporate bond funds invest in bonds issued by companies headquartered in countries with more established economies. Depending on the fund, the credit quality of the bonds may vary, which will have an impact on the fund’s risk profile.
|Emerging market corporate||
Emerging market corporate bond funds invest in bonds issued by companies headquartered in countries whose economies are still developing. While these types of bonds generally represent the highest risk of any international bond fund, the risk profile of each fund will vary according to the credit quality of the individual bonds held by that fund.
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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.