Emerging Market Bond

U.S. government bonds are safer in USA. Similarly, the safest thing one
can own in a country like Brazil is Brazilian government bonds.

More than $3 billion has poured into emerging-market bond funds
year-to-date. Upgrades from ratings agencies on emerging-market debt
and reform efforts by individual countries have proven a draw for the
interest of a large section of investors in recent times. Among those who
dared to take a risk with emerging-market debt funds have averaged
double-digit annualized returns over the past six years, according to
investment research firm Morningstar Inc.

Some of the most widely held emerging-market debt can be found in J.P.
Morgan's Emerging Market Bond Index Plus (EMBI+), which tracks total
returns for traded external debt instruments in 18 of the more-liquid
emerging markets. The biggest country debt weightings in the EMBI+
are: Brazil at 22.9%, Mexico, 19.6%, Russia, 17.8%, Turkey, 8.7%, and
Venezuela, 6.5%. Brazil figures prominently in many funds with exposure
to emerging market because it's one of the most liquid markets. The basic
Brazilian debt instrument is the Brady bond, a roughly 10-year note.

The Boston based EmergingPortfolio.com Fund Research (EPFR) is a
leading provider of fund data, research and consulting. EPFR tracks 8,000
international, emerging markets and US funds with more than $4 trillion
in assets, including offshore and US-registered funds.