Emerging Markets Corporate High Yield Debt Fund O3/  IE00BD2BB642  /

The Sub-Fund's objective is to generate continuous high single digit total return through a combination of current income and long-term capital appreciation. In seeking to achieve its objective the Sub-Fund primarily invests in a diversified portfolio of US dollar denominated debt and debt related securities of corporate entities which are located, incorporated or have their principal business activities in emerging market countries, which are of any sectoral focus, and which have a below investment grade rating of either Standard & Poor's ("S&P"), Fitch or Moody's or are unrated and which will be listed or traded on a regulated market. Up to 30% in aggregate can be invested in debt related securities (a) denominated in currencies other than US dollars, (b) issued by sovereign and sub-sovereign issuers, (c) issued by issuers which are not located or operating in emerging markets, or (d) which are not rated below investment grade by either S&P, Fitch or Moody's. The Sub-Fund may invest up to 10% of its Net Asset Value in non-publicly traded securities such as loans, loan assignments or participations. Such loans must be capable of being freely traded and transferred between investors in the loans. Participations typically will result in the Sub-Fund having a contractual relationship only with a lender as a grantor of the participation and not with the borrower.

The Sub-Fund's objective is to generate continuous high single digit total return through a combination of current income and long-term capital appreciation.