To achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency debt securities, using derivatives where appropriate. Investment approach B Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers. B Combines top-down decision making – including country allocation, duration management and currency exposure – with bottom-up security selection. Share Class Benchmark J.P. Morgan Government Bond Index - Emerging Markets Global Diversified (Total Return Gross) Benchmark uses and resemblance B Performance comparison. B Basis for relative VaR calculations. The Sub-Fund is actively managed. The majority of issuers in the Sub-Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters. The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark. POLICIES Main investment exposure At least 67% of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. Investments may be denominated in any currency however at least 67% will be denominated in an emerging market currency. The Sub-Fund may have significant positions in specific countries, sectors or currencies which may be concentrated from time to time. Although derivatives may be denominated in EUR or USD, they may have exposure to emerging market currencies. There are no credit quality or maturity restrictions applicable to the investments. The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. Other investment exposures Up to 5% in contingent convertible bonds. Derivatives Used for: investment purposes; hedging; efficient portfolio management. Types: see Sub-Fund Derivatives Usage table under How the Sub- Funds Use Derivatives, Instruments and Techniques in the Prospectus. TRS including CFD: none. Global exposure calculation method: relative VaR. Expected level of leverage from derivatives: 350% indicative only. Leverage may significantly exceed this level from time to time. Currencies Sub-Fund Base Currency: USD. Currencies of asset denomination: any. Hedging approach: flexible. Redemption and Dealing Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis. Distribution Policy This Share Class normally pays an annual dividend in September based on reportable income.