Emerging Markets Multi-Asset

The Fund aims to deliver capital growth and income over a three to five year period after fees have been deducted by investing in a diversified range of assets in emerging markets worldwide. The fund is actively managed and invests at least two-thirds of its assets directly in equities, bonds and alternative asset classes of emerging markets countries worldwide or companies which derive a significant proportion of their revenues or profits from emerging markets countries worldwide. The fund may actively allocate its assets in money market instrument and currencies especially to mitigate losses in falling markets. The fund may invest: - in excess of 50% of its assets in sub-investment grade bonds (being bonds with a credit rating below investment grade as measured by Standard & Poor's or any equivalent grade of other credit rating agencies) and unrated bonds. - up to 20% of its assets in asset backed securities and mortgage-backed securities. - in excess of 50% of its assets in emerging market bonds. - up to 10% of its assets in alternative asset classes indirectly through ETFs, REITs or open-ended investment funds. - up to 10% of its assets in open-ended investment funds. The fund may invest directly in China B-Shares and China H-Shares and may invest less than 25% of its assets (on a net basis) directly or indirectly (for example via participatory notes) in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The fund may also invest in mainland China through regulated markets. The fund may use derivatives (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. The fund may hold cash. The fund maintains a higher overall sustainability score than 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD), based on the investment manager's rating criteria. The fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the fund's