#### Summary of Investment Objectives of the Sub-Funds
The primary investment objective of each of the Sub–Funds is to achieve over the medium term a high level of total return consisting of income and capital appreciation. Each Sub–Fund will seek to achieve its objective, in accordance with the specific investment policies established for the Sub–Fund by the Board of Directors of the SICAV, by investing primarily in fixed income transferable securities that are considered by the Investment Manager and Advisor to have the potential to provide a higher level of total return.
The following is a summary of the investment objectives of BlueBay Funds: BlueBay Funds – BlueBay Emerging Market Bond Fund, BlueBay Funds – BlueBay High Yield Bond Fund, BlueBay Funds – BlueBay Investment Grade Bond Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Bond Fund, BlueBay Funds – BlueBay Emerging Market Select Bond Fund, BlueBay Funds – BlueBay Emerging Market Corporate Bond Fund, BlueBay Funds – BlueBay Global Convertible Bond Fund, BlueBay Funds – BlueBay High Yield Corporate Bond Fund (liquidated on 31 March 2020), BlueBay Funds – BlueBay Emerging Market Unconstrained Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Government Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Aggregate Bond Fund, BlueBay Funds – BlueBay Global High Yield Bond Fund, BlueBay Funds – BlueBay Emerging Market Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Investment Grade Absolute Return Bond Fund, BlueBay Funds – BlueBay Emerging Market High Yield Corporate Bond Fund, BlueBay Funds – BlueBay Global Investment Grade Convertible Bond Fund (liquidated on 11 November 2019), BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Total Return Credit Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Corporate Bond Fund, BlueBay Funds – BlueBay Financial Capital Bond Fund, BlueBay Funds – BlueBay Investment Grade Global Aggregate Bond Fund, BlueBay Funds - BlueBay Emerging Market Aggregate Bond Fund, BlueBay Funds - BlueBay Global Sovereign Opportunities Fund, BlueBay Funds - BlueBay Global High Yield ESG Bond Fund, BlueBay Funds – BlueBay Investment Grade Structured Credit Fund, BlueBay Funds – BlueBay Emerging Market Aggregate Short Duration Bond Fund (launched on 11 July 2019) and BlueBay Funds – BlueBay Capital Income Fund (launched on 18 December 2019), (each a “Sub–Fund” collectively the “Sub–Funds”). Full details of the investment objectives, guidelines and restrictions are given in the BlueBay Funds’ Prospectus.
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#### BlueBay Funds – BlueBay Emerging Market Bond Fund

Translation (ENFR, 2020-06-30):
## Résumé des objectifs d’investissement des Compartiments
Chaque Compartiment a pour principal objectif d'investissement de dégager un niveau élevé de rendement total à moyen terme, en conjuguant éléments de revenu et appréciation du capital. Chaque Compartiment cherchera à atteindre son objectif, dans le respect des politiques d'investissement spécifiques définies par le Conseil d'administration de la SICAV, en investissant principalement dans des valeurs mobilières à revenu fixe qui, de l'avis du Gestionnaire et du Conseiller, offrent un potentiel de rendement total élevé.
Les paragraphes suivants résument les objectifs d’investissement des compartiments BlueBay Funds : BlueBay Funds – BlueBay Emerging Market Bond Fund, BlueBay Funds – BlueBay High Yield Bond Fund, BlueBay Funds – BlueBay Investment Grade Bond Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Bond Fund, BlueBay Funds – BlueBay Emerging Market Select Bond Fund, BlueBay Funds – BlueBay Emerging Market Corporate Bond Fund, BlueBay Funds – BlueBay Global Convertible Bond Fund, BlueBay Funds – BlueBay High Yield Corporate Bond Fund (liquidé le 31 mars 2020), BlueBay Funds – BlueBay Emerging Market Unconstrained Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Government Bond Fund, BlueBay Funds – BlueBay Investment Grade Euro Aggregate Bond Fund, BlueBay Funds – BlueBay Global High Yield Bond Fund, BlueBay Funds – BlueBay Emerging Market Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Investment Grade Absolute Return Bond Fund, BlueBay Funds – BlueBay Emerging Market High Yield Corporate Bond Fund, BlueBay Funds – BlueBay Global Investment Grade Convertible Bond Fund (liquidé le 11 novembre 2019), BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund, BlueBay Funds – BlueBay Total Return Credit Fund, BlueBay Funds – BlueBay Emerging Market Local Currency Corporate Bond Fund, BlueBay Funds – BlueBay Financial Capital Bond Fund, BlueBay Funds – BlueBay Investment Grade Global Aggregate Bond Fund, BlueBay Funds - BlueBay Emerging Market Aggregate Bond Fund, BlueBay Funds - BlueBay Global Sovereign Opportunities Fund, BlueBay Funds - BlueBay Global High Yield ESG Bond Fund, BlueBay Funds – BlueBay Investment Grade Structured Credit Fund, BlueBay Funds – BlueBay Emerging Market Aggregate Short Duration Bond Fund (lancé le 11 juillet 2019) et BlueBay Funds – BlueBay Capital Income Fund (lancé le 18 décembre 2019), (individuellement un « Compartiment », collectivement les « Compartiments »). De plus amples détails sur les objectifs, les directives et les restrictions d'investissement figurent dans le Prospectus de BlueBay Funds.
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## BlueBay Funds – BlueBay Emerging Market Bond Fund