# Appendix 1: Investment Objectives, Policies, Fees and Additional Information for Sub-Funds
The information set out below in relation to each Sub-Fund should be read in conjunction with the full text of this Prospectus. Any investment policy will always be subject to the restrictions set out in Section 10. “Investment Restrictions and Financial Techniques and Instruments”.

## Definitions
In this Appendix, the following terms shall have the following meanings:
| “B-/B3” | means rated B- by Standards & Poor’s or Fitch or B3 by Moody’s, unless otherwise stated in the Sub- Fund appendix. |
| --- | --- |
| “Distressed Debt Securities” | means securities whereby its issuer has failed to make a contractual payment as it falls due, is subject to bankruptcy or equivalent procedures or is undertaking an involuntary debt restructuring. The Investment Manager will be guided by rating agencies, the ISDA Credit Derivatives Determinations Committee and other external data providers but may at times diverge from their opinions. In particular, the Investment Manager will not consider the contractually provided suspension of coupon payments on additional tier 1 instruments such as preference shares or contingent convertible bonds as an indication of distress. If Distressed Debt Securities are envisaged in a Sub-Fund’s investment policy, typically such Sub-Fund would not invest more than 10% of its net assets into Distressed Debt Securities, unless otherwise stated in the Sub-Fund appendix. |
| “Emerging Market Countries” | means all countries in the following regions: Asia (excluding Japan), Eastern Europe, Middle East, Africa and Latin America, or such countries as reasonably determined by the Investment Manager from time to time. |
| “Emerging Market Issuer” | means an entity domiciled in an Emerging Market Country. |
| “Hard Currencies” | means G7 country currencies, i.e. USD, Canadian Dollars, EUR, GBP or Japanese Yen. |
| “investment grade” | means rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s, unless otherwise stated in the Sub-Fund appendix. |
| “Local Currencies” | means currencies of Emerging Market Countries. |
| “Structured Credit Securities” | means cash or synthetic collateralised loan obligations, collateralised bond obligations, collateralised debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities (including, but not limited to, securities backed by credit card loans, auto loans, consumer loans and student loans), credit risk transfer securities, agency mortgage pass- through securities and covered bonds. |

For the purpose of all credit ratings and unless stated otherwise in the Sub-Fund appendix, in instances where 1) two different credit
ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of these ratings shall be decisive, and
2) where three ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of the top two ratings shall be decisive.
The Sub-Funds may invest in unrated securities whose creditworthiness is, in the opinion of the Investment Manager, of comparable quality to other securities eligible for inclusion in the relevant Sub-Fund’s portfolio and/or the constituents of the relevant benchmark index of such Sub-Fund. The internal rating assigned to such securities by the Investment Manager will be used for the purpose of calculating the specified thresholds within each Sub-Fund’s investment policy.
Ancillary liquid assets are excluded from net assets for the purposes of calculating all minimum investment thresholds detailed below. Ancillary liquid assets are included within net assets for the purposes of calculating all maximum investment thresholds detailed below. Ancillary liquid assets are those assets invested outside the main investment strategy of a Sub-Fund including, but not limited to, Cash and assets linked to repurchase agreements as part of a treasury management strategy.
For each investment policy detailed below, all references to investment shall include both direct and indirect investment, unless otherwise stated.
For each investment policy detailed below, an entity’s country of domicile may be determined by the Investment Manager to be the country in which, in the Investment Manager’s reasonable opinion, such entity carries out its significant business operations.
Where valuation of the net asset value per Share occurs weekly, the Valuation Day shall be (i) each Tuesday which is a Business Day or, for each Tuesday which is not a Business Day, the following Business Day and (ii) the last Business Day of each month.
Where valuation of the net asset value per Share occurs daily, each Business Day shall be a Valuation Day.
The Investment Manager may manage the currency allocation of each Sub-Fund.
The method used for the determination of the level of leverage of each Sub-Fund is the “sum-of-notionals” approach.
Investment in the Sub-Funds may not be suitable for all investors. Investors should review this Prospectus in its entirety, and consult with their professional advisors, before making an application for Shares.
For all Sub-Funds categorised as Article 8 or Article 9 according to SFDR, Investors should refer to Section 5 and online at www.bluebay.com/en/investment-expertise/esg/approach/ for more information on the approach and ESG Exclusions / Screening implemented by such Sub-Funds.

## Fees and Expenses
For each Sub-Fund, the “Fees and Expenses” table sets out:
- the relevant Management Fees, Performance Fees and fixed expenses; and
- the relevant benchmarks or hurdle rates, where applicable, for the purposes of calculating the performance and Performance Fee (where applicable).

Fees for each Class are applicable to all currency denominations of the same Class, unless otherwise specifically stated.
The benchmark or hurdle rate set out in each table is the benchmark or hurdle rate (as applicable) for the Class offered in the Reference Currency of the relevant Sub-Fund. The benchmark or hurdle rate (as applicable) for Classes offered in currencies different to the Reference Currency of any given Sub-Fund is denominated in the Reference Currency and will be fully hedged against the currency in which the relevant Class is denominated. For example, the benchmark for a EUR Class of a Sub-Fund with USD as its Reference Currency is denominated in USD and fully hedged to EUR in order to hedge any currency fluctuations between the Reference Currency and the Class currency. In the case of “BHedged” Classes, the benchmark is denominated in the currency of the relevant “BHedged” Class and any non-Class currency exposure in the benchmark will be fully hedged back to the Class currency. For example, the benchmark for a EUR BHedged Class of a Sub-Fund with USD as its Reference Currency is denominated in EUR and any non EUR exposure in the benchmark will be fully hedged to EUR.
Detailed information about the various fund charges is set out in Section 9. “Management and Fund Charges”.
| BlueBay Emerging Market Aggregate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Composite index comprised 50% of JP Morgan Emerging Market Bond Index Global Diversified and 50% JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, a composite index comprised 50% of JP Morgan Emerging Market Bond Index Global Diversified and 50% JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified, by investing in a portfolio of fixed income securities issued by entities domiciled in Emerging Market Countries while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by entities domiciled in an Emerging Market Country. The Sub-Fund may also invest in unrated debt securities and in Distressed Debt Securities. The Sub-Fund invests in securities denominated in Hard Currencies but will not invest in securities denominated in the Local Currencies of the Emerging Market Countries. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 10% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided
 |

|  | by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%. The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 150% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Aggregate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 70 | Nil | 20 |
| B (Perf) | 50 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| G | Up to 200 | Nil | 20 |
| I | 70 | Nil | 16 |
| I (Perf) | 50 | 20.0 | 16 |
| K | Up to 200 | Nil | 16 |
| M | 70 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 130 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | A composite index comprised 50% of JP Morgan Emerging Market Bond Index Global Diversified and 50% JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |

| Reference Currency: | USD |
| --- | --- |
| Benchmark: | JP Morgan Emerging Market Blend Hard Currency Credit 50-50 1-3 year Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Emerging Market Blend Hard Currency Credit 50-50 1-3 year Index, by investing in a portfolio of short duration fixed income securities issued by entities domiciled in Emerging Market Countries while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in short duration fixed income securities of any rating issued by entities domiciled in an Emerging Market Country. The Sub-Fund may also invest in unrated debt securities and in Distressed Debt Securities. It is expected that the Sub-Fund will typically have a weighted interest rate duration of 1 to 3 years. The Sub-Fund invests in securities denominated in Hard Currencies but will not invest in securities denominated in the Local Currencies of the Emerging Market Countries. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 10% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 10% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |

| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 150% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| --- | --- |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Aggregate Short Duration Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 20 |
| G | Up to 200 | Nil | 20 |
| I | 60 | Nil | 16 |
| K | Up to 200 | Nil | 16 |
| M | 60 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 95 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| W | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |

| BlueBay Emerging Market Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | JP Morgan Emerging Market Bond Index Global Diversified |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Emerging Market Bond Index Global Diversified, by investing in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by Emerging Market Issuers. The Sub-Fund may also invest in Distressed Debt Securities. The Sub-Fund invests in USD and non-USD denominated securities, including securities denominated in the Local Currencies of the Emerging Market Countries in which the Sub-Fund invests. The percentage of non-USD denominated securities may increase over time to reflect market opportunities as well as the composition of the benchmark index. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |

| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 200% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| --- | --- |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 100 | Nil | 20 |
| B (Perf) | 60 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 100 | Nil | 20 |
| DR | 150 | Nil | 20 |
| I | 100 | Nil | 16 |
| I (Perf) | 60 | 20.0 | 16 |
| M | 100 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 150 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | JP Morgan Emerging Market Bond Index Global Diversified |

| BlueBay Emerging Market Corporate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified, by investing in a portfolio of fixed income securities of corporate issuers based in Emerging Market Countries while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by corporate issuers domiciled within an Emerging Market Country, in unrated debt securities and in Distressed Debt Securities. The Sub-Fund invests in USD and non-USD denominated securities, including securities denominated in the Local Currencies of the Emerging Market Countries in which the Sub-Fund invests. The percentage of non-USD denominated securities may increase over time to reflect market opportunities as well as the composition of the benchmark index. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in eligible derivative instruments (including but not limited to total returns swaps) relating to commodity indices subject to Article 9 of the Grand-Ducal Regulation of 8 February 2008 relating to certain definitions of the Law of 2002;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-
 |

|  | Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%. The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 150% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of- notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Corporate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 120 | Nil | 20 |
| B (Perf) | 80 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 120 | Nil | 20 |
| DR | 150 | Nil | 20 |
| I | 120 | Nil | 16 |
| I (Perf) | 80 | 20.0 | 16 |
| M | 120 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 150 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |

| BlueBay Emerging Market High Yield Corporate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | JP Morgan Corporate Emerging Market Diversified High Yield Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Corporate Emerging Market Diversified High Yield Index while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated below investment grade issued by corporate issuers domiciled within an Emerging Market Country. The Sub- Fund may also invest in Distressed Debt Securities. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub- Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |

| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 150% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| --- | --- |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market High Yield Corporate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 150 | Nil | 20 |
| B (Perf) | 110 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| I | 150 | Nil | 16 |
| I (Perf) | 110 | 20.0 | 16 |
| M | 150 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 200 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | JP Morgan Corporate Emerging Market Diversified High Yield Index, USD unhedged |

| BlueBay Emerging Market Investment Grade Corporate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | JP Morgan Corporate Emerging Market Diversified High Grade Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Corporate Emerging Market Diversified High Grade Index while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by corporate issuers which are domiciled in an Emerging Market Country. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade, provided that such securities are not rated below B-/B3. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund and that no such financial assets (to the extent they are rated) are rated below B-/B3.
 The Sub-Fund may not invest in securities rated below B-/B3. In the event that the rating of any security held by the Sub-Fund is downgraded to below B-/B3 subsequent to the Sub-Fund acquiring such security, the Investment Manager will reduce the relevant position over time in line with market conditions, provided that it must dispose of the relevant security within a maximum period of six months following a downgrading. Under such circumstances the Sub-Fund may however maintain a maximum exposure of 3% to securities rated below B-/B3. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to theseinstruments is expected to range from 0% to 30% and may not exceed 50%.
 |

|  | - Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities who are prepared to tolerate price fluctuations. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 150% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Investment Grade Corporate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 100 | Nil | 20 |
| B (Perf) | 60 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| I | 100 | Nil | 16 |
| I (Perf) | 60 | 20.0 | 16 |
| M | 100 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 150 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | JP Morgan Corporate Emerging Market Diversified High Grade Index, USD unhedged |

| BlueBay Emerging Market Local Currency Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged, by investing in a portfolio of fixed income government securities of issuers based in Emerging Market Countries and mainly denominated in Local Currencies. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. The investments underlying this Sub-Fund do not take into account the EU criteria for Environmentally Sustainable Economic Activities as per the Taxonomy Regulation. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income government securities of any rating issued by governments of Emerging Market Countries and which are denominated in a Local Currency, and in Distressed Debt Securities issued by governments of Emerging Market Countries and which are denominated in a Local Currency. Investments may include bonds issued by sovereign entities which are traded in Local Currencies, as well as bonds and notes issued by banks and corporations which are traded in local markets. It is expected that investments will principally be made in bonds of government issuers. The Sub-Fund may invest up to one-third of its net assets in fixed income securities of Emerging Market Issuers denominated in currencies other than Local Currencies and in fixed income securities issued by sovereign entities of non-Emerging Market Countries. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets and fixed income assets not denominated in Local Currencies of an Emerging Market Country does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net
 |

|  | assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%. The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income government securities of Emerging Market Issuers denominated in Local Currencies. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 400% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may hedge Local Currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Current Fees and Expenses:
| BlueBay Emerging Market Local Currency Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 60 | Nil | 20 |
| B (Perf) | 40 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 60 | Nil | 20 |
| DR | 120 | Nil | 20 |
| G | 120 | Nil | 20 |
| I | 60 | Nil | 16 |
| I (Perf) | 40 | 20.0 | 16 |
| M | 60 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 120 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged |

| BlueBay Emerging Market Local Currency Corporate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index, by investing in a portfolio of fixed income securities of corporate issuers based in Emerging Market Countries and mainly denominated in Local Currencies while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by corporate issuers domiciled within an Emerging Market Country, in unrated debt securities and in Distressed Debt Securities, which are denominated in Local Currencies. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub- Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers. |
| --- | --- |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 300% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Local Currency Corporate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 90 | Nil | 20 |
| B (Perf) | 70 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| C (Perf) | Up to 200 | 20.0 | 20 |
| G | Up to 200 | Nil | 20 |
| I | 90 | Nil | 16 |
| I (Perf) | 70 | 20.0 | 16 |
| K | Up to 200 | Nil | 16 |
| M | 90 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| Q (Perf) | Up to 200 | 20.0 | 20 |
| R | 140 | Nil | 20 |
| R (Perf) | 120 | 20.0 | 20 |
| S | Up to 200 | Nil | 20 |
| S (Perf) | Up to 200 | 20.0 | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index |

| BlueBay Emerging Market Select Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Composite index comprised 50% of JP Morgan Emerging Markets Bond Index Global Diversified and 50% JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, a composite index comprised 50% of JP Morgan Emerging Markets Bond Index Global Diversified and 50% JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests in fixed income securities of Emerging Market Issuers denominated in any currency. The Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by Emerging Market Issuers, which may be denominated in any currency, and in Distressed Debt Securities of Emerging Market Issuers. The Sub-Fund takes active exposure to Hard Currency and Local Currency investments. The Sub-Fund will vary the proportion invested in Hard Currency instruments and Local Currency instruments according to the investment view of the Investment Manager in relation to the relevant instruments, taking into consideration in particular the credit rating, the currency (in the case of Local Currency instruments only) and the interest rate of such instruments. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed50%.
 |

|  | - Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers denominated in any currency. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund typically based on the “sum-of-notionals” methodology does not exceed 400% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may at any time have a significant proportion of its total exposure denominated in Local Currencies. The Sub-Fund may hedge Local Currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Current Fees and Expenses:
| BlueBay Emerging Market Select Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 65 | Nil | 20 |
| B (Perf) | 45 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 65 | Nil | 20 |
| I | 65 | Nil | 16 |
| I (Perf) | 45 | 20.0 | 16 |
| M | 65 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 125 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | A composite index comprised 50% of the JP Morgan Emerging Markets Bond Index Global Diversified and 50% JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), USD unhedged |

| BlueBay Emerging Market Unconstrained Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | N/A |
| Investment Objective: | The Sub-Fund is actively managed, does not reference any benchmark and aims to achieve a total return from a portfolio of fixed income securities predominantly issued by Emerging Market Issuers and denominated in any currency, as well as making investments linked directly or indirectly to currencies and/or interest rates of Emerging Market Countries while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund may invest in fixed income securities of any rating. Typically, the Sub-Fund invests at least 50% of its net assets in fixed income securities issued by Emerging Market Issuers, fixed income securities issued by non-Emerging Market Issuers with substantial exposure to emerging markets and which can be denominated in any currency, and in Distressed Debt Securities of Emerging Market Issuers. At least 50% of the Sub-Fund’s net assets will be exposed to bonds and/or debt instruments issued by sovereign Emerging Market Issuers as well as currencies and interest rates. The Sub-Fund may hold these investments directly or will gain exposure to them through financial instruments. The Sub-Fund is considered unconstrained as it can take both long and short positions (via the use of financial derivative instruments) in eligible securities based on the Investment Manager’s views and without reference to a benchmark. The Sub-Fund takes active exposure to Hard Currency and Local Currency investments. The Sub-Fund will vary the proportion of exposure to Hard Currency instruments and Local Currency instruments according to the investment view of the Investment Manager in relation to the relevant instruments, taking into consideration in particular the credit quality, the currency (in the case of Local Currency instruments only) and the interest rate of such instruments. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund will not invest more than 50% of its net assets in bonds and/or other debt instruments issued by corporate issuers held directly in the Sub-Fund or through total return swaps, contracts for difference, portfolio swap agreements, repurchase agreements, credit linked notes or credit default swaps (acting as protection seller) on bonds and/or other debt instruments issued by corporate issuers. The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may from time to time hold up to 50% of its net assets in Cash (within the 20% limit) and short-term bank certificates and Money Market Instruments (within the above one-third limit). |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding |

|  | the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| --- | --- |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub- Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for an actively managed portfolio of fixed income securities and other debt instruments issued by or referencing Emerging Market Issuers denominated in any currency, and investments linked directly or indirectly to Local Currencies and interest rates of Emerging Market Countries. |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 400% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may at any time have a significant proportion of its total exposure denominated in Local Currencies. The Sub-Fund may hedge Local Currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets in particular. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Emerging Market Unconstrained Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 95 | Nil | 20 |
| B (Perf) | 50 | 10.0 | 20 |
| C | Up to 200 | Nil | 20 |
| C (CPerf) | Up to 200 | 10.0 | 20 |
| ER | Up to 200 | Nil | 20 |
| G | Up to 200 | Nil | 20 |
| G (Perf) | Up to 200 | 10.0 | 20 |
| I | 95 | Nil | 16 |
| I (Perf) | 50 | 10.0 | 16 |
| K | Up to 200 | Nil | 16 |
| K (Perf) | Up to 200 | 10.0 | 16 |
| M | 95 | Nil | 20 |
| M (CPerf) | 50 | 10.0 | 20 |

| Q | Up to 200 | Nil | 20 |
| --- | --- | --- | --- |
| Q (CPerf) | Up to 200 | 10.0 | 20 |
| R | 150 | Nil | 20 |
| R (CPerf) | 100 | 10.0 | 20 |
| S | Up to 200 | Nil | 20 |
| S (CPerf) | Up to 200 | 10.0 | 20 |
| X, Y | Nil | Nil | 16 |
| Hurdle for Class G (Perf) | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index plus 3% |
| Hurdle for other Classes | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Financial Capital Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | N/A |
| Investment Objective: | The Sub-Fund is actively managed, does not reference any benchmark and aims to achieve a total return from a portfolio of subordinated debt securities issued by financial institutions while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund invests at least 50% of its net assets in subordinated debt securities issued by financial institutions. Subordinated debt securities include, but are not limited to, Tier 1 and Tier 2 contingent convertibles (“CoCos”) and US perpetual preferred stock. The Sub-Fund may invest in fixed income securities of any rating, in unrated debt securities and in Distressed Debt Securities. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in securities of the same financial institution;
- up to 25% of its net assets in equity securities;
- up to 10% of its net assets in money market funds; and
- up to one-third of its net assets in Money Market Instruments.
 The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may from time to time hold up to 50% of its net assets in Cash (within the 20% limit) and short-term bank certificates and Money Market Instruments (within the above one-third limit). |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of subordinated debt securities issued by financial institutions. Investors should be aware that the Sub- Fund will concentrate its investment in companies from the financial sector and more specifically in banks, causing the performance of the Sub-Fund to be highly dependent on the sector’s evolution. The Sub-Fund may consequently be subject to higher volatility and may expose investors to greater capital loss in the event that loss absorption mechanisms are triggered. The likeliness of triggering events across several Cocos held by the Sub-Fund may be greater in the event of stressed conditions within the financial sector causing partial or total loss. Due to the complexity of the loss absorbing mechanisms and the absence of harmonized terms from issuer to issuer and from issue to issue of Contingent Convertibles, the Sub-Fund is only suitable for investors who can bear the economic risk of the loss of their investment in the Sub-Fund. By consequence, Shares of this Sub-Fund are only available to qualified Institutional Investors and/or investors who are: - an informed investor who has a knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has financial industry experience; or
- an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service.
 |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,600% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 400% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is mainly invested in securities issued by financial institutions from developed markets, it is not anticipated that Sustainability Risks will have a material negative financial impact on the Sub- Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Financial Capital Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 80 | Nil | 20 |
| C | Up to 200 | Nil | 20 |
| G | Up to 200 | Nil | 20 |
| I | 80 | Nil | 16 |
| I (Perf) | 20 | 10.0 | 16 |
| K | Up to 200 | Nil | 16 |
| M | 80 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 130 | Nil | 20 |
| S | Up to 200 | Nil | 20 |

| X, Y | Nil | Nil | 16 |
| --- | --- | --- | --- |
| Hurdle rate | Not applicable |

| BlueBay Global Convertible Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Refinitiv Global Convertible Focus Index USD |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Refinitiv Global Convertible Focus Index USD, by investing in a portfolio of convertible securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in convertible bonds, warrant-linked bonds and similar convertible instruments issued by domestic or international issuers. The Sub-Fund may invest up to one-third of its net assets in fixed interest and variable-interest securities (excluding conversion rights) and in equities, equity warrants and participation certificates. The Sub-Fund invests at least 50% of its net assets in securities issued by entities domiciled within the European Union and the UK, Japan or the United States. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | The Sub-Fund is designed for investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of convertible securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 300% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |

| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| --- | --- |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Global Convertible Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 75 | Nil | 20 |
| B (Perf) | 60 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 75 | Nil | 20 |
| DR | 150 | Nil | 20 |
| I | 75 | Nil | 16 |
| I (Perf) | 60 | 20.0 | 16 |
| M | 75 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 150 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | Refinitiv Global Convertible Focus Index USD |

| BlueBay Global High Yield Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | ICE BofA Merrill Lynch Global High Yield Constrained Index, fully hedged against USD |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Global High Yield Constrained Index, fully hedged against USD, by investing in a global portfolio of fixed income securities. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate, senior and subordinated debt obligations of companies rated below investment grade. The Sub-Fund may also invest in Distressed Debt Securities. At least 50% of the Sub-Fund’s net assets are invested in securities issued by entities domiciled in the United States. The Sub-Fund may also invest (i) up to 20% of its net assets in securities issued by entities domiciled in Latin America (Mexico, Central America, South America and the islands of the Caribbean, including Puerto Rico); and (ii) up to 20% of its net assets in securities issued by entities domiciled in Asia (the Asian continent and the surrounding Pacific islands including Australia and New Zealand). The investments underlying this Sub-Fund do not take into account the EU criteria for Environmentally Sustainable Economic Activities as per the Taxonomy Regulation. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities; and
- up to 10% of its net assets in convertible bonds or bonds with warrants attached,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of fixed income securities predominantly of high yield issuers. |

| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 200% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| --- | --- |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Sub-Investment Grade/High Yield in particular. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Global High Yield Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 70 | Nil | 20 |
| B (Perf) | 50 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| D | 70 | Nil | 20 |
| DR | 125 | Nil | 20 |
| I | 70 | Nil | 16 |
| I (Perf) | 50 | 20.0 | 16 |
| M | 70 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 125 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | ICE BofA Merrill Lynch Global High Yield Constrained Index, fully hedged against USD |

| BlueBay Global High Yield ESG Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | ICE BofA Merrill Lynch Global High Yield Investment Grade Countries Index, fully hedged against USD |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Global High Yield Investment Grade Countries Index, fully hedged against USD, by investing in a global portfolio of fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate, senior and subordinated debt securities rated below investment grade. The Sub-Fund may also invest in Distressed Debt Securities. At least 50% of the Sub-Fund’s net assets are invested in securities issued by entities domiciled in the United States. The Sub-Fund may also invest (i) up to 20% of its net assets in securities issued by entities domiciled in Latin America (Mexico, Central America, South America and the islands of the Caribbean, including Puerto Rico); and (ii) up to 20% of its net assets in securities issued by entities domiciled in Asia (the Asian continent and the surrounding Pacific islands including Australia and New Zealand). In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities; and
- up to 10% of its net assets in convertible bonds or bonds with warrants attached,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of fixed income securities predominantly of high yield issuers. |
| --- | --- |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 200% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Sub-Investment Grade/High Yield in particular. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Global High Yield ESG Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 70 | Nil | 20 |
| B (Perf) | 50 | 20.0 | 20 |
| C | Up to 200 | Nil | 20 |
| G | Up to 200 | Nil | 20 |
| I | 70 | Nil | 16 |
| I (Perf) | 50 | 20.0 | 16 |
| K | Up to 200 | Nil | 16 |
| M | 70 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 125 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |
| Benchmark | ICE BofA Merrill Lynch Global High Yield Investment Grade Countries Index, fully hedged against USD |

| BlueBay Global Investment Grade Corporate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Bloomberg Global Aggregate Corporates Bond Index USD Hedged |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Bloomberg Global Aggregate Corporates Bond Index USD Hedged, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least 65% of its net assets in fixed income securities rated investment grade. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets and fixed income assets rated below investment grade does not in aggregate exceed one-third of the net assets of the Sub-Fund and that no such financial assets (to the extent they are rated) are rated below B3/B-.
 The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade, provided that such securities are not rated below B-/B3. The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |

| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 750% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 350% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may at any time have a significant proportion of its total exposure denominated in currencies other than USD. The Sub-Fund may hedge non-USD currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Global Investment Grade Corporate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 50 | Nil | 16 |
| B (Perf) | 30 | 20.0 | 16 |
| C | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 16 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |

| Benchmark | Bloomberg Global Aggregate Corporates Bond Index USD Hedged |
| --- | --- |

| BlueBay Global Sovereign Opportunities Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | N/A |
| Investment Objective: | The Sub-Fund is actively managed, does not reference any benchmark and aims to achieve a total return from a portfolio of global sovereign debt (including Emerging Market Countries) through active interest rate, credit and currency management while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund invests its net assets in global fixed income securities issued by sovereign entities globally (including Emerging Market Countries). In addition, the Sub-Fund intends to implement the Investment Manager’s views across interest rates, credit and currencies via active use of financial derivative instruments. Depending on perceived market opportunities, the use of financial derivative instruments for both long and short positions can be significant. The Sub-Fund invests in USD and non-USD denominated securities, including securities denominated in Local Currencies. The Sub-Fund may only invest up to 50% of its net assets in fixed income securities rated below investment grade. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may not invest: - more than 20% of its net assets in fixed income securities issued by corporate issuers;
- in aggregate more than 10% of its net assets in convertible bonds, bonds with warrants or equity securities.
 The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may from time to time hold up to 50% of its net assets in Cash (within the 20% limit) and short-term bank certificates and Money Market Instruments. The Sub-Fund may not invest more than 25% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of fixed income securities taking both long and short positions via the use of financial derivatives instruments across interest rates, credit and currencies. |

|  | Due to the extensive use of derivatives including, but not limited to, the use of short term interest rate contracts, the Sub-Fund is only suitable for investors who can bear the economic risk of the loss of their investment in the Sub-Fund. By consequence, Shares of this Sub-Fund are only available to qualified Institutional Investors and/or investors who are: - an informed investor who has a knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has financial industry experience; or
- an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service.
 |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 3,000% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 500% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |

Fees and Expenses:
| BlueBay Global Sovereign Opportunities Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| A (CPerf) | 160 | 15.0 | 20 |
| C | Up to 200 | Nil | 20 |
| C (CPerf) | Up to 200 | 15.0 | 20 |
| I | 95 | Nil | 16 |
| I (Perf) | 100 | 15.0 | 16 |
| I (CPerf) | 100 | 15.0 | 16 |
| K (Perf) | Up to 200 | 15.0 | 16 |
| M | 95 | Nil | 20 |
| M (CPerf) | 100 | 15.0 | 20 |
| Q | Up to 200 | Nil | 20 |
| Q (CPerf) | Up to 200 | 15.0 | 20 |
| S | Up to 200 | Nil | 20 |
| S (CPerf) | Up to 200 | 15.0 | 20 |
| X, Y | Nil | Nil | 16 |
| Z (Perf) | Nil | 30.0 | 16 |
| ZR (CPerf) | Nil | 30.0 | 20 |
| Hurdle for Class K (Perf) | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index plus 3% |
| Hurdle for other Classes | Not applicable |

Classes C, I, K (Perf), M, Q, S (together, “GSOV founder Classes”) are open for subscription until the size of the Sub-Fund reaches a threshold determined by the Board of Directors, currently set at USD 200,000,000. The Board of Directors may change this threshold from time to time in their sole discretion. Once the Sub-Fund’s size reaches the aforementioned threshold, such GSOV founder Classes
will only be available for subscription by existing investors of such Classes and are closed to subscription by any party who is not an existing investor of such Classes. The Board of Directors may decide to reopen such GSOV founder Classes at their sole discretion.
| BlueBay High Grade Structured Credit Short Duration Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, by investing in a portfolio of Structured Credit Securities. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in Structured Credit Securities globally with a particular focus on collateralized loan obligations, residential mortgage backed securities and consumer/auto loan asset backed securities. Please refer to the definition of “Structured Credit Securities” for the full list of eligible securities. The Sub-Fund may invest up to one-third of its net assets in other fixed and floating rate fixed income securities issued by sovereign and corporate issuers globally. It is expected that the Sub-Fund will typically have a weighted credit spread duration of less than 3 years. The Sub-Fund may only invest in Structured Credit Securities and other fixed income securities rated A- or above by Standard & Poor’s or Fitch, or A3 or above by Moody’s, or the equivalent rating of any other recognised ratings agency, as reasonably determined by the Investment Manager from time to time. For the purpose of all credit ratings, in instances where there is a split rating, the highest rating shall apply. The investments underlying this Sub-Fund do not take into account the EU criteria for Environmentally Sustainable Economic Activities as per the Taxonomy Regulation. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in money market funds;
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to Structured Credit Securities, sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to Structured Credit Securities, sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Structured Credit Securities, Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of Structured Credit Securities. Due to the significant investment in Structured Credit Securities, the Sub-Fund is only suitable for investors who can bear the economic risk of the loss of their investment in the Sub-Fund. By consequence, Shares of this Sub-Fund are only available to qualified Institutional Investors and/or investors who are: - an informed investor who has a knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has financial industry experience; or
- an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service.
 |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 300% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 200% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay High Grade Structured Credit Short Duration Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 14 |
| G | Up to 200 | Nil | 14 |
| I | 25 | Nil | 10 |
| K | Up to 200 | Nil | 10 |
| M | 25 | Nil | 14 |
| Q | Up to 200 | Nil | 14 |
| R | 40 | Nil | 14 |
| S | Up to 200 | Nil | 14 |
| X, Y | Nil | Nil | 10 |
| Benchmark | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay High Yield ESG Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | ICE BofA Merrill Lynch European Currency High Yield Constrained Index, fully hedged against EUR |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch European Currency High Yield Constrained Index, fully hedged against EUR, by investing in a portfolio of fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated below investment grade. The Sub-Fund may invest up to one-third of its net assets in fixed income securities rated investment grade. Typically at least 50% of its net assets will be invested in fixed income securities (including fixed income securities convertible into equity or having attached warrants) issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade or by entities domiciled elsewhere provided the issuer has a parent undertaking that is domiciled within a European country whose sovereign long term debt rating is investment grade, and in Distressed Debt Securities. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments issued by issuers worldwide, provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract
 |

|  | for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%. The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of fixed income securities predominantly of high yield issuers. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology typically does not exceed 200% of the net asset value of the Sub-Fund. However, under certain circumstances the level of leverage might exceed the aforementioned level. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Sub-Investment Grade/High Yield in particular. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay High Yield ESG Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 70 | Nil | 16 |
| B (Perf) | 50 | 20.0 | 16 |
| C | Up to 200 | Nil | 16 |
| D | 70 | Nil | 16 |
| DR | 125 | Nil | 16 |
| I | 70 | Nil | 12 |
| I (Perf) | 50 | 20.0 | 12 |
| M | 70 | Nil | 16 |
| Q | Up to 200 | Nil | 16 |
| R | 125 | Nil | 16 |
| S | Up to 200 | Nil | 16 |
| X, Y | Nil | Nil | 16 |
| Benchmark | ICE BofA Merrill Lynch European Currency High Yield Constrained Index, fully hedged against EUR |

| BlueBay Impact-Aligned Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | N/A |
| Investment Objective: | The Sub-Fund is actively managed, does not reference any benchmark and aims to achieve a total return from a portfolio of investment grade-rated fixed income securities selected on the basis that securities qualify as Sustainable Investments. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate fixed income securities rated investment grade. The Sub-Fund invests at least 50% of its net assets in corporate issuers globally (including Emerging Market Issuers). The Sub-Fund may invest up to one-third of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. The Sub-Fund may invest in USD and non-USD denominated securities, except securities denominated in the Local Currencies of the Emerging Market Countries. In accordance with Article 9 of SFDR, the Sub-Fund has Sustainable Investment as its investment objective, which it aims to implement by only investing in fixed income securities which contribute to sustainability themes, as defined by the Investment Manager. Further information on the Sustainable Investment objective of the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 10% of its net assets in CoCos. The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage-backed securities. The Sub-Fund may not invest more than 10% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub- Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 750% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub- Fund typically does not exceed 350% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may at any time have a significant proportion of its total exposure denominated in currencies other than USD. The Sub-Fund may hedge non-USD currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Impact-Aligned Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 14 |
| G | Up to 200 | Nil | 14 |
| I | 50 | Nil | 10 |
| K | Up to 200 | Nil | 10 |
| M | 50 | Nil | 14 |
| Q | Up to 200 | Nil | 14 |
| R | 75 | Nil | 14 |
| S | Up to 200 | Nil | 14 |
| X, Y | Nil | Nil | 10 |

| BlueBay Investment Grade Absolute Return Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund’s portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund’s portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least 50% of its net assets in fixed income securities rated investment grade. In addition, the Sub-Fund intends to implement the Investment Manager’s views across interest rates, credit and currencies via active use of financial derivative instruments. Depending on perceived market opportunities, the use of financial derivative instruments for both long and short positions can be significant. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund and that no such financial assets (to the extent they are rated) are rated below B-/B3. The Sub-Fund may invest up to 25% of its net assets in fixed income securities rated below investment grade, provided that such securities are not rated below B3/B-.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may from time to time hold up to 50% of its net assets in Cash (within the 20% limit) and short-term bank certificates and Money Market Instruments (within the above one-third limit). |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
 |

|  | - Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 400% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Absolute Return Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 100 | Nil | 20 |
| B (Perf) | 60 | 20.0 | 20 |
| C | Up to 200 | Nil | 14 |
| D | 100 | Nil | 20 |
| DR | 150 | Nil | 20 |
| I | 100 | Nil | 10 |
| I (Perf) | 60 | 20.0 | 10 |
| K | Up to 200 | Nil | 10 |
| M | 100 | Nil | 14 |
| Q | Up to 200 | Nil | 14 |
| R | 150 | Nil | 20 |
| R (CPerf) | 120 | 20.0 | 20 |
| S | Up to 200 | Nil | 14 |
| S (CPerf) | Up to 200 | 20.0 | 14 |
| X, Y | Nil | Nil | 16 |
| Benchmark | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Investment Grade Absolute Return ESG Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund invests at least 50% of its net assets in fixed income securities rated investment grade. In addition, the Sub-Fund intends to implement the Investment Manager’s views across interest rates, credit and currencies via active use of financial derivative instruments. Depending on perceived market opportunities, the use of financial derivative instruments for both long and short positions can be significant. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund and that no such financial assets (to the extent they are rated) are rated below B-/B3. The Sub-Fund may invest up to 25% of its net assets in fixed income securities rated below investment grade, provided that such securities are not rated below B3/B-.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract
 |

|  | for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%. The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 400% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Absolute Return ESG Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 14 |
| G | Up to 200 | Nil | 14 |
| I | 100 | Nil | 10 |
| I (Perf) | 60 | 20.0 | 10 |
| K | Up to 200 | Nil | 10 |
| M | 100 | Nil | 14 |
| Q | Up to 200 | Nil | 14 |
| R | 150 | Nil | 14 |
| R (CPerf) | 120 | 20.0 | 14 |
| S | Up to 200 | Nil | 14 |
| S (CPerf) | Up to 200 | 20.0 | 14 |
| X, Y | Nil | Nil | 10 |
| Benchmark | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Investment Grade Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | iBoxx Euro Corporates Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets and fixed income assets rated below investment grade does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: |

|  | - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 750% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 350% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 50 | Nil | 16 |
| B (Perf) | 30 | 20.0 | 16 |
| C | Up to 200 | Nil | 11 |
| D | 50 | Nil | 16 |
| DR | 75 | Nil | 16 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 16 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |
| Benchmark | iBoxx Euro Corporates Index |

| BlueBay Investment Grade ESG Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | iBoxx Euro Corporates Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets and fixed income assets rated below investment grade does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
 |

|  | - Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 750% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 350% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade ESG Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 11 |
| G | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| K | Up to 200 | Nil | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 11 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 7 |
| Benchmark | iBoxx Euro Corporates Index |

| BlueBay Investment Grade Euro Aggregate Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | Bloomberg Euro Aggregate Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Bloomberg Euro Aggregate Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade issued by entities domiciled in countries within the European Union and the UK whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in fixed income securities rated investment grade issued by entities domiciled in countries outside the European Union and the UK whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European countries. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: |

|  | - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 300% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Euro Aggregate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 50 | Nil | 20 |
| B (Perf) | 30 | 20.0 | 20 |
| C | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 20 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |
| Benchmark | Bloomberg Euro Aggregate Index, in Euro |

| BlueBay Investment Grade Euro Government Bond Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | Bloomberg Euro Aggregate Treasury Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Bloomberg Euro Aggregate Treasury Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub- Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade issued by entities domiciled in countries within the European Union and the UK whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in fixed income securities rated investment grade issued by entities domiciled in countries outside the European Union and the UK whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European countries. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
 |

|  | - Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of investment grade-rated fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 300% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Euro Government Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 50 | Nil | 20 |
| B (Perf) | 30 | 20.0 | 20 |
| C | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| K | Up to 200 | Nil | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 20 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |
| Benchmark | Bloomberg Euro Aggregate Treasury Index, in Euro |

| BlueBay Investment Grade Global Aggregate Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Bloomberg Global Aggregate Bond Index USD unhedged |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Bloomberg Global Aggregate Bond Index USD unhedged, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate fixed income securities rated investment grade issued by sovereign and corporate issuers globally (including Emerging Market Issuers). The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
 |

|  | - Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 300% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Global Aggregate Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 50 | Nil | 20 |
| B (Perf) | 30 | 20.0 | 20 |
| C | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 20 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |
| Benchmark | Bloomberg Global Aggregate Bond Index USD unhedged |

| BlueBay Investment Grade Global Government Bond Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | Bloomberg Global Treasury Total Return Index, USD hedged |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the Bloomberg Global Treasury Total Return Index USD hedged, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in fixed and floating rate fixed income securities rated investment grade issued by sovereign issuers globally (including Emerging Market Issuers). The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. As part of the Sub-Fund’s active management, the Investment Manager may take both long and short positions (via the use of financial derivative instruments) in eligible securities to manage its exposure to interest rates, credit and currencies. This typically allows the Investment Manager to implement views more efficiently than via the purchase or sale of fixed income securities. The level and type of financial derivative instruments used to obtain the resulting exposure may increase the level of leverage of the Sub-Fund (as further explained under the Global Exposure section of this Sub-Fund appendix), but not the economic risk. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to 25% of its net assets in convertible bonds or bonds with warrants attached; and
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 5% of its net assets in asset-backed securities or mortgage- backed securities. To the extent that investment in asset-backed securities or similar assets (such as credit linked notes) is contemplated by the Sub-Fund, such investment will not be rated below investment grade. The Sub-Fund may not invest more than 5% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may not invest more than 15% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |

| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| --- | --- |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of fixed income securities. |
| Global Exposure: | A relative VaR approach is applied. The Sub-Fund’s VaR is limited by twice the VaR of a reference portfolio, being the benchmark of the Sub-Fund as set out above. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 300% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Global Government Bond Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 11 |
| I | 50 | Nil | 7 |
| I (Perf) | 30 | 20.0 | 7 |
| M | 50 | Nil | 11 |
| Q | Up to 200 | Nil | 11 |
| R | 75 | Nil | 20 |
| S | Up to 200 | Nil | 11 |
| X, Y | Nil | Nil | 16 |
| Benchmark | Bloomberg Global Treasury Total Return Index, USD hedged |

| BlueBay Investment Grade Structured Credit Fund |
| --- |
| Reference Currency: | EUR |
| Benchmark: | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Investment Objective: | The Sub-Fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, by investing in a portfolio of Structured Credit Securities. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. |
| Investment Policy: | The Sub-Fund invests at least two-thirds of its net assets in Structured Credit Securities globally. The Sub-Fund may invest up to one-third of its net assets in other fixed and floating rate fixed income securities issued by sovereign and corporate issuers globally (including Emerging Market Issuers). The Sub-Fund may invest up to 30% of its net assets in Structured Credit Securities and other fixed income securities rated below ‘investment grade’ provided that such securities are not rated below B- by Standards & Poor’s or Fitch or B3 by Moody’s or the equivalent rating of any other recognised ratings agency. “Investment grade” means rated BBB- or above by Standard & Poor’s or Fitch, or Baa3 or above by Moody’s, or the equivalent rating of any other recognised ratings agency, as reasonably determined by the Investment Manager from time to time. For the purpose of all credit ratings, in instances where there is a split rating, the highest rating shall apply. The investments underlying this Sub-Fund do not take into account the EU criteria for Environmentally Sustainable Economic Activities as per the Taxonomy Regulation. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in money market funds;
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to Structured Credit Securities, sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to Structured Credit Securities, sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Structured Credit Securities, Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub-Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |
| Investor Profile: | Investors with a medium to long-term horizon (three to five years) looking for an actively managed portfolio of Structured Credit Securities. |

|  | Due to the significant investment in Structured Credit Securities, the Sub-Fund is only suitable for investors who can bear the economic risk of the loss of their investment in the Sub-Fund. By consequence, Shares of this Sub-Fund are only available to qualified Institutional Investors and/or investors who are: - an informed investor who has a knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has financial industry experience; or
- an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service.
 |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 750% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 200% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Sustainability Risks: | As the Sub-Fund is broadly diversified, it is not anticipated that any single Sustainability Risk will have a material negative financial impact on the Sub-Fund. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Investment Grade Structured Credit Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| C | Up to 200 | Nil | 14 |
| E | Up to 200 | Nil | 10 |
| G | Up to 200 | Nil | 14 |
| I | 35 | Nil | 10 |
| K | Up to 200 | Nil | 10 |
| M | 35 | Nil | 14 |
| Q | Up to 200 | Nil | 14 |
| R | 55 | Nil | 14 |
| S | Up to 200 | Nil | 14 |
| X, Y | Nil | Nil | 10 |
| Benchmark | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Total Return Credit Fund |
| --- |
| Reference Currency: | USD |
| Benchmark: | N/A |
| Investment Objective: | The Sub-Fund is actively managed, does not reference any benchmark and aims to achieve a total return from investments in higher yielding fixed income asset classes through active security selection, asset allocation and capital preservation techniques while taking into account ESG considerations. |
| Investment Policy: | The Sub-Fund invests its net assets predominately in fixed and floating rate, senior and subordinated fixed income securities issued by corporate and sovereign issuers (including Emerging Market Issuers). The Sub-Fund may invest in fixed income securities of any rating, in unrated debt securities and in Distressed Debt Securities. The Sub-Fund may invest up to 25% of its net assets in convertible bonds, warrant-linked bonds and similar convertible instruments issued by corporate issuers globally. The Sub-Fund may invest up to 20% of its net assets in Structured Credit Securities. The Sub-Fund invests in USD and non-USD denominated securities, including securities denominated in the Local Currencies of the Emerging Market Countries in which the Sub-Fund invests. In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices. The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG. Further information on the environment and social characteristics promoted by the Sub-Fund is available in Appendix 2 of this Prospectus. |
| Investment Restrictions: | The Sub-Fund may invest: - up to 10% of its net assets in equity securities;
- up to 10% of its net assets in money market funds;
- up to one-third of its net assets in Money Market Instruments,provided that investment in such financial assets does not in aggregate exceed one-third of the net assets of the Sub-Fund.
 The Sub-Fund may not invest more than 20% of its net assets in CoCos. The Sub-Fund’s aggregate investment in the units of other UCITS or UCIs may not exceed 10% of its net assets. The Sub-Fund may not invest more than 20% of its net assets in securities traded on the CIBM through the CIBM Direct Access or Bond Connect. The Sub-Fund may hold up to 20% of its net assets in Cash on an ancillary basis. |
| Financial Techniques and Instruments: | The Sub-Fund may: (i) invest in financial derivative instruments including but not limited to total return swaps, contracts for difference, portfolio swap agreements, interest rate swaps, futures, options, swaptions and credit default swaps for hedging and investment purposes; (ii) invest in currency swaps and currency forwards for currency hedging and investment purposes; (iii) use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection; (iv) sell protection by entering into credit default swap sale transactions in order to acquire a specific credit exposure and/or buy protection by entering into credit default swap without holding the underlying assets; and (v) use repurchase and reverse repurchase agreements to borrow or lend out assets. |
| Securities Financing Transactions: | The Sub-Fund may engage in securities financing transactions covered under Regulation (EU) 2015/2365 as per the following: - Repurchase agreements may be used with respect to sovereign and corporate bonds for investment and efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Reverse repurchase agreements may be used with respect to sovereign bonds for efficient portfolio management purposes. The proportion of the Sub-Fund’s net assets subject to these instruments is expected to range from 0% to 30% and may not exceed 50%.
- Total return swaps and contracts for difference may be used with respect to Local Currency bonds and financial indices for investment and hedging purposes. The proportion of the Sub- Fund’s net assets subject to these instruments, expressed as the notional of the total return swap or contract for difference divided by the Sub-Fund’s net asset value, is expected to range from 0% to 25% and may not exceed 50%.
 The Sub-Fund will not engage in margin lending or securities lending. |

| Investor Profile: | Investors with a medium to long term time horizon (three to five years) looking for a total return from exposure to a wide range of fixed income securities. |
| --- | --- |
| Global Exposure: | An absolute VaR approach is applied. The Sub-Fund’s VaR is limited internally, subject to change, and may not exceed 20% of the Sub-Fund’s net asset value. The expected level of leverage of the Sub-Fund based on the “sum-of-notionals” methodology usually does not exceed 1,500% of the net asset value of the Sub-Fund. When excluding short term interest rate contracts from the calculation, the expected level of leverage of the Sub-Fund typically does not exceed 500% of the net asset value of the Sub-Fund. The level of leverage will vary depending on the positioning of the Sub-Fund and may, under certain circumstances, exceed the aforementioned levels depending on the types and maturity of instruments used. Interest rate derivatives can create a high leverage based on the “sum-of-notionals” methodology, particularly where shorter duration instruments are used for duration management. The “sum-of-notionals” methodology does not allow for offsets of hedging transactions and other risk mitigation strategies involving derivatives, such as currency hedging, duration management and macro hedging. Consequently, the reported level of leverage may exceed, at times considerably, the economic leverage assumed by the Sub-Fund. |
| Currency Hedging: | The Sub-Fund may at any time have a significant proportion of its total exposure denominated in currencies other than USD, and in Local Currencies. The Sub-Fund may hedge such currency exposure at the discretion of the Investment Manager. |
| Sustainability Risks: | In addition to general disclosures in relation to Sustainability Risks, investors should refer to Risk Factors: Emerging Markets and Sub-Investment Grade/High Yield in particular. |
| Valuation: | Daily |
| Sub-Investment Manager: | RBC Global Asset Management (U.S.) Inc. |

Fees and Expenses:
| BlueBay Total Return Credit Fund |
| --- |
| Class | Management Fee (basis points) | Performance Fee Rate (%) | Expenses (basis points) |
| B | 70 | Nil | 20 |
| C | Up to 200 | Nil | 20 |
| I | 70 | Nil | 16 |
| M | 70 | Nil | 20 |
| Q | Up to 200 | Nil | 20 |
| R | 120 | Nil | 20 |
| S | Up to 200 | Nil | 20 |
| X, Y | Nil | Nil | 16 |


## Appendix 2: Disclosures Related to Sub-Funds which 1) Promote Environmental or Social Characteristics or 2) have a Sustainable Investment Objective
The information set out below is in relation to each Sub-Fund categorised as Article 8 or 9 under SFDR. This information provided is in accordance with the requirements of the EU SFDR Level 2 Regulatory Technical Standards (“RTS”) which is effective from the 1
st 
January 2023. Furthermore, the information provided at present should also be read in conjunction with the full text of this Prospectus.

## Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment

## 1. Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

### means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.

### The	EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned with the Taxonomy or not.
| Product name: BlueBay Emerging Market Aggregate Bond Fund | Legal entity identifier: 549300GL676SYYX90892 |
| --- | --- |


## Environmental and/or social characteristics
Does this financial product have a sustainable investment objective?
Yes	

### X	
No
It will make a minimum of sustainable investments
with an environmental objective: %
It   promotes   Environmental/Social   (E/S)
characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of % of sustainable investments
with an environmental objective in economic
activities that qualify as environmentally sustainable under the EU Taxonomy
with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
with a social objective

### X	
It promotes E/S characteristics, but will not make any sustainable investments
It will make a minimum of sustainable investments
with a social objective: %
in  economic  activities  that  qualify  as
environmentally sustainable under the EU Taxonomy
in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.

### #1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.

### #2Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy? While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy
Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## 	What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Aggregate Short Duration Bond Fund | Legal entity identifier: 549300DRPE4D0FEAJ702 |
| --- | --- |

Environmental and/or social characteristics

### The

### EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned  with  the

### Taxonomy or not.

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a
range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental
ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.

### Good governance practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities
with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy? While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy
Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Bond Fund | Legal entity identifier: 2QC0MRAG5HQKQLHYOO55 |
| --- | --- |

Environmental and/or social characteristics

### The

### EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned  with  the

### Taxonomy or not.

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis
depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG
Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## 	What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Corporate Bond Fund | Legal entity identifier: EETXHCVYTYHJXYFHPH76 |
| --- | --- |

Environmental and/or social characteristics

### The

### EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned  with  the

### Taxonomy or not.

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a
range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis
depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms-
based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |

| What is the minimum share of socially sustainable investments? |
| --- |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
1. Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)
| Product name: BlueBay Emerging Market High Yield Corporate Bond Fund | Legal entity identifier: 54930074IJHJYF9XZM38 |
| --- | --- |

Environmental and/or social characteristics

### The	EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned with the Taxonomy or not.

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.
+

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Investment Grade Corporate Bond Fund | Legal entity identifier: L6NJ1ZMD5M4CPC8XSO74 |
| --- | --- |

Environmental and/or social characteristics
|  | Does this financial product have a sustainable investment objective? Yes | X	 No |
| --- | --- | --- |
| It will make a minimum of sustainable investments with an environmental objective: % |  | It promotes Environmental/Social (E/S) characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of % of sustainable investments |
| in economic activities that qualify as environmentally sustainable under the EU Taxonomy |  | with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy |
| in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy |  | with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy |
|  |  | with a social objective |
| It will make a minimum of sustainable investments with a social objective: % | X | It promotes E/S characteristics, but will not make any sustainable investments |

What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income
securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy? While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy
Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/

## Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment

## 1. Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

### means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective
in  economic  activities  that  qualify  as
environmentally sustainable under the EU Taxonomy
in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy

### and	that	the investee companies follow good governance practices.
It will make a minimum of sustainable investments
with an environmental objective: %
Does this financial product have a sustainable investment objective?
Yes	

### X	
No
| Product name: BlueBay Emerging Market Local Currency Corporate Bond Fund | Legal entity identifier: 162TOW4MBL26Q9NDNV76 |
| --- | --- |


## Environmental and/or social characteristics
It   promotes   Environmental/Social   (E/S)
characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of % of sustainable investments

### The	EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned with the Taxonomy or not.
It will make a minimum of sustainable investments
with a social objective: %
with an environmental objective in economic
activities that qualify as environmentally sustainable under the EU Taxonomy
with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
with a social objective

### X	
It promotes E/S characteristics, but will not make any sustainable investments

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESGFactors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment
Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the
aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |

| What is the minimum share of socially sustainable investments? |
| --- |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Select Bond Fund | Legal entity identifier: 162TOW4MBL26Q9NDNV76 |
| --- | --- |

Environmental and/or social characteristics

### The

### EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally

### sustainable

### economic

### activities. That Regulation does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy? While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such
Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Emerging Market Unconstrained Bond Fund | Legal entity identifier: 549300MVR2RDXFI8TV47 |
| --- | --- |

Environmental and/or social characteristics

### The

### EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned  with  the

### Taxonomy or not.

## What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and limiting exposure to the riskiest ESG issuers and setting eligibility requirements for such issuers for the Sub-Fund to be oriented towards better ESG-rated issuers (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which limits exposure to issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically), as per the Investment Manager’s proprietary ESG evaluation detailed thereafter, to 10% of the Sub-Fund’s net assets. Any exposure to ‘very high’ ESG risk rated issuers is on a case-by- case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which limits the Sub-Fund’s exposure to issuers deemed by the Investment Manager to have ‘very high’ ESG risks to 10% of net assets. Any exposure to ‘very high’ Fundamental ESG (Risk) rated issuers is on a case-by-case basis depending on whether there is evidence the issuer is improving its ESG practices or is willing to engage with the Investment Manager on mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least 50% of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining 50% may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if exposure to such issuer is limited because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then long exposure to such issuers in aggregate is limited to 10% of net assets. Such limit applies to securities with direct exposure to the issuer (i.e. corporate or sovereign bonds) and securities with indirect exposure where the corporate or sovereign issuer is the underlying (i.e. credit default swap). The 10% limit allows for netting of exposure, meaning that the Sub-Fund may take short positions using credit default swaps on issuers deemed to have ‘very high’ ESG risks to reduce its aggregate long exposure and remain within this limit on a net basis. Any such short positions may be taken as part of the Sub-Fund’s approach to active management and without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Financial Capital Bond Fund | Legal entity identifier: 549300V6PSZE4CFW3430 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
- 
## How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of subordinated debt securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and
risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least 50% of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining 50% may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.


##  To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Global Convertible Bond Fund | Legal entity identifier: 5493000EDJC32J0LWG98 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure
199
where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objectives

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of convertible bonds in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESGFactors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and
risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Global High Yield Bond Fund | Legal entity identifier: M36YWD6NMS05SQDZ4F62 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment
205
of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?

### The	investment strategy	guides investment decisions		based on factors such as investment objectives and risk

### tolerance.
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
206
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.


### Good governance

### practices  include	What is the policy to assess good governance practices of the investee companies?

### sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## 	To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such
Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/
2088 
and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Global High Yield ESG Bond Fund | Legal entity identifier: 22210031BZB0OWU36P77 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure
211
where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG integration screening which excludes issuers with a ‘high’ Fundamental ESG (Risk) Rating which do not meet the qualifying criteria (e.g. evidence an improving ESG performance trajectory or show willingness to improve/where the Investment Manager has an engagement programme to promote positive change)
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESGFactors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Furthermore, issuers which are deemed by the Investment Manager as having high ESG risks are excluded on a case-by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk)
Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance practices include sound management structures, employee relations, remuneration	of

### compliance.

### staff	and	tax

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.

## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Global Investment Grade Corporate Bond Fund | Legal entity identifier: 549300PWTRFAQBN52I65 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure

### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG
evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG
metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### compliance.

### staff	and	tax

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG
risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Global Sovereign Opportunities Fund | Legal entity identifier: 5493001FIL2P0RED9Q76 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds as well as Structured Credit Securities, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit
223
default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the InvestmentManager’s ESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
224
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least 50% of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining 50% may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if the issuer is excluded because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms-based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then the Sub-Fund will not have any long exposure, but it may take short positions using credit default swaps on such ‘very high’ ESG risks issuers as part of its approach to active management. Any such short positions may be taken without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 Not applicable. |
| --- |
| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay High Yield ESG Bond Fund | Legal entity identifier: 2VMIJS3CD1JEJYSZHL13 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Exclusion of in-scope fixed income securities and issuers involved in selected controversial activities, or those lacking appropriate processes and compliance mechanisms to monitor and prevent ESG related controversies (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds as well as Structured Credit Securities, and 2) financial
229
derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG integration screening which excludes issuers with a ‘high’ Fundamental ESG (Risk) Rating which do not meet the qualifying criteria (e.g. evidence an improving ESG performance trajectory or show willingness to improve/where the Investment Manager has an engagement programme to promote positive change).
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG
evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESGFactors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Furthermore, issuers which are deemed by the Investment Manager as having high ESG risks are excluded on a case-by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability
Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two thirds (66.66%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub-Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.
| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 9, paragraphs 1 to 4a, of Regulation (EU) 2019/2088 and Article 5, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies  follow

### good  governance

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices. practices.
- Sub-Funds which have a Sustainable Investment Objective (SFDR Article 9)

| Product name: BlueBay Impact-Aligned Bond Fund | Legal entity identifier: 549300UW5Y0T1LMJEQ28 |
| --- | --- |

Sustainable investment objective
What is the sustainable investment objective of this financial product?
The sustainable investment objective of the Sub-Fund is to invest in fixed income securities in scope which contribute to sustainability themes, as defined by the Investment Manager. In scope fixed income securities include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap.
The sustainability themes developed target securities offering solutions to major environmental and social challenges. These include, but are not limited to, (i) achieving inclusive society; (ii) building knowledge and skills; (iii) ensuring good health, safety and well-being; (iv) enabling the circular economy; (v) ensuring clean and plentiful water; (vi) promoting clean and safe energy, and (vii) promoting sustainable mobility and infrastructure.
Sustainability themes may change over time depending on where the Investment Manager identifies developments in sustainability trends affecting people and the planet. The Investment Manager aims to invest across sustainability themes to provide a diversified exposure.
The Sub-Fund does not have a reference benchmark either for the purpose of attaining its sustainability investment objective nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The sustainability indicators used to assess, measure and monitor the sustainability investment objective of the Sub-Fund are as follows:
- The Sub-Fund’s level of investment in fixed income securities in scope from issuers offering solutions to majorenvironmental and social challenges.
- The allocation of the Sub-Fund’s investments across sustainability themes.
- The allocation of the Sub-Fund’s investments with alignment to the UN Sustainable Development Goals which canbe linked to economic activities.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG integration screening which excludes issuers with a ‘high’ Fundamental ESG (Risk) Rating which do not meet the qualifying criteria (e.g. evidence an improving ESG performance trajectory or show willingness to improve/where the Investment Manager has an engagement programme to promote positive change).
- 
### How do sustainable investments not cause significant harm to any environmental or social sustainable investment objective?

In order to protect against the investments causing significant harm to the sustainable investment objective of the Sub- Fund, the Investment Manager takes the following approach:
- The sustainability profile of an issuer’s entire economic activity is considered, and not just the qualifying ones, in order to exclude those with material exposure to economic activities that significantly harm the sustainable investment objective of the Sub-Fund. This is achieved by applying exclusionary screens in regards to economic activities which have material negative impacts on Sustainability Factors such as, but not limited to, the exclusion of issuers with exposure to the production of controversial weapons, tobacco production, or fossil fuels such as thermal coal. In other instances, whilst there may not be a formal exclusionary screen for a specific economic activity, the decision may be taken that on balance, the negative aspects of the economic activities not qualifying outweigh the benefits of any that do qualify;
- The entity level conduct of the issuer is also considered, in order to exclude those where their operational practices may significantly harm the sustainable investment objective of the Sub-Fund. This is achieved by applying exclusionary screens such as, but not limited to, the exclusion of issuers which do not comply with international conventions and norms, standards and statements such as the UN Global Compact (for corporates) or are not party to or not ratified conventions on corruption, torture and punishment or the Paris Agreement under the UN Framework Convention on Climate Change (for sovereigns); or demonstrate the worst ESG controversies performance (for corporates). It is also achieved by the setting of thresholds of acceptable practices following the Investment Manager’s ESG Integration screening; whereby those with the worst Fundamental ESG (Risk) Rating (‘very high’) are systematically excluded; and those with the next worst (‘high’) which do not meet the qualifying criteria to be acceptable (e.g. evidence an improving ESG performance trajectory or show willingness to improve/where the Investment Manager has an engagement programme to promote positive change) are also excluded.

Full details of the ESG Exclusion / Negative screening applied by the Sub-Fund are available in section 5 of this Prospectus.
- How have the indicators for adverse impacts on sustainability factors been taken into account?

Indicators for adverse impacts on sustainability factors are taken into account as part of the do no significant harm assessment of Sustainable Investments carried out by the Investment Manager. The indicators used cover environmental and social matters and may lead to investment exclusions or conditional inclusions predicated on certain conditions being met. Certain ESG Exclusion / Negative screening applied by the Sub-Fund such as fossil fuel involvement and non- compliance with the UN Global Compact are directly linked to adverse impact indicators.
- How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?

The Sub-Fund considers entity level conduct as it relates to international conventions and norms, standards and statements, as they are relevant for corporate or sovereign issuers. For corporates, there is a formal exclusionary screen on those which violate the UN Global Compact (for corporates). Whilst not a formal exclusionary screen, the Investment Manager also considers performance against other international norms such as the UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises in determining whether an issuer’s practices as it relates to these are sufficient to result in exclusions. The use of ESG controversies information from third party ESG information providers as well as from other sources are utilized to support the assessment.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X   Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund predominantly invests in a portfolio of investment grade rated fixed income securities selected on the basis that securities qualify as Sustainable Investments. Consequently, the Investment Manager aims to invest in:
- Corporate issuers whose core economic activities offer investment opportunities and directly contribute to addressing global environmental and social challenges. Alignment of the corporate issuer’s economic activity with material exposure to relevant sustainability themes is assessed by determining, amongst other indicators, the level of revenues or profit derived from and or level of investment from the issuer in the qualifying economic activity. For such issuers, securities selected for investment may be either regular or ESG labelled issuances.
- Securities which support or fund an activity aligned with the Investment Manager’s sustainability themes. Such securities may be issued by corporate issuers or Sovereign, Supranational and Agency (“SSAs”) issuers, and may be either regular or ESG labelled issuances. In the case of ESG labelled issuances including but not limited to green, social and sustainability bonds, these are deemed to be aligned where use-of-proceeds are earmarked to projects which meet the sustainability themes. In respect to sustainability-linked bonds, they are deemed to be aligned when the targets of such bonds link to the sustainability themes.

In addition and as part of the do no significant harm assessment of Sustainable Investments, the Sub-Fund shall implement
(i) ESG Exclusions / Screening; (ii) ESG Norms-based Screening; and (iii) ESG Integration which excludes issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Furthermore, issuers which are deemed by the Investment Manager as having ‘high’ Fundamental ESG (Risk) rating are excluded on a case-by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability Factors or Sustainability Risks. The Sub-Fund shall also implement enhanced ESG engagement as part of its stewardship commitment.
- 
### What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?

As part of the binding ESG requirements, any in scope fixed income security held by the Sub-Fund must contribute to one of the sustainability themes defined by the Investment Manager. Alignment of securities with a sustainability theme is assessed by the Investment Manager based on the analysis of the issuer’s economic activity or the security and the activity being funded.
Further binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which can additionally restrict issuers depending on the outcome of the ESG evaluation. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
The Sub-Fund shall also implement enhanced ESG engagement as part of its stewardship commitment. This is not a binding screening criteria as such, but rather engagement is conducted where deemed appropriate to do so on ESG factors and/or
risks. Engagement may be focused on gaining insights and/or influence to bring about change. It can occur bilaterally or working in collaboration with external stakeholders and can be undertaken by the credit and/or ESG analysts. The outcome of the engagement could result in a decision to exclude the issuer at the discretion of the Investment Manager.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

### What is the asset allocation and the minimum share of sustainable investments?

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which qualify as Sustainable Investments (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which qualify as Sustainable Investments (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the sustainable investment objective of the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which are not considered Sustainable Investments and will fall under #2.
- 
### How does the use of derivatives attain the sustainable investment objective?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to attain the sustainable investment objective of the Sub-Fund.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to attain the sustainable investment objective of the Sub-Fund. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not attain the sustainable investment objective of the Sub-Fund.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
The Sub-Fund commits to have a portfolio alignment with the Taxonomy Regulation of at least zero percent. The Investment Manager expects to review its portfolio alignment and provide information on the calculation methodology in a future version of this Prospectus.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.

## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The minimum share of Sustainable Investments with an environmental objective that are not aligned with the EU Taxonomy is 30% of net assets. The Sub-Fund aims to invest across its sustainability themes, which include both environment and social themes, to provide a diversified approach. The Investment Manager takes an active approach and the Sub-Fund’s allocation across themes may vary over time depending on the investment opportunities offered within each theme as identified by the Investment Manager. In the event that the share of Sustainable Investments with an environmental objective that are not aligned with the EU Taxonomy is at its minimum, it is expected that the remaining portion of the Sub- Fund would be invested in Sustainable Investments with a social objective.

## What is the minimum share of sustainable investments with a social objective?
The minimum share of Sustainable Investments with a social objective is 20% of net assets. In the event that the share of Sustainable Investments with a social objective is at its minimum, it is expected that the remaining portion of the Sub-Fund would be invested in Sustainable Investments with an environmental objective.

## What investments are included under “#2 Not sustainable”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which are not considered Sustainable Investments such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/
2088 
and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Absolute Return Bond Fund | Legal entity identifier: J851PLGHDUNMTUO6Y387 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct
exposure to the issuer, such as corporate or sovereign bonds as well as Structured Credit Securities, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit
241
default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the InvestmentManager’s ESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The Investment Manager’s ESG evaluation in respect to Structured Credit Securities accounts for the varying characteristics of instruments belonging to this asset class. For CLOs, the Investment Manager conducts an analysis of the manager and of the collateral pool of such securities. For other types of Structured Credit Securities, including but not limited to asset- backed securities, the Investment Manager’s ESG evaluation depends on a number of factors. For a security that is directly issued by a corporate issuer and its collateral pool is part of the issuer’s economic activity, the Investment Manager’s ESG evaluation will follow the same approach as that of fixed income securities and will assess the ESG risk of the corporate issuer. For securities issued by special purpose vehicles not directly part of the economic activity of a corporate issuer, such as securities backed by a pool of mortgages or auto loans, the Investment Manager carries out its ESG evaluation by assessing the originator, the servicer and the collateral pool. ESG Exclusion/Negative Screening applicable to the Sub-Fund may only apply to the underlying pool of assets of Structured Credit Securities if the Investment Manager is the issuer of such securities.
The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights
gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### compliance.

### staff	and	tax

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

### What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least 50% of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining 50% may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if the issuer is excluded because it is deemed to have ‘very high’ ESG risks as a result of the
Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms-based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then the Sub-Fund will not have any long exposure, but it may take short positions using credit default swaps on such ‘very high’ ESG risks issuers as part of its approach to active management. Any such short positions may be taken without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |

| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/
2088 
and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Absolute Return ESG Bond Fund | Legal entity identifier: 5493000X13W6BW0AI695 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Exclusion of in-scope fixed income securities and issuers involved in selected controversial activities, or those lacking appropriate processes and compliance mechanisms to monitor and prevent ESG related controversies (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds as well as Structured Credit Securities, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG integration screening which excludes issuers with a ‘high’ Fundamental ESG (Risk) Rating which do not meet the qualifying criteria (e.g. evidence an improving ESG performance trajectory or show willingness to improve/where the Investment Manager has an engagement programme to promote positive change).
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
Principal adverse impacts are the most		significant negative impacts of	investment decisions			on sustainability factors relating to environmental, social				and employee matters, respect for human rights,			anti-

### corruption	and anti-bribery matters.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG
evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The Investment Manager’s ESG evaluation in respect to Structured Credit Securities accounts for the varying characteristics of instruments belonging to this asset class. For CLOs, the Investment Manager conducts an analysis of the manager and of the collateral pool of such securities. For other types of Structured Credit Securities, including but not limited to asset- backed securities, the Investment Manager’s ESG evaluation depends on a number of factors. For a security that is directly issued by a corporate issuer and its collateral pool is part of the issuer’s economic activity, the Investment Manager’s ESG evaluation will follow the same approach as that of fixed income securities and will assess the ESG risk of the corporate issuer. For securities issued by special purpose vehicles not directly part of the economic activity of a corporate issuer, such as securities backed by a pool of mortgages or auto loans, the Investment Manager carries out its ESG evaluation by assessing the originator, the servicer and the collateral pool. ESG Exclusion/Negative Screening applicable to the Sub-Fund may only apply to the underlying pool of assets of Structured Credit Securities if the Investment Manager is the issuer of such securities.
The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Furthermore, issuers which are deemed by the Investment Manager as having high ESG risks are excluded on a case-by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good	
Not applicable.

### practices  include


### governance

### What is the policy to assess good governance practices of the investee companies?

### sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least 50% of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining 50% may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if the issuer is excluded because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms-based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then the Sub-Fund will not have any long exposure, but it may take short positions using credit default swaps on such ‘very high’ ESG risks issuers as part of its approach to active management. Any such short positions may be taken without the intention to promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

##   To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.
| What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy? |
| --- |
| Not applicable. |
| What is the minimum share of socially sustainable investments? |
| Not applicable. |


## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/
2088 
and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Bond Fund | Legal entity identifier: ZY4V92HRNHOW4ZXD2385 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product

### are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure
253
where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### compliance.

### staff	and	tax

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

##   To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no appropriate methodology to determine the Taxonomy-aligned of sovereign bonds*, the first graph shows the Taxonomy-alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment only in relation the investments of the financial product other than sovereign bonds.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.

## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies followgood governance
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade ESG Bond Fund | Legal entity identifier: 549300PMTQT8XX2FZ077 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Exclusion of in-scope fixed income securities and issuers involved in selected controversial activities, or those lacking appropriate processes and compliance mechanisms to monitor and prevent ESG related controversies (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product

### are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds as well as Structured Credit Securities, and 2) financial
259
derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- Furthermore, issuers which are deemed by the Investment Manager as having high ESG risks are excluded on a case- by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability Factors or Sustainability Risks.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The Investment Manager’s ESG evaluation in respect to Structured Credit Securities accounts for the varying characteristics of instruments belonging to this asset class. For CLOs, the Investment Manager conducts an analysis of the manager and of the collateral pool of such securities. For other types of Structured Credit Securities, including but not limited to asset- backed securities, the Investment Manager’s ESG evaluation depends on a number of factors. For a security that is directly issued by a corporate issuer and its collateral pool is part of the issuer’s economic activity, the Investment Manager’s ESG evaluation will follow the same approach as that of fixed income securities and will assess the ESG risk of the corporate issuer. For securities issued by special purpose vehicles not directly part of the economic activity of a corporate issuer, such as securities backed by a pool of mortgages or auto loans, the Investment Manager carries out its ESG evaluation by assessing the originator, the servicer and the collateral pool. ESG Exclusion/Negative Screening applicable to the Sub-Fund may only apply to the underlying pool of assets of Structured Credit Securities if the Investment Manager is the issuer of such securities.
The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights
gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Furthermore, issuers which are deemed by the Investment Manager as having high ESG risks are excluded on a case-by-case basis depending on a range of factors under consideration, including but not limited to, the evidence of improvement in mitigating key Sustainability Factors or Sustainability Risks. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?



### Good governance practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
Not applicable.

### What is the policy to assess good governance practices of the investee companies?
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two thirds (66.66%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.

### #1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.

### #2Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.

## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark either for the purpose of implementing ESG considerations nor for performance comparison.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Euro Aggregate Bond Fund | Legal entity identifier: M7QNGURKPVKOWSW4A659 |
| --- | --- |

Environmental and/or social characteristics
Does this financial product have a sustainable investment objective?
Yes	

### X	
No
It will make a minimum of sustainable investments
with an environmental objective: %
It   promotes   Environmental/Social   (E/S)
characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of % of sustainable investments
with an environmental objective in economic
activities that qualify as environmentally sustainable under the EU Taxonomy
with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
with a social objective

### X	
It promotes E/S characteristics, but will not make any sustainable investments
It will make a minimum of sustainable investments
with a social objective: %
in  economic  activities  that  qualify  as
environmentally sustainable under the EU Taxonomy
in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### Sustainability indicators measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income
securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of convertible bonds in combination with ESG criteria.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESGFactors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and
risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?


### Good governance
Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## 	To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/

## Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment
- 
## Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)


### means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.

### The	EU

### Taxonomy is a classification system laid down in Regulation (EU) 2020/852,

### establishing a list of environmentally sustainable economic activities.		 That Regulation		does not lay down a list of	socially

### sustainable economic activities. Sustainable investments	with an environmental objective might be aligned with the Taxonomy or not.
| Product name: BlueBay Investment Grade Euro Government Bond Fund | Legal entity identifier: MYD35P6PMJNKVCNITU34 |
| --- | --- |


## Environmental and/or social characteristics
Does this financial product have a sustainable investment objective?
Yes	

### X	
No
It will make a minimum of sustainable investments
with an environmental objective: %
It   promotes   Environmental/Social   (E/S)
characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of % of sustainable investments
with an environmental objective in economic
activities that qualify as environmentally sustainable under the EU Taxonomy
with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
with a social objective

### X	
It promotes E/S characteristics, but will not make any sustainable investments
It will make a minimum of sustainable investments
with a social objective: %
in  economic  activities  that  qualify  as
environmentally sustainable under the EU Taxonomy
in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct
exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment
271
of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager.
The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?

### The	investment strategy	guides investment decisions		based on factors such as investment objectives and risk

### tolerance.
The Sub-Fund invests in a portfolio of convertible bonds in combination with ESG criteria.
272
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.


### Good governance practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.

### What is the policy to assess good governance practices of the investee companies?
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub-Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally
Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
- 
### What is the minimum share of investments in transitional and enabling activities?

Not applicable.

## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Global Aggregate Bond Fund | Legal entity identifier: 549300ZNM26YH19QRA10 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).

The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?

The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment
277
of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?

### The	investment strategy	guides investment decisions		based on factors such as investment objectives and risk

### tolerance.
The Sub-Fund invests in a portfolio of convertible bonds in combination with ESG criteria.
278
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.

### Good governance practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

## To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such
Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments
of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Investment Grade Global Government Bond Fund | Legal entity identifier: 549300MIGMXGR1KUKR05 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction of harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to, ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct
exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment
283
of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?

### The	investment strategy	guides investment decisions		based on factors such as investment objectives and risk

### tolerance.
The Sub-Fund invests in a portfolio of convertible bonds in combination with ESG criteria.
284
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record; and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.

### Good governance
- 
### What is the policy to assess good governance practices of the investee companies?


### practices include sound management structures, employee relations, remuneration	of

### staff	and	tax compliance.

### Asset  allocation

### describes	the

### share	of

### investments	in specific assets.
As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically excluded from investment. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.

##   To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such
Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

### Sustainable investment means	an

### investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not   significantly

### harm	any

### environmental or social	objective

### and	that	the investee companies follow good governance practices.
- Sub-Funds which Promote Environmental or Social Characteristics (SFDR Article 8)

| Product name: BlueBay Total Return Credit Fund | Legal entity identifier: 549300FTTQHYQJC22160 |
| --- | --- |

Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Excluding in-scope fixed income securities and issuers involved in selected controversial activities (ESG Exclusion / Negative Screening and ESG Norms Based Screening approaches).


### Sustainability indicators
The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
- 
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?


### measure how the environmental or social characteristics promoted by the financial	product are attained.
The Sub-Fund aims to invest in fixed income securities in scope of an ESG evaluation, which include 1) securities with direct
exposure to the issuer, such as corporate or sovereign bonds, and 2) financial derivative instruments with indirect exposure where the corporate or sovereign issuer is the underlying, such as credit default swap, which contribute to the attainment
289
of the ESG characteristics promoted by the Sub-Fund. The sustainability indicators used to assess, measure and monitor the ESG characteristics of the Sub-Fund are as follows:
- The share of in scope fixed income securities held by the Sub-Fund which are covered by the Investment Manager’sESG evaluation.
- The share of in scope fixed income securities which are compliant and not in active breach of any ESG Exclusion / Negative screening (product based) and ESG Norms Based Screening (conduct based) screening applicable to the Sub-Fund as detailed in section 5 of this Prospectus.
- The share of in scope fixed income securities which are compliant and not in active breach of the ESG Integration screening which excludes issuers with a ‘very high’ Fundamental ESG (Risk) Rating (either at an overall ESG level, or on the ‘governance’ pillar specifically) as per the Investment Manager’s proprietary ESG evaluation detailed thereafter.
- 
### What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

Not applicable.
- 
### How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?

Not applicable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm the EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.

## Does this financial product consider principal adverse impacts on sustainability factors?
 X  Yes, the environmental and social impacts of the activities of all in scope fixed income securities held by the Sub-Fund are assessed on an ongoing basis through the ESG Integration process of the Investment Manager. The consideration of PAI indicators provides additional input to the Environment and Social pillar of the ESG evaluation of issuers and may, in some cases, lead to exclusions or conditional inclusions of fixed income securities predicated on certain conditions being met. The Investment Manager monitors and evaluates a range of PAI indicators, but as the reporting of many of these metrics by investee entities are currently voluntary, the availability of data on some indicators is limited. As such, the integration of PAI indicators is conducted on a best-efforts basis, reflecting the availability of such information. However, as data availability improves, it is expected that PAI indicators will cover a greater portion of the Investment Manager’s investable universe and therefore allow for better insight in the adverse impacts caused by investee entities. Further information on the consideration of PAI by the Sub-Fund will be provided a future version of this Prospectus.
More information on principal adverse impacts on sustainability factors is available in the periodic reporting pursuant to Article 11(2) of the SFDR.
No

## What investment strategy does this financial product follow?
The Sub-Fund invests in a portfolio of fixed income securities of issuers based in Emerging Market Countries while taking into account ESG considerations.
The Investment Manager conducts ESG analysis on corporate and sovereign issuers, using its own proprietary issuer ESG evaluation framework, which results in two complementary ESG metrics: a Fundamental ESG (Risk) Rating (which refers to the assessment of ESG factors/risks), and an Investment ESG Score (which denotes the extent to which the ESG factors/risks are investment relevant/material). The key metric which can lead to additional restrictions on investment is the Fundamental ESG (Risk) Rating. The credit analysts conduct the initial ESG evaluation assigning the ESG metrics. These are then reviewed and finalised by the ESG investment team, prioritised depending on the assigned ESG risk. The process operates by consensus. There is a formal review of the ESG evaluations every two years, although it can be initiated sooner where the analysts have sufficient cause to question the ongoing validity of the assigned ESG metrics (particularly the Fundamental ESG (Risk) Rating). A new issuer cannot be invested without prior ESG analysis to ensure it is suitable. Given potential timing challenges in completing the standard ESG evaluation, a preliminary ESG analysis can be undertaken as a minimum. A more concise version of the standard ESG evaluation, the analysis is based on third party ESG metrics. It is possible that upon replacing the preliminary ESG analysis with a standard ESG evaluation, subsequent information comes to light which results in an issuer being assigned a Fundamental ESG (Risk) Rating which breaches the ESG requirements by the Sub-Fund. In such instance, the issuer would be disposed of as soon as possible and / or practicable and in the best interest of investors.
The ESG profile of an issuer is assessed through different lenses including:
- How the issuer is perceived from third party ESG information providers.
- How the issuer performs across a range of core ESG Factors of concern, irrespective of its specific industry/economic peer group and profile. These include areas such as:
- The business footprint including, but not limited to, the presence of the issuer in countries with high corruption, the extent to which the business model is sensitive to bribery & corruption risks, exposure to dealings with the public sector and government officials and the inherent sustainability footprint of the business on the planet and society;
- Governance and management by considering the nature of the business growth strategy, legal ownership structure, management quality & culture and accounting practices;
- The environment and the existence of environmental management practices, climate/carbon management efforts and regulatory compliance track record and
- Social matters such as the existence of formal internal and external stakeholder engagement practices and the regulatory compliance track record.
- How it compares relative to its industry for corporates / economic peer group for sovereigns on the most material ESG Factors, and whether its practices are improving or not.

The Investment Manager’s ESG evaluation in respect to Structured Credit Securities accounts for the varying characteristics of instruments belonging to this asset class. For CLOs, the Investment Manager conducts an analysis of the manager and of the collateral pool of such securities. For other types of Structured Credit Securities, including but not limited to asset- backed securities, the Investment Manager’s ESG evaluation depends on a number of factors. For a security that is directly issued by a corporate issuer and its collateral pool is part of the issuer’s economic activity, the Investment Manager’s ESG evaluation will follow the same approach as that of fixed income securities and will assess the ESG risk of the corporate issuer. For securities issued by special purpose vehicles not directly part of the economic activity of a corporate issuer, such as securities backed by a pool of mortgages or auto loans, the Investment Manager carries out its ESG evaluation by assessing the originator, the servicer and the collateral pool. ESG Exclusion/Negative Screening applicable to the Sub-Fund may only apply to the underlying pool of assets of Structured Credit Securities if the Investment Manager is the issuer of such securities.
The issuer ESG evaluation utilizes a range of data and insights from across a number of resources, including a mix of external and internal (credit and ESG) insights such as: third party ESG information providers, company management contact/communications, sell-side brokers with ESG capabilities, stakeholders such as regulators, non-governmental organisations, industry groups, media channels specialising in ESG news flow, as well as the in-house sector credit analyst’s knowledge of issuer, sector and region. Input from external ESG information providers may define the specific issuers excluded as part of the ESG Exclusion / Screening and ESG Norms Based Screening approaches. However, with respect to the Investment Manager’s ESG evaluation of issuers, data from external ESG information providers is only used as an input and it does not define the Fundamental ESG (Risk) Rating ultimately assigned to each issuer.
Key ESG outputs from the ESG analysis are documented in the Investment Manager’s investment IT platforms. There is ongoing monitoring and engagement of portfolio holdings and issuers of interest, with dialogue held with issuers to further develop insights, and/or to promote change either to mitigate investment risks or protect the ESG characteristics. Insights gained from this process further inform on investment views and decisions and can potentially result in changes to the assigned ESG metrics.
- 
### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?

The binding ESG requirements result from (i) ESG Exclusions / Screening; (ii) Norms-Based Screening; and (iii) ESG Integration which exclude issuers depending on the outcome of the ESG evaluation where an issuer is deemed to have a ‘very high’ Fundamental ESG (Risk) rating according to the Investment Manager’s ESG evaluation process. Of the two ESG metrics generated, the Fundamental ESG (Risk) Rating is the binding element as this explicitly relates to the ESG factors and risks. The Investment ESG Score, is not binding, as this refers to the investment materiality of the ESG factors and risks. For full details of the ESG requirements applicable to the Sub-Fund, please refer to section 5 of this Prospectus.
- 
### What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?

Not applicable.
- 
### What is the policy to assess good governance practices of the investee companies?

As part of the Investment Manager’s proprietary ESG evaluation framework, any issuer deemed to have ‘very high’ ESG risks on the governance pillar is automatically assigned a ‘very high’ Fundamental ESG (Risk) Rating overall, and consequently systematically accounted for within the 10% net exposure limit applied by the Sub-Fund. Any issuer held deemed to have ‘very high’ ESG risks due to governance issues would need to demonstrate either an improving performance trajectory or be subject to strategic engagement specifically on the governance pillar. In assessing issuers on governance, considerations take account of conventional corporate governance, as well as broader governance related matters. These include, but are not limited to, factors such as: ownership structures, board independence and accountability, management quality, incentives and remuneration, accounting practices, business growth strategy, as well as broader issues of culture and ethical conduct.

## What is the asset allocation planned for this financial product?
The Sub-Fund is expected to invest 100% of its net assets in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1). In line with the Sub-Fund’s investment policy, at least two-thirds (66.67%) of the Sub-Fund’s net assets will be invested in fixed income securities in scope which are aligned with the E/S characteristics promoted by the Sub-Fund (#1), subject to any security which the Investment Manager is in the process of selling because it no longer meets the ESG considerations applied by the Sub-Fund.
At a maximum, the remaining one-third (33.33%) may be held in Cash (within the 20% limit set out in this Prospectus) and in short-term bank certificates and Money Market Instruments which will not incorporate E/S characteristics and will fall under #2.
- 
### How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?

The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps). The Sub-Fund’s ability to take long or short positions on issuers excluded as a result of Sustainability Factors depends on whether the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms- based Screening applied or if the issuer is excluded because it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration. If the issuer is excluded due to the ESG Exclusions / Screening and ESG Norms-based Screening applied, then neither long or short positions are permitted. If the issuer is not excluded by the aforementioned screens, but it is deemed to have ‘very high’ ESG risks as a result of the Investment Manager’s ESG Integration, then the Sub-Fund will not have any long exposure, but it may take short positions using credit default swaps on such ‘very high’ ESG risks issuers as part of its approach to active management. Any such short positions may be taken without the intention to promote the E/S characteristics.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to promote the E/S characteristics. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not promote the E/S characteristics.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy? While this Sub-Fund promotes environmental and social characteristics within the meaning of Article 8 of the SFDR, it does not currently commit to investing in any “sustainable investments” within the meaning of the SFDR or the Taxonomy
Regulation. Accordingly, it should be noted that this Sub-Fund does not take into account the EU criteria for Environmentally Sustainable Economic Activities within the meaning of the Taxonomy Regulation and its portfolio alignment with such Taxonomy Regulation is zero. Therefore, the “do not significant harm” principle does not apply to any of the investments of this Sub-Fund.
| - What is the minimum share of investments in transitional and enabling activities?
 |
| --- |
| Not applicable. |


## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
Not applicable.

## What is the minimum share of socially sustainable investments?
Not applicable.

## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental
or social safeguards?
The Sub-Fund may hold certain instruments which do not contribute directly to the E/S characteristics promoted by the Sub-Fund such as Cash, short-term bank certificates and Money Market Instruments.
Such instruments may be used for the purposes of capital preservation and do not follow any minimum environmental or social safeguards.

## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No. The Sub-Fund does not have a reference benchmark for the purpose of implementing ESG considerations.

## Where can I find more product specific information online?
More product-specific information can be found on the website: https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/

Translation (ENFR, 2023-01-01):
# Annexe 1 : Objectifs d’investissement, politiques, frais et informations supplémentaires concernant les Compartiments
Les informations qui figurent ci-dessous concernant chaque Compartiment doivent être lues parallèlement au texte intégral du
présent Prospectus. Les politiques d’investissement seront toujours soumises aux restrictions énoncées dans la Section 10 intitulée
« Restrictions d’investissement et techniques et instruments financiers ».

## Définitions
Dans cette Annexe, les termes suivants revêtiront le sens qui leur est donné ci-dessous :
| « B-/B3 » | désigne la notation B- par Standard & Poor’s ou Fitch ou B3 par Moody’s, sauf indication contraire dans l’annexe du Compartiment. |
| --- | --- |
| « Devises fortes » | désigne les devises des pays du G7, comme le dollar américain, le dollar canadien, l’euro, la livre sterling ou le yen japonais. |
| « Devises locales » | désigne les devises des Pays à marché émergent. |
| « Émetteur de marché émergent » | désigne toute entité domiciliée dans un pays à marché émergent. |
| « investment grade » | désigne la notation BBB- au minimum par Standard & Poor’s ou Fitch ou Baa3 au minimum par Moody’s, sauf indication contraire dans l’annexe du Compartiment. |
| « Pays à marché émergent » | désigne tous les pays dans les régions suivantes : Asie (sauf le Japon), Europe de l’Est, Moyen-Orient, Afrique et Amérique latine, ou les pays raisonnablement déterminés ponctuellement en tant que tels par le Gestionnaire d’investissement. |
| « Titres de créance en difficulté » | désigne les titres dont l’émetteur n’a pas effectué de paiements contractuels à la date d’échéance requise, dont l’émetteur fait l’objet d’une faillite ou de procédures équivalentes, ou dont l’émetteur entreprend une restructuration involontaire de sa dette. Le Gestionnaire d’investissement sera guidé par les agences de notation, l’ISDA Credit Derivatives Determinations Committee et autres fournisseurs de données externes, mais peut de temps à autre avoir une opinion divergente des leurs. En particulier, le Gestionnaire d’investissement ne considérera pas la suspension des paiements de coupons contractuelle sur les instruments supplémentaires de niveau 1, comme les actions privilégiées ou les obligations convertibles contingentes, comme constituant une indication de difficulté. Si des titres de créance en difficulté sont envisagés dans la politique d’investissement d’un Compartiment quelconque, ce dernier n’investira généralement pas plus de 10 % de son actif net dans des Titres de créance en difficulté, sauf en cas de mention contraire dans l’annexe dudit Compartiment. |
| « Titres de crédits structurés » | désigne les obligations de prêt garanties, les obligations garanties, les titres de créance garantis, les titres garantis par des hypothèques résidentielles, les titres garantis par des hypothèques commerciales et les titres adossés à des actifs (y compris, sans toutefois s’y limiter, les titres adossés à des prêts sur cartes de crédit, des prêts automobiles, des prêts à la consommation et des prêts étudiants), les titres de transfert du risque de crédit, les titres hypothécaires de transfert et les obligations couvertes. |

Pour les besoins de toutes les notations de crédit, et sauf indication contraire dans l’annexe du Compartiment, dans les cas où 1) deux notes de crédit différentes sont publiées par Standard & Poor’s, Fitch ou Moody’s pour un titre donné, la note la plus basse l’emportera, et 2) en cas de publication de trois notes par Standard & Poor’s, Fitch ou Moody’s pour un titre particulier, la plus faible des deux notes les plus élevées l’emportera.
Les Compartiments peuvent investir dans des titres non notés dont la solvabilité est, selon l’opinion du Gestionnaire d’investissement, d’une qualité comparable à celle d’autres titres remplissant les conditions d’inclusion dans le portefeuille du Compartiment pertinent et/ou les éléments constitutifs de l’indice de référence pertinent de ce Compartiment. La note interne attribuée à ces titres par le Gestionnaire d’investissement sera utilisée pour les besoins du calcul des seuils indiqués dans le cadre de la politique d’investissement de chaque Compartiment.
Les actifs liquides accessoires sont exclus de l’actif net pour les besoins du calcul de tous les seuils d’investissement minimaux détaillés plus bas. Les actifs liquides accessoires sont inclus dans les actifs nets pour les besoins du calcul de tous les seuils d’investissement maximaux détaillés plus bas. On entend par actifs liquides accessoires les actifs investis en dehors de la principale stratégie d’investissement d’un Compartiment y compris, sans s’y limiter, liquidités et actifs liés à des contrats de mise en pension dans le cadre d’une stratégie de gestion de trésorerie.
Pour chaque politique d’investissement détaillée ci-dessous, toutes les références à des investissements comprendront des investissements directs et indirects, sauf indication contraire.
Pour chaque politique d’investissement détaillée ci-dessous, le pays du domicile d’une entité peut être déterminé par le Gestionnaire d’investissement comme étant le pays où, selon l’opinion raisonnable du Gestionnaire d’investissement, cette entité effectue ses opérations de gestion significatives.
Lorsque l’évaluation de la valeur liquidative par Action est effectuée à une fréquence hebdomadaire, le Jour d’évaluation sera
(i) chaque mardi qui est un Jour ouvré ou, pour chaque mardi qui n’est pas un Jour ouvré, le Jour ouvré suivant et (ii) le dernier Jour ouvré de chaque mois.
Lorsque l’évaluation de la valeur liquidative par Action est effectuée quotidiennement, chaque Jour ouvré sera un Jour d’évaluation.
Le Gestionnaire d’investissement peut gérer l’allocation en devises de chaque Compartiment.
La méthode appliquée pour la détermination du niveau d’endettement de chaque Compartiment est l’« approche par la somme des notionnels ».
L’investissement dans les Compartiments peut ne pas convenir à tous les investisseurs. Les investisseurs sont invités à examiner le
présent Prospectus intégralement et à consulter leurs conseillers professionnels avant d’introduire une demande d’Actions.
Pour tous les compartiments qui relèvent de l’Article 8 ou de l’Article 9 selon le SFDR, les Investisseurs sont invités à consulter la Section 5 et en ligne à l’adresse www.bluebay.com/en/investment-expertise/esg/approach/ pour plus d’informations sur l’approche et les Exclusions/Sélections ESG mises en œuvre par ces Compartiments.

## Commissions et frais :
Pour chaque Compartiment, le tableau « Commissions et frais » précise :
- les Commissions de gestion, de performance et les frais fixes ; et
- les indices de référence ou les taux de rendement minimal pertinents, le cas échéant, pour les besoins du calcul de la performance et de la commission de performance (le cas échéant).

Les frais relatifs à chaque Catégorie sont applicables à toutes les devises de cette même Catégorie, sauf mention spécifique du contraire.
L’indice de référence ou le taux de rendement minimal indiqué dans chaque tableau est l’indice de référence ou le taux de rendement minimal (le cas échéant) relatif à la Catégorie offerte dans la Devise de référence du Compartiment concerné. L’indice de référence ou le taux de rendement minimal (le cas échéant) relatif aux Catégories offertes dans des devises autres que la Devise de référence de l’un quelconque des Compartiments est libellé dans la Devise de référence et sera entièrement couvert contre la devise dans laquelle la Catégorie concernée est libellée. À titre d’exemple, l’indice de référence d’une Catégorie EUR d’un Compartiment pour lequel l’USD est la Devise de référence est libellé en USD et entièrement couvert contre l’euro afin de se couvrir contre toute fluctuation des devises entre la Devise de référence et la devise de la Catégorie. Dans le cas des Catégories « BHedged », l’indice de référence est libellé dans la devise de la Catégorie « BHedged » concernée et toute exposition à une devise autre que celle de la Catégorie dans l’indice sera entièrement couverte dans la devise de la Catégorie. À titre d’exemple, l’indice de référence d’une Catégorie EUR BHedged d’un Compartiment dont la Devise de référence est l’USD est libellé en EUR et toute exposition à une devise autre que l’euro dans l’indice de référence sera entièrement couverte en EUR.
Des informations détaillées concernant les différents frais afférents au fonds sont fournies dans la Section 9. intitulée « Commission de gestion et frais du Fonds ».
| BlueBay Emerging Market Aggregate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | Indice composite comprenant 50 % de l’indice JP Morgan Emerging Market Bond Index Global Diversified et 50 % de l’indice JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified. |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, un indice composite comprenant 50 % de l’indice JP Morgan Emerging Market Bond Index Global Diversified et 50 % de l’indice JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified, en investissant dans un portefeuille de titres à revenu fixe émis par des entités sises dans des pays à marché émergent, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe de toute notation émis par des entités sises dans un pays à marché émergent. Le Compartiment peut également investir dans des titres de créance non notés et en Titres de créance en difficulté. Le Compartiment investit dans des titres libellés en Devises fortes, mais il n’investira pas dans des titres libellés dans les Devises locales des pays à marché émergent. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 10 % de son actif net en obligations convertibles ou en obligations à bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire ;à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraineset de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de
 |

|  | l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %. - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois à cinq ans) à la recherche d’un portefeuille activement géré de titres à revenu fixe d’Émetteurs de marchés émergents. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 150 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Aggregate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 70 | Aucun | 20 |
| B (Perf) | 50 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| I | 70 | Aucun | 16 |
| I (Perf) | 50 | 20,0 | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| M | 70 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 130 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Un indice composite comprenant 50 % de JP Morgan Emerging Market Bond Index Global Diversified et de 50 % de JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |

BlueBay Emerging Market Aggregate Short Duration Bond Fund
| Devise de référence : | USD |
| --- | --- |
| Indice de référence : | JP Morgan Emerging Market Blend Hard Currency Credit 50-50 1-3 year |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice JP Morgan Emerging Market Blend Hard Currency Credit 50-50 1-3 year Index, en investissant dans un portefeuille de titres à revenu fixe à court terme émis par des entités basées dans des Pays à marché émergent, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de son actif net sous la forme de titres à revenu fixe à court terme émis par des entités basées dans un Pays à marché émergent. Le Compartiment peut également investir dans titres de créance non notés et dans des Titres de créance en difficulté. Le Compartiment devrait généralement avoir un taux d’intérêt pondéré avec une échéance allant de 1 à 3 ans. Le Compartiment investit dans des titres libellés en Devises fortes, mais n’investira pas dans des titres libellés dans des Devises locales des Pays à marché émergent. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 10 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut pas investir plus de 10 % de son actif net en CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques	et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opération	de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % etne peut excéder 50 %.
 |

|  | - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon de placement de moyen à long terme (de 3 à 5 ans) désireux d’investir dans un portefeuille activement géré composé de titres à revenu fixe d’émetteurs des marchés émergents. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 150 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à plus court terme sont utilisés à des fins de gestion des durées. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion des durées et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Aggregate Short Duration Bond Fund |
| --- |
| Catégorie | Commission	de	gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| I | 60 | Aucun | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| M | 60 | Aucun | 16 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 95 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| W | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |

| BlueBay Emerging Market Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | JP Morgan Emerging Market Bond Index Global Diversified |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice JP Morgan Emerging Market Bond Index Global Diversified, en investissant dans un portefeuille de titres à revenu fixe d’émetteur basés dans les Pays à marché émergent, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe d’Émetteurs de Marchés émergents, toutes notations confondues. Le Compartiment peut également investir en Titres de créance en difficulté. Le Compartiment investit en titres libellés en dollars américains et non libellés en dollars américains, y compris en titres libellés dans les Devises locales des Pays à marché émergent dans lesquels il investit. Le pourcentage de titres non libellés en dollars américains peut être augmenté au fil du temps pour refléter des opportunités de marché ainsi que la composition de l’indice de référence. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et nepeut dépasser 50 %.
 |

|  | - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines àdes fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois à cinq ans) à la recherche d’un portefeuille activement géré de titres à revenu fixe d’Émetteurs de marchés émergents. |
| Exposition globale : | La méthode de la VaR relative est mise en œuvre. La VaR du Compartiment est limitée à deux fois la VaR d’un portefeuille de référence, soit l’indice de référence du Compartiment indiqué ci-dessus. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 200 % de la valeur liquidative du Compartiment. Cependant, dans certains cas, le niveau d’endettement peut dépasser la valeur susmentionnée. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement réel peut excéder, parfois de manière significative, l’endettement économique pris en charge par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 100 | Aucun | 20 |
| B (Perf) | 60 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 100 | Aucun | 20 |
| DR | 150 | Aucun | 20 |
| I | 100 | Aucun | 16 |
| I (Perf) | 60 | 20,0 | 16 |
| M | 100 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 150 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | JP Morgan Emerging Market Bond Index Global Diversified |

| BlueBay Emerging Market Corporate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified, en investissant dans un portefeuille de titres à revenu fixe d’entreprises émettrices basées dans les Pays à marché émergent, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe, quelle qu’en soit la notation, émis par des sociétés domiciliées dans un Pays à marché émergent, en titres de créance non notés et en Titres de créance en difficulté. Le Compartiment investit en titres libellés en dollars américains et non libellés en dollars américains, y compris en titres libellés dans les Devises locales des Pays à marché émergent dans lesquels il investit. Le pourcentage de titres non libellés en dollars américains peut être augmenté au fil du temps pour refléter des opportunités de marché ainsi que la composition de l’indice de référence. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en instruments dérivés admissibles (y compris, sans s’y limiter, des contrats d’échange sur rendement total) liés à des indices de produits de base sous réserve de l’Article 9 du Règlement grand-ducal du 8 février 2008 relatif à certaines définitions de la Loi de 2002 ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et30 % et ne peut dépasser 50 %.
 |

|  | - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souverainesà des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois à cinq ans) à la recherche d’un portefeuille activement géré de titres à revenu fixe d’Émetteurs de marchés émergents. |
| Exposition globale : | La méthode de la VaR relative est mise en œuvre. La VaR du Compartiment est limitée à deux fois la VaR d’un portefeuille de référence, soit l’indice de référence du Compartiment indiqué ci-dessus. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 150 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement réel peut excéder, parfois de manière significative, l’endettement économique pris en charge par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Corporate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 120 | Aucun | 20 |
| B (Perf) | 80 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 120 | Aucun | 20 |
| DR | 150 | Aucun | 20 |
| I | 120 | Aucun | 16 |
| I (Perf) | 80 | 20,0 | 16 |
| M | 120 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 150 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified |

| BlueBay Emerging Market High Yield Corporate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | JP Morgan Corporate Emerging Market Diversified High Yield Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice JP Morgan Corporate Emerging Market Diversified High Yield, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe notés inférieurs à investment grade émis par des sociétés domiciliées dans un Pays à marché émergent. Le Compartiment peut également investir en Titres de créance en difficulté. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture.
 La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que |

|  | notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe d’Émetteurs de marchés émergents. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement prévu du Compartiment ne dépasse généralement pas 150 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market High Yield Corporate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 150 | Aucun | 20 |
| B (Perf) | 110 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| I | 150 | Aucun | 16 |
| I (Perf) | 110 | 20,0 | 16 |
| M | 150 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 200 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | JP Morgan Corporate Emerging Market Diversified High Yield Index, non couvert contre le dollar américain |

| BlueBay Emerging Market Investment Grade Corporate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | JP Morgan Corporate Emerging Market Diversified High Grade Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice JP Morgan Corporate Emerging Market Diversified High Grade Index, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe notés investment grade émis par des sociétés domiciliées dans un Pays à marché émergent. Le Compartiment peut investir jusqu’à 15 % de son actif net en titres à revenu fixe de qualité moindre (note inférieure à investment grade), à condition que la note de ces titres ne soit pas inférieure à B- /B3. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment et qu’aucun de ces actifs financiers (s’ils sont notés) n’ait une note inférieure à B-/B3.
 Le Compartiment ne peut pas investir en titres ayant une note inférieure à B-/B3. Si la notation d’un titre détenu par le Compartiment est révisée et passe en deçà de B-/B3 après que le Compartiment a acquis ce titre, le Gestionnaire réduira progressivement la position correspondante en fonction de l’état du marché, étant entendu qu’il doit impérativement se défaire du titre concerné dans un délai maximum de six mois après la révision à la baisse de sa notation. Dans ces circonstances, le Compartiment peut toutefois maintenir une exposition maximale de 3 % aux titres notés en deçà de B-/B3. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |

| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe notés investment grade et qui sont prêts à tolérer des fluctuations des cours. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement prévu du Compartiment ne dépasse généralement pas 150 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Investment Grade Corporate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 100 | Aucun | 20 |
| B (Perf) | 60 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| I | 100 | Aucun | 16 |
| I (Perf) | 60 | 20,0 | 16 |
| M | 100 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 150 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | JP Morgan Corporate Emerging Market Diversified High Grade, non couvert contre le dollar américain |

| BlueBay Emerging Market Local Currency Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), non couvert contre le dollar américain |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), non couvert contre le dollar américain en investissant dans un portefeuille d’emprunts d’État à revenu fixe d’émetteurs basés dans des Pays émergents et principalement libellés en Devises locales. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. Les investissements sous-jacents à ce Compartiment ne prennent pas en compte les critères de l’Union européenne en matière d’Activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en emprunts d’État à revenu fixe, toutes notations confondues, émis par des gouvernements de Pays à marché émergent et libellés en Devise locale, ainsi qu’en Titres de créance en difficulté émis par des gouvernements de Pays à marché émergent et libellés en Devise locale. Les investissements peuvent comprendre des obligations émises par des entités souveraines négociées en Devises locales, ainsi que des obligations et billets émis par des banques et sociétés et négociés sur les marchés locaux. Il est prévu que les investissements soient principalement engagés en obligations d’émetteurs publics. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres à revenu fixe d’Émetteurs de marchés émergents libellés en devises autres que des Devises locales et en titres à revenu fixe émis par des entités souveraines de Pays à marché non émergent. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers et actifs à revenu fixe non libellés dans la Devise locale d’un Pays à marché émergent ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines à des finsd’une gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis àces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
 |

|  | - Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour lesobligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active d’emprunts d’État à revenu fixe d’Émetteurs de marchés émergents libellés en Devises locales. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Couverture du risque de change : | Le Compartiment peut couvrir une exposition au risque de Devise locale à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais actuels :
| BlueBay Emerging Market Local Currency Bond Fund |
| --- |
| Catégorie | Commission	de	gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 60 | Aucun | 20 |
| B (Perf) | 40 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 60 | Aucun | 20 |
| DR | 120 | Aucun | 20 |
| G | 120 | Aucun | 20 |
| I | 60 | Aucun | 16 |
| I (Perf) | 40 | 20,0 | 16 |
| M | 60 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 120 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), non couvert contre le dollar américain |

| BlueBay Emerging Market Local Currency Corporate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign en investissant dans un portefeuille de titres à revenu fixe émis par des sociétés basées dans les pays à marché émergent et principalement libellés dans la devise locale, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net dans des titres à revenu fixe de n’importe quelle notation émis par des sociétés domiciliées dans un pays émergent, en titres de créance non notés et en Titres de créance en difficulté, qui sont libellés dans la devise locale. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que
 |

|  | notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs avec un horizon temporel à moyen ou long terme (trois à cinq ans) désireux d’investir dans un portefeuille à gestion active composé de titres à revenu fixe d’émetteurs des marchés émergents. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 300 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de durations. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion des durations et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Local Currency Corporate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 90 | Aucun | 20 |
| B (Perf) | 70 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| C (Perf) | Jusqu’à 200 | 20,0 | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| I | 90 | Aucun | 16 |
| I (Perf) | 70 | 20,0 | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| M | 90 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| Q (Perf) | Jusqu’à 200 | 20,0 | 20 |
| R | 140 | Aucun | 20 |
| R (Perf) | 120 | 20,0 | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| S (Perf) | Jusqu’à 200 | 20,0 | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | ICE BofA Merrill Lynch Diversified Local Emerging Markets Non-Sovereign |

| BlueBay Emerging Market Select Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | Indice composite composé de 50 % de l’indice JP Morgan Emerging Markets Bond Index Global Diversified et de 50 % de l’indice JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified) non couvert contre le dollar américain. |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice composite composé de 50 % de l’indice JP Morgan Emerging Markets Bond Index Global Diversified et de 50 % de l’indice JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified) non couvert contre le dollar américain, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit en titres à revenu fixe d’Émetteurs de marchés émergents libellés dans toute devise. Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe, toutes notations confondues, émis par des Émetteurs de marchés émergents, qui peuvent être libellés dans toute devise, ainsi qu’en Titres de créance en difficulté d’Émetteurs de marchés émergents. Le Compartiment a une exposition active aux investissements en Devises fortes et en Devises locales. Le Compartiment modifiera la proportion investie en instruments libellés en Devises fortes et en instruments libellés en Devise locale en fonction de l’opinion du Gestionnaire d’investissement sur les instruments pertinents, compte tenu, en particulier, de la notation, de la devise (dans le cas des instruments libellés en Devise locale seulement) et du taux d’intérêt de ces instruments. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons desouscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire, à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |

| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon de placement de moyen à long terme (de 3 à 5 ans) désireux d’investir dans un portefeuille activement géré, composé de titres publics à revenu fixe d’émetteurs des marchés émergents libellé en toutes devises. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Couverture du risque de change : | Le Compartiment peut à tout moment avoir une proportion importante de son exposition totale libellée en Devises locales. Le Compartiment peut couvrir une exposition au risque de Devise locale à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais actuels :
| BlueBay Emerging Market Select Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 65 | Aucun | 20 |
| B (Perf) | 45 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 65 | Aucun | 20 |
| I | 65 | Aucun | 16 |
| I (Perf) | 45 | 20,0 | 16 |
| M | 65 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 125 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Un indice composite comprenant 50 % de JP Morgan Emerging Markets Bond Index Global Diversified et 50 % de JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EM Global Diversified), non couvert contre le dollar américain |

| BlueBay Emerging Market Unconstrained Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | N/A |
| Objectif d’investissement : | Le Compartiment est géré activement, ne fait référence à aucun indice de référence et vise à obtenir un rendement total à partir d’un portefeuille de titres à revenu fixe principalement émis par des Émetteurs de marchés émergents et libellés dans toute devise, ainsi que par l’engagement d’investissements liés directement ou indirectement à des devises et/ou taux d’intérêt de Pays à marché émergent, tout en tenant compte des considérations ESG. |
| Politique d’investissement : | Le Compartiment peut investir dans des titres à revenu fixe quelle que soit leur notation. En général, le Compartiment investit au moins 50 % de son actif net en titres à revenu fixe émis par des Émetteurs de marchés émergents, en titres à revenu fixe émis par des Émetteurs de marchés non émergents disposant d’une exposition substantielle aux marchés émergents et qui peuvent être libellés dans toute devise, ainsi qu’en titres de créance en difficulté d’Émetteurs de marchés émergents. Au moins 50 % de l’actif net du Compartiment seront exposés à des obligations et/ou instruments de dette émis par des Émetteurs souverains de marchés émergents ainsi qu’à des devises et taux d’intérêt. Le Compartiment peut détenir ces investissements directement ou acquérir une exposition à ces investissements par le biais d’instruments financiers. Le Compartiment est considéré comme non contraint car il peut prendre des positions longues et courtes (via l’utilisation d’instruments financiers dérivés) sur des titres éligibles sur la base des avis du Gestionnaire d’investissement et sans référence à un indice de référence. Le Compartiment a une exposition active aux investissements en Devises fortes et en Devises locales. Le Compartiment modifiera la proportion de son exposition en instruments libellés en Devises fortes et en instruments libellés en Devises locale en fonction de l’opinion du Gestionnaire d’investissement sur les instruments en question, compte tenu, en particulier, de la qualité du crédit, de la devise (dans le cas des instruments libellés en Devise locale seulement) et du taux d’intérêt de ces instruments. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire, à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment n’investira pas plus de 50 % de son actif net en obligations et/ou autres instruments de dette émis par des sociétés et détenus directement dans le Compartiment ou par le biais de contrats d’échange sur rendement total, contrats sur différence, swaps de portefeuille, contrats de mise en pension, titres liés à la valeur du crédit ou contrats d’échange sur défaillance (pour lesquels il intervient en tant que vendeur de protection) sur des obligations et/ou autres instruments de dette émis par des sociétés. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut occasionnellement détenir jusqu’à 50 % de son actif net en Liquidités (dans la limite de 20 %) et en certificats bancaires à court terme et Instruments du marché monétaire (dans la limite d’un tiers indiquée ci-dessus). |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |

| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peuvent dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon temporel à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe et autres instruments de dette émis par ou faisant référence à des Émetteurs de marchés émergents libellés dans toute monnaie ou devise et des investissements liés directement ou indirectement à des Devises locales et des taux d’intérêt de Pays à marché émergent. |
| Exposition globale : | Le compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de changements, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Couverture du risque de change : | Le Compartiment peut à tout moment avoir une proportion importante de son exposition totale libellée en Devises locales. Le Compartiment peut couvrir une exposition au risque de Devise locale à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Marchés émergents ». |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Emerging Market Unconstrained Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 95 | Aucun | 20 |
| B (Perf) | 50 | 10,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| C (CPerf) | Jusqu’à 200 | 10,0 | 20 |
| ER | Jusqu’à 200 | Aucun | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| G (Perf) | Jusqu’à 200 | 10,0 | 20 |
| I | 95 | Aucun | 16 |
| I (Perf) | 50 | 10,0 | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| K (Perf) | Jusqu’à 200 | 10,0 | 16 |
| M | 95 | Aucun | 20 |
| M (CPerf) | 50 | 10.0 | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| Q (CPerf) | Jusqu’à 200 | 10,0 | 20 |
| R | 150 | Aucun | 20 |
| R (CPerf) | 100 | 10,0 | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| S (CPerf) | Jusqu’à 200 | 10,0 | 20 |
| X, Y | Aucun | Aucun | 16 |
| Taux de rendement minimum pour la Catégorie G (Perf) | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index plus 3% |
| Taux de rendement minimum pour les autres Catégories | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Financial Capital Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | N/A |
| Objectif d’investissement : | Le Compartiment est géré activement, ne fait référence à aucun indice de référence et vise à obtenir un rendement total à l’aide d’un portefeuille de titres de créance subordonnés émis par des institutions financières, tout en tenant compte des considérations ESG. |
| Politique d’investissement : | Le Compartiment investit au moins 50 % de son actif net en titres de créance subordonnés émis par des institutions financières. Les titres de créance subordonnés comprennent, sans y être limités, des obligations CoCo (Tier 1 et Tier2), ainsi que des actions privilégiées perpétuelles américaines. Le Compartiment peut également investir dans des titres à revenu fixe de toute notation, des titres de créance non notés et des Titres de créance en difficulté. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG.. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de la même institution financière ;
- jusqu’à 25 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire.
 L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut occasionnellement détenir jusqu’à 50 % de son actif net en liquidités et quasi- liquidités (dans la limite de 20 %) et en certificats bancaires à court terme et Instruments du marché monétaire (dans la limite d’un tiers indiquée ci-dessus). |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |

| Profil de l’investisseur : | Investisseurs ayant un horizon temporel à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres de créance subordonnés émis par des institutions financières. Les investisseurs sont priés de noter que le Compartiment concentrera ses investissements dans des sociétés du secteur financier et plus spécifiquement dans des banques, par conséquent la performance du Compartiment dépendra fortement de l’évolution du secteur. Dès lors, le Compartiment peut être sujet à une volatilité plus élevée et peut exposer les investisseurs à une plus grande perte de capital si les mécanismes d’absorption des pertes sont mis en œuvre. L’éventualité d’événements déclencheurs pour de nombreuses obligations CoCo détenues par le Compartiment peut être plus grande en cas de conditions difficiles au sein du secteur financier, engendrant ainsi des pertes partielles ou totales. En raison de la complexité des mécanismes d’absorption des pertes et de l’absence de termes harmonisés d’un émetteur à l’autre et d’une émission à l’autre d’obligations CoCo, le Compartiment convient uniquement aux investisseurs pouvant supporter le risque économique de la perte de leur investissement dans le Compartiment. Par conséquent, les Actions de ce Compartiment ne sont accessibles qu’aux Investisseurs institutionnels qualifiés et/ou aux investisseurs qui sont : - un investisseur informé qui a une connaissance des produits financiers pertinents (un investisseur informé peut prendre une décision d’investissement en connaissance de cause sur la base de la documentation d’offre réglementée et autorisée, ainsi que de la connaissance et de la compréhension des facteurs/risques spécifiques qui y sont soulignés uniquement) ; ou qui a une expérience du secteur financier ; ou
- un investisseur avancé qui a une bonne connaissance des produits et des transactions financières pertinentes ; ou qui a une expérience du secteur financier ; ou qui est accompagné de conseils d’investissement professionnels ; ou qui est inclus dans un service de portefeuille discrétionnaire.
 |
| --- | --- |
| Exposition globale : | La méthode de la VaR absolue est mise en œuvre. La VaR du Compartiment est limitée en interne, sous réserve de changement, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 1 600 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement réel peut excéder, parfois de manière significative, l’endettement économique pris en charge par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant principalement investi dans des titres émis par des établissements financiers de marchés développés, il n’est pas prévu que les Risques en matière de durabilité aient un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Financial Capital Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 80 | Aucun | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| I | 80 | Aucun | 16 |
| I (Perf) | 20 | 10,0 | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| M | 80 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 130 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Taux de rendement minimal | Sans objet |

| BlueBay Global Convertible Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | Refinitiv Global Convertible Focus Index USD |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice Refinitiv Global Convertible Focus Index USD, en investissant dans un portefeuille de titres convertibles, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en obligations convertibles, en obligations liées à des bons de souscription d’actions et en instruments convertibles similaires émis par des émetteurs domestiques ou internationaux. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres à revenu fixe et variable (hors droits de conversion) et en actions, bons de souscription d’actions et certificats de participation. Le Compartiment investit au moins 50 % de son actif net en titres émis par des entités domiciliées dans l’Union européenne et le Royaume-Uni, au Japon ou aux États-Unis. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois et cinq ans) à la recherche d’un portefeuille activement géré de titres convertibles. |

| Exposition globale : | La méthode de la VaR relative est mise en œuvre. La VaR du Compartiment est limitée à deux fois la VaR d’un portefeuille de référence, soit l’indice de référence du Compartiment indiqué ci-dessus. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 300 % de la valeur liquidative du Compartiment. Cependant, dans certains cas, le niveau d’endettement peut dépasser la valeur susmentionnée. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement réel peut excéder, parfois de manière significative, l’endettement économique pris en charge par le Compartiment. |
| --- | --- |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Global Convertible Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 75 | Aucun | 20 |
| B (Perf) | 60 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 75 | Aucun | 20 |
| DR | 150 | Aucun | 20 |
| I | 75 | Aucun | 16 |
| I (Perf) | 60 | 20,0 | 16 |
| M | 75 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 150 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Refinitiv Global Convertible Focus Index USD |

| BlueBay Global High Yield Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | ICE BofA Merrill Lynch Global High Yield Constrained Index, entièrement couvert contre le dollar américain |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice ICE BofA Merrill Lynch Global High Yield Constrained Index, entièrement couvert contre le dollar américain en investissant dans un portefeuille international de titres à revenu fixe. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres de créance de rang inférieur ou prioritaires, à taux fixe ou variable, de sociétés dont la notation est inférieure à investment grade. Le Compartiment peut également investir en Titres de créance en difficulté. Au moins 50 % de l’actif net du Compartiment sont investis en titres émis par des entités domiciliées aux États-Unis. Le Compartiment peut aussi investir (i) jusqu’à 20 % de son actif net en titres émis par des entités domiciliées en Amérique latine (Mexique, Amérique centrale, Amérique du sud et les îles des Caraïbes, dont Puerto Rico) et (ii) jusqu’à 20 % de son actif net en titres émis par des entités domiciliées en Asie (le continent asiatique et les îles du Pacifique environnantes, dont l’Australie et la Nouvelle-Zélande). Les investissements sous-jacents à ce Compartiment ne prennent pas en compte les critères de l’Union européenne en matière d’Activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en obligations convertibles ou en obligations avec bons de souscription d’actions, à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative duCompartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 |

|  | Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe essentiellement d’émetteurs de titres à haut rendement. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 200 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Obligations de qualité inférieure/à rendement élevé ». |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Global High Yield Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 70 | Aucun | 20 |
| B (Perf) | 50 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| D | 70 | Aucun | 20 |
| DR | 125 | Aucun | 20 |
| I | 70 | Aucun | 16 |
| I (Perf) | 50 | 20,0 | 16 |
| M | 70 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 125 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | ICE BofA Merrill Lynch Global High Yield Constrained, entièrement couvert contre le dollar américain |

| BlueBay Global High Yield ESG Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | ICE BofA Merrill Lynch Global High Yield Investment Grade Countries Index, entièrement couvert contre le dollar américain |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice ICE BofA Merrill Lynch Global High Yield Investment Grade Countries, entièrement couvert par rapport à l’USD, en investissant dans un portefeuille mondial de titres à revenu fixe tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net dans des titres de créance de rang inférieur ou prioritaires, à taux fixe ou variable, dont la notation est inférieure à investment grade. Il peut aussi investir dans des Titres de sociétés en difficulté. Au moins 50 % de l’actif net du Compartiment sont investis dans des titres émis par des entités sises aux États-Unis. Le Compartiment peut également investir (i) jusqu’à 20 % de son actif net dans des titres émis par des entités domiciliées en Amérique latine (Mexique, Amérique centrale, Amérique du Sud et les îles des Caraïbes, y compris Porto Rico) ; et (ii) jusqu’à 20 % de son actif net dans des titres émis par des entités domiciliées en Asie (le continent asiatique et les îles du Pacifique y compris l’Australie et la Nouvelle-Zélande). Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en obligations convertibles ou en obligations à bon de souscription d’actions, à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2 65 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour lesobligations en Devise locale et les indices financiers à des fins d’investissement et de couverture.
 La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que |

|  | notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe, principalement d’émetteurs à haut rendement. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, soit l’indice de référence du Compartiment tel qu’indiqué ci- dessus. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 200 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Obligations de qualité inférieure/à rendement élevé ». |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Global High Yield ESG Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 70 | Aucun | 20 |
| B (Perf) | 50 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| G | Jusqu’à 200 | Aucun | 20 |
| I | 70 | Aucun | 16 |
| I (Perf) | 50 | 20,0 | 16 |
| K | Jusqu’à 200 | Aucun | 16 |
| M | 70 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 125 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | ICE BofA Merrill Lynch Global High Yield Investment Grade Countries, entièrement couvert contre le dollar américain |

| BlueBay Global Investment Grade Corporate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | Bloomberg Global Aggregate Corporates Bond Index USD Hedged |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice Bloomberg Global Aggregate Corporates Bond Index USD Hedged, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins 65 % de son actif net en titres à revenu fixe notés investment grade. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations avec des bons desouscription d’actions, et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers et actifs à revenu fixe dont la note est inférieure à investment grade ne dépasse pas, au total, un tiers de l’actif net du Compartiment et qu’aucun de ces actifs financiers (pour autant qu’ils soient notés) n’ait une note inférieure à B3/B-.
 Le Compartiment peut investir jusqu’à 15 % de son actif net en titres à revenu fixe de qualité moindre (note inférieure à investment grade), à condition que la note de ces titres ne soit pas inférieure à B-/B3. Le Compartiment ne peut pas investir plus de 20 % de son actif net en titres adossés à des actifs ou titres adossés à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des titres liés à la valeur du crédit) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |

| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Les investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe notés investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 750 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 350 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Couverture du risque de change : | Le Compartiment peut à tout moment avoir une proportion importante de son exposition totale libellée en devises autres que le dollar américain. Le Compartiment peut couvrir une exposition au risque de devise autre que le dollar américain à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Global Investment Grade Corporate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 50 | Aucun | 16 |
| B (Perf) | 30 | 20,0 | 16 |
| C | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 16 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Bloomberg Global Aggregate Corporates Bond, couvert en USD |

| BlueBay Global Sovereign Opportunities Fund |
| --- |
| Devise de référence : Indice de référence : | USD N/A |
| Objectif d’investissement : | Le Compartiment est géré activement, ne fait référence à aucun indice de référence et vise à obtenir un rendement total à l’aide d’un portefeuille de titres de créance d’États du monde entier (y compris des Pays à marché émergent) via une gestion active des devises, du crédit et des taux d’intérêt, tout en tenant compte des considérations ESG. |
| Politique d’investissement : | Le Compartiment investit son actif net dans des titres à revenu fixe émis par des entités souveraines partout dans le monde (y compris des Pays à marché émergent). En outre, le Compartiment vise à appliquer les avis du Gestionnaire d’investissement en matière de taux d’intérêt, de crédit et de devises via une utilisation active des instruments financiers dérivés. Selon les opportunités de marché perçues, l’utilisation des instruments financiers dérivés tant pour des positions longues que courtes peut être importante. Le Compartiment investit dans des titres libellés en dollar américain et dans d’autres devises, y compris dans des titres libellés dans des Devises locales. Le Compartiment peut investir jusqu’à 50 % de son actif net dans des titres à revenu fixe notés inférieurs à investment grade. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment ne peut pas investir : - plus de 20 % de son actif net dans des titres à revenu fixe émis par des émetteurs privés ;
- plus de 10 % au total de son actif net en obligations convertibles, en obligations avec bons desouscription d’actions ou en actions.
 L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut occasionnellement détenir jusqu’à 50 % de son actif net en Liquidités (dans la limite de 20 %) et en certificats bancaires à court terme et Instruments du marché monétaire. Le Compartiment ne peut investir plus de 25 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que
 |

|  | notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Les investisseurs ayant un horizon temporel à moyen ou long terme (3 à 5 ans) recherchant un portefeuille à gestion active de titres à revenu fixe en prenant des positions à la fois longues et courtes en ayant recours à des instruments financiers dérivés sur divers taux d’intérêt, crédit et devises. En raison de l’utilisation intensive de produits dérivés, y compris l’utilisation de contrats sur taux d’intérêt à court terme, le Compartiment convient uniquement aux investisseurs qui peuvent supporter le risque économique de perte de leur investissement dans le Compartiment. Par conséquent, les Actions de ce Compartiment ne sont accessibles qu’aux Investisseurs institutionnels qualifiés et/ou aux investisseurs qui sont : - un investisseur informé qui a une connaissance des produits financiers pertinents (un investisseur informé peut prendre une décision d’investissement en connaissance de cause sur la base de la documentation d’offre réglementée et autorisée, ainsi que de la connaissance et de la compréhension des facteurs/risques spécifiques qui y sont soulignés uniquement) ; ou qui a une expérience du secteur financier ; ou
- un investisseur avancé qui a une bonne connaissance des produits et des transactions financières pertinentes ; ou qui a une expérience du secteur financier ; ou qui est accompagné de conseils d’investissement professionnels ; ou qui est inclus dans un service de portefeuille discrétionnaire.
 |
| Exposition globale : | La méthode de la VaR absolue est mise en œuvre. La VaR du Compartiment est limitée en interne, sous réserve de changement, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 3 000 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 500 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement réel peut excéder, parfois de manière significative, l’endettement économique pris en charge par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |

Commissions et frais :
| BlueBay Global Sovereign Opportunities Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| A (CPerf) | 160 | 15,0 | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| C (CPerf) | Jusqu’à 200 | 15,0 | 20 |
| I | 95 | Aucun | 16 |
| I (Perf) | 100 | 15,0 | 16 |
| I (CPerf) | 100 | 15,0 | 16 |
| K (Perf) | Jusqu’à 200 | 15,0 | 16 |
| M | 95 | Aucun | 20 |
| M (CPerf) | 100 | 15,0 | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| Q (CPerf) | Jusqu’à 200 | 15,0 | 20 |
| S | Jusqu’à 200 | Aucun | 20 |

| S (CPerf) | Jusqu’à 200 | 15,0 | 20 |
| --- | --- | --- | --- |
| X, Y | Aucun | Aucun | 16 |
| Z (Perf) | Aucun | 30,0 | 16 |
| ZR (CPerf) | Aucun | 30,0 | 20 |
| Taux de rendement pour la Catégorie K (Perf) | ICE BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index plus 3 % |
| Taux de rendement pour les autres Catégories | Sans objet |

Les Catégories C, I, K (Perf), M, Q, S (collectivement « les Catégories fondatrices GSOV ») sont ouvertes à la souscription jusqu’à ce que la taille du Compartiment atteigne un seuil déterminé par le Conseil d’administration, actuellement fixé à 200 000 000 USD. Le Conseil d’administration peut modifier ce seuil à l’occasion et à son entière discrétion. Une fois que le Compartiment aura atteint le seuil précité, ces Catégories fondatrices GSOV ne seront disponibles à la souscription que pour les investisseurs existants desdites Catégories et seront fermées à la souscription pour toute partie qui n’est pas un investisseur existant desdites Catégories. Le Conseil d’administration peut décider de rouvrir lesdites Catégories fondatrices GSOV à son entière discrétion.
| Bluebay High Grade Structured Credit Short Duration Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity, en investissant dans un portefeuille de titres de crédits structurés. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de son actif net dans des Titres de crédits structurés à l’échelle mondiale, en particulier dans des titres adossés à des prêts garantis, des titres adossés à des créances hypothécaires résidentielles et des titres adossés à des créances de consommation/auto. Veuillez vous référer à la définition de « Titres de crédits structurés » pour la liste complète des titres éligibles. Le Compartiment peut investir jusqu’à un tiers de son actif net dans d’autres titres à revenu fixe et variable émis par des émetteurs souverains et des entreprises du monde entier. Il est prévu que le Compartiment ait généralement une durée pondérée de spread de crédit inférieure à 3 ans. Le Compartiment ne peut investir que dans des Titres de crédits structurés et autres titres à revenu fixe notés A- ou plus par Standard & Poor’s ou Fitch, ou A3 ou plus par Moody’s, ou dans des notations équivalentes de toute autre agence de notation reconnue, comme le détermine raisonnablement le Gestionnaire d’investissement de temps à autre. Aux fins de toutes les notations de crédit, en cas de notation différenciée, la notation la plus élevée s’applique. Les investissements sous-jacents à ce Compartiment ne prennent pas en compte les critères de l’Union européenne en matière d’Activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en fonds du marché monétaire ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de mise en pension peuvent être utilisés en ce qui concerne les Titres de crédits structurés, les obligations souveraines et les obligations d’entreprises à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de prise en pension peuvent être utilisés en ce qui concerne les Titres de crédits structurés, les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les swaps sur rendement total et les contrats sur différence peuvent être utilisés pour les Titres de crédits structurés, les obligations en monnaie locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à cesinstruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur
 |

|  | différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Les investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) qui recherchent un portefeuille de Titres de crédits structurés géré activement. En raison de l’importance des investissements dans les Titres de crédits structurés, le Compartiment ne convient qu’aux investisseurs qui peuvent supporter le risque économique de la perte de leur investissement dans le Compartiment. Par conséquent, les Actions de ce Compartiment ne sont accessibles qu’aux Investisseurs institutionnels qualifiés et/ou aux investisseurs qui sont : - un investisseur informé qui a une connaissance des produits financiers pertinents (un investisseur informé peut prendre une décision d’investissement en connaissance de cause sur la base de la documentation d’offre réglementée et autorisée, ainsi que de la connaissance et de la compréhension des facteurs/risques spécifiques qui y sont soulignés uniquement) ; ou qui a une expérience du secteur financier ; ou
- un investisseur avancé qui a une bonne connaissance des produits et des transactions financières pertinentes ; ou qui a une expérience du secteur financier ; ou qui est accompagné de conseils d’investissement professionnels ; ou qui est inclus dans un service de portefeuillediscrétionnaire.
 |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de modifications, et ne peut pas dépasser 20 % de la valeur de l’actif net du Compartiment. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 300 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 200 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à courte durée sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay High Grade Structured Credit Short Duration Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 14 |
| G | Jusqu’à 200 | Aucun | 14 |
| I | 25 | Aucun | 10 |
| K | Jusqu’à 200 | Aucun | 10 |
| M | 25 | Aucun | 14 |
| Q | Jusqu’à 200 | Aucun | 14 |
| R | 40 | Aucun | 14 |
| S | Jusqu’à 200 | Aucun | 14 |
| X, Y | Aucun | Aucun | 10 |
| Indice de référence | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

BlueBay High Yield ESG Bond Fund
| Devise de référence : | EUR |
| --- | --- |
| Indice de référence : | ICE BofA Merrill Lynch European Currency High Yield Constrained Index, entièrement couvert contre l’EUR |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice ICE BofA Merrill Lynch European Currency High Yield Constrained Index, entièrement couvert par rapport à l’EUR, en investissant dans un portefeuille de titres à revenu fixe, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net dans des titres à revenu fixe dont la notation est inférieure à investment grade. Le Compartiment pourra investir jusqu’à un tiers de son actif net dans des titres à revenu fixe de qualité investment grade. En règle générale, au moins 50 % de son actif net seront investis dans des titres à revenu fixe (dont des titres à revenu fixe convertibles en actions ou assortis de bons de souscription d’actions) émis par des entités domiciliées dans des pays européens dont la notation de la dette souveraine à long terme est de qualité investment grade ou par des entités domiciliées ailleurs à condition que l’émetteur ait une entreprise mère qui soit domiciliée dans un pays européen dont la notation de la dette souveraine à long terme est de qualité investment grade, et en Titres de créance en difficulté. Au moins deux tiers de l’actif net du Compartiment seront libellés dans les devises de pays de l’Union européenne et du Royaume-Uni. Le Compartiment pourra investir jusqu’à un tiers de son actif net dans des titres libellés en devises d’autres pays dont la notation de la dette souveraine à long terme est de qualité investment grade. Conformément à l’Article 8 du Règlement SFDR ,  le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire émis par des émetteursdu monde entier,à condition que l’investissement dans ces actifs financiers ne dépasse pas au total un tiers de l’actifnet du Compartiment.
 Le Compartiment ne pourra pas investir plus de 20 % de son actif net en obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur Titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et30 % et ne peut dépasser 50 %.
 |

|  | - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souverainesà des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe essentiellement d’émetteurs de< titres à haut rendement. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels ne dépasse généralement pas 200 % de la valeur liquidative du Compartiment. Toutefois, dans certaines circonstances, le niveau d’endettement peut dépasser le niveau précité. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier à la sous-section « Obligations de qualité inférieure/à rendement élevé ». |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay High Yield ESG Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux	de	commission	de performance (%) | Frais (points de base) |
| B | 70 | Aucun | 16 |
| B (Perf) | 50 | 20,0 | 16 |
| C | Jusqu’à 200 | Aucun | 16 |
| D | 70 | Aucun | 16 |
| DR | 125 | Aucun | 16 |
| I | 70 | Aucun | 12 |
| I (Perf) | 50 | 20,0 | 12 |
| M | 70 | Aucun | 16 |
| Q | Jusqu’à 200 | Aucun | 16 |
| R | 125 | Aucun | 16 |
| S | Jusqu’à 200 | Aucun | 16 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | ICE BofA Merrill Lynch European Currency High Yield Constrained Index, entièrement couvert contre l’EUR |

| BlueBay Impact-Aligned Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | N/A |
| Objectif d’investissement : | Le compartiment est géré activement, ne fait référence à aucun indice de référence et vise à obtenir un rendement total à partir d’un portefeuille de titres à revenu fixe de qualité investment grade sélectionnés dans la mesure où les titres sont qualifiés d’Investissements durables. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de ses actifs nets dans des titres à revenu fixe à taux fixe ou variable de qualité investment grade. Le Compartiment investit au moins 50 % de ses actifs nets dans des sociétés du monde entier (y compris des sociétés issues des Marchés émergents). Le Compartiment peut investir jusqu’à un tiers de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade, pour autant que ces titres n’aient pas une notation inférieure à B-/B3. Le Compartiment peut investir en titres libellés en dollars américains et non libellés en dollars américains, à l’exception des titres libellés dans les Devises locales des Pays à marché émergent. Conformément à l’Article 9 du Règlement SFDR, le Compartiment a pour objectif d’investissement l’Investissement durable, qu’il vise à mettre en œuvre en investissant uniquement dans des titres à revenu fixe qui contribuent aux thèmes de durabilité, tels que définis par le Gestionnaire d’investissement. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas au total un tiers de l’actif netdu Compartiment.
 Le Compartiment ne pourra pas investir plus de 10 % de son actif net en obligations CoCo. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres adossés à des actifs ou à des créances hypothécaires. Le Compartiment ne peut investir plus de 10 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps de rendement total et des contrats sur différence peuvent être utilisés pour les obligations en devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap de rendement total ou contrat sur différence divisé par la valeur liquidative duCompartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 |

|  | Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon temporel à moyen ou long terme (trois à cinq ans) et recherchant un portefeuille à gestion active de titres à revenu fixe notés investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de modifications, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 750 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 350 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à duration courte sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Couverture de change : | Le Compartiment peut à tout moment avoir une proportion importante de son exposition totale libellée en devises autres que le dollar américain. Le Compartiment peut couvrir une exposition au risque de devise autre que le dollar américain à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Impact-Aligned Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 14 |
| G | Jusqu’à 200 | Aucun | 14 |
| I | 50 | Aucun | 10 |
| K | Jusqu’à 200 | Aucun | 10 |
| M | 50 | Aucun | 14 |
| Q | Jusqu’à 200 | Aucun | 14 |
| R | 75 | Aucun | 14 |
| S | Jusqu’à 200 | Aucun | 14 |
| X, Y | Aucun | Aucun | 10 |

| BlueBay Investment Grade Absolute Return Bond Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins 50 % de son actif net en titres à revenu fixe notés investment grade. En outre, le Compartiment entend mettre en œuvre les points de vue du Gestionnaire d’investissement en matière de taux d’intérêt, de crédit et de devises par le biais d’une utilisation active d’instruments financiers dérivés. Selon les opportunités de marché perçues, l’utilisation d’instruments financiers dérivés tant pour des positions acheteuses que vendeuses peut être importante. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment et qu’aucun de ces actifs financiers (s’ils sont notés) n’ait une note inférieure à B-/B3.
 Le Compartiment peut investir jusqu’à 25 % de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade, pour autant que ces titres n’aient pas une notation inférieure à B3/B-. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres adossés à des actifs ou à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des credit linked notes) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne pourra pas investir plus de 20 % de son actif net en obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment ne peut investir plus de 20 % de son actif net en titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment peut occasionnellement détenir jusqu’à 50 % de son actif net en Liquidités (dans la limite de 20 %) et en certificats bancaires à court terme et Instruments du marché monétaire (dans la limite d’un tiers indiquée ci-dessus). |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : |

|  | - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps de rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap de rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe de qualité investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de modifications, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à duration courte sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Absolute Return Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 100 | Aucun | 20 |
| B (Perf) | 60 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 14 |
| D | 100 | Aucun | 20 |
| DR | 150 | Aucun | 20 |
| I | 100 | Aucun | 10 |
| I (Perf) | 60 | 20,0 | 10 |
| K | Jusqu’à 200 | Aucun | 10 |
| M | 100 | Aucun | 14 |
| Q | Jusqu’à 200 | Aucun | 14 |
| R | 150 | Aucun | 20 |
| R (CPerf) | 120 | 20,0 | 20 |
| S | Jusqu’à 200 | Aucun | 14 |
| S (CPerf) | Jusqu’à 200 | 20,0 | 14 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| Devise de référence : | EUR |
| --- | --- |
| Indice de référence : | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise de meilleurs rendements que son indice de référence, l’indice ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity, en investissant dans un portefeuille de titres à revenu fixe de qualité investment grade tout en tenant compte des questions ESG. |
| Politique d’investissement : | Le Compartiment investit au moins 50 % de son actif net dans des titres à revenu fixe de qualité investment grade. En outre, le Compartiment entend mettre en œuvre les points de vue du Gestionnaire d’investissement en matière de taux d’intérêt, de crédit et de devises par le biais d’une utilisation active d’instruments financiers dérivés. Selon les opportunités de marché perçues, l’utilisation d’instruments financiers dérivés tant pour des positions acheteuses que vendeuses peut être importante. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif net du Compartiment et qu’aucun de ces actifs financiers (s’ils sont notés) n’ait une note inférieure à B-/B3.
 Le Compartiment peut investir jusqu’à 25 % de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade, pour autant que ces titres n’aient pas une notation inférieure à B3/B-. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres adossés à des actifs ou à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des credit linked notes) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne pourra pas investir plus de 20 % de son actif net en obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment ne peut investir plus de 20 % de son actif net en titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à cesinstruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
 |

|  | - Des swaps de rendement total et des contrats sur différence peuvent être utilisés pour les obligations en devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap de rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un portefeuille à gestion active de titres à revenu fixe de qualité investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de modifications, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 400 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à duration courte sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Absolute Return ESG Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 14 |
| G | Jusqu’à 200 | Aucun | 14 |
| I | 100 | Aucun | 10 |
| I (Perf) | 60 | 20,0 | 10 |
| K | Jusqu’à 200 | Aucun | 10 |
| M | 100 | Aucun | 14 |
| Q | Jusqu’à 200 | Aucun | 14 |
| R | 150 | Aucun | 14 |
| R (CPerf) | 120 | 20,0 | 14 |
| S | Jusqu’à 200 | Aucun | 14 |
| S (CPerf) | Jusqu’à 200 | 20,0 | 14 |
| X, Y | Aucun | Aucun | 10 |
| Indice de référence | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Investment Grade Bond Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | iBoxx Euro Corporates Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice iBoxx Euro Corporates Index, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des restrictions ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays d’Europe dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays non européens dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à 15 % de son actif net en titres à revenu fixe notés inférieurs à investment grade, à condition que la note de ces titres ne soit pas inférieure à B-/B3. Au moins les deux tiers de l’actif net du Compartiment seront libellés dans les devises des pays de l’Union européenne et le Royaume-Uni. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres libellés en devises d’autres pays dont la note de la dette souveraine à long terme est de qualité supérieure. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers et titres à revenu fixe dont la notation est inférieure à investment grade ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres adossés à des actifs ou à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des credit linked notes) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne pourra pas investir plus de 20 % de son actif net en obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |

| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps de rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap de rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon temporel à moyen ou long terme (trois à cinq ans) et recherchant un portefeuille à gestion active de titres à revenu fixe notés investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 750 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 350 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à duration courte sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 50 | Aucun | 16 |
| B (Perf) | 30 | 20,0 | 16 |
| C | Jusqu’à 200 | Aucun | 11 |
| D | 50 | Aucun | 16 |
| DR | 75 | Aucun | 16 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 16 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | iBoxx Euro Corporates Index |

| Devise de référence : | EUR |
| --- | --- |
| Indice de référence : | iBoxx Euro Corporates Index |
| Objectif d’investissement : | Le Compartiment est activement géré et vise de meilleurs rendements que son indice de référence, l’indice iBoxx Euro Corporates Index, en investissant dans un portefeuille de titres à revenu fixe de qualité investment grade tout en tenant compte des considérations ESG. |
| Politique d’investissement : | Politique d’investissement : Le Compartiment investit au moins les deux tiers de son actif net dans des titres à revenu fixe de qualité investment grade et émis par des entités domiciliées dans des pays européens dont la notation de la dette souveraine à long terme est de qualité investment grade. Le Compartiment peut investir jusqu’à un tiers de son actif net dans des titres à revenu fixe de qualité investment grade émis par des entités domiciliées dans des pays non européens dont la notation de la dette souveraine à long terme est de qualité investment grade. Le Compartiment peut investir jusqu’à 15 % de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade, pour autant que ces titres n’aient pas une notation inférieure à B-/B3. Au moins deux tiers de l’actif net du Compartiment seront libellés dans les devises de pays de l’Union européenne et du Royaume-Uni. Le Compartiment pourra investir jusqu’à un tiers de son actif net dans des titres libellés en devises d’autres pays dont la notation de la dette souveraine à long terme est de qualité investment grade. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations avec bons de souscriptiond’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers et actifs à revenu fixe dont la note est inférieure à investment grade ne dépasse pas, au total, un tiers de l’actif net du Compartiment.
 Le Compartiment ne peut pas investir plus de 20 % de son actif net en titres adossés à des actifs ou titres adossés à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des titres liés à la valeur du crédit) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une |

|  | exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| --- | --- |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines et d’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines à des fins d’une gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres |
| Profil de l’investisseur : | Investisseurs ayant un horizon temporel à moyen ou long terme (trois à cinq ans) et recherchant un portefeuille à gestion active de titres à revenu fixe notés investment grade. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 750 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 350 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à court duration sont utilisés à des fins de gestion de durations. La méthodologie des « sommes des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion des durations et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade ESG Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 11 |
| G | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| K | Jusqu’à 200 | Aucun | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 11 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 7 |
| Indice de référence | iBoxx Euro Corporates Index |

| BlueBay Investment Grade Euro Aggregate Bond Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | Bloomberg Euro Aggregate Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice Bloomberg Euro Aggregate Index, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays de l’Union européenne et au Royaume-Uni dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays situés hors de l’Union européenne et au Royaume- Uni dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à 15 % de son actif net en titres à revenu fixe notés inférieurs à investment grade, à condition que la note de ces titres ne soit pas inférieure à B-/B3. Au moins les deux tiers de l’actif net du Compartiment seront libellés dans les devises des pays européens. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations avec bons de souscriptiond’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif netdu Compartiment.
 Le Compartiment ne peut pas investir plus de 20 % de son actif net en titres adossés à des actifs ou titres adossés à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des titres liés à la valeur du crédit) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur |

|  | défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| --- | --- |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois à cinq ans) à la recherche d’un portefeuille activement géré de titres à revenu fixe investment grade. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement prévu du Compartiment ne dépasse généralement pas 300 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Euro Aggregate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 50 | Aucun | 20 |
| B (Perf) | 30 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Bloomberg Euro Aggregate, en euro |

| BlueBay Investment Grade Euro Government Bond Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | Bloomberg Euro Aggregate Treasury Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice Bloomberg Euro Aggregate Treasury Index, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins les deux tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays de l’Union européenne et au Royaume-Uni dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à un tiers de son actif net en titres à revenu fixe notés investment grade émis par des entités domiciliées dans des pays situés hors de l’Union européenne et au Royaume-Uni dont la dette souveraine à long terme est notée investment grade. Le Compartiment peut investir jusqu’à 15 % de son actif net en titres à revenu fixe notés inférieurs à investment grade, à condition que la note de ces titres ne soit pas inférieure à B-/B3. Au moins les deux tiers de l’actif net du Compartiment seront libellés dans les devises des pays européens. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations avec bons de souscription d’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut pas investir plus de 20 % de son actif net en titres adossés à des actifs ou titres adossés à des créances hypothécaires. |
|  | Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des titres liés à la valeur du crédit) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraineset de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de
 |

|  | l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peuvent dépasser 50 %. - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs possédant un horizon de moyen à long terme (trois à cinq ans) à la recherche d’un portefeuille activement géré de titres à revenu fixe de qualité investment grade. |
| Exposition globale : | Le compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée au double de la VaR d’un portefeuille de référence, à savoir l’indice de référence du Compartiment tel qu’identifié plus haut. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement prévu du Compartiment ne dépasse généralement pas 300 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Euro Government Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 50 | Aucun | 20 |
| B (Perf) | 30 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| K | Jusqu’à 200 | Aucun | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Bloomberg Euro Aggregate Treasury, en euro |

| BlueBay Investment Grade Global Aggregate Bond Fund |
| --- |
| Devise de référence : | USD |
| Indice de référence : | Bloomberg Global Aggregate Bond Index USD non couvert |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice Bloomberg Global Aggregate Bond Index USD unhedged, en investissant dans un portefeuille de titres à revenu fixe notés investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de son actif net dans des titres à revenu fixe à taux fixe ou variable de notation investment grade émis par des émetteurs souverains et des sociétés émettrices du monde entier (y compris des émetteurs issus des Marchés émergents). Le Compartiment peut investir jusqu’à 15 % du total de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade à condition que ces titres n’aient pas une notation inférieure à B-/B3. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui observent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations avec bons de souscriptiond’actions ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actif netdu Compartiment.
 Le Compartiment ne pourra investir plus de 20 % de son actif net dans des titres adossés à des créances ou dans des titres hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des titres liés à la valeur du crédit) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du CIBM « Direct Access » ou de Bond Connect. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension de titres peuvent être utilisés pour les obligations souveraines etde société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif
 |

|  | net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %. - Des contrats de prise en pension de titres peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) et recherchant un portefeuille à gestion active de titres à revenu fixe. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 300 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Global Aggregate Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 50 | Aucun | 20 |
| B (Perf) | 30 | 20,0 | 20 |
| C | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Bloomberg Global Aggregate Bond, non couvert en dollar américain |

| Devise de référence : | USD |
| --- | --- |
| Indice de référence : | Bloomberg Global Treasury Total Return Index, couvert contre le dollar américain |
| Objectif d’investissement : | Le Compartiment est activement géré et vise de meilleurs rendements que son indice de référence, l’indice Bloomberg Global Treasury Total Return Index, couvert contre le dollar américain, en investissant dans un portefeuille de titres à revenu fixe de qualité investment grade, tout en tenant compte des considérations ESG. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de son actif net dans des titres à revenu fixe à taux fixe et variable notés investment grade émis par des émetteurs souverains du monde entier (y compris des Émetteurs des Marchés émergents). Le Compartiment peut investir jusqu’à 15 % de son actif net dans des titres à revenu fixe ayant une notation inférieure à investment grade, pour autant que ces titres n’aient pas une notation inférieure à B-/B3. Dans le cadre de la gestion active du Compartiment, le Gestionnaire d’investissement peut prendre des positions acheteuses et vendeuses (par le biais d’instruments financiers dérivés) sur des titres éligibles afin de gérer son exposition aux taux d’intérêt, au crédit et aux devises. Cela permet généralement au Gestionnaire d’investissement de mettre en œuvre des points de vue plus efficacement que par l’achat ou la vente de titres à revenu fixe. Le niveau et le type d’instruments financiers dérivés utilisés pour obtenir l’exposition qui en résulte peuvent accroître le niveau d’effet de levier du Compartiment (comme expliqué plus en détail sous la section « Exposition globale » en annexe de ce Compartiment), mais pas le risque économique. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en titres de participation ;
- jusqu’à 10 % de son actif net dans des fonds du marché monétaire ;
- jusqu’à 25 % de son actif net en obligations convertibles ou en obligations assorties de bons de souscription ; et
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas au total un tiers de l’actif netdu Compartiment.
 Le Compartiment ne peut investir plus de 5 % de son actif net dans des titres adossés à des actifs ou à des créances hypothécaires. Dans la mesure où un investissement en titres adossés à des actifs ou actifs similaires (tels que des credit linked notes) est envisagé par le Compartiment, un tel investissement n’aura pas une note inférieure à investment grade. Le Compartiment ne pourra pas investir plus de 5 % de son actif net en obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne pourra pas dépasser 10 % de son actif net. Le Compartiment ne peut investir plus de 15 % de son actif net en titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, notamment, mais sans s’y limiter des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme standardisés, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres figurant dans le Règlement (UE) 2015/2365 comme suit : - Les contrats de mise en pension peuvent être utilisés pour les obligations souveraines etd’entreprises à des fins d’investissement et de gestion efficace du portefeuille. La proportion de
 |

|  | l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %. - Les contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace du portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments devrait être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des contrats sur différence peuvent être utilisés pour les Obligations en devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment qui font l’objet de ces instruments, exprimée en tant que notionnel du contrat sur différence divisé par la valeur liquidative du Compartiment devrait être comprise entre 0 % et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |
| --- | --- |
| Profil de l’investisseur : | Les investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) qui recherchent un portefeuille activement géré de titres à revenu fixe. |
| Exposition globale : | Le Compartiment applique une approche de VaR relative. La VaR du Compartiment est limitée par deux fois la VaR d’un portefeuille de référence, cette dernière constituant l’indice de référence du Compartiment comme indiqué ci-dessus. Le niveau d’effet de levier attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’effet de levier attendu du Compartiment ne dépasse généralement pas 300 % de la valeur liquidative du Compartiment. Le niveau d’effet de levier varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un effet de levier important basé sur la méthodologie des « sommes des notionnels », en particulier lorsque des instruments à duration courte sont utilisés à des fins de gestion de la duration. La méthodologie de la « somme des notionnels » ne permet pas l’utilisation de compensations d’opérations de couverture ni d’autres stratégies de réduction des risques impliquant des dérivés, tels que les opérations de couverture de change, la gestion de duration et la macro-couverture. Par conséquent, le niveau d’effet de levier déclaré peut dépasser, parfois considérablement, l’effet de levier économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Global Government Bond Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 11 |
| I | 50 | Aucun | 7 |
| I (Perf) | 30 | 20,0 | 7 |
| M | 50 | Aucun | 11 |
| Q | Jusqu’à 200 | Aucun | 11 |
| R | 75 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 11 |
| X, Y | Aucun | Aucun | 16 |
| Indice de référence | Bloomberg Global Treasury Total Return Index, couvert contre le dollar américain |

| BlueBay Investment Grade Structured Credit Fund |
| --- |
| Devise de référence : | EUR |
| Indice de référence : | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |
| Objectif d’investissement : | Le Compartiment est géré activement et vise des rendements supérieurs à son indice de référence, l’indice ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index, en investissant dans un portefeuille de Titres de crédits structurés. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du Compartiment et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du Compartiment et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. |
| Politique d’investissement : | Le Compartiment investit au moins deux tiers de son actif net dans des Titres de crédits structurés du monde entier. Le Compartiment peut investir jusqu’à un tiers de son actif net dans d’autres titres à revenu fixe à taux fixe ou variable émis par des émetteurs souverains et des sociétés émettrices du monde entier (y compris des émetteurs issus des Marchés émergents). Le Compartiment peut investir jusqu’à 30 % de son actif net dans des Titres de crédits structurés et dans d’autres titres à revenu fixe notés inférieurs à investment grade, à condition que la note de ces titres ne soit pas inférieure à la notation B- octroyée par Standard & Poor’s ou Fitch ou B3 octroyée par Moody’s ou à une note équivalente octroyée par une autre agence de notation reconnue. Investment grade désigne la notation BBB- au minimum par Standard & Poor’s ou Fitch ou Baa3 au minimum par Moody’s, ou une note équivalente octroyée par une autre agence de notation reconnue, telle que raisonnablement déterminée ponctuellement par le Gestionnaire d’investissement. Pour les besoins de toutes les notations de crédit, en cas de divergence de notation, la notation la plus élevée s’appliquera. Les investissements sous-jacents à ce Compartiment ne prennent pas en compte les critères de l’Union européenne en matière d’Activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie. |
| Restrictions d’investissement : | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) avoir recours aux contrats d’échange sur risque de crédit afin de couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille en acquérant une protection ; (iv) vendre une protection en concluant des transactions de vente de contrats d’échange sur risque de crédit afin d’acquérir une exposition de crédit spécifique et/ou acquérir une protection en concluant des contrats d’échange sur défaillance sans détenir les actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opération de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de prise en pension peuvent être utilisés pour les Titres de crédits structurés, les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments est prévue être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des contrats de mise en pension peuvent être utilisés pour les Titres de crédits structurés et les obligations souveraines à des fins d’une gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumis à ces instruments est prévue être comprise entre 0 et 30 % et ne peut excéder 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les Titres de crédits structurés, les obligations en devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, exprimée en tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la valeur liquidative du Compartiment est prévue être comprise entre 0 et 25 % et ne peut excéder 50 %.
 Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêt de titres. |

| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) et recherchant un portefeuille à gestion active de Titres de crédits structurés. En raison de l’investissement important en Titres de crédits structurés, le Compartiment convient uniquement aux Investisseurs qui peuvent supporter le risque économique de perte de leur investissement dans le Compartiment. Par conséquent, les Actions de ce Compartiment ne sont accessibles qu’aux Investisseurs institutionnels qualifiés et/ou aux investisseurs qui sont : - un investisseur informé qui a une connaissance des produits financiers pertinents (un investisseur informé peut prendre une décision d’investissement en connaissance de cause sur la base de la documentation d’offre réglementée et autorisée, ainsi que de la connaissance et de la compréhension des facteurs/risques spécifiques qui y sont soulignés uniquement) ; ou qui a une expérience du secteur financier ; ou
- un investisseur avancé qui a une bonne connaissance des produits et des transactions financières pertinentes ; ou qui a une expérience du secteur financier ; ou qui est accompagné de conseils d’investissement professionnels ; ou qui est inclus dans un service de portefeuille discrétionnaire.
 |
| --- | --- |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de changement, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’endettement attendu du Compartiment basé sur la méthodologie de la « somme des notionnels » n’excède généralement pas 750 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement attendu du Compartiment ne dépasse généralement pas 200 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent,  le  niveau  d’endettement  déclaré  peut  dépasser,  parfois  considérablement, l’endettement économique assumé par le Compartiment. |
| Risques en matière de durabilité : | Le Compartiment étant largement diversifié, il n’est pas prévu qu’un Risque en matière de durabilité ait un impact financier négatif important sur le Compartiment. |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Investment Grade Structured Credit Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| C | Jusqu’à 200 | Aucun | 14 |
| E | Jusqu’à 200 | Aucun | 10 |
| G | Jusqu’à 200 | Aucun | 14 |
| I | 35 | Aucun | 10 |
| K | Jusqu’à 200 | Aucun | 10 |
| M | 35 | Aucun | 14 |
| Q | Jusqu’à 200 | Aucun | 14 |
| R | 55 | Aucun | 14 |
| S | Jusqu’à 200 | Aucun | 14 |
| X, Y | Aucun | Aucun | 10 |
| Indice de référence | ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index |

| BlueBay Total Return Credit Fund |
| --- |
| Devise de référence | USD |
| Indice de référence | N/A |
| Objectif d’investissement | Le Compartiment est géré activement, ne fait référence à aucun indice de référence et vise à obtenir un rendement total au moyen d’investissements dans des catégories d’actifs à revenu fixe offrant un rendement supérieur par le biais d’une sélection active des titres, d’une bonne répartition des actifs et de techniques de préservation du capital, tout en tenant compte des considérations ESG. |
| Politique d’investissement | Le Compartiment investit principalement son actif net en titres à revenu fixe, à taux fixe ou variable, de rang inférieur ou prioritaires, émis par des émetteurs privés et souverains (y compris d’émetteurs des marchés émergents). Le Compartiment peut investir en titres à revenu fixe de toute notation, en titres de créance non notés et en Titres de créance en difficulté. Le Compartiment peut investir jusqu’à 25 % de son actif net en obligations convertibles, en obligations liées à des warrants et des titres convertibles similaires émis par des émetteurs privés du monde entier. Le Compartiment peut également investir jusqu’à 20 % de son actif net dans des Titres de crédits structurés. Le Compartiment investit dans des titres libellés en dollar américain et dans d’autres devises, y compris dans des titres libellés dans les Devises locales des Pays à marché émergent où le Compartiment investit. Conformément à l’Article 8 du Règlement SFDR, le Compartiment promeut des caractéristiques environnementales et sociales et des investissements qui appliquent de bonnes pratiques de gouvernance. Les caractéristiques environnementales et sociales promues par le Compartiment consistent à privilégier l’investissement dans des émetteurs dont le comportement et/ou les activités commerciales adoptent une approche appropriée et responsable sur le plan ESG. De plus amples informations sur les caractéristiques environnementales et sociales promues par le Compartiment sont disponibles à l’Annexe 2 du présent Prospectus. |
| Restrictions d’investissement | Le Compartiment peut investir : - jusqu’à 10 % de son actif net en actions ;
- jusqu’à 10 % de son actif net en fonds du marché monétaire ;
- jusqu’à un tiers de son actif net en Instruments du marché monétaire,à condition que l’investissement dans ces actifs financiers ne dépasse pas, au total, un tiers de l’actifnet du Compartiment.
 Le Compartiment ne peut investir plus de 20 % de son actif net dans des obligations CoCo. L’investissement total du Compartiment dans les parts d’autres OPCVM ou OPC ne peut dépasser 10 % de son actif net. Le Compartiment ne peut investir plus de 20 % de son actif net dans des titres négociés sur le CIBM par le biais du « Direct Access » du CIBM ou de Bond Connect. Le Compartiment peut détenir jusqu’à 20 % de son actif net en Liquidités à titre accessoire. |
| Techniques financières et instruments financiers : | Le Compartiment peut : (i) investir dans des instruments financiers dérivés, y compris, mais sans s’y limiter des swaps de rendement total, des contrats sur différence, des swaps de portefeuille, des contrats d’échange sur taux d’intérêt, des contrats à terme, des options, des swaptions et des contrats d’échange sur défaillance à des fins de couverture et d’investissement ; (ii) investir dans des contrats d’échange sur devises et des contrats de change à terme à des fins de couverture de change et d’investissement ; (iii) utiliser des contrats d’échange sur défaillance pour couvrir le risque de crédit spécifique de certains des émetteurs en portefeuille par l’achat de protection ; (iv) vendre des protections par la conclusion de transactions de vente de contrats d’échange sur défaillance afin d’acquérir une exposition précise au crédit et/ou acheter des protections en concluant des contrats d’échange sur défaillance sans détention des actifs sous-jacents ; et (v) utiliser des contrats de mise en pension et de prise en pension pour emprunter ou prêter des actifs. |
| Opérations de financement sur titres : | Le Compartiment peut conclure des opérations de financement sur titres couvertes en vertu du Règlement (UE) 2015/2365 comme suit : - Des contrats de mise en pension peuvent être utilisés pour les obligations souveraines et de société à des fins d’investissement et de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des contrats de prise en pension peuvent être utilisés pour les obligations souveraines à des fins de gestion efficace de portefeuille. La proportion de l’actif net du Compartiment soumise à ces instruments est prévue être comprise entre 0 % et 30 % et ne peut dépasser 50 %.
- Des swaps sur rendement total et des contrats sur différence peuvent être utilisés pour les obligations en Devise locale et les indices financiers à des fins d’investissement et de couverture. La proportion de l’actif net du Compartiment soumis à ces instruments, expriméeen tant que notionnel du swap sur rendement total ou contrat sur différence divisé par la
 |

|  | valeur liquidative du Compartiment, est prévue être comprise entre 0 % et 25 % et ne peut dépasser 50 %. Le Compartiment ne conclura pas d’opérations de prêt avec appel de marge ni de prêts de titres. |
| --- | --- |
| Profil de l’investisseur : | Investisseurs ayant un horizon à moyen ou long terme (trois à cinq ans) recherchant un rendement total au moyen de l’exposition à un large éventail de titres à revenu fixe. |
| Exposition globale : | Le Compartiment applique une approche de VaR absolue. La VaR du Compartiment est limitée en interne, sous réserve de changements, et ne peut dépasser 20 % de la valeur liquidative du Compartiment. Le niveau d’endettement prévu du Compartiment basé sur la méthode de la « somme des notionnels » ne dépasse généralement pas 1 500 % de la valeur liquidative du Compartiment. En excluant les contrats de taux d’intérêt à court terme, le niveau d’endettement prévu du Compartiment ne dépasse généralement pas 500 % de la valeur liquidative du Compartiment. Le niveau d’endettement varie selon le positionnement du Compartiment et peut, dans certains cas, dépasser la valeur susmentionnée, selon les types et la maturité des instruments utilisés. Les dérivés de taux d’intérêt peuvent générer un endettement important basé sur la méthodologie de la « somme des notionnels », en particulier lorsque des instruments à courte duration sont utilisés à des fins de gestion de duration. La méthode de la « somme des notionnels » ne permet pas de compenser les transactions de couverture et les autres stratégies d’atténuation des risques impliquant des produits dérivés, telles que la couverture du risque de change, la gestion de la duration et la macro-couverture. Par conséquent, le niveau d’endettement déclaré peut dépasser, parfois considérablement, l’endettement économique assumé par le Compartiment. |
| Couverture du risque de change : | Le Compartiment peut à tout moment avoir une proportion importante de son exposition totale libellée dans des devises autres que le dollar américain et dans des Devises locales. Le Compartiment peut couvrir cette exposition aux devises, à la discrétion du Gestionnaire d’investissement. |
| Risques en matière de durabilité : | Outre les informations générales relatives aux Risques en matière de durabilité, les investisseurs sont invités à se référer à la section « Facteurs de risque » et en particulier aux sous-sections « Marchés émergents » et « Obligations de qualité inférieure/à rendement élevé ». |
| Évaluation : | Quotidienne |
| Gestionnaire d’investissement délégué : | RBC Global Asset Management (U.S.) Inc. |

Commissions et frais :
| BlueBay Total Return Credit Fund |
| --- |
| Catégorie | Commission de gestion (points de base) | Taux de commission de performance (%) | Frais (points de base) |
| B | 70 | Aucun | 20 |
| C | Jusqu’à 200 | Aucun | 20 |
| I | 70 | Aucun | 16 |
| M | 70 | Aucun | 20 |
| Q | Jusqu’à 200 | Aucun | 20 |
| R | 120 | Aucun | 20 |
| S | Jusqu’à 200 | Aucun | 20 |
| X, Y | Aucune | Aucun | 16 |

Annexe 2 : Informations relatives aux Compartiments qui 1) promeuvent des caractéristiques environnementales ou sociales ou
2) ont un objectif d’investissement durable
Les informations présentées ci-dessous concernent chaque Compartiment qui relève de l’Article 8 ou de l’Article 9 du Règlement SFDR. Les informations fournies sont conformes aux exigences des normes techniques de réglementation de niveau 2 (les « RTS ») du Règlement SFDR de l’UE, en vigueur depuis le 1
er 
janvier 2023. En outre, les informations fournies aux présentes doivent être lues conjointement avec le texte intégral du présent Prospectus.
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Aggregate Bond Fund | Identifiant d’entité juridique : 549300GL676SYYX90892 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
sont nécessairement alignés	sur
taxinomie.
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif
environnemental  ne
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
pas
la
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG duGestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?

Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée.
Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de son profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre
des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette

stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
La catégorie #1 Alignés sur les caractéristiques E/S inclut les investissements du produit financier utilisés pour atteindre les caractéristiques environnementales ou sociales promues par le produit financier.
La catégorie #2 Autres inclut les investissements restants du produit financier qui ne sont ni alignés sur les caractéristiques environnementales ou sociales ni considérés comme des investissements durables.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.
| Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- |
| Non applicable. |
| Quelle est la part minimale d’investissements durables sur le plan social ? |
| licable. |

Non app

## Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.
| Les indices de référence sont des | Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ? |
| --- | --- |
| indices permettant | Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG. |
| de mesurer si le |  |
| produit financier |  |
| atteint les |  |
| caractéristiques |  |
| environnementales |  |
| ou sociales qu’il |  |
| promeut. |  |


## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Aggregate Short Duration Bond Fund | Identifiant d’entité juridique : 549300DRPE4D0FEAJ702 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
sont nécessairement alignés	sur
taxinomie.
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif
environnemental  ne
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
pas
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
la
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des
émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée.
Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de son profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sastructure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de

cette stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

Le symbole représente des investissements durables ayant un objectif environnemental qui ne tiennent pas compte des critères applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE.

## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
Non applicable.

## Quelle est la part minimale d’investissements durables sur le plan social ?
Non applicable.

## Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Bond Fund | Identifiant d’entité juridique : 2QC0MRAG5HQKQLHYOO55 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
sont nécessairement alignés	sur
taxinomie.
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif
environnemental  ne
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
pas
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
la
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Les indicateurs de durabilité évaluent la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le produit financier sont atteintes.
Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG duGestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait
actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de son profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sastructure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre
des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de

cette stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

### Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |


## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
Non applicable.

## 	Quelle est la part minimale d’investissements durables sur le plan social ?
Non applicable.

## Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Corporate Bond Fund | Identifiant d’entité juridique : EETXHCVYTYHJXYFHPH76 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
sont nécessairement alignés	sur
taxinomie.
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif
environnemental  ne
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
pas
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
la
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à
revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée.
Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes etexternes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements

afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- |
| Non applicable. |
| Quelle est la part minimale d’investissements durables sur le plan social ? |
| Non applicable. |


## Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
1. Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)
| Dénomination du produit : BlueBay Emerging Market High Yield Corporate Bond Fund | Identifiant d’entité juridique : 54930074IJHJYF9XZM38 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif environnemental ne sont	pas
nécessairement alignés	sur	la taxinomie.

## Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait
actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

### Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.
| Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- |
| Non applicable. |
| Quelle est la part minimale d’investissements durables sur le plan social ? |
| Non applicable. |


## Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.
+

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
1. Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)
| Dénomination du produit : BlueBay Emerging Market Investment Grade Corporate Bond Fund | Identifiant d’entité juridique : L6NJ1ZMD5M4CPC8XSO74 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif environnemental ne sont	pas
nécessairement alignés	sur	la taxinomie.

## Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les principales incidences négatives correspondent aux incidences négatives les plus significatives des décisions d’investissement sur les facteurs de durabilité liés aux questions environnementales, sociales et de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des
émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait
actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette

stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des
structures	de gestion saines, les relations avec le personnel,		la
rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il |

promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
1. Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)
| Dénomination du produit : BlueBay Emerging Market Local Currency Corporate Bond Fund | Identifiant d’entité juridique : 162TOW4MBL26Q9NDNV76 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Ce produit financier a-t-il un objectif d’investissement durable ?
Oui
X	
Non
Il réalisera un minimum d’investissements durables
ayant un objectif environnemental : %
Il promeut des caractéristiques environnementales
et sociales (E/S) et, bien qu’il n’ait pas pour objectif l’investissement durable, il contiendra une proportion minimale de % d’investissements durables
dans des activités économiques qui sont
considérées comme durables sur le plan environnemental au titre de la taxinomie de l’UE
dans des activités économiques qui ne sont pas considérées comme durables sur le plan environnemental au titre de la taxinomie de l’UE
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif environnemental ne sont	pas
nécessairement alignés	sur	la taxinomie.
Il réalisera un minimum d’investissements durables
ayant un objectif social : %
ayant un objectif environnemental dans des
activités économiques qui sont considérées comme durables sur le plan environnemental au titre de la taxinomie de l’UE
ayant un objectif environnemental dans des activités économiques qui ne sont pas considérées comme durables sur le plan environnemental au titre de la taxinomie de l’UE
ayant un objectif social
X	
Il promeut des caractéristiques E/S, mais ne réalisera
pas d’investissements durables

## Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Les indicateurs de durabilité évaluent la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le produit financier sont atteintes.
Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la
disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes etexternes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin

d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

### Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas | Quelle est la part minimale d’investissements durables sur le plan social ? |
| compte des critères applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire. |

Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Select Bond Fund | Identifiant d’entité juridique : 162TOW4MBL26Q9NDNV76 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques
durables sur le plan
sont nécessairement alignés	sur
taxinomie.
social.	Les
investissements durables ayant un objectif
environnemental  ne

## Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
pas
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
la
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Les indicateurs de durabilité évaluent la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le produit financier sont atteintes.
Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG duGestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait
actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de son profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette

stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

### Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garan environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S |


## ties
qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Emerging Market Unconstrained Bond Fund | Identifiant d’entité juridique : 549300MVR2RDXFI8TV47 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif, en limitant l’exposition aux émetteurs les plus risqués d’un point de vue ESG, et en définissant des exigences d’admissibilité pour ces émetteurs, afin que le Compartiment soit orienté vers des émetteurs ayant de meilleures notes ESG (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Les indicateurs de durabilité évaluent la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le produit financier sont atteintes.
Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à lasélection d’Intégration ESG qui limite l’exposition aux émetteurs ayant une Notation ESG fondamentale (de risque)« très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après, à 10 % de l’actif net du Compartiment. Toute exposition à des émetteurs présentant un risque ESG « très élevé » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la
disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de son profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui limite l’exposition du Compartiment aux émetteurs jugés par le Gestionnaire d’investissement comme présentant des risques ESG « très élevés » à 10 % de l’actif net. Toute exposition à des émetteurs présentant une Notation ESG fondamentale (de risque) « très élevée » est évaluée au cas par cas, en fonction de l’existence de preuves que l’émetteur améliore ses pratiques ESG ou qu’il est disposé à s’engager auprès du Gestionnaire d’investissement pour atténuer les Facteurs de durabilité ou Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de

cette stratégie d’investissement ?
Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins 50 % de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, les 50 % restants peuvent être détenus en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que cette exclusion résulte de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou du fait que l’exposition à cet émetteur est limitée parce qu’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG
« très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors l’exposition longue agrégée à ces émetteurs est limitée à 10 % de l’actif net. Cette limite s’applique aux titres ayant une exposition directe à l’émetteur (c.-à-d. les obligations d’entreprises ou souveraines) et aux titres ayant une exposition indirecte lorsque l’émetteur privé ou souverain est le sous-jacent (c.-à-d., un swap de défaut de crédit). La limite de 10 % permet de compenser l’exposition, ce qui signifie que le Compartiment peut prendre des positions courtes en utilisant des swaps de défaut de crédit sur des émetteurs considérés comme présentant des risques ESG « très élevés » afin de réduire son exposition longue agrégée et de rester dans cette limite sur une base nette. De telles positions courtes peuvent être prises dans le cadre de l’approche du Compartiment en matière de gestion active et sans l’intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

### Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |


## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
Non applicable.

## Quelle est la part minimale d’investissements durables sur le plan social ?
Non applicable.

## Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Financial Capital Bond Fund | Identifiant d’entité juridique : 549300V6PSZE4CFW3430 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des
performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
## Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
pas de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est
prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres de créance subordonnés en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins 50 % de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, les 50 % restants peuvent être détenus en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.

L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il |

promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la
comparaison des performances.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Global Convertible Bond Fund | Identifiant d’entité juridique : 5493000EDJC32J0LWG98 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG duGestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important aux objectifs d’investissement environnementaux ou sociaux ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est
prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille d’obligations convertibles en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes etexternes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin

d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.
Le symbole représente des investissements durables ayant un objectif environnemental qui ne tiennent pas compte des critères applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE.

## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
Non applicable.

## Quelle est la part minimale d’investissements durables sur le plan social ?
Non applicable.

## Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Global High Yield Bond Fund | Identifiant d’entité juridique : M36YWD6NMS05SQDZ4F62 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes etexternes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin

d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires desinvestissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Le symbole  | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxonomie de l’UE ? |
| --- | --- |
| représente des investissements | Non applicable. |
| durables ayant un objectif environnemental qui ne tiennent pas | Quelle est la part minimale d’investissements durables sur le plan social ? |
| compte des critères applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire. |

Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’Article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/
2088 
et à l’Article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Global High Yield ESG Bond Fund | Identifiant d’entité juridique : 22210031BZB0OWU36P77 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en violation active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « élevée » qui ne satisfont pas aux critères d’admissibilité (p. ex., preuve d’une trajectoire de performance ESG en amélioration ou volonté d’amélioration/lorsque le Gestionnaire d’investissement a un programme d’engagement pour promouvoir un changement positif)
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme présentant des risques ESG élevés sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
Non applicable.


### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des
investissements ?
En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires, pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx), pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx), pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il
n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- |
| Non applicable. |
| Quelle est la part minimale d’investissements durables sur le plan social ? |
| Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? |

Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une	activité
économique		qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires	des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Global Investment Grade Corporate Bond Fund | Identifiant d’entité juridique : 549300PWTRFAQBN52I65 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas de préjudice important à l’objectif d’investissement environnemental ou social ?

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives
apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences
négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des
obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il |

promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Global Sovereign Opportunities Fund | Identifiant d’entité juridique : 5493001FIL2P0RED9Q76 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des
performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines ainsi que les Titres de crédit structurés et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier« gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et

comment l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils

pas de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins 50 % de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, les 50 % restants peuvent être détenus en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que l’émetteur ait été exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou que l’émetteur ait été exclu parce que considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors le Compartiment n’aura aucune exposition longue, mais il pourra prendre des positions courtes en utilisant des swaps de défaut de crédit sur ces émetteurs présentant des risques ESG « très élevés » dans le cadre de son approche de gestion active. Ces positions courtes peuvent être prises sans intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
applicable.

## Quelle est la part minimale d’investissements durables sur le plan social ?
applicable.

## Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des performances.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay High Yield ESG Bond Fund | Identifiant d’entité juridique : 2VMIJS3CD1JEJYSZHL13 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Exclusion des titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées, ou qui ne disposent pas de processus et de mécanismes de conformité appropriés pour surveiller et prévenir les controverses liées aux questions ESG (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines ainsi que les Titres de crédit structurés et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en violation active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « élevée » qui ne satisfont pas aux critères d’admissibilité (p. ex., preuve d’une trajectoire de performance ESG en amélioration ou volonté d’amélioration/lorsque le Gestionnaire d’investissement a un programme d’engagement pour promouvoir un changement positif).
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à l’objectif d’investissement environnemental ou social ?
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives
apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait
actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes
ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme présentant des risques ESG élevés sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des

Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
L’allocation des actifs décrit la part des investissements dans des actifs spécifiques.

### investissements ?
En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,66 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et
n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? |

Non applicable.

## anties
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier
est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations
ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’Article 9, paragraphes 1 à 4 bis, du règlement (UE)
2019/2088 et à l’Article 5, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
2. Compartiments ayant un objectif d’investissement durable (Article 9 du Règlement SFDR)
| Dénomination du produit : BlueBay Impact-Aligned Bond Fund | Identifiant d’entité juridique : 549300UW5Y0T1LMJEQ28 |
| --- | --- |

Objectif d’investissement durable
Quel est l’objectif d’investissement durable de ce produit financier ?
L’objectif d’investissement durable du Compartiment consiste à investir dans des titres à revenu fixe concernés qui contribuent à des thèmes de durabilité, tels que définis par le Gestionnaire d’investissement. Les titres à revenu fixe concernés comprennent 1) les titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines, et 2) les instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit.
Les thèmes de durabilité ont développé des titres cibles offrant des solutions aux principaux défis environnementaux et sociaux. Il s’agit notamment (i) de parvenir à une société inclusive ; (ii) de développer des connaissances et des compétences ; (iii) de garantir la santé, la sécurité et le bien-être ; (iv) de promouvoir l’économie circulaire ; (v) de garantir l’abondance et la propreté de l’eau ; (vi) de garantir une énergie propre et sûre ; et (vii) de promouvoir la mobilité et des infrastructures durables.
Les thèmes de durabilité peuvent évoluer avec le temps en fonction des changements dans les tendances de durabilité affectant les personnes et la planète que le Gestionnaire d’investissement identifie. Le Gestionnaire d’investissement vise à investir dans différents thèmes de durabilité afin de fournir une exposition diversifiée.
Le Compartiment ne dispose pas d’un indice de référence ni pour atteindre son objectif d’investissement durable ni pour
comparer les performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de l’objectif d’investissement durable de ce

Les indicateurs de durabilité permettent de mesurer la manière dont les objectifs de durabilité de ce produit financier sont atteints.
produit financier ?
Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller l’objectif d’investissement durable du
Compartiment sont les suivants :
- Le niveau d’investissement du Compartiment dans des titres à revenu fixe concernés d’émetteurs apportant dessolutions aux principaux défis environnementaux et sociaux.
- L’allocation des investissements du Compartiment dans différents thèmes de durabilité.
- L’allocation des investissements du Compartiment conformément aux Objectifs de développement durable des Nations Unies qui peuvent être liés aux activités économiques.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en violation active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « élevée » qui ne satisfont pas aux critères d’admissibilité (p. ex., preuve d’une trajectoire de performance ESG en amélioration ou volonté d’amélioration/lorsque le Gestionnaire d’investissement a un programme d’engagement pour promouvoir un changement positif).
- 
### Dans quelle mesure les investissements durables ne causent-ils pas de préjudice important à un objectif d’investissement

durable sur le plan environnemental ou social ?
Les principales incidences négatives correspondent aux incidences négatives les plus significatives des décisions d’investissement sur les facteurs de durabilité liés aux questions environnementales, sociales et de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Pour se prémunir des investissements causant un préjudice important à l’objectif d’investissement durable du Compartiment, le Gestionnaire d’investissement adopte l’approche suivante :
- Le profil de durabilité de l’activité économique tout entière d’un émetteur est pris en compte, et pas seulement les critères d’admissibilité, et ce afin d’exclure ceux qui présentent une exposition importante aux activités économiques qui causent un préjudice important à l’objectif d’investissement durable du Compartiment. Pour ce faire, il convient d’appliquer des filtres d’exclusion aux activités économiques qui ont des incidences négatives significatives sur les Facteurs de durabilité, tels que, sans s’y limiter, l’exclusion des émetteurs exposés à la production d’armes controversées, à la production de tabac ou à des combustibles fossiles tels que le charbon thermique. Dans d’autres cas, même s’il n’existe pas de filtre d’exclusion formel pour une activité économique donnée, il peut être décidé que les aspects négatifs des activités économiques non admissibles l’emportent sur les avantages de celles qui le sont ;
- La conduite de l’émetteur au niveau de l’entité est également prise en compte afin d’exclure les cas où leurs pratiques opérationnelles peuvent causer un préjudice important à l’objectif d’investissement durable du Compartiment. Pour ce faire, il convient d’appliquer des filtres d’exclusion tels que, mais sans s’y limiter, l’exclusion des émetteurs qui ne respectent pas les conventions, normes et déclarations internationales, telles que le Pacte mondial des Nations Unies (pour les entreprises), ou qui ne font pas partie ou n’ont pas ratifiés certaines conventions sur la corruption, la torture et les châtiments corporels, ou l’Accord de Paris en vertu de la convention-cadre des Nations Unies sur les changements climatiques (pour les États) ; ou dont les performances en matière de controverses ESG sont les plus mauvaises (pour les entreprises). L’objectif est également réalisé grâce à la définition de seuils de pratiques acceptables une fois effectuée la sélection d’Intégration ESG du Gestionnaire d’investissement. En vertu de ces seuils, les émetteurs ayant les plus mauvaises Notations ESG fondamentales (de risque) (« très élevée ») sont systématiquement exclus. De plus, les émetteurs dont la Notation ESG fondamentale (de risque) est juste au-dessus (« élevée ») et qui ne satisfont pas aux critères d’admissibilité pour être considérés comme acceptables (p. ex., preuve d’une trajectoire de performance ESG en amélioration ou volonté d’amélioration/lorsque le Gestionnaire d’investissement a un programme d’engagement pour promouvoir un changement positif) sont également exclus.

Tous les détails sur l’Exclusion ESG / la Sélection négative appliquée par le Compartiment sont disponibles à la section 5 du présent Prospectus.
-	Comment les indicateurs concernant les incidences négatives ont-ils été pris en considération ?
Les indicateurs des incidences négatives sur les facteurs de durabilité sont pris en compte dans le cadre de l’évaluation des Investissements durables à l’aune du principe consistant à « ne pas causer de préjudice important » effectuée par le Gestionnaire d’investissement. Les indicateurs utilisés couvrent des questions environnementales et sociales et peuvent conduire à des exclusions d’investissements ou des inclusions conditionnelles fondées sur certaines conditions. Certaines Exclusions ESG / Sélections négatives appliquées par le Compartiment, telles que l’implication dans les combustibles fossiles et le non-respect du Pacte mondial des Nations Unies, sont directement liées aux indicateurs des incidences négatives.
-	Dans quelle mesure les investissements durables sont-ils conformes aux principes directeurs de l’OCDE à l’intention des entreprises multinationales et aux principes directeurs des Nations unies relatifs aux entreprises et aux droits de l’homme ?
Le Compartiment tient compte de la conduite au niveau des entités s’agissant des conventions, normes et déclarations internationales, dans la mesure où elles sont pertinentes pour les émetteurs privés ou souverains. Pour les entreprises, nous appliquons un filtre d’exclusion formel à celles qui enfreignent le Pacte mondial des Nations Unies (pour les entreprises). Bien qu’il ne s’agisse pas d’un filtre d’exclusion formel, le Gestionnaire d’investissement tient également compte de la performance des émetteurs à l’aune d’autres normes internationales, telles que les principes directeurs des Nations Unies relatifs aux entreprises et aux droits de l’homme et les principes directeurs de l’OCDE à l’intention des entreprises multinationales, afin de déterminer si les pratiques d’un émetteur relativement à ces principes sont suffisamment problématiques pour déclencher son exclusion. Des informations sur les controverses ESG provenant de fournisseurs d’informations ESG tiers ainsi que d’autres sources sont utilisées pour étayer l’évaluation.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X   Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit principalement dans un portefeuille de titres à revenu fixe notés « investment grade » sélectionnés parce qu’ils sont considérés comme des Investissements durables. En conséquence, le Gestionnaire d’investissement cherche à investir dans :
- Des émetteurs privés dont les activités économiques principales offrent des opportunités d’investissement et contribuent directement à relever des défis environnementaux et sociaux à l’échelle mondiale. L’alignement de l’activité économique de l’émetteur privé avec l’exposition importante aux thèmes de durabilité pertinents est évalué en déterminant, entre autres indicateurs, le niveau des revenus ou des bénéfices découlant de l’activité économique éligible et le niveau d’investissement de l’émetteur dans cette activité. Pour ces émetteurs, les titres sélectionnés pour l’investissement peuvent être des émissions classiques ou des émissions labellisées ESG.
- Des titres qui soutiennent ou financent une activité alignée sur les thèmes de durabilité du Gestionnaire d’investissement. Ces titres peuvent être émis par des émetteurs privés ou par des émetteurs Souverains, Supranationaux et Agences (« SSA »), et peuvent être des émissions classiques ou labellisées ESG. Dans le cas des émissions labellisées ESG, notamment les obligations vertes, sociales et durables, elles sont considérées comme étant alignées lorsque l’utilisation des produits est allouée à des projets qui répondent aux thèmes de durabilité. En ce qui concerne les obligations durables, elles sont considérées comme étant alignées lorsque les objectifs de ces obligations sont liés aux thèmes de durabilité.

De plus, dans le cadre de l’évaluation des Investissements durables à l’aune du principe consistant à « ne pas causer de préjudice important », le Compartiment mettra en œuvre (i) des Exclusions ESG / Sélections ; (ii) la Sélection fondée sur des normes ; et (iii) l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme ayant une Notation ESG fondamentale (de risque) « élevée » sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés. Le Compartiment mettra également en œuvre un Engagement ESG renforcé dans le cadre de son engagement actionnarial (stewardship).
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements en vue d’atteindre l’objectif d’investissement durable ?

Dans le cadre des exigences ESG contraignantes, tout titre à revenu fixe concerné détenu par le Compartiment doit contribuer à l’un des thèmes de durabilité définis par le Gestionnaire d’investissement. L’alignement des titres sur un thème de durabilité est évalué par le Gestionnaire d’investissement sur la base de l’analyse de l’activité économique de l’émetteur ou du titre et de l’activité financée.
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui peut en outre restreindre les émetteurs en fonction du résultat de l’évaluation ESG. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
Les pratiques de bonne gouvernance concernent des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect des obligations fiscales.
Le Compartiment mettra également en œuvre un Engagement ESG renforcé dans le cadre de son engagement actionnarial (stewardship). Ceci n’est pas un critère de sélection contraignant en tant que tel ; en revanche, un engagement sera entrepris lorsqu’il sera jugé approprié de le faire sur les facteurs et/ou les risques ESG. Cet engagement peut être axé sur le fait d’obtenir des informations et/ou de gagner en influence dans le but de provoquer un changement. Il peut être réalisé bilatéralement ou en collaboration avec des parties prenantes externes et peut être entrepris par les analystes crédit et/ou ESG. Le résultat de l’engagement pourrait donner lieu à une décision d’exclusion de l’émetteur, à la discrétion du Gestionnaire d’investissement.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

### Quelle est l’allocation des actifs et la part minimale d’investissements durables ?
L’allocation des actifs décrit la part des investissements dans des actifs spécifiques.
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont considérés comme des investissements durables (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont considérés comme des investissements durables (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne respecte plus l’objectif d’investissement durable du Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui ne sont pas considérés comme des Investissements durables et rentrent dans la catégorie #2.
1. Alignement des investissements sur la taxinomie, obligations
souveraines incluses*
Taxonomy- aligned
Other investments
100%
Taxonomy- aligned
Other investments
0%
100%
2. Alignement des investissements sur la taxinomie, hors obligations souveraines*
0%
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle l’objectif d’investissement durable ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin d’atteindre l’objectif d’investissement durable du Compartiment.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour atteindre l’objectif d’investissement durable du Compartiment. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne sont pas pris en compte pour atteindre l’objectif d’investissement durable du Compartiment.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Le Compartiment s’engage à ce que l’alignement de son portefeuille sur le Règlement européen sur la taxonomie soit d’au moins 0 %. Le Gestionnaire d’investissement prévoit de réexaminer l’alignement de son portefeuille et de fournir des informations sur la méthodologie de calcul dans une future version de ce Prospectus.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| Les deux graphiques ci-dessous font apparaître en vert le pourcentage minimal d’investissements alignés sur la taxinomie de l’UE. Étant donné qu’il n’existe pas de méthodologie appropriée pour déterminer l’alignement des obligations souveraines* sur la taxinomie, le premier graphique montre l’alignement sur la taxinomie par rapport à tous les investissements du produit financier, y compris les obligations souveraines, tandis que le deuxième graphique représente l’alignement sur la taxinomie uniquement par rapport aux investissements du produit financier autres que les obligations souveraines. |
| --- |
| 1. Alignement des investissements sur la taxinomie, obligations souveraines incluses* 0 % Alignés sur la taxinomie Autres	100 % investissements |  | 2. Alignement des investissements sur la taxinomie, hors obligations souveraines* 0 % Alignés sur la taxinomie Autres investissements 100 % |  |
| * Aux fins de ces graphiques, les « obligations souveraines » comprennent toutes les expositions souveraines. |

- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ?
La part minimale d’Investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE s’élève à 30 % de l’actif net. Le Compartiment vise à investir sur l’ensemble de ses thèmes de durabilité, lesquels comprennent des thèmes environnementaux et sociaux, afin d’offrir une approche diversifiée. Le Gestionnaire d’investissement adopte une approche active et l’allocation du Compartiment dans les différents thèmes peut varier au fil du temps en fonction des opportunités d’investissement offertes dans chaque thème, telles qu’identifiées par le Gestionnaire d’investissement. Si la part des Investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE est au minimum, la part restante du Compartiment devrait être investie dans des Investissements durables avec un objectif social.

## 	Quelle est la part minimale d’investissements durables ayant un objectif social ?
La part minimale des Investissements durables ayant un objectif social est fixée à 20 % de l’actif net. Si la part des Investissements durables ayant un objectif social est au minimum, la part restante du Compartiment devrait être investie dans des Investissements durables avec un objectif environnemental.

## Quels investissements sont inclus dans la catégorie « #2 Non durables », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ?
Le Compartiment peut détenir certains instruments qui ne sont pas considérés comme des Investissements durables tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour atteindre l’objectif d’investissement
durable?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’Article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/
2088 
et à l’Article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Absolute Return Bond Fund | Identifiant d’entité juridique : J851PLGHDUNMTUO6Y387 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des
performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques

Les indicateurs de durabilité évaluent la mesure dans laquelle les caractéristiques environnementales ou sociales promues par	le	produit
financier	sont atteintes.

### environnementales ou sociales promues par le produit financier ?
Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines ainsi que les Titres de crédit structurés et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

de préjudice important à l’objectif d’investissement environnemental ou social ?
Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences
négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG des Titres de crédit structurés effectuée par le Gestionnaire d’investissement tient compte des différentes caractéristiques des instruments appartenant à cette catégorie d’actifs. Pour les CLO, le Gestionnaire d’investissement effectue une analyse du gestionnaire et du pool de garanties de ces valeurs. Pour les autres types de Titres de crédit structurés, y compris, mais sans s’y limiter, les titres adossés à des actifs, l’évaluation ESG du Gestionnaire d’investissement dépend d’un certain nombre de facteurs. Pour un titre qui est émis directement par un émetteur privé et dont le pool de garanties fait partie de l’activité économique de l’émetteur, l’évaluation ESG du Gestionnaire d’investissement suivra la même approche que celle des titres à revenu fixe et évaluera le risque ESG de l’émetteur privé. Pour les titres émis par des structures ad hoc qui ne font pas directement partie de l’activité économique d’une société émettrice, tels que les titres adossés à un pool de prêts hypothécaires ou de prêts automobiles, le Gestionnaire d’investissement effectue son évaluation ESG en évaluant l’émetteur, le prestataire de services et le pool de garanties. L’Exclusion ESG ou la Sélection négative applicable au Compartiment ne peut s’appliquer au pool d’actifs sous-jacents des Titres de crédit structurés que si le Gestionnaire d’investissement est l’émetteur de ces titres.
L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

### Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins 50 % de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, les 50 % restants peuvent être détenus en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que l’émetteur ait été exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou que l’émetteur ait été exclu parce que considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors le Compartiment n’aura aucune exposition longue, mais il pourra prendre des positions courtes en utilisant des swaps de défaut de crédit sur ces émetteurs présentant des risques ESG « très élevés » dans le cadre de son approche de gestion active. Ces positions courtes peuvent être prises sans intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
| - Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?
 |
| --- |
| Non applicable. |

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements | Non applicable. |
| durables ayant un objectif environnemental qui ne tiennent pas | Quelle est la part minimale d’investissements durables sur le plan social ? |
| compte des critères applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des garanties environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il |

promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison
des performances.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’Article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/
2088 
et à l’Article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Absolute Return ESG Bond Fund | Identifiant d’entité juridique : 5493000X13W6BW0AI695 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Exclusion des titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées, ou qui ne disposent pas de processus et de mécanismes de conformité appropriés pour surveiller et prévenir les controverses liées aux questions ESG (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des
performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines ainsi que les Titres de crédit structurés et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en violation active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « élevée » qui ne satisfont pas aux critères d’admissibilité (p. ex., preuve d’une trajectoire de performance ESG en amélioration ou volonté d’amélioration/lorsque le Gestionnaire d’investissement a un programme d’engagement pour promouvoir un changement positif).
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives
apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structurede propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG des Titres de crédit structurés effectuée par le Gestionnaire d’investissement tient compte des différentes caractéristiques des instruments appartenant à cette catégorie d’actifs. Pour les CLO, le Gestionnaire d’investissement effectue une analyse du gestionnaire et du pool de garanties de ces valeurs. Pour les autres types de Titres de crédit structurés, y compris, mais sans s’y limiter, les titres adossés à des actifs, l’évaluation ESG du Gestionnaire d’investissement dépend d’un certain nombre de facteurs. Pour un titre qui est émis directement par un émetteur privé et dont le pool de garanties fait partie de l’activité économique de l’émetteur, l’évaluation ESG du Gestionnaire d’investissement suivra la même approche que celle des titres à revenu fixe et évaluera le risque ESG de l’émetteur privé. Pour les titres émis par des structures ad hoc qui ne font pas directement partie de l’activité économique d’une société émettrice, tels que les titres adossés à un pool de prêts hypothécaires ou de prêts automobiles, le Gestionnaire d’investissement effectue son évaluation ESG en évaluant l’émetteur, le prestataire de services et le pool de garanties. L’Exclusion ESG ou la Sélection négative applicable au Compartiment ne peut s’appliquer au pool d’actifs sous-jacents des Titres de crédit structurés que si le Gestionnaire d’investissement est l’émetteur de ces titres.
L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin

d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme présentant des risques ESG élevés sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins 50 % de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, les 50 % restants peuvent être détenus en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que l’émetteur ait été exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou que l’émetteur ait été exclu parce que considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors le Compartiment n’aura aucune exposition longue, mais il pourra prendre des positions courtes en utilisant des swaps de défaut de crédit sur ces émetteurs présentant des risques ESG « très élevés » dans le cadre de son approche de gestion active. Ces positions courtes peuvent être prises sans intention de promouvoir les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des performances.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’Article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/
2088 
et à l’Article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Bond Fund | Identifiant d’entité juridique : ZY4V92HRNHOW4ZXD2385 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent		des structures de gestion saines, les relations avec le personnel, la rémunération		du personnel et le respect des	obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les deux graphiques ci-dessous font apparaître en vert le pourcentage minimal d’investissements alignés sur la taxinomie de l’UE. Étant donné qu’il n’existe pas de méthodologie appropriée pour déterminer l’alignement des obligations souveraines* sur la taxinomie, le premier graphique montre l’alignement sur la taxinomie par rapport à tous les investissements du produit financier, y compris les obligations souveraines, tandis que le deuxième graphique représente l’alignement sur la taxinomie uniquement par rapport aux investissements du produit financier autres que les obligations souveraines.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une	activité
économique		qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires	des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade ESG Bond Fund | Identifiant d’entité juridique : 549300PMTQT8XX2FZ077 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Exclusion des titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées, ou qui ne disposent pas de processus et de mécanismes de conformité appropriés pour surveiller et prévenir les controverses liées aux questions ESG (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines ainsi que les Titres de crédit structurés et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme présentant des risques ESG élevés sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la
disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG des Titres de crédit structurés effectuée par le Gestionnaire d’investissement tient compte des différentes caractéristiques des instruments appartenant à cette catégorie d’actifs. Pour les CLO, le Gestionnaire d’investissement effectue une analyse du gestionnaire et du pool de garanties de ces valeurs. Pour les autres types de Titres de crédit structurés, y compris, mais sans s’y limiter, les titres adossés à des actifs, l’évaluation ESG du Gestionnaire d’investissement dépend d’un certain nombre de facteurs. Pour un titre qui est émis directement par un émetteur privé et dont le pool de garanties fait partie de l’activité économique de l’émetteur, l’évaluation ESG du Gestionnaire d’investissement suivra la même approche que celle des titres à revenu fixe et évaluera le risque ESG de l’émetteur privé. Pour les titres émis par des structures ad hoc qui ne font pas directement partie de l’activité économique d’une société émettrice, tels que les titres adossés à un pool de prêts hypothécaires ou de prêts automobiles, le Gestionnaire d’investissement effectue son évaluation
ESG en évaluant l’émetteur, le prestataire de services et le pool de garanties. L’Exclusion ESG ou la Sélection négative applicable au Compartiment ne peut s’appliquer au pool d’actifs sous-jacents des Titres de crédit structurés que si le Gestionnaire d’investissement est l’émetteur de ces titres.
L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ;
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. En outre, les émetteurs qui sont considérés par le Gestionnaire d’investissement comme présentant des risques ESG élevés sont exclus au cas par cas en fonction d’un ensemble de facteurs, y compris et entre autres, les preuves d’une meilleure gestion des Facteurs de durabilité ou des Risques en matière de durabilité clés. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,66 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
La catégorie #1 Alignés sur les caractéristiques E/S inclut les investissements du produit financier utilisés pour atteindre les caractéristiques environnementales ou sociales promues par le produit financier.
La catégorie #2 Autres inclut les investissements restants du produit financier qui ne sont ni alignés sur les caractéristiques environnementales ou sociales ni considérés comme des investissements durables.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? |

Non applicable.

## anties
Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment n’a pas d’indice de référence, ni pour la mise en œuvre de considérations ESG ni pour la comparaison des performances.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Euro Aggregate Bond Fund | Identifiant d’entité juridique : M7QNGURKPVKOWSW4A659 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des
émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille d’obligations convertibles en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations
obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment devrait investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Euro Government Bond Fund | Identifiant d’entité juridique : MYD35P6PMJNKVCNITU34 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notationde risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X   Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés
détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du
Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille d’obligations convertibles en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un
engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et
n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie « #2 Autres », quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Global Aggregate Bond Fund | Identifiant d’entité juridique : 549300ZNM26YH19QRA10 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire
les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille d’obligations convertibles en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment deson profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau decorruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente del’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sastructure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à son groupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des

Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.

### investissements ?
En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissemen t (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
- Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)

| Dénomination du produit : BlueBay Investment Grade Global Government Bond Fund | Identifiant d’entité juridique : 549300MIGMXGR1KUKR05 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG duGestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à l’objectif d’investissement environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR.
Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille d’obligations convertibles en combinaison avec des critères ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment de sonprofil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau de corruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente de l’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sa structure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière de climat/carbone et la présence d’un historique de conformité réglementaire ; et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes etexternes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin

d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et (iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée » et est par conséquent systématiquement exclu de l’investissement. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est
aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut.
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/
Modèle d’informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent	des pratiques de bonne gouvernance.
1. Compartiments qui promeuvent des caractéristiques environnementales ou sociales (Article 8 du Règlement SFDR)
| Dénomination du produit : BlueBay Total Return Credit Fund | Identifiant d’entité juridique : 549300FTTQHYQJC22160 |
| --- | --- |

Caractéristiques environnementales et/ou sociales
La taxinomie de l’UE est un système de classification institué par le règlement (UE) 2020/852, qui dresse une liste d’activités économiques durables sur le plan environnemental.
Ce règlement ne dresse pas de liste d’activités économiques durables sur le plan social.	Les
investissements durables ayant un objectif environnemental ne sont	pas
nécessairement alignés	sur	la taxinomie.

## Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Excluant les titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG).

L’indice de référence du Compartiment ne met en œuvre aucune des considérations ESG spécifiques qui s’appliquent au
Compartiment et est donc utilisé uniquement à des fins de comparaison des performances.
- 
### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?

Le Compartiment vise à investir dans des titres à revenu fixe dans le cadre d’une évaluation ESG. Il s’agit notamment 1) de titres ayant une exposition directe à l’émetteur, tels que les obligations d’entreprises ou souveraines et 2) d’instruments financiers dérivés avec une exposition indirecte lorsque l’entreprise ou l’émetteur souverain est le sous-jacent, tels que les swaps de défaut de crédit, qui contribuent à la réalisation des caractéristiques ESG promues par le Compartiment. Les indicateurs de durabilité utilisés pour évaluer, mesurer et surveiller les caractéristiques ESG du Compartiment sont les suivants :
- La part des titres à revenu fixe concernés détenus par le Compartiment qui sont couverts par l’évaluation ESG du Gestionnaire d’investissement.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à une Exclusion ESG / Sélection négative (fondée sur les produits) ou Sélection fondée sur les normes ESG (fondée sur la conduite) applicable au Compartiment, comme détaillé à la section 5 du présent Prospectus.
- La part des titres à revenu fixe concernés qui sont conformes et ne sont pas en infraction active relativement à la sélection d’Intégration ESG qui exclut les émetteurs ayant une Notation ESG fondamentale (de risque) « très élevée » (soit au niveau ESG global, soit spécifiquement pour le pilier « gouvernance »), conformément à l’évaluation ESG exclusive du Gestionnaire d’investissement détaillée ci-après.
- 
### Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment

l’investissement durable contribue-t-il à ces objectifs ?
Non applicable.
- 
### Dans quelle mesure les investissements durables que le produit financier entend partiellement réaliser ne causent-ils pas

Les		principales incidences négatives correspondent	aux incidences négatives les plus significatives des			décisions d’investissement sur les	facteurs		de durabilité liés aux questions environnementales, sociales		 et		de personnel, au respect des droits de l’homme et à la lutte contre la corruption et les actes de corruption.
de préjudice important à un objectif d’investissement durable sur le plan environnemental ou social ?
Non applicable.
La taxinomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxinomie ne devraient pas causer de préjudice important aux objectifs de la taxinomie de l’UE et qui s’accompagne de critères spécifiques de l’Union européenne.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux.

## Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité ?
 X  Oui, les incidences environnementales et sociales des activités de tous les titres à revenu fixe concernés détenus par le Compartiment sont évaluées en continu grâce au processus d’Intégration ESG du Gestionnaire d’investissement. La prise en compte des indicateurs des principales incidences négatives apporte des données supplémentaires pour le pilier environnemental et social de l’évaluation ESG des émetteurs et peut, dans certains cas, entraîner des exclusions ou des inclusions conditionnelles de titres à revenu fixe sur la base du respect de certaines conditions. Le Gestionnaire d’investissement surveille et évalue une gamme d’indicateurs des principales incidences négatives. Toutefois, étant donné que, pour beaucoup de ces indicateurs, la déclaration par les sociétés bénéficiaires des investissements se fait actuellement sur la base du volontariat, la disponibilité des données sur certains indicateurs est limitée. Aussi, l’intégration des indicateurs des principales incidences négatives se fait-elle au mieux, reflétant la disponibilité de ces informations. Toutefois, à mesure que la disponibilité des données s’améliore, il est prévu que les indicateurs des principales incidences négatives couvrent une plus grande partie de l’univers
d’investissement du Gestionnaire d’investissement et permettent donc de mieux comprendre les incidences négatives causées par les entités bénéficiaires des investissements. Des informations plus détaillées sur la prise en compte par le Compartiment des principales incidences négatives seront fournies dans une version future de ce Prospectus.
De plus amples informations sur les principales incidences négatives sur les facteurs de durabilité sont
disponibles dans le rapport périodique conformément à l’Article 11(2) du Règlement SFDR. Non

## Quelle stratégie d’investissement ce produit financier suit-il ?
Le Compartiment investit dans un portefeuille de titres à revenu fixe d’émetteurs basés dans des Pays émergents tout en
tenant compte des considérations ESG.
Le Gestionnaire d’investissement effectue une analyse ESG sur les émetteurs privés et souverains, à l’aide de son propre cadre d’évaluation ESG exclusif des émetteurs, qui se traduit par deux indicateurs ESG complémentaires : une Notation ESG fondamentale (de risque) (qui fait référence à l’évaluation des facteurs/risques ESG) et un Score ESG d’investissement (qui indique dans quelle mesure les facteurs/risques ESG sont pertinents/importants pour l’investissement). L’indicateur clé qui peut entraîner des restrictions supplémentaires sur l’investissement est la Notation ESG fondamentale (de risque). Les analystes de crédit effectuent l’évaluation ESG initiale en attribuant les indicateurs ESG. Ceux-ci sont alors examinés et finalisés par l’équipe d’investissement ESG, puis hiérarchisés en fonction du risque ESG attribué. Le processus fonctionne sur le consensus. L’examen formel des évaluations ESG est réalisé tous les deux ans. Il peut toutefois être mis en place plus souvent si les analystes ont des raisons suffisantes pour remettre en question la validité en continu des indicateurs ESG attribués (en particulier la Notation ESG fondamentale (de risque)). Aucun investissement ne peut être réalisé dans un nouvel émetteur sans une analyse ESG effectuée au préalable pour s’assurer qu’il est approprié. Compte tenu des défis potentiels liés aux délais normaux d’une évaluation ESG, une analyse ESG préliminaire peut être réalisée au minimum. Il s’agit d’une version plus concise de l’évaluation ESG normale, qui s’appuie sur des indicateurs ESG tiers. Il est possible que, au moment où l’analyse ESG préliminaire est remplacée par une évaluation ESG normale, des informations ultérieures apparaissent et entraînent l’attribution d’une Notation ESG fondamentale (de risque) incompatible avec les exigences ESG du Compartiment. Dans ce cas, les titres de l’émetteur doivent être cédés dès que possible et/ou réalisable, en agissant dans l’intérêt des investisseurs.
Le profil ESG d’un émetteur est évalué selon différents critères, notamment :
- La façon dont l’émetteur est perçu à partir des fournisseurs d’informations ESG tiers.
- La performance de l’émetteur à l’aune d’une gamme de facteurs ESG de base préoccupants, indépendamment deson profil et de son groupe de pairs sectoriels/économiques spécifiques. Il s’agit notamment des domaines suivants :
- L’empreinte commerciale, y compris, mais sans s’y limiter, la présence de l’émetteur dans des pays à haut niveau decorruption, la mesure dans laquelle le modèle commercial est sensible aux risques de corruption, l’exposition aux relations avec le secteur public et les fonctionnaires, ainsi que l’empreinte environnementale inhérente del’entreprise sur la planète et la société ;
- La gouvernance et la gestion en tenant compte de la nature de la stratégie de croissance de l’entreprise, de sastructure de propriété juridique, de la qualité de la gestion, de la culture d’entreprise et des pratiques comptables ;
- L’environnement et l’existence de pratiques de gestion environnementale, les efforts de gestion en matière declimat/carbone et la présence d’un historique de conformité réglementaire et
- Les questions sociales telles que l’existence de pratiques formelles d’engagement des parties prenantes internes et externes et la présence d’un historique de conformité réglementaire.
- Le positionnement de l’entreprise par rapport à son secteur d’activité, ou de l’émetteur souverain par rapport à songroupe économique de pairs, sur les principaux facteurs ESG, et le fait que ses pratiques s’améliorent ou non.

L’évaluation ESG des Titres de crédit structurés effectuée par le Gestionnaire d’investissement tient compte des différentes caractéristiques des instruments appartenant à cette catégorie d’actifs. Pour les CLO, le Gestionnaire d’investissement effectue une analyse du gestionnaire et du pool de garanties de ces valeurs. Pour les autres types de Titres de crédit structurés, y compris, mais sans s’y limiter, les titres adossés à des actifs, l’évaluation ESG du Gestionnaire d’investissement dépend d’un certain nombre de facteurs. Pour un titre qui est émis directement par un émetteur privé et dont le pool de garanties fait partie de l’activité économique de l’émetteur, l’évaluation ESG du Gestionnaire d’investissement suivra la même approche que celle des titres à revenu fixe et évaluera le risque ESG de l’émetteur privé. Pour les titres émis par des structures ad hoc qui ne font pas directement partie de l’activité économique d’une société émettrice, tels que les titres adossés à un pool de prêts hypothécaires ou de prêts automobiles, le Gestionnaire d’investissement effectue son évaluation ESG en évaluant l’émetteur, le prestataire de services et le pool de garanties. L’Exclusion ESG ou la Sélection négative applicable au Compartiment ne peut s’appliquer au pool d’actifs sous-jacents des Titres de crédit structurés que si le Gestionnaire d’investissement est l’émetteur de ces titres.
L’évaluation ESG de l’émetteur utilise un éventail de données et d’informations provenant de plusieurs ressources, notamment un mélange d’informations externes et internes (crédit et ESG) provenant, par exemple : de fournisseurs d’informations ESG tiers, de contacts/communications de la direction de l’entreprise, courtiers côté vendeur ayant des capacités ESG, de parties prenantes telles que les organismes de réglementation, les organisations non gouvernementales, les groupes industriels, les médias spécialisés dans les actualités ESG, ou encore les connaissances de l’analyste crédit interne spécialisé dans le secteur sur l’émetteur, le secteur et la région. Les informations provenant des fournisseurs d’informations ESG externes peuvent permettre de déterminer les émetteurs spécifiques qui seront exclus dans le cadre des approches d’Exclusion ESG / de Sélection et de Sélection fondée sur les normes ESG. Toutefois, pour l’évaluation ESG des émetteurs par le Gestionnaire d’investissement, les données provenant des fournisseurs d’informations ESG externes ne sont utilisées qu’en tant que commentaire et ne définissent pas la Notation ESG fondamentale (de risque) finale attribuée à chaque émetteur.
Les principaux résultats ESG issus de l’analyse ESG sont documentés sur les plateformes informatiques d’investissement du Gestionnaire d’investissement. Les participations et les émetteurs du portefeuille font l’objet d’une surveillance et d’un engagement continus, qui passe par un dialogue avec les émetteurs pour approfondir nos connaissances et/ou promouvoir le changement afin d’atténuer les risques d’investissement ou de protéger les caractéristiques ESG. Les informations obtenues grâce à ce processus permettent d’éclairer encore davantage les opinions et les décisions d’investissement et sont susceptibles d’entraîner la modification des indicateurs ESG attribués.
- 
### Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?

Les exigences ESG contraignantes résultent (i) des Exclusions ESG / Sélections ; (ii) de la Sélection fondée sur des normes ; et
(iii) de l’Intégration ESG qui exclut les émetteurs en fonction du résultat de l’évaluation ESG lorsqu’un émetteur est considéré comme ayant une Notation ESG fondamentale (de risque) « très élevée » selon le processus d’évaluation ESG du Gestionnaire d’investissement. Sur les deux indicateurs ESG générés, la Notation ESG fondamentale (de risque) est l’élément contraignant, car elle se rapporte explicitement aux facteurs et risques ESG. Le Score ESG d’investissement n’est pas contraignant, car il fait référence à l’importance des facteurs et risques ESG pour l’investissement. Vous trouverez des informations plus détaillées sur les exigences ESG applicables au Compartiment en consultant la section 5 du présent Prospectus.
- 
### Quel est le taux minimal d’engagement pour réduire la portée des investissements envisagés avant l’application de cette stratégie d’investissement ?

Non applicable.
Les pratiques de bonne gouvernance concernent	des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect	des obligations fiscales.
- 
### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?

En vertu du cadre d’évaluation ESG exclusif du Gestionnaire d’investissement, tout émetteur considéré comme présentant des risques ESG « très élevés » relativement au pilier de gouvernance se voit automatiquement attribuer une Notation ESG fondamentale (de risque) globale « très élevée ». Par conséquent, cet émetteur est systématiquement comptabilisé comme entrant dans la limite d’exposition nette de 10 % appliquée par le Compartiment. Tout émetteur détenu considéré comme présentant des risques ESG « très élevés » dus à des problèmes de gouvernance devra démontrer une amélioration de sa trajectoire de performance ou faire l’objet d’un engagement stratégique spécifiquement axé sur le pilier de gouvernance. L’évaluation de la gouvernance des émetteurs tient compte à la fois des aspects conventionnels de la gouvernance d’entreprise et des questions liées à la gouvernance au sens large. Cela inclut, notamment, des facteurs tels que : les structures de propriété, l’indépendance et la responsabilité du conseil d’administration, la qualité de la gestion, l’intéressement et la rémunération, les pratiques comptables, la stratégie de croissance de l’entreprise, ainsi que des questions plus larges de culture et d’éthique.

## Quelle est l’allocation des actifs prévue pour ce produit financier ?
Le Compartiment est censé investir 100 % de son actif net dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1). Conformément à la politique d’investissement du Compartiment, au moins les deux tiers (66,67 %) de l’actif net du Compartiment seront investis dans des titres à revenu fixe concernés qui sont alignés sur les caractéristiques E/S promues par le Compartiment (catégorie #1), sous réserve de tout titre que le Gestionnaire d’investissement est en train de vendre, car il ne répond plus aux considérations ESG appliquées par le Compartiment.
Au maximum, le tiers restant (33,33 %) peut être détenu en liquidités (dans la limite de 20 % définie dans le présent Prospectus), en certificats bancaires à court terme et en Instruments du marché monétaire qui n’intègrent pas de caractéristiques E/S et rentrent dans la catégorie #2.
Les activités alignées sur la taxinomie sont exprimées en pourcentage :
- du chiffre d’affaires pour refléter la part des revenus provenant des activités vertes des sociétés bénéficiaires des investissements ;
- des dépensesd’investissement (CapEx) pour montrer les investissements verts réalisés par les sociétés bénéficiaires des investissements, pour une transition vers une économie verte par exemple ;
- des dépenses d’exploitation (OpEx) pour refléter les activités opérationnelles vertes des sociétés bénéficiaires des investissements.
- 
### Comment l’utilisation de produits dérivés atteint-elle les caractéristiques environnementales ou sociales promues par le produit financier ?

L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit). La capacité du Compartiment à prendre des positions longues ou courtes sur des émetteurs exclus en raison de Facteurs de durabilité dépend du fait que l’émetteur ait été exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes ou que l’émetteur ait été exclu parce que considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement. Si l’émetteur est exclu en raison de l’application des Exclusions ESG / Sélections et de la Sélection fondée sur des normes, alors la prise de positions, longues ou courtes, est interdite. Si l’émetteur n’est pas exclu par les sélections susmentionnées, mais s’il est considéré comme présentant des risques ESG « très élevés » en conséquence de l’Intégration ESG du Gestionnaire d’investissement, alors le Compartiment n’aura aucune exposition longue, mais il pourra prendre des positions courtes en utilisant des swaps de défaut de crédit sur ces émetteurs présentant des risques ESG « très élevés » dans le cadre de son approche de gestion active. Ces positions courtes peuvent être prises sans intention de promouvoir les caractéristiques E/S.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour promouvoir les caractéristiques E/S. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne promeuvent pas les caractéristiques E/S.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment.

## Dans quelle mesure minimale les investissements durables ayant un objectif environnemental sont-ils alignés sur la
taxinomie de l’UE ?
Bien que ce Compartiment promeuve les caractéristiques environnementales et sociales au sens de l’Article 8 du Règlement SFDR, il ne s’engage pas actuellement à investir dans des « investissements durables » au sens du Règlement SFDR ou du Règlement européen sur la taxonomie. Ainsi, il convient de noter que ce Compartiment ne tient pas compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement européen sur la taxonomie et que l’alignement de son portefeuille avec ce Règlement européen sur la taxonomie est nul. Par conséquent, le principe consistant à « ne pas causer de préjudice important » ne s’applique à aucun des investissements de ce Compartiment.
Les activités habilitantes permettent directement à d’autres activités de contribuer de manière substantielle à la réalisation d’un objectif environnemental.
Les activités transitoires sont des activités pour lesquelles il n’existe pas encore de solutions de remplacement sobres en carbone et, entre autres, dont les niveaux d’émission de gaz à effet de serre correspondent aux meilleures performances réalisables.
- 
### Quelle est la part minimale d’investissements dans des activités transitoires et habilitantes ?

Non applicable.

## anties
| Le symbole représente des | Quelle est la part minimale d’investissements durables ayant un objectif environnemental qui ne sont pas alignés sur la taxinomie de l’UE ? |
| --- | --- |
| investissements durables ayant un | Non applicable. |
| objectif environnemental qui ne tiennent pas compte des critères | Quelle est la part minimale d’investissements durables sur le plan social ? |
| applicables aux activités économiques durables sur le plan environnemental au titre de la taxinomie de l’UE. | Non applicable. Quels investissements sont inclus dans la catégorie «#2 Autres», quelle est leur finalité et existe-t-il des gar environnementales ou sociales minimales ? Le Compartiment peut détenir certains instruments qui ne contribuent pas directement aux caractéristiques E |

/S qu’il
promeut, tels que des liquidités, des certificats bancaires à court terme et des Instruments du marché monétaire.
Ces instruments peuvent être utilisés à des fins de préservation du capital et ne respectent aucune garantie environnementale ou sociale minimale.

## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Non. Le Compartiment ne dispose pas d’un indice de référence aux fins de la mise en œuvre des considérations ESG.

## Où puis-je trouver en ligne davantage d’informations spécifiques au produit ?
De plus amples informations sur le produit sont accessibles sur le site internet : https://www.bluebay.com/en/institutional/what-we-do/funds/sustainability-related-disclosures/