William Blair S.E.M.D.L.C.Fd.RH GBP/  LU2093702475  /

The Product seeks to provide risk-adjusted returns through investments in local currencies and local interest rates of emerging market countries. The Product invests in a diversified portfolio comprised predominately of debt instruments (i.e. notes, bonds, certificates, etc) issued and/or denominated in the currencies of developing countries ("emerging markets") in Latin America, Asia, Central Europe, Eastern Europe, Africa and the Middle East, with strategic emphasis on emerging market interest rate duration exposure and/or emerging market currency risk exposure. Furthermore, the Product enters into emerging market currency forward contracts (a currency market transaction in which a seller agrees to deliver a specific currency to a buyer at some point in the future). The Product also may invest a maximum of 1/3 of its net assets in debt instruments issued by other countries, including OECD member states, which will be denominated and have exposure to hard currencies. The Product can also take long and short positions in markets, securities and groups of securities through derivative contracts, may invest up to 10% of its net assets in contingent convertible securities (CoCos), and may invest up to 20% of its net assets in asset-backed securities (ABS). The Product may also invest in Chinese onshore debt securities through Bond Connect, a market facilitating investment to the Chinese bond market. The Product may invest in debt securities of any maturity or credit rating and may invest in high yield debt securities. The Product may invest up to 10% of its net assets in distressed or defaulted debt securities. The Product"s performance is measured against the benchmark, the JPMorgan Government Bond Index-Emerging Market (GBI-EM) Global Diversified. The Product is actively managed within its objective and is not constrained by a benchmark.

The Product seeks to provide risk-adjusted returns through investments in local currencies and local interest rates of emerging market countries. The Product invests in a diversified portfolio comprised predominately of debt instruments (i.e. notes, bonds, certificates, etc) issued and/or denominated in the currencies of developing countries ("emerging markets") in Latin America, Asia, Central Europe, Eastern Europe, Africa and the Middle East, with strategic emphasis on emerging market interest rate duration exposure and/or emerging market currency risk exposure. Furthermore, the Product enters into emerging market currency forward contracts (a currency market transaction in which a seller agrees to deliver a specific currency to a buyer at some point in the future). The Product also may invest a maximum of 1/3 of its net assets in debt instruments issued by other countries, including OECD member states, which will be denominated and have exposure to hard currencies.