Bluebay Investment Grade Bond Fund Simplified Prospectus

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					BlueBay   Simplified Prospectus
  Funds   July 2009

          Investment Fund under Luxembourg Law
          Sociéte d’Investissement à Capital Variable
                               BLUEBAY FUNDS

                   SIMPLIFIED PROSPECTUS dated July 2009

      A SICAV established under the laws of Luxembourg on 3 July 2002


This simplified prospectus contains only key information about the BlueBay Funds (the
"Fund"). For more information, including the latest full prospectus with the latest
annual and semi-annual reports that describe in detail the Fund’s objectives, fees and
expenses, risks and other matters of interest, please contact your financial advisor or
request the latest full prospectus with the latest annual and semi-annual reports at
the following address: 2-8, avenue Charles de Gaulle, L-1653 Luxembourg. Such
documents are available, at any time, free of charge, for existing and future investors
at the registered office of the Fund.

                            IMPORTANT INFORMATION
Legal structure:               Umbrella SICAV offering several Sub-Funds with
                               different Classes of Shares organized under Part I of
                               the law of 20 December 2002 relating to undertakings
                               for collective investment (the "Law of 2002") for an
                               unlimited duration. As a self-managed SICAV, the
                               Fund complies with the requirements of Article 27 of
                               the Law of 2002.
Promoter:                      BlueBay Asset Management plc
                               77 Grosvenor Street
                               London W1K 3JR
                               England
Investment Manager             BlueBay Asset Management plc
and Advisor:                   77 Grosvenor Street
                               London W1K 3JR
                               England
Custodian:                     Brown Brothers Harriman (Luxembourg) S.C.A.
                               2-8, avenue Charles de Gaulle, L-1653 Luxembourg
Auditor:                       PricewaterhouseCoopers S.à r.l
                               400, route d'Esch, B.P. 1443, L-1014 Luxembourg
Legal Adviser:                 Arendt & Medernach,
                               14, rue Erasme, B.P. 39, L-2010 Luxembourg
Central Administration:        Brown Brothers Harriman (Luxembourg) S.C.A.
                               2-8, avenue Charles de Gaulle, L-1653 Luxembourg
Supervisory Authority:         Commission de Surveillance du Secteur Financier
                               (www.cssf.lu)




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                                          INVESTMENT INFORMATION
               The Fund offers the possibility to invest in seven different Sub-Funds, which are the following:



1. Sub-Fund "BLUEBAY FUNDS - BlueBay Emerging Market Bond Fund" (the "Emerging Market Bond
                                 Fund" or the “Sub-Fund”)

Investment     The Sub- Fund seeks total rate of return in excess of the JP Morgan Emerging Market Bond Index Global
Objectives     Diversified (the composition of such index is available at Bloomberg or the JP Morgan website) from a
               portfolio of fixed income securities of issuers based in emerging countries worldwide.

Investment     The Sub-Fund’s objective is achieved by investing at least two thirds of its total net assets excluding ancillary
Policy         liquid assets directly or indirectly (e.g. via credit linked notes as described here below) in fixed income
               securities of any rating (i.e. including investment grade and below investment grade) issued by emerging
               market issuers, principally however in fixed income securities issued by such countries or by entities
               domiciled in such countries which typically are rated below investment grade (that is, rated BB+ and any
               rating below by Standard & Poor’s, Ba1 and any rating below by Moody’s, or a similar rating from a
               recognized rating agency) and in distressed debt securities. These investments may include bonds issued by
               sovereign nations under the Brady Plan for restructuring foreign debt, sovereign and corporate issues in the
               form of Eurobonds, Yankee bonds, and bonds and notes issued by corporations, banks and governments
               which are traded in domestic markets.

               Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
               prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
               of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
               the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
               its net assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds
               with warrants attached and up to one third of its total net assets in Money Market Instruments, provided
               however that the investment in these financial assets does not in aggregate exceed one third of the total net
               assets of the Sub-Fund.

               The Sub-Fund invests in USD and non-USD denominated securities, including currencies of the emerging
               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 aforementioned global index.

               The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the Investment
               Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-Fund’s
               portfolio and the constituents of the JP Morgan Emerging Market Bond Index Global Diversified.

               The Sub-Fund may enter into transactions involving a range of derivative instruments for the purposes of
               efficient portfolio management.

Risk Profile   Investment in fixed income securities is subject to interest rate, sector, security and credit risk. Investments
And            in fixed income securities of emerging countries are generally more speculative and subject to greater risk
General Risk   than those in fixed income securities of developed countries.
Warnings
               Lower-rated and unrated securities will usually offer higher yields than higher-rated securities to compensate
               for the reduced creditworthiness and increased risk of default that these securities carry.

               The Sub-Fund is subject to the risk of fixed income securities investment being primarily invested in fixed
               income securities rated below investment grade or being invested in unrated fixed income securities. The
               price of the Shares and the income from them may fall as well as rise and investors may not get back the
               amount they have invested in the Fund. There can be no assurance that the Sub-Fund will achieve its
               objectives.

               Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
               obligations of companies that are experiencing significant financial or business distress, including companies
               involved in bankruptcy or other reorganisation and liquidation proceedings.

               Investment in credit default swaps for efficient portfolio management purposes is subject to great risk.

               Further details of all aforementioned risks are set forth in the full prospectus.

Profile of     Typical investors have a medium to long term time horizon (3-5 years) looking for an actively managed
the Typical    portfolio of fixed income securities of emerging markets issuers seeking to outperform the JP Morgan
Investor       Emerging Market Bond Index Global Diversified.

Available      Shares of the following Classes are presently issued: Shares of the Base Class, Base Class R, Base Class R
Share          Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I


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Classes        Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X, denominated in
               US Dollars (“USD”) ; Shares of the Euro Base Class, Euro Base Class R, Euro Base Class R Dividend, Euro
               Base Class R Dividend CG, Euro Base Performance Class, I – Euro Base Class, I – Euro Base Performance
               Class, I Dividend – Euro Base Class and Euro Class X denominated in Euros; Shares of the GBP Base Class, D
               – GBP Base Class, D – GBP Base Class R and I – GBP Base Class denominated in United Kingdom Pounds
               Sterling (“GBP”); Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”); NOK Base Class R
               denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian dollars.



2. Sub-Fund " BLUEBAY FUNDS - BlueBay High Yield Bond Fund" (the "High Yield Bond Fund" or the “Sub-Fund”)

Investment     The Sub-Fund seeks a total return in excess of the Merrill Lynch European Currency High Yield Constrained
Objectives     Index (the composition of such index is available at Bloomberg under the reference “HCP0”) from a portfolio
               of fixed income securities.

Investment     The Sub-Fund’s objective is achieved by investing at least two thirds of its total net assets excluding ancillary
Policy         liquid assets in fixed income securities rated below investment grade (that is, rated BB+ and any rating
               below by Standard & Poor’s, Ba1 and any rating below by Moody’s, or a similar rating from a recognized
               rating agency). Up to one third of the total net assets excluding ancillary liquid assets may be invested in
               fixed income securities rated investment grade (that is, rated BBB- and above by Standard & Poor’s, Baa3
               and above by Moody’s, or a similar rating from a recognized rating agency).

               Investments will be made principally (that is normally at least fifty percent of its total net assets excluding
               ancillary liquid assets) in fixed income securities (including fixed income securities convertible into equity or
               having attached warrants) issued by entities domiciled or carrying out their business activities predominantly
               within the European Union or other European countries whose sovereign long term debt rating is investment
               grade or by entities domiciled elsewhere providing the issuer has a parent undertaking that is domiciled
               within the European Union or another European country whose sovereign long term debt rating is investment
               grade and in distressed debt securities.

               Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
               prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
               of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
               the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
               its net assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds
               with warrants attached and up to one third of its total net assets in bonds of any rating and in Money Market
               Instruments issued by issuers world wide, provided however that the investment in these financial assets and
               investments in fixed income securities rated investment grade does not in aggregate exceed one third of the
               total net assets of the Sub-Fund.

               In relation to fixed income securities rated investment grade (that is, rated BBB- and above by Standard &
               Poor’s, Baa3 and above by Moody’s, or a similar rating from a recognized rating agency) the Sub-Fund may
               invest in fixed income securities issued by entities domiciled within the European Union or other European
               countries whose sovereign long term debt rating is investment grade; and in both investment grade and sub-
               investment grade fixed income securities issued by entities domiciled in non-European countries whose
               sovereign long term debt rating is investment grade.

               At least two thirds of the total net assets of the Sub-Fund will be denominated in the currencies of countries
               which are members of the European Union. The Sub-Fund may also invest in securities denominated in
               currencies of other countries with a sovereign currency long-term debt investment grade rating.

               The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the Investment
               Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-Fund’s
               portfolio and the constituents of the Merrill Lynch European Currency High Yield Constrained Index.

               The Sub-Fund may enter into transactions involving a range of derivative instruments for the purposes of
               efficient portfolio management.

Risk Profile   Investment in fixed income securities is subject to interest rate, sector, security and credit risk.
And            Non-rated securities will usually offer higher yields than rated securities and in general lower-rated securities
General Risk   will offer higher yields than higher-rated securities to compensate for the reduced creditworthiness and
Warnings       increased risk of default that these securities carry.

               The Sub-Fund is subject to the risk of fixed income securities investment being primarily invested in fixed
               income securities rated below investment grade. The price of the fixed income securities and the income
               from them may fall as well as rise and investors may not get back the amount they have invested in the
               Fund. There can be no assurance that the Sub-Fund will achieve its objectives.

               Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
               obligations of companies that are experiencing significant financial or business distress, including companies
               involved in bankruptcy or other reorganisation and liquidation proceedings.




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               Investment in credit default swaps for efficient portfolio management purposes is subject to great risk.

               Further details of all aforementioned risks are set forth in the full prospectus.

Profile of     Typical investors have a medium to long term horizon (3 to 5 years) looking for an actively managed
the Typical    portfolio of fixed income securities predominantly of high yield issuers seeking to outperform the Merrill
Investor       Lynch European Currency High Yield Constrained Index.

Available     Shares of the following Classes are presently issued: Shares of the Base Class, Base Class R, Base Class R
Share Classes Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
              Dividend – Base Class Shares, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
              denominated in Euros; Shares of the GBP Base Class, D – GBP Base Class, D – GBP Base Class R and I – GBP
              Base Class denominated in United Kingdom Pounds Sterling (“GBP”); Shares of the USD Base Class, USD
              Base Class R, USD Base Class R Dividend, USD Base Class R Dividend CG, USD Base Performance Class, I –
              USD Base Class, I – USD Base Performance Class, I Dividend – USD Base Class and USD Class X
              denominated in US Dollars; Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”); NOK
              Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian dollars.

Valuation Day The net asset value per Share of each Class is determined on each Tuesday which is a Business Day in
              Luxembourg and London (the “Valuation Day”). If the Tuesday considered is not a Business Day in
              Luxembourg and London, the Valuation Day will be on the following day which is a Business Day in
              Luxembourg and London.

 3. Sub-Fund " BLUEBAY FUNDS - BlueBay Investment Grade Bond Fund" (the "Investment Grade Bond Fund" or
                                            the “Sub-Fund”)

Investment     The Sub- Fund seeks total return in excess of the iBoxx Euro Corporates Index (the composition of such
Objectives     index is available at the Deutsche Bank website) from a portfolio of investment grade-rated fixed income
               securities.

Investment     The Sub-Fund’s objective is achieved by investing principally (that is at least two thirds of its total net assets
Policy         excluding ancillary liquid assets) in fixed income securities rated investment grade (that is, rated BBB- and
               any rating above by Standard & Poor’s, Baa3 and any rating above by Moody’s) and issued by entities
               domiciled within the European Union or other European countries whose sovereign long term debt rating is
               investment grade. The Sub-Fund may also invest in investment grade-rated fixed income securities issued by
               entities domiciled in countries outside the European Union whose sovereign long term debt rating is
               investment grade.

               Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
               prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
               of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
               the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus), provided however
               that such loans are not rated below B minus or equivalent (and in the event of a split rating, the lower of the
               two ratings will be the decisive one. In case of three of more different ratings, the lower of the top two
               ratings will be the decisive one), up to 10 percent of its net assets in money market funds, up to 25 percent
               of its total net assets in convertible bonds or bonds with warrants attached and up to one third of its total net
               assets in Money Market Instruments, provided however that the investment in these financial assets and
               fixed income assets rated below investment grade does not in aggregate exceed one third of the total net
               assets of the Sub-Fund.

               At least two thirds of the total net assets of the Sub-Fund will be denominated in the currencies of countries which
               are members of the European Union. The Sub-Fund may also invest in securities denominated in currencies of other
               countries with a sovereign currency long-term debt investment grade rating.

               The Sub-Fund may invest up to 15% of its total net assets in fixed income securities rated below investment
               grade provided however that such securities are not rated below B minus or equivalent. In the event of a
               split rating, the lower of the two ratings will be the decisive one. In case of three of more different ratings,
               the lower of the top two ratings will be the decisive one. The Sub-Fund may also invest in unrated securities
               whose creditworthiness is, in the opinion of the Investment Manager and Advisor, of comparable quality to
               other securities eligible for inclusion in the Sub-Fund’s portfolio and the constituents of the iBoxx Euro
               Corporates Index.

               The Sub-Fund may enter into transactions involving a range of derivative instruments for the purposes of
               efficient portfolio management.

Risk Profile   Investment in fixed income securities is subject to interest rate, sector, security and credit risk.
And            Non-rated securities will usually offer higher yields than rated securities and in general lower-rated securities
General        will offer higher yields than higher-rated securities to compensate for the reduced creditworthiness and
Risk           increased risk of default that these securities carry.
Warning
s              The Sub-Fund is subject to the risk of fixed income securities investment being invested in rated fixed income
               securities or being invested in unrated fixed income securities. The price of the Shares and the income from
               them may fall as well as rise and investors may not get back the amount they have invested in the Fund.


                                                                                                                         4
              There can be no assurance that the Sub-Fund will achieve its objectives.

              Investment in credit default swaps for efficient portfolio management purposes is subject to great risk.

              Further details of all aforementioned risks are set forth in the full prospectus.

Profile of    The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an
the Typical   actively managed portfolio of investment grade-rated fixed income securities that seeks to outperform the
Investor      iBoxx Euro Corporates Index; an index representative of the European investment grade corporate credit
              universe.

Available     Shares of the following Classes are presently issued: Shares of the Base Class, Base Class R, Base Class R
Share         Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
Classes       Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
              denominated in Euros; Shares of the GBP Base Class, D – GBP Base Class, D – GBP Base Class R and I – GBP
              Base Class denominated in United Kingdom Pounds Sterling (“GBP”); Shares of the USD Base Class, USD
              Base Class R, USD Base Class R Dividend, USD Base Class R Dividend CG, USD Base Performance Class, I –
              USD Base Class, I – USD Base Performance Class, I Dividend – USD Base Class and USD Class X
              denominated in US Dollars; Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”); NOK
              Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian dollars.


                      4. Sub-Fund “BLUEBAY FUNDS - BlueBay Emerging Market Local Currency Bond Fund”
                              (the “Emerging Market Local Currency Bond Fund” or the “Sub-Fund”)

Investment    The investment objective of the Sub-Fund is to achieve a total rate of return in excess of the JP Morgan
Objectives    Government Bond Index – Emerging Markets Broad Diversified (GBI-EM Broad Diversified), USD unhedged
              (the composition of such index is available at Bloomberg or the JP Morgan website) from a portfolio of fixed
              income government securities of issuers based in emerging countries worldwide and mainly denominated in
              the currency of the local emerging market country.

Investment    In seeking to achieve this objective, the Sub-Fund invests at least two thirds of its total net assets excluding
Policy        ancillary liquid assets directly or indirectly (e.g. via credit linked notes as described here below) in fixed
              income government securities of any rating (i.e. including investment grade and below investment grade),
              issued by government issuers or entities domiciled in an emerging market country and which are
              denominated in a local currency, as well as in distressed debt securities of issuers from emerging markets
              countries in a local currency. Such investments are typically rated below investment grade (that is, rated
              BB+ and any rating below by Standard & Poor’s, Ba1 and any rating below by Moody’s, or a similar rating
              from a recognized rating agency). These investments may include bonds issued by sovereign nations which
              are traded in local markets in local currency, 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. Up to one third of the total net assets excluding ancillary liquid assets of the Sub-Fund
              may be invested in fixed income securities of emerging market issuers denominated in currencies other than
              local currencies, in particular USD. The Sub-Fund takes active exposure to local currency investments.

              A credit linked note is a structured note that enables access to domestic or external assets which are
              otherwise inaccessible to the Sub-Fund. Credit linked notes are issued by highly rated financial institutions;
              where credit linked notes are not listed or dealt in on a Regulated Market, the investment in credit linked
              notes shall always be within the limit of 10% laid down in point 10.1 B. (1) of the main part of the full
              prospectus; the legal restrictions are applied to the issuer of the credit linked notes as well as to the
              underlying thereof. In those cases where credit linked notes are listed or dealt in on a Regulated Market, the
              aforementioned limit of 10% shall not apply and the investment restrictions applicable to credit linked notes
              shall be those laid down in point 10.1 C. of the main part of the full prospectus.

              Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
              prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
              of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
              the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
              its net assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds
              with warrants attached and up to one third of its total net assets in Money Market Instruments, provided
              however that the investment in these 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 total net assets of
              the Sub-Fund.

              The Sub-Fund securities are mainly denominated in the local currencies of the emerging market countries in
              which the Sub-Fund invests. The Sub-Fund may hedge local currency exposure at the discretion of the
              Investment Manager and Advisor.

              The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the Investment
              Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-Fund’s
              portfolio and the constituents of the JP Morgan Government Bond Index – Emerging Markets Broad
              Diversified (GBI-EM Broad Diversified), USD unhedged.




                                                                                                                    5
                 The Sub-Fund may also invest in financial derivative instruments for the purpose of efficient portfolio
                 management and mainly in those markets which it cannot access directly. The use of financial derivative
                 instruments by the Sub-Fund can be broken down into two categories:

                 Firstly, the Sub-Fund may invest in financial derivative instruments such as foreign exchange forwards, non
                 deliverable forwards (NDFs), total return swaps, interest rate swaps, options and swaptions for either
                 investment purposes to gain exposure to local currency and local interest rates or for hedging purposes. All
                 of these positions will be fully funded.

                 Secondly, the Sub-Fund may buy protection in countries where the Sub-Fund has an existing local currency
                 position. The Sub-Fund may buy protection by using all financial derivative instruments described above
                 and/or credit default swaps.

Risk Profile     Investments in fixed income securities of emerging countries are generally more speculative and subject to
And General      greater risk than those in fixed income securities of developed countries.
Risk
Warnings         Investors should also be aware of, and prepared to accept, the greater volatility in the prices of bonds with
                 warrants attached and thus a greater degree of risk than is the case with bonds without warrants attached.

                 Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
                 obligations of companies that are experiencing significant financial or business distress, including companies
                 involved in bankruptcy or other reorganisation and liquidation proceedings.

                 Investment in financial derivative instruments for efficient portfolio management purposes is subject to great
                 risk.

                 Further details of all aforementioned risks are set forth in the full prospectus.
Profile of the   Typical Investors have a medium to long term time horizon (3-5 years) looking for an actively managed
Typical          portfolio of fixed income government securities of emerging markets issuers denominated in the local
Investor         currency of the emerging market country seeking to outperform the J.P. Morgan Government Bond Index –
                 Emerging Markets Broad Diversified (GBI-EM Broad Diversified), USD unhedged; a comprehensive global
                 local markets index representative of local currency government bonds issued by emerging countries.

Available        Shares of the following classes are currently issued: Shares of the Base Class, Base Class R, Base Class R
Share            Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
Classes          Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
                 denominated in US Dollars (“USD”); Shares of the Euro Base Class, Euro Base Class R, Euro Base Class R
                 Dividend, Euro Base Class R Dividend CG, Euro Base Performance Class, I – Euro Base Class, I – Euro Base
                 Performance Class, I Dividend – Euro Base Class and Euro Class X denominated in Euros; Shares of the GBP
                 Base Class, D – GBP Base Class, D – GBP Base Class R, and I – GBP Base Class denominated in United
                 Kingdom Pounds Sterling (“GBP”); Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”);
                 NOK Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian
                 dollars.



                        5. Sub-Fund “BLUEBAY FUNDS - BlueBay Emerging Market Select Bond Fund”
                                (the “Emerging Market Select Bond Fund” or the “Sub-Fund”)

Investment       The investment objective of the Sub-Fund is to achieve a total rate of return in excess of a composite index
Objectives       comprised 50% of JP Morgan Emerging Markets Bond Index Global Diversified and 50% JP Morgan
                 Government Bond Index – Emerging Markets Broad Diversified (GBI-EM Broad Diversified), USD unhedged
                 (the composition of both indices are available at Bloomberg or the JP Morgan website).

Investment       The investment objective will be achieved from a portfolio of fixed income securities of issuers based in
Policy           emerging countries worldwide denominated in both USD and to a lesser extent in other hard currencies and
                 those denominated in the currencies of the local emerging market countries (hereinafter “local currencies”).
                 Hard currencies can be defined as G7 country currencies, i.e. USD, Canadian Dollars, Euro, GBP or Japanese
                 Yen; local currencies can be defined as the currency of the issuer based in emerging countries worldwide
                 (e.g. Brazil bonds issued in Brazilian Real). In seeking to achieve this objective, the Sub-Fund invests at least
                 two thirds of its total net assets excluding ancillary liquid assets directly or indirectly (e.g. via credit linked
                 notes as described here below) in fixed income securities of any rating (i.e. including investment grade and
                 below investment grade) issued by emerging market issuers or entities domiciled in an emerging market
                 country and which can be denominated in either hard or local currencies, as well as in distressed debt
                 securities of issuers from emerging market countries. Such investments are typically rated below investment
                 grade (that is, rated BB+ and any rating below by Standard and Poor’s, BA1 and any rating below by
                 Moody’s, or a similar rating from a recognized agency). These investments may include bonds issued by
                 sovereign nations under the Brady Plan for restructuring foreign debt, sovereign and corporate issues in the
                 form of Eurobonds, Yankee bonds as well as bonds issued by sovereign nations which are traded in local
                 markets in local currency, as well as bonds and notes issued by banks and corporations which are traded in
                 local markets. The Sub-Fund takes active exposure to hard currency and local currency investments. The
                 Sub-Fund will vary its proportion invested in hard currency instruments and local currency instruments
                 according to the investment view of the Investment Manager and Advisor in relation to the relevant
                 instruments which is taking into consideration in particular the credit rating, the currency (in case of local


                                                                                                                          6
                 currency instruments only) and the interest rate of such instruments.
                 A credit linked note is a structured note that enables access to domestic or external assets which are
                 otherwise inaccessible to the Sub-Fund. Credit linked notes are issued by highly rated financial institutions;
                 where credit linked notes are not listed or dealt in on a Regulated Market, the investment in credit linked
                 notes shall always be within the limit of 10% laid down in point 10.1 B. (1) of the main part of the full
                 prospectus; the legal restrictions are applied to the issuer of the credit linked notes as well as to the
                 underlying thereof. In those cases where credit linked notes are listed or dealt in on a Regulated Market, the
                 aforementioned limit of 10% shall not apply and the investment restrictions applicable to credit linked notes
                 shall be those laid down in point 10.1 C. of the main part of the full prospectus.

                 Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
                 prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
                 of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
                 the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
                 its net assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds
                 with warrants attached and up to one third of its total net assets in Money Market Instruments, provided
                 however that the investment in these financial assets does not in aggregate exceed one third of the total net
                 assets of the Sub-Fund.

                 The Sub-Fund securities will include a significant proportion denominated in the local currencies of emerging
                 market countries in which the Sub-Fund invests. The Sub-Fund may hedge local currency exposure at the
                 discretion of the Investment Manager and Advisor.

                 The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the Investment
                 Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-Fund’s
                 portfolio and the constituents of the JP Morgan Government Bond Index – Emerging Markets Broad
                 Diversified (GBI-EM Broad Diversified), USD unhedged, or the JP Morgan Emerging Markets Bond Index
                 Global Diversified.

                 The Sub-Fund may also invest in financial derivative instruments for the purpose of efficient portfolio
                 management, varying hard currency and local currency instruments according to the investment view of the
                 Investment Manager and Advisor in relation to the relevant instruments, and mainly in those markets which
                 it cannot access directly. The use of financial derivative instruments by the Sub-Fund can be broken down
                 into three categories:

                 Firstly, the Sub-Fund may invest in financial derivative instruments such as foreign exchange forwards, non
                 deliverable forwards (NDFs), total return swaps, interest rate swaps, options and swaptions for either
                 investment purposes to gain exposure to local currency and local interest rates or for hedging purposes. All
                 of these positions will be fully funded.

                 Secondly, the Sub-Fund may, at the discretion of the Investment Manager and Advisor, hold credit default
                 swaps.

                 Thirdly, the Sub-Fund may invest in currency swaps for currency hedging purposes.

Risk Profile     Investments in fixed income securities of emerging countries are generally more speculative and subject to
And General      greater risk than those in fixed income securities of developed countries.
Risk
Warnings         Investors should also be aware of, and prepared to accept, the greater volatility in the prices of bonds with
                 warrants attached and thus a greater degree of risk than is the case with bonds without warrants attached.

                 Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
                 obligations of companies that are experiencing significant financial or business distress, including companies
                 involved in bankruptcy or other reorganisation and liquidation proceedings.

                 Investment in financial derivative instruments for efficient portfolio management purposes is subject to great
                 risk.

                 Further details of all aforementioned risks are set forth in the full prospectus.

Profile of the   The Sub-Fund is designed for investors with a medium to long term time horizon (three to five years) looking
Typical          for an actively managed portfolio of fixed income government securities of emerging market issuers
Investor         denominated in hard currency or the local currency of any emerging market country. The Sub-Fund seeks to
                 outperform the composite benchmark of 50% JP Morgan Emerging Markets Bond Index Global Diversified and
                 50% JP Morgan Government Bond Index – Emerging Markets Broad Diversified, USD unhedged; the
                 combination of these two global indices is representative of the entire emerging market fixed income
                 universe, including both hard and local currency instruments.




                                                                                                                      7
Availabl       Shares of the following classes are currently issued: Shares of the Base Class, Base Class R, Base Class R
e Share        Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
Classes        Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
               denominated in US Dollars (“USD”); Shares of the Euro Base Class, Euro Base Class R, Euro Base Class R
               Dividend, Euro Base Class R Dividend CG, Euro Base Performance Class, I – Euro Base Class, I – Euro Base
               Performance Class, I Dividend – Euro Base Class and Euro Class X denominated in Euros; Shares of the GBP
               Base Class, D – GBP Base Class, D – GBP Base Class R, and I – GBP Base Class denominated in United
               Kingdom Pounds Sterling (“GBP”); Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”);
               NOK Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian
               dollars.

                   6. Sub-Fund “BLUEBAY FUNDS - BlueBay Emerging Market Corporate Bond Fund”
                           (the “Emerging Market Corporate Bond Fund” or the “Sub-Fund”)

Investment     The investment objective of the Sub-Fund is to achieve a total rate of return in excess of the JP Morgan
Objectives     Corporate Emerging Market Bond Index (CEMBI) Diversified (the composition of such index is available at
               Bloomberg or the JP Morgan website) from a portfolio of fixed income securities of corporate issuers based in
               emerging countries worldwide.

Investment     The investment objective will be achieved from a portfolio of fixed income securities of corporate issuers
Policy         based in emerging countries worldwide. In seeking to achieve this objective, the Sub-Fund invests at least
               two thirds of its total net assets excluding ancillary liquid assets directly or indirectly (e.g. via credit linked
               notes, total return swaps and credit default swaps) in fixed income securities of any rating (i.e. including
               investment grade and below investment grade) issued by emerging market corporate issuers and in unrated
               debt securities, and distressed debt securities. These investments may include corporate issues in the form of
               Eurobonds, Yankee bonds, and bonds and notes issued by corporations and banks which are traded in local
               markets.

               Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
               prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
               of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
               the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
               its net assets in eligible derivative instruments (including, but not limited to total return swaps and excess
               return 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 percent of its net assets in money market
               funds, up to 25 percent of its total net assets in convertible bonds or bonds with warrants attached and up to
               one third of its total net assets in Money Market Instruments, provided however that the investment in these
               financial assets does not in aggregate exceed one third of the total net assets of the Sub-Fund.

               The Sub-Fund invests in USD and non-USD denominated securities, including currencies of the emerging
               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 aforementioned global index. The
               Investment Manager and Advisor may manage the currency allocation of the Sub-Fund subject to the
               restrictions contained in the main part of the Prospectus under “Investment Policies” and “Investment
               Restrictions”. The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the
               Investment Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-
               Fund’s portfolio and the constituents of the JP Morgan Corporate Emerging Market Bond Index (CEMBI)
               Diversified.

               The Sub-Fund may also invest in total return swaps, credit default swaps and other derivative instruments
               for the purpose of efficient portfolio management and mainly in those markets which it cannot access
               directly.

Risk Profile   Investments in fixed income securities of emerging countries are generally more speculative and subject to
And General    greater risk than those in fixed income securities of developed countries.
Risk
Warnings       Investors should also be aware of, and prepared to accept, the greater volatility in the prices of bonds with
               warrants attached and thus a greater degree of risk than is the case with bonds without warrants attached.

               Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
               obligations of companies that are experiencing significant financial or business distress, including companies
               involved in bankruptcy or other reorganisation and liquidation proceedings.

               Investment in credit default swaps and total return swaps for efficient portfolio management purposes is
               subject to great risk.

               Further details of all aforementioned risks are set forth in the full prospectus.




                                                                                                                        8
Profile of the   The Sub-Fund is designed for investors with a medium to long term time horizon (3-5 years) looking for an
Typical          actively managed portfolio of fixed income securities of emerging markets issuers that seeks to outperform
Investor         the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified; a global index
                 representative of the emerging market corporate debt universe.



Available     Shares of the following classes are currently issued: Shares of the Base Class, Base Class R, Base Class R
Share Classes Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
              Dividend - Base Class, Class S, Class M Base, Class M Base R, Class T Dividend and Class X Shares
              denominated in US Dollars (“USD”); Shares of the Euro Base Class, Euro Base Class R, Euro Base Class R
              Dividend, Euro Base Class R Dividend CG, Euro Base Performance Class, I – Euro Base Class, I – Euro Base
              Performance Class, I Dividend – Euro Base Class and Euro Class X denominated in Euros; Shares of the GBP
              Base Class, D – GBP Base Class, D – GBP Base Class R, and I – GBP Base Class denominated in United
              Kingdom Pounds Sterling (“GBP”); Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”);
              NOK Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian
              dollars.

Valuation        The net asset value per Share of each Class is determined on each Tuesday which is a Business Day in
Day              Luxembourg and London (the “Valuation Day”). If the Tuesday considered is not a Business Day in
                 Luxembourg and London, the Valuation Day will be on the following day which is a Business Day in
                 Luxembourg and London.

  7. Sub-Fund " BLUEBAY FUNDS - BlueBay Investment Grade Libor Fund" (the "Investment Grade
                               Libor Fund" or the “Sub-Fund”)

Investment       The Sub- Fund seeks total return in excess of the Merrill Lynch Currency Libor 3-Month Constant Maturity
Objectives       Index (the composition of such index is available at Bloomberg or the Merrill Lynch website) from a portfolio
                 of investment grade-rated fixed income securities.

Investment       The Sub-Fund’s objective is achieved by investing principally (that is at least fifty percent of its total net
Policy           assets excluding ancillary liquid assets) in fixed income securities rated investment grade (that is, rated BBB-
                 and any rating above by Standard & Poor’s, Baa3 and any rating above by Moody’s) and issued by entities
                 domiciled within the European Union or other European countries whose sovereign long term debt rating is
                 investment grade. The Sub-Fund may also invest in investment grade-rated fixed income securities issued by
                 entities domiciled in countries outside the European Union whose sovereign long term debt rating is
                 investment grade. The Sub-Fund will hedge the interest rate risk through the active use of Interest Rate
                 Swaps.

                 Interest Rate Swaps provide for an exchange between two parties of interest rate exposures from floating to
                 fixed rate or vice versa. Each thereby gains indirect access to the fixed or floating capital markets.

                 Additionally, and subject always to the relevant provisions of Section 10 of the main part of the full
                 prospectus, the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10%
                 of its net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within
                 the 10% limit as set out under Section 10.1 B (1) of the main part of the full prospectus, up to 10 percent of
                 its net assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds
                 with warrants attached and up to one third of its total net assets in Money Market Instruments, provided
                 however that the investment in these financial assets and fixed income assets rated below investment grade
                 does not in aggregate exceed one third of the total net assets of the Sub-Fund.

                 At least two thirds of the total net assets of the Sub-Fund will be denominated in the currencies of countries
                 which are members of the European Union. The Sub-Fund may also invest in securities denominated in
                 currencies of other countries with a sovereign currency long-term debt investment grade rating. All non-Euro
                 denominated exposure will be hedged back to Euro. The Investment Manager and Advisor may manage the
                 currency allocation of the Sub-Fund subject to the restrictions contained in the main part of the Prospectus
                 under “Investment Policies” and “Investment Restrictions”.

                 The Sub-Fund may invest up to 15% of its total net assets in fixed income securities rated below investment
                 grade. The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the
                 Investment Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-
                 Fund’s portfolio.

                  The Sub-Fund may enter into transactions involving a range of derivative instruments for the purposes of
                 efficient portfolio management.

Risk Profile     Investment in fixed income securities is subject to interest rate, sector, security and credit risk.
And              Non-rated securities will usually offer higher yields than rated securities and in general lower-rated securities
General Risk     will offer higher yields than higher-rated securities to compensate for the reduced creditworthiness and
Warnings         increased risk of default that these securities carry.

                 The Sub-Fund is subject to the risk of fixed income securities investment being invested in rated fixed income
                 securities or being invested in unrated fixed income securities. The price of the Shares and the income from


                                                                                                                        9
                 them may fall as well as rise and investors may not get back the amount they have invested in the Fund.
                 There can be no assurance that the Sub-Fund will achieve its objectives.

                 Investment in credit default swaps for efficient portfolio management purposes is subject to great risk.

                 Further details of all aforementioned risks are set forth in the full prospectus.

Profile of the   The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an
Typical          actively managed portfolio of investment grade-rated fixed income securities that seeks to outperform the
Investor         Merrill Lynch Euro Currency Libor 3-Month Constant Maturity Index.



Available     Shares of the following Classes are presently issued: Shares of the Base Class, Base Class R, Base Class R
Share Classes Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
              Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
              denominated in Euros; Shares of the GBP Base Class, D – GBP Base Class, D – GBP Base Class R and I – GBP
              Base Class denominated in United Kingdom Pounds Sterling (“GBP”); Shares of the USD Base Class, USD
              Base Class R, USD Base Class R Dividend, USD Base Class R Dividend CG, USD Base Performance Class, I –
              USD Base Class, I – USD Base Performance Class, I Dividend – USD Base Class and USD Class X
              denominated in US Dollars; Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”); NOK
              Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian dollars.



  8. Sub-Fund " BLUEBAY FUNDS - BlueBay Global Convertible Bond Fund" (the "Global Convertible
                                Bond Fund" or the “Sub-Fund”)

Investment       The Sub- Fund seeks total return in excess of the UBS Global Convertible Focus Index USD (the composition
Objectives       of such index is available at Bloomberg) from a portfolio of convertible securities.

Investment       The Sub-Fund’s objective is achieved by investing at least two thirds of its total net assets excluding ancillary
Policy           liquid assets either directly or indirectly (i.e. through the use of derivative instruments) in convertible bonds,
                 warrant-linked bonds and similar convertible instruments of European, US and other international issuers. Up
                 to one third of the total net assets excluding ancillary liquid assets may be invested either directly or
                 indirectly (i.e. through the use of derivative instruments) in fixed-interest and variable-interest securities
                 excluding conversion rights and in equities, equity warrants and participation certificates.

                 Investments will be made in securities issued by entities domiciled or carrying out their business activities in
                 all regions of the world, however, at least 50% of its total net assets excluding ancillary liquid assets will be
                 issued by entities domiciled or carrying out their business activities within the European Union, Japan or the
                 United States.

                 The Sub-Fund may invest in both rated and unrated securities. Investments will be made in unrated
                 securities whose creditworthiness is, in the opinion of the Investment Manager and Advisor, in line with the
                 investment objectives of the Sub-Fund.

                 The Sub-Fund may invest in derivative instruments including, but not limited to, credit default swaps, equity
                 index futures, equity index options, equity options and total return swaps.

Risk Profile     Investments in convertible securities of emerging countries are generally more speculative and subject to
And              greater risk than those in convertible securities of developed countries.
General Risk
Warnings         Investors should also be aware of, and prepared to accept, the greater volatility in the prices of bonds with
                 warrants attached and thus a greater degree of risk than is the case with bonds without warrants attached.

                 The Sub-Fund is subject to the risk of convertible securities investment being invested in rated convertible
                 securities or being invested in unrated convertible securities. The price of the Shares and the income from
                 them may fall as well as rise and investors may not get back the amount they have invested in the Sub-
                 Fund. There can be no assurance that the Sub-Fund will achieve its objectives.

                 Investment in credit default swaps and total return swaps for efficient portfolio management purposes is
                 subject to great risk.

                 Further details of all aforementioned risks are set forth in the full prospectus.

Profile of the   The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an
Typical          actively managed portfolio of convertible securities that seeks to outperform the UBS Global Convertible
Investor         Focus Index USD.


Available     Shares of the following classes are currently issued: Shares of the Base Class, Base Class R, Base Class R
Share Classes Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
              Dividend - Base Class, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares



                                                                                                                        10
               denominated in US Dollars (“USD”); Shares of the Euro Base Class, Euro Base Class R, Euro Base Class R
               Dividend, Euro Base Class R Dividend CG, Euro Base Performance Class, I – Euro Base Class, I – Euro Base
               Performance Class, I Dividend – Euro Base Class and Euro Class X denominated in Euros, Shares of the GBP
               Base Class, D – GBP Base Class, D – GBP Base Class R, and I – GBP Base Class denominated in United
               Kingdom Pounds Sterling (“GBP”); Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”);
               NOK Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian
               dollars.

Valuation      The net asset value per Share of each Class is determined on each Tuesday which is a Business Day in
Day            Luxembourg and London (the “Valuation Day”). If the Tuesday considered is not a Business Day in
               Luxembourg and London, the Valuation Day will be on the following day which is a Business Day in
               Luxembourg and London.

     8. Sub-Fund " BLUEBAY FUNDS - BlueBay High Yield Corporate Bond Fund" (the "High Yield
                           Corporate Bond Fund" or the “Sub-Fund”)

Investment     The Sub- Fund seeks total return in excess of the Merrill Lynch Euro/GBP Currency Fixed-Floating High Yield
Objectives     Non-Financial 3% Constrained Index (the composition of such index is available at Bloomberg under the
               reference “H9PC”) from a portfolio of fixed income securities.

Investment     The Sub-Fund’s objective is achieved by investing at least fifty percent of its total net assets excluding
Policy         ancillary liquid assets in the debt obligations of companies (excluding financial companies, as further defined
               by the major industry classification of the parent undertaking) rated sub-investment grade (that is, rated
               BB+ and any rating below by Standard & Poor’s, Ba1 and any rating below by Moody’s, or a similar rating
               from a recognized rating agency) and domiciled within the European Union. The Sub-Fund may invest up to
               fifty percent of the total net assets excluding ancillary liquid in the debt obligations of companies (excluding
               financial companies, as further defined by the major industry classification of the parent undertaking) rated
               investment grade (that is, rated BBB- and above by Standard & Poor’s, Baa3 and above by Moody’s, or a
               similar rating from a recognized rating agency).

               Investments will be made principally (that is normally at least fifty percent of its total net assets excluding
               ancillary liquid assets) in fixed income securities (including fixed income securities convertible into equity or
               having attached warrants) issued by entities domiciled or carrying out their business activities predominantly
               within the European Union or other European countries whose sovereign long term debt rating is investment
               grade or by entities domiciled elsewhere providing the issuer has a parent undertaking that is domiciled
               within the European Union or another European country whose sovereign long term debt rating is investment
               grade and in distressed debt securities.

               Additionally, and subject always to the relevant provisions of Section 10 of the main part of the Prospectus,
               the Sub-Fund may invest up to 10 percent of its total net assets in equity securities, up to 10 percent of its
               net assets in loans qualifying as Money Market Instruments for the purposes of the Law of 2002 (within the
               10% limit as set out under Section 10.1 B (1) of the main part of the Prospectus), up to 10 percent of its net
               assets in money market funds, up to 25 percent of its total net assets in convertible bonds or bonds with
               warrants attached and up to one third of its total net assets in bonds of any rating and in Money Market
               Instruments issued by issuers worldwide, provided however that the investment in these financial assets
               does not in aggregate exceed one third of the total net assets of the Sub-Fund.

               In relation to fixed income securities rated investment grade (that is, rated BBB- and above by Standard &
               Poor’s, Baa3 and above by Moody’s, or a similar rating from a recognized rating agency) the Sub-Fund may
               invest in fixed income securities issued by entities domiciled within the European Union or other European
               countries whose sovereign long term debt rating is investment grade; and in both investment grade and sub-
               investment grade fixed income securities issued by entities domiciled in non-European countries whose
               sovereign long term debt rating is investment grade.

               At least fifty percent of the total net assets of the Sub-Fund will be denominated in the currencies of
               countries which are members of the European Union. The Sub-Fund may also invest in securities
               denominated in currencies of other countries with a sovereign currency long-term debt investment grade
               rating. The Investment Manager and Advisor may manage the currency allocation of the Sub-Fund subject to
               the restrictions contained in the main part of the Prospectus under “Investment Policies” and “Investment
               Restrictions”.

               The Sub-Fund may invest in unrated securities whose creditworthiness is, in the opinion of the Investment
               Manager and Advisor, of comparable quality to other securities eligible for inclusion in the Sub-Fund’s
               portfolio and the constituents of the Merrill Lynch Euro/GBP Currency Fixed-Floating High Yield Non-Financial
               3% Constrained Index.

               The Sub-Fund may enter into transactions involving a range of derivative instruments for the purposes of
               efficient portfolio management.

Risk Profile   Investment in fixed income securities is subject to interest rate, sector, security and credit risk.
And
General Risk   Non-rated securities will usually offer higher yields than rated securities and in general lower-rated securities
Warnings       will offer higher yields than higher-rated securities to compensate for the reduced creditworthiness and


                                                                                                                      11
                 increased risk of default that these securities carry.

                 The Sub-Fund is subject to the risk of fixed income securities investment being primarily invested in fixed
                 income securities rated below investment grade. The price of the fixed income securities and the income
                 from them may fall as well as rise and investors may not get back the amount they have invested in the
                 Fund. There can be no assurance that the Sub-Fund will achieve its objectives.

                 Investment in distressed debt securities (which qualify as transferable securities) involves purchases of
                 obligations of companies that are experiencing significant financial or business distress, including companies
                 involved in bankruptcy or other reorganisation and liquidation proceedings.

                 Investment in credit default swaps for efficient portfolio management purposes is subject to great risk.

                 Further details of all aforementioned risks are set forth in the full prospectus.

Profile of the   The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an
Typical          actively managed portfolio of fixed income securities predominantly of high yield issuers that seeks to
Investor         outperform the Merrill Lynch Euro/GBP Currency Fixed-Floating High Yield Non-Financial 3% Constrained
                 Index.

Available     Shares of the following Classes are presently issued: Shares of the Base Class, Base Class R, Base Class R
Share Classes Dividend, Base Class R Dividend CG, Base Performance Class, I – Base Class, I – Base Performance Class, I
              Dividend – Base Class Shares, Class M Base, Class M Base R, Class S, Class T Dividend and Class X Shares
              denominated in Euros; Shares of the GBP Base Class, D – GBP Base Class, D – GBP Base Class R and I – GBP
              Base Class denominated in United Kingdom Pounds Sterling (“GBP”); Shares of the USD Base Class, USD
              Base Class R, USD Base Class R Dividend, USD Base Class R Dividend CG, USD Base Performance Class, I –
              USD Base Class, I – USD Base Performance Class, I Dividend – USD Base Class and USD Class X
              denominated in US Dollars; Shares of the SEK Base Class R denominated in Swedish Kroner (“SEK”); NOK
              Base Class R denominated in Norwegian Kroner and I – AUD Base Class denominated in Australian dollars.

Valuation        The net asset value per Share of each Class is determined on each Tuesday which is a Business Day in
Day              Luxembourg and London (the “Valuation Day”). If the Tuesday considered is not a Business Day in
                 Luxembourg and London, the Valuation Day will be on the following day which is a Business Day in
                 Luxembourg and London.


                                                FINANCIAL INFORMATION

Taxation         The Fund is not liable for any Luxembourg tax on profits or income, nor are distributions paid by the Fund
                 subject to any Luxembourg withholding tax. However, in relation to all Classes of Shares (except Class I
                 Shares and Class S Shares), the Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of
                 0.05% per annum of its net assets, such tax being payable quarterly on the basis of the value of the
                 aggregate net assets of the respective Class at the end of the relevant calendar quarter. A reduced tax rate
                 of 0.01% per annum of the net assets will be applicable to Class I Shares and Class S Shares which are only
                 sold to and held by Institutional Investors. Such tax is payable quarterly and calculated on the total net
                 assets of this Class at the end of the relevant quarter. No such tax is payable on the value of assets which
                 consist of units or shares of other Luxembourg undertakings for collective investment. No stamp duty or
                 other tax is payable in Luxembourg on the issue of Shares in the Fund except a tax, payable once only, of
                 1,250 Euro which was paid upon corporation. No Luxembourg tax is payable on the realized capital
                 appreciation of the assets of the Fund.

                 Further taxation may apply to the income or capital gains received by individual investors. If the
                 investor is unclear as to his/her fiscal position, he/she should seek either professional advice or
                 information from its local organisations.



Fees and                                      A. Shareholders' transaction fees and expenses
Expenses



                      1.   Purchase of Shares

                      The Offer Price of the relevant Class within the relevant Sub-Fund is based on the Net Asset Value per
                      share of such Class within such Sub-Fund plus the following sales charges:


                                Base Class    Base Class R   Base         Base         Class S       Class X       Euro Base    Euro Base
                                                             Class R      Performan                                Class        Class R 
                                                             Dividend     ce Class                                              Dividend 
                  Emerging      up to 5 %*    up to          up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*   up to 5%*
                  Market                      5%* 
                  Bond Fund 



                                                                                                                                12
High Yield     up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    N/A           N/A
Bond Fund                    5%* 
Investment     up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    N/A           N/A
Grade Bond                   5%* 
Fund 
Emerging       up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*    up to 5%*
Market                       5%* 
Local 
Currency 
Bond Fund 
Emerging       up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*    up to 5%*
Market                       5%* 
Select Bond 
Fund 
Emerging       up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*    up to 5%*
Market                       5%* 
Corporate 
Bond Fund 
Investment     up to 5 %*    up to            up to 5%     up to 5 %*   up to 5 %*    up to 5 %*    N/A           N/A
Grade Libor                  5%* 
Fund 
Global         up to 5 %*    up to           up to         up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*    up to 5%*
Convertible                  5%*             5%* 
Bond Fund 
High Yield     up to 5 %*    up to           up to 5%      up to 5 %*   up to 5 %*    up to 5 %*    N/A           N/A
Corporate                    5%* 
Bond Fund 
 

               Euro Base     Euro Base     I ‐Base Class   I ‐ Base     I ‐ Euro      I ‐ Euro      I – GBP       GBP Base 
               Class R       Performance                   Performan    Base Class    Base          Base Class    Class 
                             Class                         ce Class                   Performa
                                                                                      nce Class 
Emerging       up to 5%*     up to 5 %*      up to 5 %*    up to        up to 5 %*    up to 5 %*    up to 5%*     up to 5 %*
Market                                                     5%* 
Bond Fund 
High Yield     N/A           N/A             up to 5 %*    up to        N/A           N/A           up to 5%*     up to 5 %*
Bond Fund                                                  5%* 
Investment     N/A           N/A             up to 5 %*    up to        N/A           N/A           up to 5%*     up to 5 %*
Grade Bond                                                 5%* 
Fund 
Emerging       up to 5%*     up to 5 %*      up to 5 %*    up to        up to 5 %*    up to 5 %*    up to 5 %*    up to 5 %*
Market                                                     5%* 
Local 
Currency 
Bond Fund 
Emerging       up to 5%*     up to 5 %*      up to 5 %*    up to        up to 5 %*    up to 5 %*    up to 5 %*    up to 5 %*
Market                                                     5%* 
Select Bond 
Fund 
Emerging       up to 5%*     up to 5 %*      up to 5 %*    up to        up to 5 %*    up to 5 %*    up to 5 %*    up to 5 %*
Market                                                     5%* 
Corporate 
Bond Fund 
Investment     N/A           N/A             up to 5 %*    up to        N/A           N/A           up to 5%*     up to 5 %*
Grade Libor                                                5%* 
Fund 
Global         up to 5 %*    up to           up to         up to 5 %*   up to 5 %*    up to 5 %*    up to 5 %*    up to 5%*
Convertible                  5%*             5%* 
Bond Fund 
High Yield     N/A           N/A             up to 5 %*    up to        N/A           N/A           up to 5%*     up to 5 %*
Bond Fund                                                  5%* 
 

               D – GBP       D – GBP         USD Base      USD Base     USD Base      USD Base      I ‐ USD       I – USD 
               Base Class    Base Class R    Class         Class R      Class R       Performa      Base Class    Base 
                                                                        Dividend      nce Class                   Performan
                                                                                                                  ce Class 
Emerging       up to 5%*     up to 5%*       N/A           N/A          N/A           N/A           N/A           N/A
Market 
Bond Fund 
High Yield     up to 5 %*    up to 5%*       up to 5 %*    up to        up to         up to 5 %*    up to 5 %*    up to 5%*
Bond Fund                                                  5%*          5%* 


                                                                                                                  13
Investment     up to 5 %*    up to 5%*    up to 5 %*     up to           up to          up to 5 %*     up to 5 %*   up to 5%*
Grade Bond                                               5%*             5%* 
Fund 
Emerging       up to 5%*     up to 5 %*   N/A            N/A             N/A            N/A            N/A          N/A
Market 
Local 
Currency 
Bond Fund 
Emerging       up to 5%*     up to 5 %*   N/A            N/A             N/A            N/A            N/A          N/A
Market 
Select Bond 
Fund 
Emerging       up to 5%*     up to 5 %*   N/A            N/A             N/A            N/A            N/A          N/A
Market 
Corporate 
Bond Fund 
Investment     up to 5 %*    up to 5%*    up to 5 %*     up to           up to          up to 5 %*     up to 5 %*   up to 5%*
Grade Libor                                              5%*             5%* 
Fund 
Global         up to 5%*     up to 5 %*   N/A            N/A             N/A            N/A            N/A          N/A
Convertible 
Bond Fund 
High Yield     up to 5 %*    up to 5%*    up to 5 %*     up to           up to          up to 5 %*     up to 5 %*   up to 5%*
Corporate                                                5%*             5%* 
Bond Fund 
                                                                                                        

               Base Class    Euro Base    USD Base       I Dividend      I Dividend     I Dividend     SEK Base 
               R Dividend    Class R      Class R        – Base Class    – Euro         – USD          Class R 
               CG            Dividend     Dividend CG    Shares          Base Class     Base Class 
                             CG                                          Shares         Shares 
Emerging       up to 5%*     up to 5%*    N/A            Up to 5%**      Up to 5%**     N/A            Up to 
Market                                                                                                 5%** 
Bond Fund 
High Yield     up to 5 %*    N/A          up to 5 %*     Up to 5%**      N/A            Up to          Up to 
Bond Fund                                                                               5%**           5%** 
Investment     up to 5 %*    N/A          up to 5 %*     Up to 5%**      N/A            Up to          Up to 
Grade Bond                                                                              5%**           5%** 
Fund 
Emerging       up to 5%*     up to 5 %*   N/A            Up to 5%**      Up to 5%**     N/A            Up to 
Market                                                                                                 5%** 
Local 
Currency 
Bond Fund 
Emerging       up to 5%*     up to 5 %*   N/A            Up to 5%**      Up to 5%**     N/A            Up to 
Market                                                                                                 5%** 
Select Bond 
Fund 
Emerging       up to 5%*     up to 5 %*   N/A            Up to 5%**      Up to 5%**     N/A            Up to 
Market                                                                                                 5%** 
Corporate 
Bond Fund 
Investment     up to 5 %*    N/A          up to 5 %*     Up to 5%**      N/A            Up to          Up to 
Grade Libor                                                                             5%**           5%** 
Fund 
Global         up to 5%*     up to 5 %*   N/A            up to 5%**      up to 5%**     N/A            Up to 
Convertible                                                                                            5%** 
Bond Fund 
High Yield     up to 5 %*    N/A          up to 5 %*     Up to 5%**      N/A            Up to          Up to 
Corporate                                                                               5%**           5%** 
Bond Fund 
 

               I – AUD       NOK Base     Class M Base   Class M         Class T        Euro Class     USD Class 
               Base Class    Class R                     Base R          Dividend       X              X 
               Shares        Shares 
Emerging       up to 5 %*    Up to 5%**   up to 5 %*     up to           up to 5 %*     up to 5 %*     up to 5 %*
Market                                                   5%* 
Bond Fund 
High Yield     up to 5 %*    Up to 5%**   up to 5 %*     up to           up to 5 %*     up to 5 %*     up to 5 %*
Bond Fund                                                5%* 
Investment     up to 5 %*    Up to 5%**   up to 5 %*     up to           up to 5 %*     up to 5 %*     up to 5 %*
Grade Bond                                               5%* 


                                                                                                                    14
 Fund 

 Emerging       up to 5 %*    Up to 5%**   up to 5 %*   up to      up to 5 %*    up to 5 %*    up to 5 %*
 Market                                                 5%* 
 Local 
 Currency 
 Bond Fund 
 Emerging       up to 5 %*    Up to 5%**   up to 5 %*   up to      up to 5 %*    up to 5 %*    up to 5 %*
 Market                                                 5%* 
 Select Bond 
 Fund 
 Emerging       up to 5 %*    Up to 5%**   up to 5 %*   up to      up to 5 %*    up to 5 %*    up to 5 %*
 Market                                                 5%* 
 Corporate 
 Bond Fund 
 Investment     up to 5 %*    Up to 5%**   up to 5 %*   up to      up to 5 %*    up to 5 %*    up to 5 %*
 Grade Libor                                            5%* 
 Fund 
 Global         up to         Up to 5%**   up to 5 %*   up to      up to 5 %*    up to         up to 
 Convertible    5%*                                     5%*                      5%*           5%* 
 Bond Fund 
 High Yield     up to 5 %*    Up to 5%**   up to 5 %*   up to      up to 5 %*    up to 5 %*    up to 5 %*
 Corporate                                              5%* 
 Bond Fund 

* The sales charge may be applied or may be waived in whole or in part at the discretion of the Board of
Directors. The sales charge (if any) will be paid to, and retained by, the intermediary acting in relation to the
distribution of Shares or may be credited to the relevant Sub-Fund for the benefit of the existing
Shareholders.

With respect to subscriptions of Shares of the Global Convertible Bond Fund, a Dilution Levy to the net asset
value per Share will be applied to the net subscriptions of the relevant investor exceeding 2% of the net
asset value of the Sub-Fund. The rate of the Dilution Levy will be determined by the Board of directors and
will be varied from time to time at its own discretion in order to reflect the current market conditions, so as
to best protect existing investors, but will not exceed 1% of the amount subscribed by an investor, and
further details are available on request from the Registrar and Transfer Agent.

** No sales charge is payable on Class I Dividend Share reinvestment Shares.

    2.   Redemption of Shares

The Redemption Price per Share is based on the Net Asset Value per Share in the Reference Currency of the
relevant class of Shares within the relevant Sub-Fund.

Shares of all Classes of Shares of all Sub-Funds may be redeemed without charge.

With respect to redemptions of Shares of the Global Convertible Bond Fund, a Dilution Levy to the net asset
value per Share will be applied to the net redemptions of the relevant investor exceeding 2% of the net asset
value of the Sub-Fund. The rate of the Dilution Levy will be determined by the Board of directors and will be
varied from time to time at its own discretion in order to reflect the current market conditions, so as to best
protect remaining investors, but will not exceed 1% of the amount redeemed by an investor, and further
details are available on request from the Registrar and Transfer Agent.

    3.   Conversion of Shares

The right to convert Shares is subject to compliance with any conditions (including any minimum subscription
amounts) applicable to the Class into which the conversion is to be effected.

The conversion of Shares of any Class from one Sub-Fund for Shares of the same Class in another Sub-Fund
is based on the respective Net Asset Value of the relevant Class.

If, as a result of a conversion, the value of a shareholder's holding in the new Class would be less than the
minimum subscription amount, the Board of Directors may decide not to accept the request for conversion of
the Shares.

In general, Shares of all Classes of Shares of all Sub-Funds may be converted without charge. In exceptional
circumstances, a conversion charge of up to 1% of the net asset value of the Shares to be converted may be
applied at the discretion of the Board of Directors provided however that equal treatment of the shareholders
is being observed by applying the same percentage to all conversion orders received for the same Valuation
Day. With respect to conversions of Shares of the Global Convertible Bond Fund, a Dilution Levy to the net
asset value per Share will be applied to the net conversions of the relevant investor exceeding USD
2,000,000; and with respect to conversions of Shares of the High Yield Corporate Bond Fund, a Dilution Levy
to the net asset value per Share will be applied to the net conversions of the relevant investor exceeding EUR



                                                                                                            15
2,000,000. The rate of the Dilution Levy will be determined by the Board of directors and will be varied from
time to time at its own discretion in order to reflect the current market conditions, so as to best protect
existing and remaining investors, but will not exceed 1% of the amount converted by an investor, and further
details are available on request from the Registrar and Transfer Agent.


                                           B. Fund's Operational Expenses

The Fund bears all its ordinary operating expenses (“Operating and Administrative Expenses”) including but
not limited to formation expenses such as organization and registration costs; the Luxembourg asset-based
taxe d’abonnement, up to the maximum rate referred to under “Taxation” above (“taxe d’abonnement”);
attendance fees and reasonable out-of-pocket expenses incurred by the Fund’s Directors; legal and auditing
fees and expenses; ongoing registration and listing fees, including translation expenses; and the costs and
expenses of preparing, printing and distributing the Fund’s prospectus, financial reports and other documents
made available to its shareholders. Operating and Administrative Expenses do not include Transaction Fees
and Extraordinary Expenses (as defined below).

1. Transaction Fees


Each Sub-Fund bears the costs and expenses of buying and selling portfolio securities and financial
instruments, brokerage fees and commissions, interest or taxes payable, and other transaction-related
expenses (“Transaction Fees”).

Transaction Fees are accounted for on a cash basis and are paid when incurred or invoiced from the net
assets of the Sub-Fund to which they are attributable.

The Investment Manager and Advisor may effect transaction or arrange for the effecting of transactions
through brokers with whom it has “soft commission” arrangements. The benefits provided under such
arrangements will assist the Investment Manager and Advisor in the provision of investment services to the
Fund.

2. Investment Management and Advisory Fee

     Calculated on the basis of the average net assets of the relevant Class


                Base          Bass         Base Class R    Base           Euro Base     Euro Base     Euro Base     Euro Base 
                Class         Class R      Dividend        Performance    Class         Class R       Class R       Performance 
                                                           Class                                      Dividend      Class 
 Emerging       100 basis     150 basis    150 basis       60 basis       100 basis     150 basis     150 basis     60 basis 
 Market         points per    points       points per      points per     points per    points per    points per    points per 
 Bond Fund      annum*        per          annum*          annum*         annum*        annum*        annum*        annum* 
                              annum* 
 High Yield     120 basis     150 basis    150 basis       80 basis       N/A           N/A           N/A           N/A
 Bond Fund      points per    points       points per      points per 
                annum*        per          annum*          annum* 
                              annum* 
 Investment     50 basis      75 basis     75 basis        30 basis       N/A           N/A           N/A           N/A
 Grade          points per    points       points per      points per 
 Bond Fund      annum*        per          annum*          annum* 
                              annum* 
 Emerging       125 basis     175 basis    175 basis       80 basis       125 basis     175 basis     175 basis     80 basis 
 Market         points per    points       points per      points per     points per    points per    points per    points per 
 Local          annum*        per          annum*          annum*         annum*        annum*        annum*        annum* 
 Currency                     annum* 
 Bond Fund 
 Emerging       125 basis     175 basis    175 basis       80 basis       125 basis     175 basis     175 basis     80 basis 
 Market         points per    points       points per      points per     points per    points per    points per    points per 
 Select         annum*        per          annum*          annum*         annum*        annum*        annum*        annum* 
 Bond Fund                    annum* 
 Emerging       120 basis     150 basis    150 basis       80 basis       120 basis     150 basis     150 basis     80 basis 
 Market         points per    points       points per      points per     points per    points per    points per    points per 
 Corporate      annum*        per          annum*          annum*         annum*        annum*        annum*        annum* 
 Bond Fund                    annum* 
 Investment     50 basis      75 basis     75 basis        30 basis       N/A           N/A           N/A           N/A
 Grade Libor    points per    points       points per      points per 
 Fund           annum*        per          annum*          annum* 
                              annum* 
 Global        100 basis      150 basis    150 basis       60 basis       100 basis     150 basis     150 basis     60 basis 
 Convertible   points per     points       points per      points per     points per    points per    points per    points per 
 Bond Fund     annum*         per          annum*          annum*         annum*        annum*        annum*        annum* 
                              annum* 



                                                                                                                     16
High Yield      120 basis     150 basis    150 basis        80 basis       N/A           N/A              N/A           N/A
Corporate       points per    points       points per       points per 
Bond Fund       annum*        per          annum*           annum* 
                              annum* 


                Class S       Class X      I ‐ Base Class   I ‐ Base       I ‐ Euro      I ‐ Euro Base    I ‐ GBP       GBP Base 
                                                            Performance    Base Class    Performance      Base Class    Class 
                                                            Class                        Class 
Emerging        **            **           100 basis        60 basis       100 basis     60 basis         100 basis     100 basis 
Market                                     points per       points per     points per    points per       points per    points per 
Bond Fund                                  annum*           annum*         annum*        annum*           annum*        annum* 
                                            
High Yield      **            **           120 basis        80 basis       N/A           N/A              120 basis     120 basis 
Bond Fund                                  points per       points per                                    points per    points per 
                                           annum*           annum*                                        annum*        annum* 
                                            
Investment      **            **           50 basis         30 basis       N/A           N/A              50 basis      50 basis 
Grade                                      points per       points per                                    points per    points per 
Bond Fund                                  annum*           annum*                                        annum*        annum* 
                                            
Emerging        **            **           125 basis        80 basis       125 basis     80 basis         125 basis     125 basis 
Market                                     points per       points per     points per    points per       points per    points per 
Local                                      annum*           annum*         annum*        annum*           annum*        annum* 
Currency 
Bond Fund 
Emerging        **            **           125 basis        80 basis       125 basis     80 basis         125 basis     125 basis 
Market                                     points per       points per     points per    points per       points per    points per 
Select                                     annum*           annum*         annum*        annum*           annum*        annum* 
Bond Fund 
Emerging        **            **           120 basis        80 basis       120 basis     80 basis         120 basis     120 basis 
Market                                     points per       points per     points per    points per       points per    points per 
Corporate                                  annum*           annum*         annum*        annum*           annum*        annum* 
Bond Fund 
Investment      **            **           50 basis         30 basis       N/A           N/A              50 basis      50 basis 
Grade Libor                                points per       points per                                    points per    points per 
Fund                                       annum*           annum*                                        annum*        annum* 
Global          **            **           100 basis        60 basis       100 basis     60 basis         100 basis     100 basis 
Convertible                                points per       points per     points per    points per       points per    points per 
Bond Fund                                  annum*           annum*         annum*        annum*           annum*        annum* 
High Yield      **            **           120 basis        80 basis       N/A           N/A              120 basis     120 basis 
Corporate                                  points per       points per                                    points per    points per 
Bond Fund                                  annum*           annum*                                        annum*        annum* 
                                            
 

                D ‐ GBP       D ‐ GBP      USD Base         USD Base       USD Base      USD Base         I ‐ USD       I – USD Base 
                Base          Base         Class            Class R        Class R       Performance      Base Class    Performance 
                Class         Class R                                      Dividend      Class                          Class 
Emerging        100 basis     150 basis    N/A              N/A            N/A           N/A              N/A           N/A
Market          points per    points 
Bond Fund       annum*        per 
                              annum* 
High Yield      120 basis     150 basis    120 basis        150 basis      150 basis     80 basis         120 basis     80 basis 
Bond Fund       points per    points       points per       points per     points per    points per       points per    points per 
                annum*        per          annum*           annum          annum         annum*           annum         annum 
                              annum* 
Investment      50 basis      75 basis     50 basis         75 basis       75 basis      30 basis         50 basis      30 basis 
Grade           points per    points       points per       points per     points per    points per       points per    points per 
Bond Fund       annum*        per          annum*           annum*         annum*        annum*           annum*        annum* 
                              annum* 
Emerging        125 basis     175 basis    N/A              N/A            N/A           N/A              N/A           N/A
Market          points per    points 
Local           annum*        per 
Currency                      annum* 
Bond Fund 
Emerging        125 basis     175 basis    N/A              N/A            N/A           N/A              N/A           N/A
Market          points per    points 
Select          annum*        per 
Bond Fund                     annum* 
Emerging        120 basis     150 basis    N/A              N/A            N/A           N/A              N/A           N/A
Market          points per    points 
Corporate       annum*        per 


                                                                                                                         17
Bond Fund                    annum*

Investment     50 basis      75 basis     50 basis        75 basis       75 basis      30 basis        50 basis      30 basis 
Grade Libor    points per    points       points per      points per     points per    points per      points per    points per 
Fund           annum*        per          annum*          annum*         annum*        annum*          annum*        annum* 
                             annum* 
Global        100 basis      150 basis    N/A             N/A            N/A           N/A             N/A           N/A
Convertible   points per     points 
Bond Fund     annum*         per 
                             annum* 




High Yield     120 basis     150 basis    120 basis       150 basis      150 basis     80 basis        120 basis     80 basis 
Corporate      points per    points       points per      points per     points per    points per      points per    points per 
Bond Fund      annum*        per          annum*          annum          annum         annum*          annum         annum 
                             annum* 
 

               I             I            Base Class R    Euro Base      USD Base      I Dividend –    SEK Base 
               Dividend      Dividend     Dividend CG     Class R        Class R       Base Class      Class R 
               – EUR         – USD                        Dividend CG    Dividend      Shares 
               Base          Base                                        CG 
               Class         Class 
               Shares        Shares 
Emerging       100 basis     N/A          150 basis       150 basis      N/A           100 basis       175 basis 
Market         points per                 points per      points per                   points per      points per 
Bond Fund      annum                      annum*          annum*                       annum           annum* 
                                                                                        
High Yield     N/A           120 basis    150 basis       N/A            150 basis     120 basis       175 basis 
Bond Fund                    points       points per                     points per    points per      points per 
                             per          annum*                         annum         annum           annum* 
                             annum 
Investment     N/A           50 basis     75 basis        N/A            75 basis      50 basis        100 basis 
Grade                        points       points per                     points per    points per      points per 
Bond Fund                    per          annum*                         annum*        annum           annum* 
                             annum                                                      
                              
Emerging       125 basis     N/A          175 basis       175 basis      N/A           125 basis       175 basis 
Market         points per                 points per      points per                   points per      points per 
Local          annum                      annum*          annum*                       annum           annum* 
Currency                                                                                
Bond Fund                                                                               
                                                                                        
                                                                                        
                                                                                        
Emerging       125 basis     N/A          175 basis       175 basis      N/A           125 basis       175 basis 
Market         points per                 points per      points per                   points per      points per 
Select         annum                      annum*          annum*                       annum           annum* 
Bond Fund                                                                               
Emerging       120 basis     N/A          150 basis       150 basis      N/A           120 basis       175 basis 
Market         points per                 points per      points per                   points per      points per 
Corporate      annum                      annum*          annum*                       annum           annum* 
Bond Fund                                                                               
                                                                                        
                                                                                        
Investment     N/A           50 basis     75 basis        N/A            75 basis      50 basis        100 basis 
Grade Libor                  points       points per                     points per    points per      points per 
Fund                         per          annum*                         annum*        annum           annum* 
                             annum                                                      
                              
Global        100 basis      N/A          150 basis       150 basis      N/A           100 basis       175 basis 
Convertible   points per                  points per      points per                   points per      points per 
Bond Fund     annum                       annum*          annum*                       annum           annum* 
                                                                                        
                                                                                        
                                                                                        
High Yield    N/A            120 basis    150 basis       N/A            150 basis     120 basis       175 basis 
Corporate                    points       points per                     points per    points per      points per 
Bond Fund                    per          annum*                         annum         annum           annum* 
                             annum 
 



                                                                                                                      18
                I – AUD       NOK          Class M Base   Class M Base    Class T       Euro Class X    USD Class 
                Base          Base                        R               Dividend                      X 
                Class         Class R 
                Shares        Shares 
 Emerging       100 basis     175 basis    100 basis      150 basis       100 basis     **              ** 
 Market         points per    points       points per     points per      points per 
 Bond Fund      annum*        per          annum*         annum*          annum*  
                              annum* 
 High Yield     120 basis     175 basis    120 basis      150 basis       120 basis     **              ** 
 Bond Fund      points per    points       points per     points per      points per 
                annum*        per          annum*         annum*          annum* 
                              annum* 
 Investment     50 basis      100 basis    50 basis       75 basis        50 basis      **              ** 
 Grade          points per    points       points per     points per      points per 
 Bond Fund      annum*        per          annum*         annum*          annum* 
                              annum* 
 Emerging       125 basis     175 basis    125 basis      175 basis       125 basis     **              ** 
 Market         points per    points       points per     points per      points per 
 Local          annum*        per          annum*         annum*          annum* 
 Currency                     annum* 
 Bond Fund 
 Emerging       125 basis     175 basis    125 basis      175 basis       125 basis     **              ** 
 Market         points per    points       points per     points per      points per 
 Select         annum*        per          annum*         annum*          annum* 
 Bond Fund                    annum* 
 Emerging       120 basis     175 basis    120 basis      150 basis       120 basis     **              ** 
 Market         points per    points       points per     points per      points per 
 Corporate      annum*        per          annum*         annum*          annum* 
 Bond Fund                    annum* 
 Investment     50 basis      100 basis    50 basis       75 basis        50 basis      **              ** 
 Grade Libor    points per    points       points per     points per      points per 
 Fund           annum*        per          annum*         annum*          annum* 
                              annum* 
 Global        100 basis      175 basis    100 basis      150 basis       100 basis     **              ** 
 Convertible   points per     points       points per     points per      points per 
 Bond Fund     annum*         per          annum*         annum*          annum* 
                              annum* 
 High Yield     120 basis     175 basis    120 basis      150 basis       120 basis     **              ** 
 Corporate      points per    points       points per     points per      points per 
 Bond Fund      annum*        per          annum*         annum*          annum* 
                              annum* 


*calculated on the basis of the average net assets of this Class. The Investment Management and Advisory
Fees are accrued on each Valuation Day and payable monthly in arrears.

**No Investment Management and Advisory Fees are payable.

3. Performance Fees

Where Shareholders have subscribed for Shares in the following Share Classes:

Base Performance Class
I – Base Performance Class
Euro Base Performance Class
I – Euro Base Performance Class
USD Base Performance Class
I – USD Base Performance Class


the Investment Manager and Advisor will be entitled to receive a Performance Fee calculated on a
Shareholder-by-Shareholder basis so that each Shareholder is charged a Performance Fee which equates
precisely with the performance of that Shareholder's holding. For any further details please consult the full
prospectus.

4. Fees of the Custodian and Registrar, Transfer, Domiciliary, Paying and Administrative Agent:

The Custodian and Registrar, Transfer, Domiciliary, Paying and Administrative Agent is entitled to receive,
out of the assets of each Class within each Sub-Fund, a fee calculated in accordance with customary banking
practice in Luxembourg which may in aggregate amount up to 30 basis points of the average net assets of
each Class within each Sub-Fund during the relevant month.

In addition the Custodian and Registrar, Transfer, Domiciliary, Paying and Administrative Agent is entitled to


                                                                                                                     19
be reimbursed by the Fund for its reasonable out-of-pocket expenses and disbursements and for charges of
any correspondents (as the case may be).

5. Extraordinary Expenses

The Fund bears any extraordinary expenses including, without limitation, litigation expenses and the full
amount of any tax, levy, duty or similar charge imposed on the Fund or its assets that would not be
considered as ordinary expenses (“Extraordinary Expenses”).

Extraordinary Expenses are accounted for on a cash basis and are paid when incurred or invoiced from the
net assets of the Sub-Funds to which they are attributable.

6. Cap for Fees and Expenses

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for the Class M Base and Class M Base R Shares
of all Sub-Funds shall be subject to an expense cap and shall not exceed 30 basis points of the average net
assets of such Sub-Funds; any fees and expenses that exceed this cap shall be borne by the Investment
Manager and Advisor.

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for the Sub-Funds Emerging Market Bond Fund,
High Yield Bond Fund, Investment Grade Bond Fund, Emerging Market Local Currency Bond Fund,
Investment Grade Libor Fund and High Yield Corporate Bond Fund (excluding Class I and Class I Dividend
Shares) and for all Classes of the Sub-Funds Emerging Market Select Bond Fund, Emerging Market Corporate
Bond Fund and Global Convertible Bond Fund shall be subject to an expense cap and shall not exceed 20
basis points of the average net assets of such Sub-Funds; any fees and expenses that exceed this cap shall
be borne by the Investment Manager and Advisor.

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for the Class I and Class I Dividend Shares of
the Sub-Funds Emerging Market Bond Fund, High Yield Bond Fund and Emerging Market Local Currency Bond
Fund shall be subject to an expense cap and shall not exceed 16 basis points of the average net assets of
such Sub-Funds; any fees and expenses that exceed this cap shall be borne by the Investment Manager and
Advisor.

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for the Class I (excluding the Class I of the Sub-
Fund Investment Grade Bond Fund) and Class I Dividend Shares of the Sub-Fund Investment Grade Libor
Fund shall be subject to an expense cap and shall not exceed 10 basis points of the average net assets of
such Sub-Funds; any fees and expenses that exceed this cap shall be borne by the Investment Manager and
Advisor.

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for the Class I and Class I Dividend of the Sub-
Fund Investment Grade Bond Fund shall be subject to an expense cap and shall not exceed 7 basis points of
the average net assets of such Sub-Fund; any fees and expenses that exceed this cap shall be borne by the
Investment Manager and Advisor.

The fees and expenses incurred for services mentioned under B, i.e. Operating and Administrative Expenses,
and the fees covered in sub-sections B 4 and B 5 here above for Class M Base Shares and Class M Base R
Shares the Sub-Funds Emerging Market Bond Fund, High Yield Bond Fund, Investment Grade Bond Fund,
Emerging Market Local Currency Bond Fund, Emerging Market Select Bond Fund, Emerging Market Corporate
Bond Fund, Investment Grade Libor Fund, Global Convertible Bond Fund and High Yield Corporate Bond Fund
shall be subject to an expense cap and shall not exceed 30 basis points of the average net assets of such
Sub-Funds; any fees and expenses that exceed this cap shall be borne by the Investment Manager and
Advisor.

With respect to the Sub-Fund Global Convertible Bond Fund, in the years following payment by the
Investment Manager and Advisor of such an excess above the expense cap (the “Subsidy”), where the
expense cap threshold is not reached the Investment Manager and Adviser shall conversely be entitled to
claw back the Subsidy previously paid in excess of the expense cap up to the level of the expense cap on a
rolling basis. In no circumstances will a Sub-Fund be charged more than the expense cap.




                                                                                                   20
                                         COMMERCIAL INFORMATION

Subscription, You can buy and sell Shares from the Fund in Luxembourg, care of:
redemption
and           Brown Brothers Harriman (Luxembourg) S.C.A.
conversion of 2-8, avenue Charles de Gaulle L-1653 Luxembourg
Shares
              A. Applicable Offer Price

               The applicable Offer Price is based on the Net Asset Value per Share of the relevant Class within the relevant
               Sub-Fund calculated on the day following the Valuation Day on which the application is received not later
               than 15.00 CET.

               Payments for Shares must be received by the Custodian in the Reference Currency of the relevant Class
               within the relevant Sub-Fund within three (3) Business Days after the relevant Valuation Day.

               B. Redemptions

               Shareholders whose applications for redemption are accepted will have their Shares redeemed in part or in
               whole on any Valuation Day, provided that valid written applications have been received in good order at the
               registered office of the Registrar and Transfer Agent no later than 15.00 CET four (4) Business Days prior to
               Valuation Day. Shares shall be redeemed at a price based on the Net Asset Value per Share in the relevant
               Class within each Sub-Fund.

               The redemption price shall be paid in the Reference Currency of the relevant Class or Sub-Fund normally not
               later than three (3) Business Days after the relevant Valuation Day.

               C. Conversion

               Shareholders have the right to convert all or part of their Shares of any Class of a Sub-Fund into Shares of
               the same Class in another Sub-Fund or into Shares of another existing Class of that or another Sub-Fund by
               applying for conversion in the same manner as for the issue of Shares.

               However, if as a result of a conversion the value of a shareholder's holding in the new Class would be less
               than the minimum subscription amount specified below, the Board of Directors of the Fund may decide not to
               accept the request for conversion of the Shares. In addition, if as a result of a conversion, the value of a
               shareholder's holding in the original Class would become less than the relevant minimum subscription
               amount, the shareholder may deemed, (if the Board of Directors so decides) to have requested the
               conversion of all of his Shares.

               D. Late Trading and Market Timing

               The Fund and respectively the Registrar and Transfer Agent ensures that the practices of Late Trading and
               Market Timing will be eliminated in relation to the distribution of Shares of the Fund. The cut-off times
               mentioned under A. and B. above will be observed rigidly. The investors do not know the net asset value per
               Share at the time of their request for subscription/redemption/conversion.

               Subscriptions, redemptions and conversions of Shares should be made for investment purposes only. The
               Fund does not permit market-timing or other excessive trading practices. Excessive, short-term (market-
               timing) trading practices may disrupt portfolio management strategies and harm fund performance. To
               minimize harm to the Fund and the shareholders, the Board of Directors or the Registrar and Transfer Agent
               on its behalf have the right to reject any subscription or conversion order, or levy a fee of up to 2 % of the
               value of the order for the benefit of the Fund from any investor who is engaging in excessive trading or has a
               history of excessive trading or if an investor's trading, in the opinion of the Board of Directors, has been or
               may be disruptive to the Fund or any of the Sub-Funds. In making this judgment, the Board of Directors may
               consider trading done in multiple accounts under common ownership or control. The Board of Directors also
               has the power to redeem all shares held by a shareholder who is or has been engaged in excessive trading.
               Neither the Board of Directors nor the Fund will be held liable for any loss resulting from rejected orders or
               mandatory redemptions.

               E. Minimum Subscription and Holding Amounts and Minimum Additional Subscription Amount

                     Emerging Market Bond            Minimum Subscription         Minimum Additional
                     Fund                            and Holding Amounts          Subscription Amount

                     Base Class                      100,000 USD                  5,000 USD

                     Base Class R                    10,000 USD                   5,000 USD

                     Base Class R Dividend           10,000 USD                   5,000 USD



                                                                                                                   21
Base Class R Dividend CG       10,000 USD             5,000 USD

Base Performance Class         100,000 USD            50,000 USD

Euro Base Class                100,000 Euro           5,000 Euro

Euro Base Class R              10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro
CG
Euro Base Performance Class    100,000 Euro           50,000 Euro

GBP Base Class                 50,000 GBP             2,500 GBP

D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 USD            250,000 USD

I – Base Performance Class     500,000 USD            250,000 USD

I Dividend - Base Class        500,000 USD            250,000 USD

I Dividend – Euro Base Class   500,000 Euro           250,000 Euro

I – Euro Base Class            500,000 Euro           250,000 Euro

I – Euro Base Performance      500,000 Euro           250,000 Euro
Class
I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 USD            5,000 USD

Class X                        None                   None

Euro Class X                   None                   None



High Yield Bond Fund           Minimum Subscription   Minimum Additional
                               and Holding Amounts    Subscription Amount

Base Class                     100,000 Euro           5,000 Euro

Base Class R                   10,000 Euro            5,000 Euro

Base Class R Dividend          10,000 Euro            5,000 Euro

Base Class R Dividend CG       10,000 Euro            5,000 Euro

Base Performance Class         100,000 Euro           50,000 Euro

USD Base Class                 100,000 USD            5,000USD

USD Base Class R               10,000 USD             5,000 USD

USD Base Class R Dividend      10,000 USD             5,000 USD

USD Base Class R Dividend      10,000 USD             5,000 USD
CG
USD Base Performance Class     100,000 USD            50,000 USD

GBP Base Class                 50,000 GBP             2,500 GBP




                                                                            22
D – GBP Base Class            50,000 GBP             2,500 GBP

D – GBP Base Class R          5,000 GBP              2,500 GBP

I – Base Class                500,000 Euro           250,000 Euro

I – Base Performance Class    500,000 Euro           250,000 Euro

I Dividend – Base Class       500,000 Euro           250,000 Euro

I Dividend – USD Base Class   500,000 USD            250,000 USD

I – USD Base Class            500,000 USD            250,000 USD

I – USD Base Performance      500,000 USD            250,000 USD
Class
I – GBP Base Class            300,000 GBP            150,000 GBP

I – AUD Base Class            500,000 AUD            250,000 AUD

Class M Base                  None                   None

Class M Base R                None                   None

NOK Base Class R              100,000 NOK            50,000 NOK

SEK Base Class R              100,000 SEK            50,000 SEK

Class S                       None                   None

Class T Dividend              100,000 EUR            5,000 EUR

Class X                       None                   None

USD Class X                   None                   None



Investment Grade              Minimum Subscription   Minimum Additional
Bond Fund                     and Holding Amounts    Subscription Amount

Base Class                    100,000 Euro           5,000 Euro

Base Class R                  10,000 Euro            5,000 Euro

Base Class R Dividend         10,000 Euro            5,000 Euro

Base Class R Dividend CG      10,000 Euro            5,000 Euro

Base Performance Class        100,000 Euro           50,000 Euro

USD Base Class                100,000 USD            5,000 USD

USD Base Class R              10,000 USD             5,000 USD

USD Base Class R Dividend     10,000 USD             5,000 USD

USD Base Class R Dividend     10,000 USD             5,000 USD
CG
USD Base Performance Class    100,000 USD            50,000 USD

GBP Base Class                50,000 GBP             2,500 GBP

D – GBP Base Class            50,000 GBP             2,500 GBP

D – GBP Base Class R          5,000 GBP              2,500 GBP

I – Base Class                500,000 Euro           250,000 Euro

I – Base Performance Class    500,000 Euro           250,000 Euro

I Dividend - Base Class       500,000 Euro           250,000 Euro

I Dividend – USD Base Class   500,000 US$            250,000 US$

I – USD Base Class            500,000 USD            250,000 USD

I – USD Performance Class     500,000 USD            250,000 USD




                                                                           23
I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 EUR            5,000 EUR

Class X                        None                   None

USD Class X                    None                   None



Emerging Market Local          Minimum Subscription   Minimum Additional
Currency Bond Fund             and Holding Amounts    Subscription Amount

Base Class                     100,000 USD            5,000 USD

Base Class R                   10,000 USD             5,000 USD

Base Class R Dividend          10,000 USD             5,000 USD

Base Class R Dividend CG       10,000 USD             5,000 USD

Base Performance Class         100,000 USD            50,000 USD

Euro Base Class                100,000 Euro           5,000 Euro

Euro Base Class R              10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro
CG
Euro Base Performance Class    100,000 Euro           50,000 Euro

GBP Base Class                 50,000 GBP             2,500 GBP

D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 USD            250,000 USD

I – Base Performance Class     500,000 USD            250,000 USD

I Dividend - Base Class        500,000 USD            250,000 USD

I Dividend – Euro Base Class   500,000 Euro           250,000 Euro

I – Euro Base Class            500,000 Euro           250,000 Euro

I – Euro Base Performance      500,000 Euro           250,000 Euro
Class
I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 USD            5,000 USD




                                                                            24
Class X                        None                   None

Euro Class X                   None                   None



Emerging Market Select         Minimum Subscription   Minimum Additional
Bond Fund                      and Holding Amounts    Subscription Amount

Base Class                     100,000 USD            5,000 USD

Base Class R                   10,000 USD             5,000 USD

Base Class R Dividend          10,000 USD             5,000 USD

Base Class R Dividend CG       10,000 USD             5,000 USD

Base Performance Class         100,000 USD            50,000 USD

Euro Base Class                100,000 Euro           5,000 Euro

Euro Base Class R              10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro
CG
Euro Base Performance Class    100,000 Euro           50,000 Euro

GBP Base Class                 50,000 GBP             2,500 GBP

D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 USD            250,000 USD

I – Base Performance Class     500,000 USD            250,000 USD

I Dividend - Base Class        500,000 USD            250,000 USD

I Dividend – Euro Base Class   500,000 Euro           250,000 Euro

I – Euro Base Class            500,000 Euro           250,000 Euro

I – Euro Base Performance      500,000 Euro           250,000 Euro
Class
I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 USD            5,000 USD

Class X                        None                   None

Euro Class X                   None                   None



Emerging Market                Minimum Subscription   Minimum Additional
Corporate Bond Fund            and Holding Amounts    Subscription Amount

Base Class                     100,000 USD            5,000 USD

Base Class R                   10,000 USD             5,000 USD

Base Class R Dividend          10,000 USD             5,000 USD




                                                                            25
Base Class R Dividend CG       10,000 USD             5,000 USD

Base Performance Class         100,000 USD            50,000 USD

Euro Base Class                100,000 Euro           5,000 Euro

Euro Base Class R              10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro
CG
Euro Base Performance Class    100,000 Euro           50,000 Euro

GBP Base Class                 50,000 GBP             2,500 GBP

D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 USD            250,000 USD

I – Base Performance Class     500,000 USD            250,000 USD

I Dividend - Base Class        500,000 USD            250,000 USD

I Dividend – Euro Base Class   500,000 Euro           250,000 Euro

I – Euro Base Class            500,000 Euro           250,000 Euro

I – Euro Base Performance      500,000 Euro           250,000 Euro
Class
I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 USD            5,000 USD

Class X                        None                   None

Euro Class                     None                   None




Investment Grade               Minimum Subscription   Minimum Additional
Libor Fund                     and Holding Amounts    Subscription Amount

Base Class                     100,000 Euro           5,000 Euro

Base Class R                   10,000 Euro            5,000 Euro

Base Class R Dividend          10,000 Euro            5,000 Euro

Base Class R Dividend CG       10,000 Euro            5,000 Euro

Base Performance Class         100,000 Euro           50,000 Euro

USD Base Class                 100,000 USD            5,000 USD

USD Base Class R               10,000 USD             5,000 USD

USD Base Class R Dividend      10,000 USD             5,000 USD

USD Base Class R Dividend      10,000 USD             5,000 USD
CG
USD Base Performance Class     100,000 USD            50,000 USD

GBP Base Class                 50,000 GBP             2,500 GBP




                                                                            26
D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 Euro           250,000 Euro

I – Base Performance Class     500,000 Euro           250,000 Euro

I Dividend - Base Class        500,000 Euro           250,000 Euro

I Dividend – USD Base Class    500,000 US$            250,000 US$

I – USD Base Class             500,000 USD            250,000 USD

I – USD Performance Class      500,000 USD            250,000 USD

I – GBP Base Class             300,000 GBP            150,000 GBP

I – AUD Base Class             500,000 AUD            250,000 AUD

Class M Base                   None                   None

Class M Base R                 None                   None

NOK Base Class R               100,000 NOK            50,000 NOK

SEK Base Class R               100,000 SEK            50,000 SEK

Class S                        None                   None

Class T Dividend               100,000 EUR            5,000 EUR

Class X                        None                   None

USD Class X                    None                   None



Global Convertible             Minimum Subscription   Minimum Additional
Bond Fund                      and Holding Amounts    Subscription Amount

Base Class                     100,000 USD            5,000 USD

Base Class R                   10,000 USD             5,000 USD

Base Class R Dividend          10,000 USD             5,000 USD

Base Class R Dividend CG       10,000 USD             5,000 USD

Base Performance Class         100,000 USD            50,000 USD

Euro Base Class                100,000 Euro           5,000 Euro

Euro Base Class R              10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro

Euro Base Class R Dividend     10,000 Euro            5,000 Euro
CG
Euro Base Performance Class    100,000 Euro           50,000 Euro

GBP Base Class                 50,000 GBP             2,500 GBP

D – GBP Base Class             50,000 GBP             2,500 GBP

D – GBP Base Class R           5,000 GBP              2,500 GBP

I – Base Class                 500,000 USD            250,000 USD

I – Base Performance Class     500,000 USD            250,000 USD

I Dividend - Base Class        500,000 USD            250,000 USD

I Dividend – Euro Base Class   500,000 Euro           250,000 Euro

I – Euro Base Class            500,000 Euro           250,000 Euro

I – Euro Base Performance      500,000 Euro           250,000 Euro
Class




                                                                            27
I – GBP Base Class            300,000 GBP            150,000 GBP

I – AUD Base Class            500,000 AUD            250,000 AUD

Class M Base                  None                   None

Class M Base R                None                   None

NOK Base Class R              100,000 NOK            50,000 NOK

SEK Base Class R              100,000 SEK            50,000 SEK

Class S                       None                   None

Class T Dividend              100,000 USD            5,000 USD

Class X                       None                   None

Euro Class X                  None                   None



High Yield Corporate          Minimum Subscription   Minimum Additional
Bond Fund                     and Holding Amounts    Subscription Amount

Base Class                    100,000 Euro           5,000 Euro

Base Class R                  10,000 Euro            5,000 Euro

Base Class R Dividend         10,000 Euro            5,000 Euro

Base Class R Dividend CG      10,000 Euro            5,000 Euro

Base Performance Class        100,000 Euro           50,000 Euro

USD Base Class                100,000 USD            5,000USD

USD Base Class R              10,000 USD             5,000 USD

USD Base Class R Dividend     10,000 USD             5,000 USD

USD Base Class R Dividend     10,000 USD             5,000 USD
CG
USD Base Performance Class    100,000 USD            50,000 USD

GBP Base Class                50,000 GBP             2,500 GBP

D – GBP Base Class            50,000 GBP             2,500 GBP

D – GBP Base Class R          5,000 GBP              2,500 GBP

I – Base Class                500,000 Euro           250,000 Euro

I – Base Performance Class    500,000 Euro           250,000 Euro

I Dividend – Base Class       500,000 Euro           250,000 Euro

I Dividend – USD Base Class   500,000 USD            250,000 USD

I – USD Base Class            500,000 USD            250,000 USD

I – USD Base Performance      500,000 USD            250,000 USD
Class
I – GBP Base Class            300,000 GBP            150,000 GBP

I – AUD Base Class            500,000 AUD            250,000 AUD

Class M Base                  None                   None

Class M Base R                None                   None

NOK Base Class R              100,000 NOK            50,000 NOK

SEK Base Class R              100,000 SEK            50,000 SEK

Class S                       None                   None

Class T Dividend              100,000 EUR            5,000 EUR




                                                                           28
                    Class X                           None                        None

                    USD Class X                       None                        None



               The Board of Directors has the discretion, from time to time, to waive in any Sub-Fund any applicable
               minimum subscription amounts.

Distribution   All revenues and capital gains will be automatically reinvested, except for Class D Shares, where the Board of
Policy         Directors intends to distribute at least 85 per cent of the net investment income (computed broadly in
               accordance with the definition of net income under United Kingdom Corporation Tax Principles), except for I
               – Dividend Shares, Base Class R Dividend Shares, Euro Base Class R Dividend Shares and USD Base Class R
               Dividend Shares where the Board of Directors intends to distribute all the net interest income which accrues
               to the Sub-Fund or Class to which such Shares relate, except for Base Class R Dividend CG Shares, Euro
               Base Class R Dividend CG Shares and USD Base Class R Dividend CG Shares where the Board of Directors
               intends to distribute all the net investment income and net realised capital gains after the deduction of
               unrealised capital losses and unrealised capital gains which accrue to the Sub-Fund or Class to which such
               Shares relate, and Except for Class T Dividend Shares where the Board of Directors intends to distribute a
               fixed dividend being a fixed percentage of the mostly recently available prior net asset value of the relevant
               Valuation Day. Nevertheless the Board of Directors has the option in any given accounting year to propose to
               the shareholders of any Sub-Fund or Class at the Annual Meeting the payment of a dividend out of all or part
               of that Sub-Fund's or Class' current net investment income.

Net Asset      The Net Asset Value per Share of each Class is typically determined in Luxembourg on each day which is a
Value          Business Day in Luxembourg and London. If the net asset value per share of a particular Sub-Fund or Class
Information    of a Sub-Fund is determined on a less frequent basis than each day which is a Business Day in Luxembourg
               and London, the frequency of the calculation will be described in more detail in the relevant Investment
               Information.

               The Net Asset Value per Share of each Class is available at the registered office of the Fund.

Listing        The Base Class, Base Class R, Euro Base Class, Euro Base Class R, USD Base Class, USD Base Class R, NOK
               Base Class R, SEK Base Class R, I –Base Class, I – Euro Base Class, I – GBP Base Class, I – USD Base Class,
               I – AUD Base Class and GBP Base Class Shares of each Sub-Fund are, or will on issue, be listed on the
               Luxembourg Stock Exchange.

Performance    The performance of each of the Sub-Funds is attached as separate document to this Simplified Prospectus.
               Past performance is not indicative of future results.



                                            YOUR CONTACT PERSONS

In             Brown Brothers Harriman (Luxembourg) S.C.A.
Luxembourg     2-8, avenue Charles de Gaulle L-1653 Luxembourg
               Tel : +352 47 40 66 266
               Fax : +352 47 40 66 401




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DOCUMENT INFO
Description: Bluebay Investment Grade Bond Fund Simplified Prospectus document sample