M&G (Lux) Emerging Markets Local Currency Bond Fund Class C GBP Accumulation

Objective and investment policy The Fund aims to provide a combination of capital growth and income that is higher than the local currency emerging market bond market over any three-year period, while applying ESG Criteria. Risk and reward profile Low risk High risk Typically lower rewards Core investment: at least 80% of the Fund is invested in local currency denominated bonds, issued or guaranteed by governments and government related institutions in emerging markets, and 100% of the Fund can be invested in below investment grade and unrated securities. The Fund invests in securities that meet the ESG Criteria, applying an Exclusionary Approach as described in the precontractual annex. 1 Typically higher rewards 2 3 4 5 6 7 Other investments: the Fund may invest in bonds issued by emerging market companies or instruments denominated in emerging market currencies including Chinese onshore bonds denominated in renminbi. The Fund may invest up to 20% in bonds denominated in the currencies of developed countries such as the US dollar, Euro, Japanese Yen or British pound, up to 10% in asset-backed securities, up to 10% in contingent convertible debt securities and may hold up to 10% in distressed debt securities and defaulted debt securities. The Fund may also invest in other funds, and up to 20% in cash (meaning eligible deposits) and assets that can be turned quickly into cash. Derivatives usage: for investment purposes and to reduce risk and cost. Strategy in brief: Investment approach: the investment manager selects investments based on an assessment of global, regional, and country-specific macroeconomic factors, followed by in-depth analysis of individual bond issuers. The Fund is diversified by investing in a range of bonds across different emerging markets. Investment manager’s ESG classification: Planet+ / ESG Enhanced, as defined in the Fund’s prospectus.