The sub-fund invests primarily for total return through a diversified portfolio of Investment Grade and Non- Investment Grade rated fixed income (e.g. bonds) and other similar securities. These securities are issued or guaranteed by governments or government agencies or supranational bodies of Emerging Markets or companies which have their registered office in Emerging Markets. Such securities will be primarily denominated in local currency. On an ancillary basis, the sub-fund may consider investments in securities denominated in USD and those of other OECD countries.