Aegon Global Short Dated High Yield Bond

Sustainable, Responsible &/or ESG Policy:

Objectives and investment policy

Objective: to maximise total return (income plus capital).

Policy:

invests predominantly in high yield (higher risk) bonds. The fund may  also hold selected investment grade (lower risk) bonds and cash. Bonds will  be issued by companies and governments worldwide and will have a  maximum residual maturity of five and a half years.
The Fund is actively managed.

The Fund may also invest in derivatives (financial contracts whose value is  linked to an underlying asset).

The Fund may invest up to 30% in emerging markets. In investment terms,  this means those economies that are still developing.

Within the limits set out above, the Fund has discretion in its choice of  investments and is not restricted by market sector. It may also hold a limited  range of other investments and it is not constrained by any benchmark or  index.

The Fund may use investment techniques to manage risks and costs. These techniques include 'hedging' (using derivatives to reduce the risk associated with making investments in other currencies). Up to 20% of the Fund may not be 'hedged' i.e. the Fund is exposed to the risks of investing in another currency for this portion.

The Fund may invest in use-of-proceeds labelled bonds (including green, blue, or other sustainability themed bonds), which are bonds the proceeds from which are used for specific projects or investments. Green bonds provide finance for environmentally and/or climate friendly projects and blue bonds provide finance for marine and ocean based projects or investments.

The Fund may also invest in sustainability linked bonds, which are bonds for which the financial and/or structural characteristics are tied to predefined sustainability or ESG objectives. The Fund's exposure to such use-ofproceeds labelled bonds and sustainability linked bonds is currently not material, however this may change over time and is not subject to any aggregate limit.

The positive environmental characteristics the Fund promotes are transition to a low carbon economy and adaption to climate change by investing the majority of the Fund’s net assets in issuers that have robust and credible plans to transition towards a low carbon economy based on the Investment Manager’s internal climate transition categories. The Investment Manager will firstly, apply an exclusionary screen to exclude investments which the Investment Manager considers have a negative impact on society and/or the
environment. Then will categorise issuers (including ancillary liquid assets and the underlying securities of single named derivatives) according to their level of alignment with progress towards a net-zero economy. The categories, as set out in the Investment Manager’s proprietary climate categorisation system, will range from 1 to 5, with 1 being the highest category for leaders that are driving the net-zero transition i.e., “Leaders” and 5 being the lowest category for those laggards that are actively hindering climate progress i.e. “Laggards”. The focus will be on supporting issuer’s energy transition using quantitative and qualitative information to increasingly
invest in issuers with solid plan of energy transition and reducing and restricting exposure to whose issuers who do not have such plans. Climate categories 1 to 3 (“Leaders”, “Prepared” or “Transitioning”) are determined as having a clear and measurable path to transition with the 1 to 3 categories determining the relative strength and success of that path. Climate categories 4 and 5 (“Unprepared” or “Laggards”) are not yet on an identifiable path to transition.

In addition, the Fund’s bond investments (for the avoidance of doubt excluding ancillary liquid assets, collective investment schemes, index derivatives and collateral based derivatives) are subject to the Investment Manager’s additional ESG Risk criteria. The Investment Manager, through assessing the ESG evaluation undertaken by its credit research team, identify issuers using a proprietary ESG framework to construct a portfolio with issuers who have been identified as having the best ESG categories, with the lowest ESG risks - with ESG category 1 being the highest ESG category and 5 being the lowest. The Fund will invest at least 90% of its bond portfolio in those securities with ESG categories 1, 2, or 3, with up to 10% in securities identified as ESG category 4 or unrated securities. The Fund will not invest in securities with ESG category 5. Please see the Fund's Supplement for a full description of the Investment Manager's climate transition and ESG framework and criteria. The fund promotes E/S (i.e Environmental and Social) characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR).

(Source: KIID as at May 2025)

SDR Labelling:

Not eligible to use label (out of scope)