Objective and investment policy Objective The Fund aims to provide a return, from a combination of income and capital growth over the long term. Performance target: To outperform the iBOXX Euro Corporates Index by 1.5% per annum, before the deduction of charges, over any 5 year period. Investment policy The Fund invests at least 80% of its assets in investment grade corporate bonds and other types of investment grade bonds, denominated in Euros. The Fund may invest up to 20% of its net assets in contingent convertible bonds (CoCos). The Fund may also invest in other assets including bonds of other types from any issuer, cash and money market instruments. The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is activelymanaged with reference to the iBOXXEuro Corporates Index, which is broadly representative of the bonds inwhich itmay invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund withweightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. Strategy The investment manager seeks to provide a total return in excess of that generated by the benchmark over amarket cycle by investing primarily in Euro denominated investment grade rated corporate bonds. The investment process combines asset allocation views with rigorous fundamentally driven security selection from the credit analysts. Distribution policy This share class accumulates incomewhich is retained within the price of the share class. Recommendation This Fund may not be appropriate for investors who plan to withdraw their money within the short term. The Fund is designed to be used only as one component of several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. You can buy, sell or switch shares in the Fund on any business day, as defined in the Fund Prospectus. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.janushenderson.com.