Objective The Fund aims to provide a combined return from capital and income in excess of the return of the iBoxx Euro Corporates Index. Investmentpolicy The Fund invests at least 80% of its total assets in: A diversified portfolio of Euro denominated investment grade corporate bonds, other Euro denominated bonds of any investment quality and derivatives. The Fund may also invest in: Contingent Convertible Bonds Money market instruments Bank deposits Forward exchange contracts (including non-deliverable forwards). Forward rate notes. In choosing investments the manager focuses on identifying the best risk-return prospects within the Euro-denominated bond universe. The Fund may use derivatives to achieve the Fund's investment objective, to reduce risk or to manage the Fund more efficiently. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within the short term. This Fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. Fundcurrency EURShareclasscurrency GBP Termstounderstand Bonds Securities that represent an obligation to repay a debt along with interest. Contingent Convertible Bonds (CoCos) Bonds that, upon a predetermined ‘trigger event’ can be converted into shares of the issuer or are partly or wholly written off. Derivatives Financial instruments whose value is linked to the price of an underlying asset (eg indices, rates, share prices). Forwardexchangecontracts A type of foreign currency transaction to exchange two designated currencies at a specific time in the future. Forwardratenotes A forward rate note is a security that incorporates an interest or exchange rate applicable to financial transaction that will take place in the future. Moneymarketinstruments A short term debt instrument, issued by a government or company as a way to raise money. Generally considered a cash equivalent. Volatility How sharply the Fund's share price has gone up and down over a period, generally several years. Youcanbuy,sellorswitchsharesintheFundonanybusinessday, asdefinedwithinthe“Definitions”SectionoftheFund’sprospectus. Thisshareclassdistributessubstantiallyalloftheinvestmentincome beforethedeductionoffees,chargesandexpenses.Distributions mayincludecapitalgains.