To seek to maximise income and growth of capital (total return). The Fund mainly invests in investment grade (or comparable) US corporate and government bonds denominated in USD. The Fund may invest significantly in asset- and mortgage-backed securities.

The Fund promotes environmental and social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

In its implementation of the Fund’s Environmental Social and Governance (ESG) strategy, the Investment Manager integrates environmental, social and governance considerations into its research, investment process and risk management. The Fund seeks to allocate to green, social, sustainable and sustainability-linked bonds the proceeds of which are used for green and social projects. In addition, the Fund refrains from investing in issuers and projects that could cause significant harm to the sustainable investment objectives.

The Fund’s environmental or social characteristics are assessed both quantitatively and qualitatively, by means of sustainability indicators as well as of the Investment Manager’s direct qualitative research, a proprietary Principal Adverse Impact (PAI) indicator tool, Sustainable Development Goals (SDG)-alignment and engagement as further described in the website disclosure’s dedicated sections. As part of its investment decision making process, the Fund’s ESG strategy also uses binding criteria for the selection of underlying assets and applies specific ESG exclusions.

Finally, the Fund has a minimum allocation of 1% of its portfolio to sustainable investments. The Fund ensures that its sustainable investments do not cause significant harm to any environmental or social sustainable investment objective.

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One of the world’s leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach. Each group of sector specialists utilizes their expertise in bottom-up analysis of each portfolio sector.

There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time.  Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment.  The fund does not offer any capital guarantee or protection and you may not get back the amount invested.

The indicator is based on the volatility of the returns (past performance) of the reported share class (calculated on a 5 year rolling return basis). Where a share class is inactive / has less than 5 years of returns, the returns of a representative benchmark are used.

The fund is in its risk/reward category because investments in US higher rated bonds and asset-backed securities have historically been subject to relatively small fluctuations in value.

• The fund is subject to the following risks which are materially relevant but may not be adequately captured by the indicator:
  Asset-backed securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the fund. These types of investments may also be difficult for the fund to sell quickly.
  Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund. Bond values are affected by the market's view of the above risk, and by changes in interest rates and inflation.
  Mortgage-backed securities: The timing and size of the cash-flow from mortgage-backed securities is not fully assured and could result in loss for the fund. These types of investments may also be difficult for the fund to sell quickly.
  Derivatives: The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.
  Convertible securities risk: the risk associated with the fact the Fund may invest in convertible securities, which may be low-rated and which may act like either a bond (when the underlying equity value is well below par value for the security) or a stock (when the underlying equity value approaches or exceeds par value).
  Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.
  Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.
  Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.
  Interest rates: Changes in interest rates may negatively affect the value of the fund. Typically as interest rates rise, bond values fall.
  Liquidity: In certain circumstances it may be difficult to sell the fund's investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments.

For further explanation on the risks associated with an investment in the fund, please refer to the section entitled "Risk Factors" in the base prospectus and "Primary Risks" in the fund supplement. Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.