Sustainable, Responsible &/or ESG Policy:

Investment Objective

The objective of the Fund is to target a positive total return (comprising current income and capital gains) above the Bank of England’s SONIA Compounded Index (for the purposes of this Supplement, the “Target Benchmark”) over a full economic cycle, by investing in a broad range of global fixed-income securities and associated FDIs and currencies. The Fund is actively managed and is not constrained by any benchmark.

Investment Policies

The Fund invests directly, or through the use of FDIs, in a variety of corporate and/or sovereign issued fixed-income securities in order to achieve the Fund’s investment objective. The Fund may invest in securities of any credit rating quality, including Non-Investment Grade securities. The Fund also promotes certain Sustainability Characteristics through its investment selection and ongoing monitoring processes, as described under Promotion of Sustainability Characteristics below. In addition, the Fund commits to investing a proportion of its Net Asset Value in Sustainable Investments.

Selection of Sustainable Investments

While the Fund promotes Sustainability Characteristics at the portfolio level, the Fund is also committed to identifying and investing 50% of its Net Asset Value in individual assets which have each been assessed as a Sustainable Investment.
The Sub-Investment Manager takes a holistic approach to the identification of these Sustainability Characteristics rather than focusing on one theme and, as such, the Sustainable Investments that the Fund intends to make are varied depending on the nature of particular investment. In selecting Sustainable Investments for the Fund, the Sub-Investment Manager will seek to identify issuers which positively contribute to identified themes, being one (1) or more of:

• Affordable Housing;
• Clean Energy;
• Clean Water and Sanitation;
• Diversity, Inclusion and Equality;
• Economic Mobility and Community Development;
• Education;
• Efficient Production and Conservation;
• Health and Wellness;
• Sustainable Agriculture and Natural Resource Management;
• Sustainable Finance and/or
• Sustainable Technology Innovation.

Exclusion Policy

In addition to promoting Sustainability Characteristics and investing in Sustainable Investments, the Sub-Investment Manager seeks to exclude companies and industries that are not aligned with the Fund’s Sustainability Characteristics. In addition to the Sub-Investment Manager’s proprietary and qualitative analysis, the Sub-Investment Manager relies on third-party providers to apply a rules-based screening process which seeks to identify corporate bond issuers that may have controversial business involvement, as determined by the Sub-Investment Manager. When third-party data is not available, the Sub-Investment Manager will utilise discretion in making investments.

Specifically, the Fund seeks to exclude knowingly owning bonds issued by companies:

• that violate the UNGC Principles or the OECD Guidelines for Multinational Enterprises; and/or
• that conduct animal testing for non-medical purposes and do not exhibit strong ethical policiesand practices; and/or
• that directly manufacture controversial weapons and their essential components (defined as blinding laser weapons, chemical and biological weapons, cluster munitions, incendiary weapons (white phosphorous), anti-personnel land mines, non- detectable fragments, nuclear weapons, and/or depleted uranium); and/or 
• involved in the cultivation and production of tobacco products.

The Fund also applies the following investment guidelines in respect of underlying issuers to ensure that an issuer will not be included if it knowingly has more than:

• 1% or more of its revenue from exploration, mining, extraction, distribution or refining of hard coal and lignite; and/or
• 10% or more of its revenue from exploration, extraction, distribution or refining of oil fuels;and/or
• 50% or more of its revenue from exploration, extraction, manufacture, or distribution of gaseous fuels; and/or
• 50% or more of its revenue from electricity generation with a GHG intensity of more than 100g CO2e/kWh; and/or
• 5% of its revenue derived directly from alcohol products.

As a result, the universe of investments available to the Fund will be more limited than that of funds that do not apply such exclusions.
In addition to the Fund’s investment policies and exclusion policy, the Sub-Investment Manager may adopt certain additional internal investment criteria which may further restrict Fund investments.

Exceptions to the Exclusion Policy

The exception to the above is that the Fund may invest in labelled bonds (as described above), or other fixed-income securities that are issued to raise capital to support environmental or social projects and objectives, and often times help to facilitate the transition to more sustainable practices. Investment in such instruments will be subject to diligence by the Sub-Investment Manager.

Labelled bonds may be issued by issuers that are involved in one or more of the business activities that the Sub-Investment Manager would normally avoid. In cases where the issuer of a labelled bond is involved in one or more of the normally avoided business activities, but the labelled bond has been issued to raise capital to support a project or objective that the Sub-Investment Manager deems to be promoting Sustainability Characteristics, the labelled bond may be invested in by the Fund.

(Source: Prospectus, as at December 2025)

SDR Labelling:

Not eligible to use label (out of scope)