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431.319 622.887 l
428.582 623.157 l
425.753 622.117 l
423.016 620.511 l
420.191 620.916 l
417.637 619.08 l
414.808 617.473 l
411.979 614.638 l
409.242 615.678 l
406.41 615.219 l
403.673 615.165 l
400.844 612.424 l
398.015 608.847 l
395.278 608.82 l
392.45 608.185 l
389.712 604.527 l
386.888 599.397 l
384.242 599.545 l
381.413 602.029 l
378.584 605.445 l
375.847 607.578 l
373.015 603.487 l
370.277 607.659 l
367.449 610.332 l
364.62 610.629 l
361.883 613.005 l
359.055 612.681 l
356.317 610.75 l
353.492 611.304 l
350.938 608.05 l
348.109 607.983 l
345.281 610.966 l
342.543 611.452 l
339.711 610.669 l
336.974 614.125 l
334.145 612.681 l
331.317 614.193 l
328.579 612.816 l
325.751 611.439 l
323.013 610.453 l
320.189 609.805 l
317.634 607.146 l
314.805 606.403 l
311.977 605.431 l
309.239 604.864 l
306.407 601.584 l
303.67 599.68 l
300.841 600.625 l
298.013 597.601 l
295.275 602.205 l
292.447 602.974 l
289.713 600.342 l
286.885 599.059 l
284.33 598.695 l
281.501 597.196 l
278.673 594.591 l
275.936 593.227 l
273.103 591.729 l
270.366 589.92 l
267.537 588.219 l
264.709 585.505 l
261.972 582.913 l
259.143 585.438 l
256.406 584.547 l
253.581 584.533 l
250.935 581.455 l
248.106 576.946 l
245.278 573.828 l
242.541 577.797 l
239.708 570.709 l
236.971 574.948 l
234.142 581.59 l
232.5 579.889 l
S
1 0.84 0.31 0.17 K
[4 2 ]0 d
550.943 661.686 m
548.115 661.132 l
545.286 657.447 l
542.549 649.657 l
539.716 648.78 l
536.979 651.088 l
534.151 649.266 l
531.322 640.693 l
528.585 638.965 l
525.756 631.068 l
523.019 623.197 l
520.194 646.741 l
517.548 650.035 l
514.719 650.386 l
511.891 646.917 l
509.154 646.647 l
506.321 646.579 l
503.584 646.336 l
500.755 646.039 l
497.927 645.418 l
495.19 641.53 l
492.361 644.46 l
489.628 642.151 l
486.799 640.801 l
484.244 638.034 l
481.416 630.177 l
478.587 634.807 l
475.85 636.927 l
473.017 640.626 l
470.28 639.978 l
467.452 639.006 l
464.623 637.345 l
461.886 637.048 l
459.057 637.561 l
456.32 636.711 l
453.495 638.358 l
450.94 640.41 l
448.112 639.627 l
445.283 639.478 l
442.546 640.275 l
439.714 639.762 l
436.976 638.331 l
434.148 638.749 l
431.319 636.981 l
428.582 637.035 l
425.753 635.712 l
423.016 633.822 l
420.191 634.51 l
417.637 631.959 l
414.808 629.623 l
411.979 626.586 l
409.242 627.733 l
406.41 627.301 l
403.673 626.343 l
400.844 622.833 l
398.015 618.351 l
395.278 616.974 l
392.45 616.069 l
389.712 609.778 l
386.888 603.177 l
384.242 602.38 l
381.413 605.094 l
378.584 609.279 l
375.847 613.275 l
373.015 608.82 l
370.277 613.234 l
367.449 616.258 l
364.62 617.338 l
361.883 619.957 l
359.055 619.498 l
356.317 617.541 l
353.492 618.634 l
350.938 614.571 l
348.109 613.504 l
345.281 616.096 l
342.543 617.392 l
339.711 615.394 l
336.974 619.269 l
334.145 616.528 l
331.317 618.931 l
328.579 617.473 l
325.751 615.88 l
323.013 614.8 l
320.189 614.395 l
317.634 611.101 l
314.805 609.927 l
311.977 609.049 l
309.239 608.226 l
306.407 604.27 l
303.67 602.745 l
300.841 603.73 l
298.013 600.841 l
295.275 605.053 l
292.447 606.039 l
289.713 603.271 l
286.885 601.692 l
284.33 600.922 l
281.501 598.938 l
278.673 596.616 l
275.936 595.455 l
273.103 594.199 l
270.366 592.215 l
267.537 590.595 l
264.709 587.854 l
261.972 584.965 l
259.143 587.058 l
256.406 585.627 l
253.581 585.829 l
250.935 582.616 l
248.106 578.607 l
245.278 575.097 l
242.541 578.053 l
239.708 570.723 l
236.971 575.34 l
234.142 580.686 l
232.5 579.889 l
S
0 0.97 1 0.5 K
[]0 d
550.943 601.435 m
548.115 600.814 l
545.286 598.587 l
542.549 592.201 l
539.716 591.175 l
536.979 593.538 l
534.151 591.904 l
531.322 585.586 l
528.585 584.533 l
525.756 577.662 l
523.019 571.6 l
520.194 596.778 l
517.548 600.949 l
514.719 602.151 l
511.891 599.424 l
509.154 598.83 l
506.321 598.83 l
503.584 597.642 l
500.755 599.977 l
497.927 599.005 l
495.19 597.277 l
492.361 601.125 l
489.628 598.047 l
486.799 599.667 l
484.244 596.818 l
481.416 590.743 l
478.587 596.967 l
475.85 599.599 l
473.017 602.974 l
470.28 601.246 l
467.452 601.422 l
464.623 599.383 l
461.886 599.41 l
459.057 600.882 l
456.32 599.599 l
453.495 602.299 l
450.94 603.393 l
448.112 601.395 l
445.283 601.341 l
442.546 601.165 l
439.714 601.516 l
436.976 599.343 l
434.148 601.462 l
431.319 599.869 l
428.582 600.22 l
425.753 599.694 l
423.016 598.641 l
420.191 600.085 l
417.637 598.87 l
414.808 597.318 l
411.979 593.673 l
409.242 592.998 l
406.41 590.595 l
403.673 590.757 l
400.844 587.53 l
398.015 583.629 l
395.278 585.357 l
392.45 585.033 l
389.712 580.335 l
386.888 575.799 l
384.242 577.783 l
381.413 582.751 l
378.584 586.234 l
375.847 589.663 l
373.015 584.925 l
370.277 590.851 l
367.449 594.901 l
364.62 596.022 l
361.883 598.033 l
359.055 597.709 l
356.317 595.941 l
353.492 597.601 l
350.938 593.173 l
348.109 595.225 l
345.281 598.06 l
342.543 599.154 l
339.711 598.681 l
336.974 602.137 l
334.145 601.665 l
331.317 603.379 l
328.579 601.557 l
325.751 602.326 l
323.013 602.178 l
320.189 601.273 l
317.634 599.599 l
314.805 599.14 l
311.977 597.088 l
309.239 596.184 l
306.407 593.794 l
303.67 593.538 l
300.841 594.415 l
298.013 591.162 l
295.275 593.713 l
292.447 592.39 l
289.713 591.067 l
286.885 589.474 l
284.33 590.19 l
281.501 586.869 l
278.673 584.304 l
275.936 584.02 l
273.103 582.738 l
270.366 582.508 l
267.537 580.942 l
264.709 577.959 l
261.972 576.406 l
259.143 579.214 l
256.406 578.796 l
253.581 579.619 l
250.935 574.894 l
248.106 572.95 l
245.278 569.292 l
242.541 573.801 l
239.708 566.97 l
236.971 569.359 l
234.142 580.564 l
232.5 579.889 l
S
q
226.5 487.389 8 45.5 re
W n
3 w
226.5 532.889 m
234.5 532.889 l
S
Q
BT
8 0 0 8 237.5 526.8892 Tm
0 0 0 1 k
-0.025 Tc
(Goldman Sachs Global High )Tj
0 -1.25 TD
(Yield Portfolio Class E Shares )Tj
T*
(\(EUR-Hedged\) \(Q-Dist\) )Tj
T*
(\(Duration-Hedged\))Tj
/F2 1 Tf
4 0 0 4 293.652 499.9892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
337.5 487.389 4 45.5 re
W n
1 0.84 0.31 0.17 K
3 w
337.5 532.889 m
341.5 532.889 l
S
Q
q
343.5 487.389 4 45.5 re
W n
1 0.84 0.31 0.17 K
3 w
343.5 532.889 m
347.5 532.889 l
S
Q
BT
/F1 1 Tf
8 0 0 8 350.5 526.8892 Tm
-0.025 Tc
(Bloomberg Barclays U.S. High-)Tj
T*
(Yield 2% Issuer Capped Bond )Tj
T*
(Index in EUR\(Hedged\))Tj
/F2 1 Tf
4 0 0 4 416.276 509.9892 Tm
-0.05 Tc
(\(3\))Tj
ET
q
450.5 487.389 8 45.5 re
W n
0 0 0 0.5 K
3 w
450.5 532.889 m
458.5 532.889 l
S
Q
BT
/F1 1 Tf
8 0 0 8 461.5 526.8892 Tm
-0.025 Tc
(Morningstar Global High Yield )Tj
T*
(Bond - EUR Hedged)Tj
/F2 1 Tf
4 0 0 4 521.204 519.9892 Tm
-0.05 Tc
(\(1\))Tj
8 0 0 8 212.5 481.3892 Tm
0 Tc
(This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the )Tj
T*
(fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not )Tj
T*
(reect any management or other charges to the fund, whereas stated returns of the fund do.)Tj
/F5 1 Tf
33.316 0 TD
( Past performance does not )Tj
-33.316 -1.25 TD
[(guarantee future results, which may vary)37(. The value of investments and the income derived from investments )]TJ
T*
[(will uctuate and can go down as well as up. A loss of capital may occur)70(.)]TJ
ET
q
212.5 412.389 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 428.889 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 417.8892 Tm
0 0 0 0 k
-0.015 Tc
(Performance Summary \(%\))Tj
/F5 1 Tf
8 0 0 8 398.052 400.8893 Tm
0 0 0 1 k
-0.025 Tc
[(Cumulative)-9389(Annualised)]TJ
/F2 1 Tf
-6.419 -1.625 TD
[(Since Launch)-1709(1 Mth)-1345(3 Mths)-2325(YTD)]TJ
ET
q
477.5 383.389 5 13 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
481.5 396.389 m
481.5 371.389 l
S
Q
BT
8 0 0 8 491.748 387.8892 Tm
(1 Y)Tj
ET
q
0.2 i
482.5 383.389 20 11 re
W n
BT
8 0 0 8 500.476 387.8892 Tm
0 Tc
(r)Tj
ET
Q
BT
8 0 0 8 518.836 387.8892 Tm
[(3 Yrs)-2042(5 Yrs)]TJ
ET
q
212.5 359.889 130 23.5 re
W n
0.132 0.08 0.028 0 k
212.5 383.389 130 -23.5 re
f
Q
BT
8 0 0 8 217.5 374.8892 Tm
(Class E Shares \(EUR-Hedged\) \(Q-Dist\) )Tj
0 -1.3125 TD
(\(Duration-Hedged\))Tj
4 0 0 4 266.964 367.8892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
342.5 359.889 45 23.5 re
W n
0.132 0.08 0.028 0 k
342.5 383.389 45 -23.5 re
f
Q
BT
8 0 0 8 367.516 374.8892 Tm
-0.025 Tc
(15.96)Tj
ET
q
387.5 359.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
387.5 383.389 30 -23.5 re
f
Q
BT
8 0 0 8 400.868 374.8892 Tm
(0.40)Tj
ET
q
417.5 359.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
417.5 383.389 30 -23.5 re
f
Q
BT
8 0 0 8 430.868 374.8892 Tm
(6.27)Tj
ET
q
447.5 359.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
447.5 383.389 30 -23.5 re
f
Q
BT
8 0 0 8 460.868 374.8892 Tm
(0.40)Tj
ET
q
477.5 359.889 5 23.5 re
W n
0.132 0.08 0.028 0 k
477.5 383.389 5 -23.5 re
f
0 0 0 1 K
1 w [2 2 ]2 d
481.5 383.389 m
481.5 358.389 l
S
Q
q
482.5 359.889 25 23.5 re
W n
0.132 0.08 0.028 0 k
482.5 383.389 25 -23.5 re
f
Q
BT
8 0 0 8 490.868 374.8892 Tm
(0.31)Tj
ET
q
507.5 359.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
507.5 383.389 30 -23.5 re
f
Q
BT
8 0 0 8 517.716 374.8892 Tm
(\(0.41\))Tj
ET
q
537.5 359.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
537.5 383.389 30 -23.5 re
f
Q
BT
8 0 0 8 550.868 374.8892 Tm
(3.33)Tj
-41.671 -2.9375 TD
(Bloomberg Barclays U.S. High-Yield 2% Issue)Tj
ET
q
0.2 i
217.5 336.389 125 21.5 re
W n
BT
8 0 0 8 340.4039 351.3892 Tm
0 Tc
(r)Tj
ET
Q
BT
8 0 0 8 342.4279 351.3892 Tm
0 Tc
( )Tj
-15.616 -1.3125 TD
-0.025 Tc
(Capped Bond Index in EUR\(Hedged\))Tj
4 0 0 4 313.252 344.3892 Tm
-0.05 Tc
(\(3\))Tj
8 0 0 8 367.516 351.3892 Tm
-0.025 Tc
[(60.59)-2296(0.26)-2296(5.88)-2296(0.26)]TJ
ET
q
477.5 336.389 5 23.5 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
481.5 359.889 m
481.5 334.889 l
S
Q
BT
8 0 0 8 490.868 351.3892 Tm
[(5.67)-2296(3.50)-2296(6.59)]TJ
ET
0.132 0.08 0.028 0 k
212.5 336.389 130 -23.5 re
f
BT
8 0 0 8 217.5 327.8892 Tm
0 0 0 1 k
(Morningstar Global High Yield Bond - EUR )Tj
T*
(Hedged)Tj
4 0 0 4 238.508 320.8892 Tm
-0.05 Tc
(\(1\))Tj
ET
q
342.5 312.889 45 23.5 re
W n
0.132 0.08 0.028 0 k
342.5 336.389 45 -23.5 re
f
Q
q
387.5 312.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
387.5 336.389 30 -23.5 re
f
Q
BT
8 0 0 8 400.868 327.8892 Tm
-0.025 Tc
(0.16)Tj
ET
0.132 0.08 0.028 0 k
417.5 336.389 30 -23.5 re
f
BT
8 0 0 8 430.868 327.8892 Tm
0 0 0 1 k
(5.4)Tj
ET
q
0.2 i
417.5 323.389 25 11 re
W n
BT
8 0 0 8 439.148 327.8892 Tm
0 Tc
(4)Tj
ET
Q
0.132 0.08 0.028 0 k
447.5 336.389 30 -23.5 re
f
BT
8 0 0 8 460.868 327.8892 Tm
0 0 0 1 k
(0.16)Tj
ET
q
477.5 312.889 5 23.5 re
W n
0.132 0.08 0.028 0 k
477.5 336.389 5 -23.5 re
f
0 0 0 1 K
1 w [2 2 ]2 d
481.5 336.389 m
481.5 311.389 l
S
Q
0.132 0.08 0.028 0 k
482.5 336.389 25 -23.5 re
f
BT
8 0 0 8 490.868 327.8892 Tm
0 0 0 1 k
(2.67)Tj
ET
0.132 0.08 0.028 0 k
507.5 336.389 30 -23.5 re
f
BT
8 0 0 8 520.868 327.8892 Tm
0 0 0 1 k
(1.98)Tj
ET
0.132 0.08 0.028 0 k
537.5 336.389 30 -23.5 re
f
BT
8 0 0 8 550.868 327.8892 Tm
0 0 0 1 k
(4.50)Tj
-41.671 -2.9375 TD
(Quartile Position in Sector)Tj
4 0 0 4 287.62 307.8892 Tm
-0.05 Tc
(\(1\))Tj
8 0 0 8 409.148 304.3892 Tm
3.306 Tc
(121)Tj
ET
q
477.5 299.889 5 13 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
481.5 312.889 m
481.5 287.889 l
S
Q
q
0.2 i
482.5 299.889 20 11 re
W n
BT
8 0 0 8 499.148 304.3892 Tm
0 Tc
(4)Tj
ET
Q
q
0.2 i
507.5 299.889 25 11 re
W n
BT
8 0 0 8 529.148 304.3892 Tm
0 Tc
(4)Tj
ET
Q
q
0.2 i
537.5 299.889 25 11 re
W n
BT
8 0 0 8 559.1479 304.3892 Tm
0 Tc
(4)Tj
ET
Q
q
212.5 277.389 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 293.889 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 282.8892 Tm
0 0 0 0 k
-0.015 Tc
(Calendar Year Performance \(%\))Tj
/F2 1 Tf
8 0 0 8 449.092 268.8892 Tm
0 0 0 1 k
-0.025 Tc
[(2016)-1449(2017)-1449(2018)-1449(2019)-1449(2020)]TJ
ET
0.132 0.08 0.028 0 k
212.5 264.389 230 -13 re
f
BT
8 0 0 8 217.5 255.8892 Tm
0 0 0 1 k
(Class E Shares \(EUR-Hedged\) \(Q-Dist\) \(Duration-Hedged\))Tj
ET
q
442.5 251.389 25 13 re
W n
0.132 0.08 0.028 0 k
442.5 264.389 25 -13 re
f
Q
BT
8 0 0 8 450.868 255.8892 Tm
(10.6)Tj
ET
0.132 0.08 0.028 0 k
467.5 264.389 25 -13 re
f
BT
8 0 0 8 479.22 255.8892 Tm
0 0 0 1 k
(2.7)Tj
ET
q
492.5 251.389 25 13 re
W n
0.132 0.08 0.028 0 k
492.5 264.389 25 -13 re
f
Q
BT
8 0 0 8 502.196 255.8892 Tm
(-6.8)Tj
ET
0.132 0.08 0.028 0 k
517.5 264.389 25 -13 re
f
BT
8 0 0 8 529.22 255.8892 Tm
0 0 0 1 k
(7.8)Tj
ET
q
542.5 251.389 25 13 re
W n
0.132 0.08 0.028 0 k
542.5 264.389 25 -13 re
f
Q
BT
8 0 0 8 552.196 255.8892 Tm
(-0.8)Tj
-41.837 -1.625 TD
[(Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index in EUR\(Hedged\))-1389(15.3)-2090(5.)]TJ
ET
q
0.2 i
467.5 238.389 20 11 re
W n
BT
8 0 0 8 484.148 242.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 502.196 242.8892 Tm
[(-4.9)-1671(10.9)-2090(5.2)]TJ
/F5 1 Tf
-35.587 -12.9237 TD
(Please see Additional Notes. All performance and holdings data as at 31-Jan-21.)Tj
0 -1.3125 TD
0 Tc
[(Past performance does not guarantee future results, which may vary)37(.)]TJ
/F2 1 Tf
0 -1.25 TD
[(* W)18(e)0( identify two broad categories of funds to help investors think about how to construct their overall investment )]TJ
T*
[(portfolio. W)18(e)0( describe the following as)]TJ
/F5 1 Tf
14.085 0 TD
( Core)Tj
/F2 1 Tf
2.999 0 TD
(: \(A\) Equity funds with a global investment remit or those mainly focused )Tj
-17.084 -1.25 TD
(on US and European markets, given the size and transparency of these markets. \(B\) Fixed income funds with a global )Tj
T*
(investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment )Tj
T*
(grade debt, including government. \(C\) Multi asset funds with a multi asset benchmark. All other funds we describe as)Tj
/F5 1 Tf
42.368 0 TD
( )Tj
-42.368 -1.25 TD
(Complements)Tj
/F2 1 Tf
6.388 0 TD
(. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the )Tj
-6.388 -1.25 TD
(risk level of the funds. There is no guarantee that these objectives will be met.)Tj
T*
(For regionally focused investment portfolios we understand that the categorisation may be different from the perspective )Tj
T*
(of different investors.)Tj
/F5 1 Tf
7.775 0 TD
( Consult your nancial adviser before investing to help determine if an investment in this )Tj
ET
q
0.2 i
217.5 24.5 350 110.5 re
W n
BT
8 0 0 8 217.5 29 Tm
(f)Tj
ET
Q
BT
8 0 0 8 219.724 29 Tm
(und and the amount of the investment would be suitable)Tj
/F2 1 Tf
22.61 0 TD
(.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
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(3,130)Tj
-18.127 -1.625 TD
(Current Duration of Portfolio-Duration )Tj
0 -1.3125 TD
(Hedged \(years\))Tj
18.546 1.3125 TD
(1.03)Tj
ET
0.132 0.08 0.028 0 k
27.5 627.389 115 -23.5 re
f
BT
8 0 0 8 32.5 618.8892 Tm
0 0 0 1 k
(Current Duration of Reference )Tj
0 -1.3125 TD
(Benchmark \(years\))Tj
ET
0.132 0.08 0.028 0 k
142.5 627.389 20 -23.5 re
f
162.5 627.389 35 -23.5 re
f
BT
8 0 0 8 180.868 618.8892 Tm
0 0 0 1 k
(3.76)Tj
-18.546 -2.9375 TD
(Yield to Maturity \(YTM\)-Duration)Tj
0 -1.3125 TD
(Hedged \(%\))Tj
18.546 1.3125 TD
(4.92)Tj
ET
q
0.6 i
27.5 556.889 115 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 580.389 115 -23.5 re
f
Q
BT
8 0 0 8 32.5 571.8893 Tm
(Yield to Worst \(YTW\)-Duration)Tj
0 -1.3125 TD
(Hedged \(%\))Tj
ET
q
0.6 i
142.5 556.889 20 23.5 re
W n
0.132 0.08 0.028 0 k
142.5 580.389 20 -23.5 re
f
Q
q
0.6 i
162.5 556.889 35 23.5 re
W n
0.132 0.08 0.028 0 k
162.5 580.389 35 -23.5 re
f
Q
BT
8 0 0 8 180.868 571.8893 Tm
(4.32)Tj
ET
q
0.6 i
27.5 534.389 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 550.889 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 539.8892 Tm
0 0 0 0 k
-0.015 Tc
(Fund Characteristics)Tj
/F2 1 Tf
8 0 0 8 32.5 525.8892 Tm
0 0 0 1 k
-0.025 Tc
(Currency - Class E Shares \(EUR-Hedged\) )Tj
T*
(\(Q-Dist\) \(Duration-Hedged\))Tj
18.575 1.3125 TD
(EUR)Tj
ET
q
0.6 i
27.5 487.389 120 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 510.889 120 -23.5 re
f
Q
BT
8 0 0 8 32.5 502.3892 Tm
(Inception Date - Class E Shares \(EUR-)Tj
0 -1.3125 TD
(Hedged\) \(Q-Dist\) \(Duration-Hedged\))Tj
ET
q
0.6 i
147.5 487.389 50 23.5 re
W n
0.132 0.08 0.028 0 k
147.5 510.889 50 -23.5 re
f
Q
BT
8 0 0 8 166.764 502.3892 Tm
(13-Jul-11)Tj
-16.783 -2.9375 TD
[(Fund Domicile)-11079(Luxembourg)]TJ
ET
q
0.6 i
27.5 451.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 468.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 457.3892 Tm
0 0 0 0 k
-0.015 Tc
(Fund Facts)Tj
/F2 1 Tf
8 0 0 8 32.5 440.3892 Tm
0 0 0 1 k
-0.025 Tc
(ISIN - Class E Shares \(EUR-Hedged\) \(Q-)Tj
0 -1.3125 TD
(Dist\) \(Duration-Hedged\))Tj
14.915 1.3125 TD
(LU0637923730)Tj
ET
q
0.6 i
27.5 401.889 115 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 425.389 115 -23.5 re
f
Q
BT
8 0 0 8 32.5 416.8892 Tm
(Bloomberg Ticker - Class E Shares \(EUR-)Tj
0 -1.3125 TD
(Hedged\) \(Q-Dist\) \(Duration-Hedged\))Tj
ET
q
0.6 i
142.5 401.889 55 23.5 re
W n
0.132 0.08 0.028 0 k
142.5 425.389 55 -23.5 re
f
Q
BT
8 0 0 8 157.164 416.8892 Tm
(GSHCEEH L)Tj
ET
q
0.2 i
142.5 412.389 50 11 re
W n
BT
8 0 0 8 188.7 416.8892 Tm
0 Tc
(X)Tj
ET
Q
BT
8 0 0 8 32.5 393.3893 Tm
[(Dividend Distribution Frequency)-6172(Quarterl)]TJ
ET
q
0.2 i
142.5 388.889 50 11 re
W n
BT
8 0 0 8 189.588 393.3893 Tm
0 Tc
(y)Tj
ET
Q
0.132 0.08 0.028 0 k
27.5 388.889 115 -13 re
f
BT
8 0 0 8 32.5 380.3892 Tm
0 0 0 1 k
(Dealing and valuation)Tj
ET
0.132 0.08 0.028 0 k
142.5 388.889 55 -13 re
f
BT
8 0 0 8 178.836 380.3892 Tm
0 0 0 1 k
(Dail)Tj
ET
q
0.2 i
142.5 375.889 50 11 re
W n
BT
8 0 0 8 189.588 380.3892 Tm
0 Tc
(y)Tj
ET
Q
BT
8 0 0 8 32.5 367.3892 Tm
[(Reporting year end)-9065(30 Novembe)]TJ
ET
q
0.2 i
142.5 362.889 50 11 re
W n
BT
8 0 0 8 190.476 367.3892 Tm
0 Tc
(r)Tj
ET
Q
0.132 0.08 0.028 0 k
27.5 362.889 50 -23.5 re
f
BT
8 0 0 8 32.5 354.3892 Tm
0 0 0 1 k
(Reference )Tj
T*
(Benchmark)Tj
ET
q
0.6 i
77.5 339.389 120 23.5 re
W n
0.132 0.08 0.028 0 k
77.5 362.889 120 -23.5 re
f
Q
BT
8 0 0 8 85.276 354.3892 Tm
(Bloomberg Barclays U.S. High-Yield 2% )Tj
-0.779 -1.3125 TD
(Issuer Capped Bond Index in EUR\(Hedged\))Tj
-5.818 -1.625 TD
[(Settlement)-14600(T + 3)]TJ
ET
q
0.6 i
212.5 697.889 170 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 714.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 703.3892 Tm
0 0 0 0 k
-0.015 Tc
(Sector Allocation \(%\))Tj
ET
q
0.6 i
397.5 697.889 170 16.5 re
W n
0.53 0.32 0.11 0 k
397.5 714.389 170 -16.5 re
f
Q
BT
10 0 0 10 401.5 703.3892 Tm
(Credit Allocation \(%\))Tj
ET
q
0.2 i
254 683.889 18 8 re
W n
0 0 0 1 K
0 J 0 j 0.5 w 10 M []0 d
/GS2 gs
270.846 685.91 m
262.45 689.837 254.582 689.142 y
254.5 691.889 m
254.5 686.272 l
269.281 688.483 m
271.19 685.895 l
268.035 684.594 l
S
Q
0 0.97 1 0.5 k
/GS2 gs
0.6 i
252.5 652.889 m
252.5 682.889 l
269.069 682.889 282.5 669.458 282.5 652.889 c
282.5 636.321 269.069 622.889 252.5 622.889 c
235.931 622.889 222.5 636.321 222.5 652.889 c
222.5 664.311 228.986 674.742 239.23 679.795 c
h
252.5 652.889 m
f
0 0 0 0 K
0 J 0 j 0.1 w 10 M []0 d
/GS1 gs
252.5 652.889 m
252.5 682.889 l
269.069 682.889 282.5 669.458 282.5 652.889 c
282.5 636.321 269.069 622.889 252.5 622.889 c
235.931 622.889 222.5 636.321 222.5 652.889 c
222.5 664.311 228.986 674.742 239.23 679.795 c
h
252.5 652.889 m
S
252.5 652.889 m
239.23 679.795 l
240.581 680.461 241.981 681.025 243.418 681.481 c
h
252.5 652.889 m
f
252.5 652.889 m
239.23 679.795 l
240.581 680.461 241.981 681.025 243.418 681.481 c
h
252.5 652.889 m
S
252.5 652.889 m
243.418 681.481 l
244.495 681.824 245.59 682.105 246.699 682.323 c
h
252.5 652.889 m
f
252.5 652.889 m
243.418 681.481 l
244.495 681.824 245.59 682.105 246.699 682.323 c
h
252.5 652.889 m
S
252.5 652.889 m
246.699 682.323 l
247.069 682.396 247.44 682.462 247.812 682.521 c
h
252.5 652.889 m
f
252.5 652.889 m
246.699 682.323 l
247.069 682.396 247.44 682.462 247.812 682.521 c
h
252.5 652.889 m
S
252.5 652.889 m
247.812 682.521 l
247.936 682.54 248.06 682.559 248.184 682.577 c
h
252.5 652.889 m
f
252.5 652.889 m
247.812 682.521 l
247.936 682.54 248.06 682.559 248.184 682.577 c
h
252.5 652.889 m
S
252.5 652.889 m
248.184 682.577 l
249.116 682.713 250.054 682.804 250.994 682.851 c
h
252.5 652.889 m
f
252.5 652.889 m
248.184 682.577 l
249.116 682.713 250.054 682.804 250.994 682.851 c
h
252.5 652.889 m
S
252.5 652.889 m
250.994 682.851 l
251.496 682.877 251.998 682.889 252.5 682.889 c
h
252.5 652.889 m
f
252.5 652.889 m
250.994 682.851 l
251.496 682.877 251.998 682.889 252.5 682.889 c
h
252.5 652.889 m
S
0 0 0 0 k
267.5 652.889 m
267.5 661.173 260.784 667.889 252.5 667.889 c
244.216 667.889 237.5 661.173 237.5 652.889 c
237.5 644.605 244.216 637.889 252.5 637.889 c
260.784 637.889 267.5 644.605 267.5 652.889 c
f
267.5 652.889 m
267.5 661.173 260.784 667.889 252.5 667.889 c
244.216 667.889 237.5 661.173 237.5 652.889 c
237.5 644.605 244.216 637.889 252.5 637.889 c
260.784 637.889 267.5 644.605 267.5 652.889 c
S
BT
/F5 1 Tf
6 0 0 6 290.508 687.3892 Tm
0 0.97 1 0.5 k
-0.0333 Tc
(92.8)Tj
ET
q
0.2 i
287.5 683.889 16 8 re
W n
BT
6 0 0 6 299.032 687.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 687.3892 Tm
0 0 0 1 k
(US High Yield)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(2.4)Tj
ET
q
0.2 i
287.5 674.889 16 8 re
W n
BT
6 0 0 6 299.032 678.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 678.3892 Tm
0 0 0 1 k
(US Investment Grade)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(1.8)Tj
ET
q
0.2 i
287.5 665.889 16 8 re
W n
BT
6 0 0 6 299.032 669.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 669.3892 Tm
0 0 0 1 k
(Non-Dollar)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.6)Tj
ET
q
0.2 i
287.5 656.889 16 8 re
W n
BT
6 0 0 6 299.032 660.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 660.3892 Tm
0 0 0 1 k
(Emerging Markets)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.2)Tj
ET
q
0.2 i
287.5 647.889 16 8 re
W n
BT
6 0 0 6 299.032 651.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 651.3892 Tm
0 0 0 1 k
(Equities)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.0)Tj
ET
q
0.2 i
287.5 638.889 16 8 re
W n
BT
6 0 0 6 299.032 642.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 642.3892 Tm
0 0 0 1 k
(Unrealized GL on FX)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(1.5)Tj
ET
q
0.2 i
287.5 629.889 16 8 re
W n
BT
6 0 0 6 299.032 633.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 633.3892 Tm
0 0 0 1 k
(Cash)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.8)Tj
ET
q
0.2 i
287.5 620.889 16 8 re
W n
BT
6 0 0 6 299.032 624.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 624.3892 Tm
0 0 0 1 k
(Derivatives)Tj
ET
0 0 0 0.4 K
0.2 w
469.5 581.778 m
564.5 581.778 l
469.5 595.667 m
564.5 595.667 l
469.5 609.556 m
564.5 609.556 l
469.5 623.445 m
564.5 623.445 l
469.5 637.334 m
564.5 637.334 l
469.5 651.223 m
564.5 651.223 l
469.5 665.111 m
564.5 665.111 l
469.5 679 m
564.5 679 l
469.5 692.889 m
564.5 692.889 l
S
0 0.97 1 0.5 k
469.5 580.278 1.267 -10.889 re
f
BT
/F2 1 Tf
5 0 0 5 475.4366 572.8337 Tm
/Cs7 cs 0 scn
0 Tc
(0.8 )Tj
ET
0 0.97 1 0.5 k
469.5 594.167 2.375 -10.889 re
f
BT
5 0 0 5 476.545 586.7225 Tm
/Cs7 cs 0 scn
(1.5 )Tj
ET
0 0.97 1 0.5 k
469.5 608.056 2.533 -10.889 re
f
BT
5 0 0 5 476.7033 600.6115 Tm
/Cs7 cs 0 scn
(1.6 )Tj
ET
0 0.97 1 0.5 k
469.5 611.056 m
469.5 621.945 l
469.5 611.056 l
f
BT
5 0 0 5 474.17 614.5003 Tm
/Cs7 cs 0 scn
(0.0 )Tj
ET
0 0.97 1 0.5 k
469.5 635.834 0.317 -10.889 re
f
BT
5 0 0 5 474.4866 628.3892 Tm
/Cs7 cs 0 scn
(0.2 )Tj
ET
0 0.97 1 0.5 k
469.5 649.723 25.492 -10.889 re
f
BT
5 0 0 5 498.5517 642.2781 Tm
/Cs7 cs 0 scn
(16.1 )Tj
ET
0 0.97 1 0.5 k
469.5 663.611 53.992 -10.889 re
f
BT
5 0 0 5 527.0516 656.167 Tm
/Cs7 cs 0 scn
(34.1 )Tj
ET
0 0.97 1 0.5 k
469.5 677.5 68.4 -10.889 re
f
BT
5 0 0 5 541.46 670.0558 Tm
/Cs7 cs 0 scn
(43.2 )Tj
ET
0 0.97 1 0.5 k
469.5 691.389 3.958 -10.889 re
f
BT
5 0 0 5 478.1283 683.9448 Tm
/Cs7 cs 0 scn
(2.5 )Tj
ET
0 0 0 1 K
0.5 w
469.5 567.889 m
564.5 567.889 l
469.5 567.889 m
469.5 564.889 l
S
BT
5 0 0 5 468.39 558.8892 Tm
0 0 0 1 k
(0)Tj
ET
485.333 567.889 m
485.333 564.889 l
S
BT
5 0 0 5 483.1133 558.8892 Tm
(10)Tj
ET
501.167 567.889 m
501.167 564.889 l
S
BT
5 0 0 5 498.9467 558.8892 Tm
(20)Tj
ET
517 567.889 m
517 564.889 l
S
BT
5 0 0 5 514.78 558.8892 Tm
(30)Tj
ET
532.833 567.889 m
532.833 564.889 l
S
BT
5 0 0 5 530.6133 558.8892 Tm
(40)Tj
ET
548.667 567.889 m
548.667 564.889 l
S
BT
5 0 0 5 546.4467 558.8892 Tm
(50)Tj
ET
564.5 567.889 m
564.5 564.889 l
S
BT
5 0 0 5 562.28 558.8892 Tm
(60)Tj
ET
469.5 567.889 m
469.5 692.889 l
S
BT
6 0 0 6 397.5 573.3337 Tm
(Derivatives)Tj
0 2.3148 TD
(Cash)Tj
T*
(NR)Tj
T*
(C)Tj
T*
(CC)Tj
T*
(CCC)Tj
T*
(B)Tj
T*
(BB)Tj
T*
(BBB)Tj
ET
q
212.5 536.389 170 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 552.889 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 541.8892 Tm
0 0 0 0 k
-0.015 Tc
(Top 10 Corporate Issuers)Tj
/F5 1 Tf
6.5 0 0 6.5 331.26 544.5892 Tm
0 Tc
(\(5\))Tj
/F2 1 Tf
8 0 0 8 217.5 527.8892 Tm
0 0 0 1 k
-0.025 Tc
[(Security)-16503(%)]TJ
ET
q
212.5 508.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 522.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 513.8892 Tm
0 Tc
(F)Tj
ET
q
332.5 508.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 522.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 513.8892 Tm
-0.025 Tc
(2.)Tj
ET
q
0.2 i
332.5 509.389 45 11 re
W n
BT
8 0 0 8 374.148 513.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 217.5 499.8892 Tm
[(OXY)-17484(2.0)]TJ
ET
q
212.5 480.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 494.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 485.8892 Tm
(BHCCN)Tj
ET
q
332.5 480.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 494.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 485.8892 Tm
(1.8)Tj
-18.965 -1.75 TD
[(KHC)-17484(1.8)]TJ
ET
q
212.5 452.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 466.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 457.8892 Tm
0 Tc
(S)Tj
ET
q
332.5 452.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 466.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 457.8892 Tm
-0.025 Tc
(1.5)Tj
-18.965 -1.75 TD
[(CHTR)-17065(1.3)]TJ
ET
q
212.5 424.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 438.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 429.8892 Tm
(CSCHLD)Tj
ET
q
332.5 424.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 438.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 429.8892 Tm
(1.3)Tj
-18.965 -1.75 TD
[(TDG)-17484(1.2)]TJ
ET
q
212.5 396.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 410.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 401.8892 Tm
(SFRFP)Tj
ET
q
332.5 396.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 410.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 401.8892 Tm
(1.1)Tj
-18.965 -1.75 TD
[(LVLT)-17343(1.1)]TJ
/F5 1 Tf
0 -28.5487 TD
(Please see Additional Notes. All performance and holdings data as at 31-Jan-21. Past performance does not )Tj
0 -1.25 TD
(guarantee future results, which may vary. The value of investments and the income derived from investments will )Tj
ET
q
0.2 i
217.5 135 350 30.5 re
W n
BT
8 0 0 8 217.5 139.5 Tm
0 Tc
()Tj
ET
Q
BT
8 0 0 8 221.3 139.5 Tm
(uctuate and can go down as well as up. A loss of capital may occur.)Tj
/F2 1 Tf
4 0 0 4 217.5 132 Tm
0 Tc
(\(1\))Tj
8 0 0 8 221.052 129 Tm
(The Morningstar sector average gures are calculated using all open funds available in the universe at the indicated )Tj
-0.444 -1.25 TD
(time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. )Tj
T*
[(Source: Morningstar 2021 Morningstar)70(, Inc. All Rights Reserved.)]TJ
4 0 0 4 411.252 112 Tm
( \(2\))Tj
8 0 0 8 415.692 109 Tm
(The ongoing charges gure is based on expenses )Tj
-24.774 -1.25 TD
[(during the previous year)70(. See details in the Key Investor Information Document.)]TJ
4 0 0 4 447.9321 102 Tm
( \(3\))Tj
8 0 0 8 452.372 99 Tm
(The Bloomberg Barclays US HY 2% )Tj
-29.359 -1.25 TD
(Issuer Cap Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without )Tj
T*
(the deduction of any expenses.)Tj
4 0 0 4 308.996 82 Tm
( \(4\))Tj
8 0 0 8 313.436 79 Tm
(Fund returns are shown net of applicable ongoing fees within the portfolio, with )Tj
-11.992 -1.25 TD
[(dividends re-invested using the ex-dividend NA)37(V)100(.)0( These returns are for comparison of performance against specied )]TJ
T*
(index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual )Tj
T*
(return to investors. The performance data do not take account of the commissions and costs incurred on the issue and )Tj
T*
(redemption of shares.)Tj
4 0 0 4 282.356 42 Tm
( \(5\))Tj
8 0 0 8 286.796 39 Tm
(Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. )Tj
-8.662 -1.25 TD
(Future portfolio holdings may not be protable.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
90.592 57.392 91.566 56.875 91.477 55.654 c
89.93 55.654 l
89.93 56.047 89.887 56.283 89.773 56.383 c
89.673 56.483 89.539 56.505 89.371 56.505 c
89.024 56.505 88.833 56.283 88.833 55.901 c
88.833 55.005 91.611 55.049 91.611 53.233 c
91.611 52.246 90.805 51.51 89.492 51.51 c
88.115 51.51 87.195 51.855 87.287 53.436 c
88.833 53.436 l
f
94.087 53.436 m
94.076 53.177 94.087 52.931 94.166 52.752 c
94.254 52.574 94.425 52.484 94.737 52.484 c
95.051 52.484 95.32 52.685 95.32 53.065 c
95.32 54.264 92.54 53.995 92.54 55.799 c
92.54 57.021 93.75 57.392 94.772 57.392 c
95.846 57.392 96.821 56.875 96.733 55.654 c
95.187 55.654 l
95.187 56.047 95.142 56.283 95.026 56.383 c
94.928 56.483 94.793 56.505 94.626 56.505 c
94.277 56.505 94.087 56.283 94.087 55.901 c
94.087 55.005 96.866 55.049 96.866 53.233 c
96.866 52.246 96.059 51.51 94.748 51.51 c
93.369 51.51 92.452 51.855 92.54 53.436 c
94.087 53.436 l
f
100.777 55.084 m
100.777 55.632 100.798 56.415 100.047 56.415 c
99.32 56.415 99.331 55.564 99.331 55.084 c
h
99.331 54.197 m
99.331 53.524 99.352 52.518 100.047 52.518 c
100.607 52.518 100.719 53.055 100.719 53.524 c
102.322 53.524 l
102.3 52.909 102.099 52.405 101.718 52.058 c
101.347 51.709 100.788 51.51 100.047 51.51 c
98.008 51.51 97.74 52.752 97.74 54.523 c
97.74 56.068 97.964 57.392 100.047 57.392 c
102.175 57.392 102.412 56.013 102.355 54.197 c
99.331 54.197 l
f
103.117 57.278 m
103.757 57.278 l
103.757 58.175 l
105.336 58.881 l
105.336 57.278 l
106.154 57.278 l
106.154 56.304 l
105.336 56.304 l
105.336 53.279 l
105.336 52.851 105.324 52.574 105.84 52.574 c
105.942 52.574 106.042 52.574 106.12 52.595 c
106.12 51.62 l
105.908 51.599 105.684 51.565 105.304 51.565 c
103.935 51.565 103.757 52.47 103.757 52.819 c
103.757 56.304 l
103.117 56.304 l
103.117 57.278 l
f
80.093 40.002 m
80.093 48.092 l
82.817 48.092 l
84.083 42.59 l
84.105 42.59 l
85.449 48.092 l
88.083 48.092 l
88.083 40.002 l
86.436 40.002 l
86.436 46.242 l
86.412 46.242 l
84.856 40.002 l
83.242 40.002 l
81.763 46.242 l
81.74 46.242 l
81.74 40.002 l
f
90.704 41.761 m
90.704 41.357 90.771 40.865 91.285 40.865 c
92.217 40.865 92.071 42.118 92.071 42.735 c
91.285 42.701 90.704 42.77 90.704 41.761 c
93.618 41.054 m
93.618 40.706 93.663 40.349 93.696 40.002 c
92.227 40.002 l
92.159 40.751 l
92.137 40.751 l
91.801 40.169 91.344 39.891 90.659 39.891 c
89.561 39.891 89.157 40.706 89.157 41.693 c
89.157 43.564 90.601 43.642 92.071 43.62 c
92.071 44.057 l
92.071 44.538 92.003 44.887 91.432 44.887 c
90.884 44.887 90.838 44.472 90.838 44.023 c
89.292 44.023 l
89.292 44.707 89.504 45.144 89.874 45.401 c
90.232 45.672 90.749 45.772 91.353 45.772 c
93.359 45.772 93.618 44.91 93.618 43.877 c
93.618 41.054 l
f
96.451 45.088 m
96.474 45.088 l
96.632 45.346 96.821 45.514 97.033 45.614 c
97.26 45.727 97.516 45.772 97.807 45.772 c
98.556 45.772 99.22 45.322 99.22 44.538 c
99.22 40.002 l
97.64 40.002 l
97.64 43.9 l
97.64 44.403 97.549 44.797 97.046 44.797 c
96.541 44.797 96.451 44.403 96.451 43.9 c
96.451 40.002 l
94.871 40.002 l
94.871 45.66 l
96.451 45.66 l
96.451 45.088 l
f
101.795 41.761 m
101.795 41.357 101.862 40.865 102.379 40.865 c
103.309 40.865 103.164 42.118 103.164 42.735 c
102.379 42.701 101.795 42.77 101.795 41.761 c
104.709 41.054 m
104.709 40.706 104.754 40.349 104.789 40.002 c
103.318 40.002 l
103.253 40.751 l
103.231 40.751 l
102.896 40.169 102.436 39.891 101.753 39.891 c
100.652 39.891 100.25 40.706 100.25 41.693 c
100.25 43.564 101.695 43.642 103.164 43.62 c
103.164 44.057 l
103.164 44.538 103.097 44.887 102.525 44.887 c
101.975 44.887 101.931 44.472 101.931 44.023 c
100.386 44.023 l
100.386 44.707 100.598 45.144 100.967 45.401 c
101.326 45.672 101.841 45.772 102.446 45.772 c
104.453 45.772 104.709 44.91 104.709 43.877 c
104.709 41.054 l
f
108.061 41.054 m
108.63 41.054 108.708 41.648 108.708 42.848 c
108.708 44.091 108.653 44.797 108.072 44.797 c
107.476 44.797 107.374 44.382 107.374 42.657 c
107.374 42.129 107.296 41.054 108.061 41.054 c
110.29 45.66 m
110.29 39.765 l
110.29 39.374 110.311 37.826 108.136 37.826 c
106.959 37.826 105.953 38.131 105.919 39.509 c
107.465 39.509 l
107.465 39.274 107.499 39.072 107.599 38.938 c
107.702 38.791 107.881 38.713 108.126 38.713 c
108.519 38.713 108.708 39.082 108.708 39.655 c
108.708 40.741 l
108.687 40.741 l
108.453 40.303 108.003 40.08 107.488 40.08 c
105.751 40.08 105.83 41.67 105.83 42.949 c
105.83 44.192 105.852 45.772 107.499 45.772 c
108.061 45.772 108.54 45.525 108.765 44.997 c
108.787 44.997 l
108.787 45.66 l
110.29 45.66 l
f
114.523 43.464 m
114.523 44.012 114.546 44.797 113.795 44.797 c
113.067 44.797 113.08 43.944 113.08 43.464 c
h
113.08 42.578 m
113.08 41.904 113.101 40.898 113.795 40.898 c
114.356 40.898 114.468 41.435 114.468 41.904 c
116.071 41.904 l
116.048 41.288 115.846 40.785 115.464 40.439 c
115.095 40.091 114.535 39.891 113.795 39.891 c
111.757 39.891 111.488 41.133 111.488 42.903 c
111.488 44.45 111.713 45.772 113.795 45.772 c
115.924 45.772 116.16 44.393 116.105 42.578 c
113.08 42.578 l
f
118.85 45.088 m
118.873 45.088 l
119.186 45.593 119.612 45.772 120.205 45.772 c
120.767 45.772 121.213 45.502 121.471 45.055 c
121.842 45.546 122.29 45.772 122.938 45.772 c
123.69 45.772 124.351 45.322 124.351 44.538 c
124.351 40.002 l
122.771 40.002 l
122.771 43.9 l
122.771 44.403 122.682 44.797 122.176 44.797 c
121.674 44.797 121.584 44.403 121.584 43.9 c
121.584 40.002 l
120.039 40.002 l
120.039 43.9 l
120.039 44.403 119.948 44.797 119.444 44.797 c
118.94 44.797 118.85 44.403 118.85 43.9 c
118.85 40.002 l
117.271 40.002 l
117.271 45.66 l
118.85 45.66 l
118.85 45.088 l
f
128.441 43.464 m
128.441 44.012 128.462 44.797 127.712 44.797 c
126.983 44.797 126.994 43.944 126.994 43.464 c
h
126.994 42.578 m
126.994 41.904 127.016 40.898 127.712 40.898 c
128.272 40.898 128.384 41.435 128.384 41.904 c
129.986 41.904 l
129.965 41.288 129.762 40.785 129.381 40.439 c
129.011 40.091 128.453 39.891 127.712 39.891 c
125.673 39.891 125.405 41.133 125.405 42.903 c
125.405 44.45 125.628 45.772 127.712 45.772 c
129.84 45.772 130.076 44.393 130.02 42.578 c
126.994 42.578 l
f
132.777 45.088 m
132.798 45.088 l
132.955 45.346 133.146 45.514 133.359 45.614 c
133.582 45.727 133.842 45.772 134.131 45.772 c
134.882 45.772 135.544 45.322 135.544 44.538 c
135.544 40.002 l
133.963 40.002 l
133.963 43.9 l
133.963 44.403 133.875 44.797 133.37 44.797 c
132.867 44.797 132.777 44.403 132.777 43.9 c
132.777 40.002 l
131.197 40.002 l
131.197 45.66 l
132.777 45.66 l
132.777 45.088 l
f
q
27.594 27.518 111.827 41.827 re
W n
136.385 45.66 m
137.024 45.66 l
137.024 46.556 l
138.602 47.262 l
138.602 45.66 l
139.421 45.66 l
139.421 44.685 l
138.602 44.685 l
138.602 41.659 l
138.602 41.233 138.591 40.954 139.108 40.954 c
139.209 40.954 139.309 40.954 139.387 40.975 c
139.387 40.002 l
139.175 39.978 138.95 39.944 138.57 39.944 c
137.203 39.944 137.024 40.852 137.024 41.2 c
137.024 44.685 l
136.385 44.685 l
136.385 45.66 l
f
0.5 0.25 0 0.1 k
27.595 69.345 41.778 -41.827 re
f
Q
0 0 0 0 k
39.023 62.533 m
39.023 61.455 39.023 60.486 38.811 60.031 c
38.705 59.804 38.549 59.675 38.266 59.675 c
37.984 59.675 37.826 59.804 37.721 60.031 c
37.507 60.486 37.508 61.455 37.508 62.533 c
37.508 63.612 37.507 64.582 37.721 65.037 c
37.826 65.262 37.984 65.39 38.266 65.39 c
38.549 65.39 38.705 65.262 38.811 65.037 c
39.023 64.582 39.023 63.612 39.023 62.533 c
39.587 65.077 m
39.209 65.396 38.8 65.598 38.266 65.598 c
37.738 65.597 37.321 65.373 36.961 65.047 c
36.422 64.559 35.95 63.711 35.95 62.533 c
35.95 61.459 36.319 60.515 36.947 59.99 c
37.326 59.674 37.734 59.469 38.266 59.469 c
38.8 59.469 39.209 59.674 39.587 59.99 c
40.212 60.515 40.583 61.459 40.583 62.533 c
40.583 63.609 40.212 64.551 39.587 65.077 c
f
64.062 59.582 m
62.557 59.582 l
62.557 65.496 l
63.957 65.496 l
63.957 64.83 l
64.134 65.212 64.574 65.555 65.164 65.599 c
66.128 65.668 66.764 65.084 66.764 63.835 c
66.764 59.582 l
65.26 59.582 l
65.26 64.149 l
65.26 64.645 65.247 65.084 64.898 65.173 c
64.748 65.212 64.536 65.188 64.384 65.055 c
64.129 64.826 64.062 64.557 64.062 64.146 c
64.062 59.582 l
f
59.823 63.199 m
59.343 62.888 l
58.839 62.59 58.748 62.204 58.711 61.756 c
58.68 61.415 58.674 60.876 58.711 60.369 c
58.748 59.866 59.051 59.767 59.314 59.876 c
59.645 60.009 59.823 60.494 59.823 61.066 c
h
60.68 65.322 m
61.096 65.076 61.33 64.738 61.33 63.964 c
61.33 59.582 l
59.871 59.582 l
59.871 60.169 l
59.689 59.76 59.267 59.484 58.608 59.484 c
58.04 59.484 57.146 59.729 57.146 61.092 c
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59.731 63.381 59.823 63.434 59.823 63.757 c
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59.823 65.211 59.591 65.388 59.157 65.363 c
58.99 65.35 58.687 65.262 58.672 65.049 c
58.649 64.758 58.933 64.707 58.974 64.295 c
59.031 63.718 58.549 63.47 58.109 63.494 c
57.818 63.51 57.439 63.683 57.403 64.183 c
57.348 64.945 58.229 65.597 59.477 65.597 c
60.027 65.597 60.39 65.498 60.68 65.322 c
f
38.785 55.336 m
38.302 55.027 l
37.801 54.73 37.712 54.343 37.672 53.896 c
37.642 53.554 37.632 53.016 37.672 52.509 c
37.707 52.006 38.01 51.908 38.279 52.02 c
38.605 52.15 38.785 52.635 38.785 53.203 c
h
39.64 57.463 m
40.057 57.216 40.291 56.875 40.291 56.102 c
40.291 51.719 l
38.835 51.719 l
38.833 52.308 l
38.65 51.9 38.227 51.623 37.569 51.623 c
37.001 51.623 36.107 51.867 36.107 53.232 c
36.107 54.49 36.95 54.756 37.835 55.144 c
38.695 55.518 38.785 55.575 38.785 55.895 c
38.785 56.952 l
38.785 57.35 38.553 57.528 38.119 57.502 c
37.949 57.489 37.65 57.4 37.632 57.188 c
37.607 56.897 37.895 56.846 37.935 56.439 c
37.992 55.857 37.509 55.611 37.072 55.633 c
36.776 55.649 36.399 55.822 36.363 56.324 c
36.308 57.086 37.19 57.737 38.438 57.737 c
38.989 57.737 39.352 57.635 39.64 57.463 c
f
56.294 59.582 m
56.294 63.835 l
56.294 65.084 55.676 65.668 54.712 65.599 c
54.051 65.55 53.653 65.143 53.499 64.743 c
53.257 65.363 52.754 65.645 52.067 65.599 c
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50.891 65.496 l
49.527 65.496 l
49.527 59.582 l
50.998 59.582 l
50.998 64.146 l
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52.16 59.582 l
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53.648 64.158 l
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54.809 59.582 l
56.294 59.582 l
f
41.444 66.715 1.522 -7.133 re
f
46.442 65.086 m
46.753 64.629 46.776 63.513 46.776 62.663 c
46.776 61.809 46.827 60.535 46.46 60.071 c
46.316 59.886 46.225 59.811 45.993 59.811 c
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45.345 63.621 45.392 64.305 45.582 64.881 c
45.653 65.09 45.802 65.315 46.018 65.315 c
46.234 65.315 46.343 65.229 46.442 65.086 c
48.249 59.582 m
48.249 66.715 l
46.745 66.715 l
46.745 65.037 l
46.591 65.35 46.296 65.57 45.844 65.57 c
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46.357 59.52 46.616 59.809 46.806 60.217 c
46.806 59.582 l
48.249 59.582 l
f
54.326 57.736 m
54.326 56.038 l
54.112 56.038 l
53.965 56.734 53.631 57.502 52.881 57.526 c
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51.974 56.422 52.131 56.071 52.908 55.621 c
53.88 55.058 54.689 54.785 54.689 53.609 c
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50.93 51.718 l
50.93 53.781 l
51.135 53.781 l
51.433 52.543 51.747 51.951 52.654 51.951 c
53.199 51.951 53.582 52.328 53.582 52.932 c
53.582 53.485 53.207 53.856 52.383 54.345 c
51.479 54.88 50.869 55.224 50.869 56.087 c
50.869 56.98 51.543 57.737 52.738 57.737 c
53.137 57.737 54.326 57.736 y
f
49.92 51.719 m
48.417 51.719 l
48.417 56.287 l
48.417 56.785 48.402 57.223 48.06 57.312 c
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47.222 51.719 l
45.717 51.719 l
45.717 53.412 l
45.496 52.623 44.818 51.614 43.679 51.614 c
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44.196 57.741 44.614 57.536 44.901 57.116 c
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43.966 57.273 43.949 57.527 43.533 57.527 c
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47.223 57.151 l
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49.92 51.719 l
f
35.059 66.838 m
35.059 64.569 l
34.834 64.569 l
34.58 65.631 34.042 66.61 33.162 66.62 c
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31.782 65.432 31.646 64.261 31.646 62.976 c
31.646 61.786 31.699 60.834 31.85 60.198 c
31.926 59.882 32.124 59.4 32.7 59.4 c
33.01 59.4 33.217 59.511 33.371 59.668 c
33.605 59.908 33.645 60.428 33.645 60.797 c
33.645 62.067 l
33.645 62.496 33.483 62.764 33.277 62.89 c
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32.693 63.227 l
35.146 63.227 l
35.146 57.146 l
34.901 57.146 l
34.803 57.669 34.701 58.005 34.454 58.432 c
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32.451 59.222 31.92 58.796 31.92 58.095 c
31.92 57.239 32.431 57.021 33.414 56.483 c
34.319 55.99 35.52 55.584 35.52 54.062 c
35.52 52.627 34.384 51.719 32.935 51.719 c
30.493 51.719 l
30.493 54.527 l
30.738 54.527 l
31.121 52.204 32.263 51.947 32.911 51.956 c
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31.121 55.772 30.466 56.13 30.496 57.322 c
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29.827 64.852 30.922 66.838 33.047 66.838 c
35.059 66.838 l
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/F5 1 Tf
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(Contingent Convertible \(Coco\) Bond Risk)Tj
/F1 1 Tf
8 0 0 8 184.839 728.8892 Tm
( investment in this particular type of bond may result in material losses to the Portfolio based on certain trigger events. )Tj
-18.4174 -1.3125 TD
(The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a p)Tj
49.097 0 TD
(artial or total loss of value or alternatively )Tj
-49.097 -1.3125 TD
(they may be converted into shares of the issuing company which may also have suffered a loss in value.)Tj
/F6 1 Tf
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(Counterparty risk)Tj
/F1 1 Tf
8 0 0 8 96.9915 695.8892 Tm
( a party that the Portfolio transacts with may fail to meet its obligations which could cause losses.)Tj
/F6 1 Tf
6 0 0 6 27.5 683.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 683.8892 Tm
0 0 0 1 k
(Credit risk)Tj
/F1 1 Tf
8 0 0 8 73.387 683.8892 Tm
( the failure of a counterparty or an issuer of a nancial asset held within the Portfolio to meet its payment obligations will )Tj
48.322 0 TD
(have a negative impact on the )Tj
-52.8079 -1.3125 TD
(Portfolio.)Tj
/F6 1 Tf
6 0 0 6 27.5 661.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 661.3892 Tm
0 0 0 1 k
(Custodian risk)Tj
/F1 1 Tf
8 0 0 8 87.0805 661.3892 Tm
( insolvency, breaches of duty of care or misconduct of a custodian or subcustodian responsible for the safekeeping of the Portf)Tj
50.711 0 TD
(olio's assets can result )Tj
-56.9085 -1.3125 TD
(in loss to the Portfolio.)Tj
/F6 1 Tf
6 0 0 6 27.5 638.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 638.8892 Tm
0 0 0 1 k
(Derivatives risk)Tj
/F1 1 Tf
8 0 0 8 91.7895 638.8892 Tm
( derivative instruments are highly sensitive to changes in the value of the underlying asset that they are based on. Certain de)Tj
49.598 0 TD
(rivatives may result in )Tj
-56.3842 -1.3125 TD
(losses greater than the amount originally invested.)Tj
/F6 1 Tf
6 0 0 6 27.5 616.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 616.3892 Tm
0 0 0 1 k
(Exchange rate risk)Tj
/F1 1 Tf
8 0 0 8 102.185 616.3892 Tm
( changes in exchange rates may reduce or increase the returns an investor might expect to receive independent of the performanc)Tj
52.266 0 TD
(e of such )Tj
-60.3516 -1.3125 TD
(assets. If applicable, investment techniques used to attempt to reduce the risk of currency movements \(hedging\), may not be ef)Tj
50.878 0 TD
(fective. Hedging also involves )Tj
-50.878 -1.3125 TD
(additional risks associated with derivatives.)Tj
/F6 1 Tf
6 0 0 6 27.5 583.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 583.3892 Tm
0 0 0 1 k
(High yield risk)Tj
/F1 1 Tf
8 0 0 8 87.548 583.3892 Tm
( high yield instruments, meaning investments which pay a high amount of income generally involve greater credit risk and sensit)Tj
51.04 0 TD
(ivity to economic )Tj
-57.296 -1.3125 TD
(developments, giving rise to greater price movement than lower yielding instruments.)Tj
/F6 1 Tf
6 0 0 6 27.5 560.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 560.8892 Tm
0 0 0 1 k
(Interest rate risk)Tj
/F1 1 Tf
8 0 0 8 94.6285 560.8892 Tm
( when interest rates rise, bond prices fall, reecting the ability of investors to obtain a more attractive rate of interest on)Tj
47.71 0 TD
( their money elsewhere. )Tj
-54.8511 -1.3125 TD
(Bond prices are therefore subject to movements in interest rates which may move for a number of reasons, political as well as e)Tj
51.096 0 TD
(conomic.)Tj
/F6 1 Tf
6 0 0 6 27.5 538.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 538.3892 Tm
0 0 0 1 k
(Liquidity risk)Tj
/F1 1 Tf
8 0 0 8 82.3545 538.3892 Tm
( the Portfolio may not always nd another party willing to purchase an asset that the Portfolio wants to sell which could impac)Tj
50.267 0 TD
(t the Portfolio's ability to )Tj
-55.8738 -1.3125 TD
(meet redemption requests on demand.)Tj
/F6 1 Tf
6 0 0 6 27.5 515.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 515.8892 Tm
0 0 0 1 k
(Market risk)Tj
/F1 1 Tf
8 0 0 8 77.6285 515.8892 Tm
( the value of assets in the Portfolio is typically dictated by a number of factors, including the condence levels of the marke)Tj
49.044 0 TD
(t in which they are traded.)Tj
/F6 1 Tf
6 0 0 6 27.5 503.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 503.8892 Tm
0 0 0 1 k
(Operational risk)Tj
/F1 1 Tf
8 0 0 8 93.2175 503.8892 Tm
( material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures o)Tj
50.318 0 TD
(r controls.)Tj
/F6 1 Tf
6 0 0 6 27.5 491.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 491.8892 Tm
0 0 0 1 k
(Mortgage-backed securities \(MBS\) and asset-backed securities \(ABS\) risk)Tj
/F1 1 Tf
8 0 0 8 310.8685 491.8892 Tm
( the mortgages backing MBS and assets backing ABS may be repaid earlier )Tj
-34.1711 -1.3125 TD
(than required, resulting in a lower return.)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 320.3892 Tm
0.53 0.32 0.11 0 k
(Glossary)Tj
ET
q
0.6 i
27.5 297.889 540 15 re
W n
1 0.84 0.31 0.17 K
0 J 0 j 2 w 10 M []0 d
27.5 312.889 m
567.5 312.889 l
S
Q
BT
/F6 1 Tf
6 0 0 6 27.5 291.3892 Tm
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 291.3892 Tm
0 0 0 1 k
(Beta)Tj
/F1 1 Tf
8 0 0 8 53.5565 291.3892 Tm
( Measures the sensitivity of the funds returns to the comparative benchmark index return \(annualised\). The nearer to 1.00, t)Tj
49.986 0 TD
(he closer the historical uctuations )Tj
-51.993 -1.3125 TD
(in the value of the fund are to the benchmark. If above 1.00, then fund uctuations have been greater than the benchmark.)Tj
/F6 1 Tf
6 0 0 6 27.5 268.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 268.8892 Tm
0 0 0 1 k
(Duration of the Portfolio)Tj
/F1 1 Tf
8 0 0 8 120.1455 268.8892 Tm
( Measure of the sensitivity of the price of a bond or portfolio to a change in interest rates paid. The larger the number \(po)Tj
48.822 0 TD
(sitive or )Tj
-59.1527 -1.3125 TD
(negative\), the greater the change in price for given changes in interest rates. When duration is positive a rise in interest ra)Tj
48.765 0 TD
(tes results in a fall in price while for a )Tj
-48.765 -1.3125 TD
(negative duration a rise in interest rates results in a rise in price.)Tj
/F6 1 Tf
6 0 0 6 27.5 235.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 235.8892 Tm
0 0 0 1 k
(Excess returns)Tj
/F1 1 Tf
8 0 0 8 88.483 235.8892 Tm
( The return of the fund in excess of the benchmark/index return \(annualised\).)Tj
/F6 1 Tf
6 0 0 6 27.5 223.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 223.8892 Tm
0 0 0 1 k
(Historical tracking error)Tj
/F1 1 Tf
8 0 0 8 121.072 223.8892 Tm
( - Measure of the actual deviation of the funds returns from the comparative benchmark index returns \(annualised\). A higher nu)Tj
50.988 0 TD
(mber )Tj
-61.4345 -1.3125 TD
(means that the fund is taking greater risk against the benchmark.)Tj
/F6 1 Tf
6 0 0 6 27.5 201.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 201.3892 Tm
0 0 0 1 k
(Historical Volatility of Portfolio)Tj
/F1 1 Tf
8 0 0 8 144.7105 201.3892 Tm
( Illustrates the dispersion of the funds realized monthly returns around the average monthly return, indicating how volatile)Tj
49.432 0 TD
( the )Tj
-62.8333 -1.3125 TD
(funds return is over time. The higher the number the more volatile the funds returns.)Tj
/F6 1 Tf
6 0 0 6 27.5 178.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 178.8892 Tm
0 0 0 1 k
(Interest Rate Duration)Tj
/F1 1 Tf
8 0 0 8 113.0565 178.8892 Tm
( This is a modied measure of Total Average Duration that has been estimated by GSAM. This modied measure seeks to take acco)Tj
53.153 0 TD
(unt of )Tj
-62.5976 -1.3125 TD
(the different behaviours of different bond markets around the world by re-expressing all duration exposures to a common US mark)Tj
51.931 0 TD
(et standard. The goal is to improve )Tj
-51.931 -1.3125 TD
(the estimate of the portfolio's sensitivity to changes in interest rates. This estimate is guided by historical market observat)Tj
48.514 0 TD
(ions amongst markets which are )Tj
-48.514 -1.3125 TD
(themselves subject to change over time and may not necessarily be reected by the actual outcome.)Tj
/F6 1 Tf
6 0 0 6 27.5 135.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 135.3892 Tm
0 0 0 1 k
(Net Asset Value)Tj
/F1 1 Tf
8 0 0 8 92.75 135.3892 Tm
( Represents the net assets of the fund \(ex-dividend\) divided by the total number of shares issued by the fund.)Tj
/F6 1 Tf
6 0 0 6 27.5 123.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 123.3892 Tm
0 0 0 1 k
(Ongoing Charges)Tj
/F1 1 Tf
8 0 0 8 96.524 123.3892 Tm
( The ongoing charges gure is based on the funds expenses during the previous 12 months, on a rolling basis. It excludes tra)Tj
50.54 0 TD
(nsaction costs and )Tj
-57.918 -1.3125 TD
(performance fees incurred by the fund.)Tj
/F6 1 Tf
6 0 0 6 27.5 100.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 100.8892 Tm
0 0 0 1 k
(Other Expenses)Tj
/F1 1 Tf
8 0 0 8 91.322 100.8892 Tm
( Fees deduced from the Funds assets incurred as part of the Funds operations, including, where applicable, costs incurred b)Tj
50.652 0 TD
(y the Fund when )Tj
-57.3797 -1.3125 TD
(investing in other funds.)Tj
/F6 1 Tf
6 0 0 6 27.5 78.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 78.3892 Tm
0 0 0 1 k
(R)Tj
/F2 1 Tf
4 0 0 4 42.226 81.8892 Tm
(2)Tj
/F1 1 Tf
8 0 0 8 44.002 78.3892 Tm
( Measure that represents the percentage of a portfolio movement linked to movements in the benchmark index return \(annualised)Tj
52.433 0 TD
(\). The nearer to [1.00], the more )Tj
-53.2457 -1.3125 TD
(a fund is tracking the risk of the benchmark, and the less risk that the fund is taking against the benchmark.)Tj
/F6 1 Tf
6 0 0 6 27.5 55.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 55.8892 Tm
0 0 0 1 k
(Swing pricing)Tj
/F1 1 Tf
8 0 0 8 86.1455 55.8892 Tm
( The swing factor represents the factor in place month end and is subject to change on any Dealing Day depending on prevailin)Tj
51.433 0 TD
(g market conditions.)Tj
/F6 1 Tf
6 0 0 6 27.5 43.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 43.8892 Tm
0 0 0 1 k
(Yield to Maturity)Tj
/F1 1 Tf
8 0 0 8 95.113 43.8892 Tm
( The rate of return anticipated on a bond if it is held until the maturity date shown without the deduction of any expenses.)Tj
/F6 1 Tf
6 0 0 6 27.5 31.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 31.8892 Tm
0 0 0 1 k
(Yield to Worst)Tj
/F1 1 Tf
8 0 0 8 86.613 31.8892 Tm
( The lowest potential yield that can be received on a bond without the issuer actually defaulting.)Tj
0.53 0.32 0.11 0 k
16.5829 -2.1737 TD
(3)Tj
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(Additional Notes)Tj
8 0 0 8 27.5 761.8892 Tm
0 0 0 1 k
-0.0313 Tc
0.0001 Tw
(This material is a nancial promotion and has been issued by Goldman Sachs International, authorised by the Prudential Regulati)Tj
47.4093 0 TD
0 Tw
(on Authority and regulated by the Financial Conduct )Tj
-47.4093 -1.3125 TD
(Authority and the Prudential Regulation Authority.)Tj
0 -1.375 TD
0.0001 Tw
(Furthermore, this information should not be construed as nancial research. It was not prepared in compliance with applicable p)Tj
47.3523 0 TD
(rovisions of law designed to promote the )Tj
-47.3523 -1.3125 TD
0 Tw
(independence of nancial analysis and is not subject to a prohibition on trading following the distribution of nancial researc)Tj
45.7983 0 TD
(h.)Tj
-45.7983 -1.375 TD
0.0001 Tw
(This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person )Tj
46.4633 0 TD
0 Tw
(in whole or in part without the prior written consent of )Tj
-46.4633 -1.3125 TD
0.0001 Tw
(GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material.)Tj
/F5 1 Tf
0 -1.375 TD
0 Tw
(Offering Documents)Tj
/F1 1 Tf
7.4925 0 TD
0.0001 Tw
(: This material is provided at your request for informational purposes only and does not constitute a solicitation in any juris)Tj
44.6833 0 TD
0 Tw
(diction in which such a solicitation is )Tj
-52.1758 -1.3125 TD
0.0001 Tw
(unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not c)Tj
46.0203 0 TD
0 Tw
(onstitute an offer to buy shares in the fund. Prior to an )Tj
-46.0203 -1.3125 TD
0.0001 Tw
(investment, prospective investors should carefully read the latest Key Investor Information Document \(KIID\) as well as the offe)Tj
46.4653 0 TD
(ring documentation, including but not limited to the )Tj
-46.4653 -1.3125 TD
(funds prospectus which contains inter alia a comprehensive disclosure of applicable risks. The relevant articles of associatio)Tj
46.2383 0 TD
(n, prospectus, supplement, KIID and latest annual/semi-)Tj
-46.2383 -1.3125 TD
(annual report are available free of charge from the funds paying and information agent and/or from your nancial adviser and a)Tj
46.9643 0 TD
0 Tw
(t www.gsam.com/kiids.)Tj
/F5 1 Tf
-46.9643 -1.375 TD
(Distribution of Shares)Tj
/F1 1 Tf
8.1455 0 TD
0.0001 Tw
(: Shares of the fund may not be registered for public distribution in a number of jurisdictions \(including but not limited to a)Tj
44.2983 0 TD
0 Tw
(ny Latin American, African or Asian )Tj
-52.4438 -1.3125 TD
0.0001 Tw
(countries\). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unle)Tj
45.5193 0 TD
0 Tw
(ss such marketing or offering is made in compliance with )Tj
-45.5193 -1.3125 TD
0.0001 Tw
(applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and )Tj
46.8523 0 TD
0 Tw
(regulations.)Tj
/F5 1 Tf
-46.8523 -1.375 TD
0.0001 Tw
(Investment Advice and Potential Loss)Tj
/F1 1 Tf
14.04 0 TD
(: Financial advisers generally suggest a diversied portfolio of investments. The fund described herein does not represent a di)Tj
46.1273 0 TD
0 Tw
(versied )Tj
-60.1673 -1.3125 TD
0.0001 Tw
(investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult the)Tj
46.3503 0 TD
0 Tw
(ir nancial and tax adviser before investing in order to )Tj
-46.3503 -1.3125 TD
0.0001 Tw
(determine whether an investment would be suitable for them.)Tj
/F5 1 Tf
0 -1.375 TD
(An investor should only invest if he/she has the necessary nancial resources to bear a complete loss of this investment.)Tj
T*
(Swing Pricing)Tj
/F1 1 Tf
5.3728 0 TD
(: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result i)Tj
45.4633 0 TD
0 Tw
(n the fund performing differently compared )Tj
ET
q
1 i
27.5 554.389 540 21.5 re
W n
BT
8 0 0 8 27.5 558.8892 Tm
0 Tc
(t)Tj
ET
Q
BT
8 0 0 8 29.474 558.8892 Tm
0.0001 Tw
(o the reference benchmark based solely on the effect of swing pricing rather than price developments of underlying instruments.)Tj
-0.2467 -1.375 TD
0 Tw
(Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the qu)Tj
48.0743 0 TD
(arter.)Tj
-48.0743 -1.375 TD
0.0001 Tw
(Additional information is provided in our Form ADV Part-2 which is available at http://www.adviserinfo.sec.gov/IAPD/Content/Sea)Tj
47.5213 0 TD
0 Tw
(rch/iapd_Search.aspx.)Tj
/F5 1 Tf
-47.5213 -1.375 TD
0.0001 Tw
(The relevant articles of association, prospectus, supplement and key investor information document \(KIID\) and latest annual/sem)Tj
48.1373 0 TD
(i-annual report \(as applicable\) are available free of )Tj
-48.1373 -1.3125 TD
(charge from the funds paying and information agents as listed below:)Tj
0 -1.375 TD
0 Tw
(Austria)Tj
/F1 1 Tf
2.7253 0 TD
0.0001 Tw
(: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria.)Tj
/F5 1 Tf
-2.7253 -1.375 TD
0 Tw
(Belgium)Tj
/F1 1 Tf
3.1702 0 TD
0.0001 Tw
(: RBC Investor Services, Place Rogier II, 1210 Brussels, Belgium.)Tj
/F5 1 Tf
-3.1702 -1.375 TD
0 Tw
(Denmark)Tj
/F1 1 Tf
3.4473 0 TD
0.0001 Tw
(: Stockrate Asset Management, Mollevej 9 E2, DK-2990 Niva, Denmark.)Tj
/F5 1 Tf
-3.4473 -1.375 TD
0 Tw
(France)Tj
/F1 1 Tf
2.5895 0 TD
0.0001 Tw
(: RBC Investor Services Bank France, 105, rue Raumur, 75002 Paris, France.)Tj
/F5 1 Tf
-2.5895 -1.375 TD
0 Tw
(Germany)Tj
/F1 1 Tf
3.3912 0 TD
(: State Street Bank GmbH, Brienner Strasse 59, 80333 Munich, Germany.)Tj
/F5 1 Tf
-3.3912 -1.375 TD
(Greece)Tj
/F1 1 Tf
2.7565 0 TD
(: Piraeus Bank S.A., 4 Amerikis Street, 10564 Athens, Greece.)Tj
/F5 1 Tf
-2.7565 -1.375 TD
(Ireland)Tj
/F1 1 Tf
2.6702 0 TD
0.0001 Tw
(: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dublin 2, Ireland.)Tj
/F5 1 Tf
-2.6702 -1.375 TD
0 Tw
(Italy)Tj
/F1 1 Tf
1.6217 0 TD
0.0001 Tw
(: Socit Gnrale Securities Services, Maciachini Center MAC 2, Via Benigno Crespi, 19/A, 20159 Milan, Italy; AllFunds Bank )Tj
46.8493 0 TD
0 Tw
(S.A. Filiale di Milano, Via Santa Margherita 7, 20121 )Tj
-48.471 -1.3125 TD
0.0001 Tw
(Milan, Italy; RBC Investor Services Bank Milan- Milan Branch, Cia Vittor Pisani, 26, 20154 Milan, Italy; State Street Bank S.pA)Tj
45.6843 0 TD
(., Via Col Moschin, 16 , 20136 Milan, Italy; BNP Paribas )Tj
-45.6843 -1.3125 TD
(Securities Services Succursale di Milano, Via Ansperto 5, 20121 Milan, Italy; Banca Sella, Piazza Gaudenzio Sella 1, 13900 Bie)Tj
46.4603 0 TD
0 Tw
(lla Bl., Italy.)Tj
/F5 1 Tf
-46.4603 -1.375 TD
(Luxembourg)Tj
/F1 1 Tf
4.6865 0 TD
(: State Street Bank International GmbH, Luxembourg Branch, 49, avenue J.F. Kennedy, L-1855 Luxembourg.)Tj
/F5 1 Tf
-4.6865 -1.375 TD
(Sweden)Tj
/F1 1 Tf
3.1465 0 TD
0.0001 Tw
(: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH)Tj
48.3503 0 TD
0 Tw
(1, SE-106 40 Stockholm, Sweden.)Tj
/F5 1 Tf
-51.4968 -1.375 TD
(Switzerland)Tj
/F1 1 Tf
4.5462 0 TD
0.0001 Tw
(: Swiss Representative of the fund is First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich. Paying Agent of the fu)Tj
46.0733 0 TD
(nd in Switzerland is Goldman Sachs Bank AG, )Tj
-50.6195 -1.3125 TD
(Claridenstrasse 25, 8022 Zurich. The Key Investor Information Document \(KIID\) as well as the annual and semi-annual reports of )Tj
47.1293 0 TD
0 Tw
(the fund may be obtained free of charge at the Swiss )Tj
-47.1293 -1.3125 TD
(Representative or Goldman Sachs Bank AG in Zurich.)Tj
0 -1.375 TD
0.0001 Tw
(Please note in addition for:)Tj
/F5 1 Tf
T*
0 Tw
(Australia)Tj
/F1 1 Tf
3.4408 0 TD
0.0001 Tw
(: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 )Tj
48.1263 0 TD
0 Tw
(681, AFSL 228948 \(GSAMA\) and is )Tj
-51.567 -1.3125 TD
0.0001 Tw
(intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 \(Cth\))Tj
45.9623 0 TD
( and to clients who either fall within any or all of the )Tj
-45.9623 -1.3125 TD
(categories of investors set out in section 3\(2\) or sub-section 5\(2CC\) of the Securities Act 1978 \(NZ\).)Tj
/F5 1 Tf
0 -1.375 TD
(Hong Kong)Tj
/F1 1 Tf
4.1077 0 TD
(: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management \(Hong Kong\) Limited.)Tj
/F5 1 Tf
-4.1077 -1.375 TD
0 Tw
(Netherlands)Tj
/F1 1 Tf
4.6562 0 TD
0.0001 Tw
(: The fund is included in the register kept by the Stichting Autoriteit Financile Markten.)Tj
/F5 1 Tf
-4.6562 -1.375 TD
0 Tw
(Singapore)Tj
/F1 1 Tf
3.8858 0 TD
0.0001 Tw
(: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management \(Singapore\) Pte. Ltd)Tj
48.6303 0 TD
0 Tw
(. \(Company Number: 201329851H\).)Tj
/F5 1 Tf
-52.516 -1.375 TD
(Spain)Tj
/F1 1 Tf
2.1778 0 TD
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