The value of your investment can go down as well as up and investors may not get back the full amount invested.

The Fund may have holdings which are denominated in different currencies and may be affected by movements in exchange rates.  Consequently, the value of the investment may rise or fall in line with the exchange rates.

Further details of the specific risks relating to investment in a Fund can be found in the relevant Simplified Prospectus or Full Prospectus.

# The yields shown are expressed as a percentage per annum of current Net Asset Value of the Fund. They are estimates for the next 12 months, assuming that the Fund’s portfolio remains unchanged and there are no defaults or deferrals of coupon payments or unscheduled capital repayments. They are not guaranteed.

The Distribution Yield reflects the amounts that may be expected to be distributed over the next twelve months as a percentage of the mid-market unit price of the Fund as at the date shown. In addition to expected cash income, it includes the amortised annual value of unrealised capital gains/losses of current bond holdings, calculated with reference to their historic purchase price and expected redemption value. It does not include any preliminary charge and investors may be subject to tax on distributions. The Underlying Yield is also the Distribution Yield for this Fund.