Emerging Markets Local Currency Total Return Debt

Investment objective summary

The Fund aims to provide income with the opportunity for long-term capital growth.

The Fund invests primarily in a broad range of bonds (contracts to repay borrowed money which typically pay interest at fixed times) and in related derivatives (financial contracts whose value is linked to the price of an underlying asset). The bonds are issued by emerging markets (countries that are in economic terms less developed than the major Western countries) governments, institutions or companies in either the currency of the country in which they are issued or in hard currencies (globally traded major currencies). Derivatives may be used for investment purposes (i.e. in order to achieve the Fund’s investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.