Fund Objective: The Fund seeks to achieve a positive absolute return on your investment (i.e. an increase in the overall value of the Fund) over a period of 12 months regardless of market conditions. As such, the Fund will not be managed against any fixed income benchmark. The Fund seeks to achieve a positive absolute (more than zero) return on your investment (i.e. an increase in the overall value of the Fund) over a period of 12 months regardless of market conditions. As such, the Fund will not be managed against any fixed income benchmark. However, an absolute return is not guaranteed over a 12 month or any period and the Fund may experience periods of negative return. The Fund’s capital is at risk. The Fund also seeks to invest in a manner consistent with the principles of sustainable investment. The Fund aims to gain investment exposure to fixed income (FI) securities (i.e. bonds), FI-related securities and money-market instruments (MMIs) (i.e. debt securities with short-term securities) issued by, or giving exposure to, companies, governments, government agencies and supranationals (i.e. the International Bank for Reconstruction and Development) worldwide. The FI securities and MMIs may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. In order to achieve its objective the Fund invests at least 70% of its total FI securities, FI-related securities, MMIs, derivatives (i.e. investments the prices of which are based on one or more underlying assets), deposits and cash. At any one time, a substantial amount, or even all a majority of the Fund’s assets may be held as cash. This may be held for the purpose of providing cover for the exposure created by the use of derivatives or to assist in achieving its investment objective. The investment advisermanager (IM) will use derivatives to achieve the Fund’s investment objective. These will include synthetic short positions where the Fund uses a derivative to benefit from the sale of an asset which the Fund does not physically own with the aim of buying it later at a lower price to secure a profit. The Fund may also use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via derivatives, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The IM will utilise strategies including the active management of interest rates and the flexible management of sector and currency exposure . The Fund applies the BlackRock EMEA Baseline Screens (the “Screens”) whereby the IM excludes direct investment in corporate issuers (only) which have certain levels of exposure to, or ties with, sectors including controversial weapons, nuclear weapons, civilian firearms, tar sands, thermal coal, tobacco and issuers deemed to have breached one or more of the UN Global Compact Principles. Further details regarding the Screens are available in the Fund’s prospectus and at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf. The Fund uses a proprietary methodology to evaluate whether, in the IM’s assessment, issuers and securities display positive sustainability characteristics (such as those with beneficial ESG impacts for third parties and/or considered best in class ESG performers) or negative sustainability characteristics (such as those with harmful ESG impacts for third parties and/or considered worst in class ESG performers). The IM then weights the Fund’s portfolio towards the former, and will invest a material proportion of the total value of the Fund’s assets in such issuers and securities, while seeking to exclude the latter . The Fund may invest in issuers and securities evaluated as not having positive or negative characteristics or whose characteristics are undetermined. At least 5% of the total value of the Fund’s assets will be invested in green, social or sustainable bonds (i.e. bonds whose issuance proceeds, as assessed by the IM, are used for projects with green, social or sustainable goals) . The Fund is actively managed and the IM has discretion to select the Fund's investments and is not constrained by any benchmark in this process. 3 Month Sterling Overnight Index Average Rate (SONIA) compounded in arrears should be used by unitholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months). Recommendation: This Fund may not be appropriate for short-term investment.

Asset Allocation

Fund size: 792,509,277.80 GBX

Chart date: August 22, 2025

What is ESG?

ESG stands for Environmental, Social and Governance and is an approach for evaluating to what extent a company works towards social goals. For investors this can be used in order to understand how their funds and the assets they are made up of work towards these goals and use that information to help make sustainable investment choices.