# OBJECTIVES AND INVESTMENT POLICY
## Investment Objective
The Fund aims to achieve a combination of income and growth by investing at least 90% in bonds (loans to governments and companies) issued worldwide, including Emerging Market countries.
All bonds in the view of the Investment Manager, support the transition to a low carbon economy and society's adaptation to climate change.

## Investment Policy

### Portfolio Securities
- The Fund invests at least 90% in bonds, including corporate bonds and government bonds issued anywhere in the world, including sub- sovereigns, inflation-linked, convertible, asset backed and mortgage backed bonds.
- The Fund invests at least 70% in corporate bonds issued anywhere in the world.
- The Fund may invest up to 40% in Sub-Investment Grade bonds.
- Non-Dollar denominated bonds will typically be hedged back to US Dollars.
- All bond holdings will be consistent with the Investment Manager's "Global Climate Transition Fixed Income Investment Approach”. Financial derivative instruments are exempt.
- The portfolio construction and our “Global Climate Transition Fixed Income Investment Approach" reduce the investment universe by a minimum of 20%.
- In addition we apply a set of company exclusions, which are related to the UN Global Compact, Tobacco Manufacturing, Thermal Coal, Oil & Gas and Weapons. Details of how we apply our exclusion lists are captured within our “Global Climate Transition Fixed Income Investment Approach”, which is published at www.aberdeenstandard.com under Responsible Investing.


### Management Process
- The Investment approach identifies companies that are lowering their greenhouse gas emissions or entities that are helping society adapt to the physical risks of climate change or companies whose products or services are helping reduce emissions in the wider economy.
- Engagement with company management is part of our investment process and stewardship programme, which evaluates the ownership structures, governance and management quality of companies.
- The Fund is actively managed. The holdings of the Fund are not selected with reference to a benchmark and the Fund does not aim tooutperform any benchmark but the performance of the Fund (before charges) can be compared over the long term (5 years or more) against the following basket of indices, which is rebalanced to the stated weights on a daily basis:60% Bloomberg Barclays Global Aggregate Corporates Index (USD hedged), 20% Bloomberg Barclays Global High Yield Corporates Index (USD hedged), 20% JP Morgan Corporate Emerging Market Bond Index (USD).

These indices are used for setting risk constraints and don't have any sustainable factors.
- The Investment Manager seeks to reduce the risk of significant changes in the value of the Fund compared to the above indices. The potential change in value of the Fund (as measured by expected volatility) is not ordinarily expected to exceed 150% of that of the above basket of indices over the longer term.


### Derivatives and Techniques
- The Fund may use investment techniques (including derivatives) to seek to protect and enhance the value of the Fund and to manage the Fund's risks. Derivatives, such as futures, options and swaps, are linked to the rise and fall of other assets. In other words, they “derive” their price from another asset. They can generate returns when share prices and/ or indices fall.

Investors in the fund may buy and sell shares on any dealing day (as defined in the Prospectus).
If you invest in income shares, income from investments in the fund will be paid out to you. If you invest in accumulation shares, income will be added to the value of your shares.
Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing.

Translation (ENDE, 2021-09-28):
# ZIELE UND ANLAGEPOLITIK
## Anlageziel
Der Fonds strebt danach, eine Kombination von Erträgen und Wachstum zu erzielen, indem er mindestens 90 % in Anleihen (Darlehen an Regierungen und Unternehmen) anlegt, die weltweit, einschließlich in Schwellenländermärkten, ausgegeben werden.
Nach Ansicht des Investmentmanagers unterstützen sämtliche Anleihen den Wandel hin zu einer kohlenstoffarmen Wirtschaft und die Anpassung der Gesellschaft an den Klimawandel.

## Anlagepolitik

### Portfolio
- Der Fonds investiert mindestens 90 % in Anleihen, einschließlich in Unternehmens- und Staatsanleihen aus aller Welt, einschließlich Kommunalanleihen, inflationsindexierte Anleihen, Wandelanleihen, verbriefte Anleihen und Hypothekenanleihen.
- Der Fonds investiert mindestens 70 % seines Vermögens in Unternehmensanleihen aus aller Welt.
- Bis zu 40 % des Fondsvermögens können in Anleihen ohne Investment- Grade-Rating investiert werden.
- Nicht auf USD lautende Anlagen werden üblicherweise in USD abgesichert.
- Alle Anleihepositionen entsprechen dem Anlageansatz unseres Investmentmanagers für festverzinsliche Anlagen für den globalen Wandel zugunsten des Klimas („Global Climate Transition Fixed Income Investment Approach“). Finanzderivate sind aus diesem Ansatz ausgenommen.
- Durch die Portfoliokonstruktion und unseren Anlageansatz für festverzinsliche Anlagen für den globalen Wandel zugunsten des Klimas („Global Climate Transition Fixed Income Investment Approach“) wird das Anlageuniversum um mindestens 20 % reduziert.
- Darüber hinaus schließen wir auf Grundlage des UN Global Compact Investitionen in Unternehmen aus, die in Bereichen wie Tabakherstellung, Kraftwerkskohle, Öl und Gas und Waffen tätig sind. – Nähere Informationen zur Anwendung unserer Ausschließungsliste sind enthalten in unserem Ansatz für festverzinsliche Anlagen für den globalen Wandel zugunsten des Klimas („Global Climate Transition Fixed Income Investment Approach”). Dieser ist veröffentlicht unter„Verantwortungsvolle Anlagen“ auf www.aberdeenstandard.com.


### Management
- Anhand des Anlageansatzes identifizieren wir Unternehmen, die ihre