The aim of this Fund is to generate income and any capital growth over the long term (being a period of five years or more). The Fund invests at least 80% of its assets in a mix of investment grade bonds (meaning bonds with a Standard & Poor’s rating of at least BBB- or such equivalent rating by Moody’s or Fitch), sub-investment grade bonds and securitisation vehicles (such as mortgage-backed and asset-backed securities, collateralised debt obligations (CDOs) and collateralised loan obligations (CLOs)), issued in or hedged back to Sterling. The bonds, which may include inflation linked bonds, are issued by companies and governments (including obligations issued or guaranteed by government or their agencies), located anywhere in the world, including emerging markets. The ACD seeks to reduce the risk of defaults through its analysis and selection of bonds (with particular emphasis on industry and issuer).