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Hedged Risk

The Class EUR Hedged shares and Class GBP Hedged shared are Currency Hedged Share Classes (as defined in the prospectus). The Fund may use FDI for the purposes of hedging the foreign exchange risk of these classes, including forward foreign exchange contracts, foreign exchange futures and foreign exchange swaps. This hedging seeks to minimise the effect of exchange rate fluctuations between the base currency (USD) and the relevant share class currency. Where the hedge is applied successfully, the performance of the hedged class is likely to move in line with the performance of the share classes denominated in the base currency. The use of this hedging may substantially limit holders of the relevant class from benefiting if the class currency decreases in value relative to the base currency. Further details are set out in the “Currency Hedging at Share Class Level” section of the prospectus and the “Currency Hedging” section of the supplement for the Fund.