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PORTFOLIO MANAGEMENT

The Fund is an actively managed portfolio, handled by a team of experienced investment professionals at Deutsche Asset Management Investment GmbH (Deutsche AM), with guidance from the Fund’s Investment Committee. We believe this approach utilizes the expertise of individuals who have an in-depth understanding of the diverse macro and micro trends affecting the regional marketplace. In addition, the Fund has access to the research team of the Central American Bank for Economic Integration located in Tegucigalpa, Honduras.  The Investment Committee meets quarterly to discuss global market developments and their impact on world financial markets. Asset allocation policies are also reviewed. The Committee members include staff from Deutsche AM and the Central American Bank for Economic Integration; oversight is provided by the Board of Directors. 

The investment process to be adopted by the Investment Manager will be influenced by the prevailing global macro-economic outlook. The Investment Manager considers it possible to deliver consistent positive returns from a portfolio comprised largely of Americas fixed income securities and money market instruments by adopting a focused, active top down macro-economic process. The Investment Manager places a strong emphasis on assessing top down fundamental factors affecting fixed income markets, such as current geo-political issues, inflation, economic growth, interest rates, employment, budget imbalances, supply/demand and bond issuance.

Investment Objective

The Portfolio’s investment objective is to generate positive rates of return for investors.  The Portfolio seeks to achieve this objective by investing in a portfolio of fixed income securities denominated in various currencies that emphasize preservation of capital through risk control.

With the exception of permitted investments in unlisted securities or in units of open-ended collective investment schemes, investment will be restricted to those stock exchanges and markets listed in Appendix 1 to the Fund Prospectus.

Subject to the investment restrictions outlined in the Prospectus, there will be no limit to the amount or proportion invested in the issuers of any one country and there will be no sectoral bias. The Portfolio will generally be diversified by country, currency and issuer but may hold concentrated positions in currencies, countries and issuers from time to time. In addition, there will be no restriction with respect to the currency of denomination of any of the securities in which the Portfolio may invest.

Any change in the investment objective or material change in investment policies of the Fund will be subject to the prior written approval of all Shareholders of the Fund or approval by ordinary resolution passed at a general meeting of the Fund. In the event of a change of investment objective and/or policies of the Fund on the basis of an ordinary resolution passed at a general meeting of the Shareholders of the Fund, a reasonable notification period must be given to each Shareholder of the Fund to enable a Shareholder to have its Shares repurchased prior to the implementation of such change.