Category: Open Ended Investment Company

The fund aims to prudently generate a total return through a combination of both income and capital growth. The fund invests primarily in a range of "investment grade" fixed income securities (which are loans that pay a fixed or variable rate of interest) issued by companies or governments from around the world. Securities will be priced in a range of global currencies. The investment advisor will choose securities with varying repayment dates based on its expectations for interest rate and exchange rate changes. The fund may invest substantially in emerging markets, which in investment terms are those economies that are still developing. Investment grade securities, as determined by international ratings agencies, whilst potentially producing a lower level of income than "noninvestment grade" securities, are also considered to be of lower risk. The fund may also invest up to 10% in securities which are rated lower than "BBB" but rated at least "B" by these same agencies. These are generally considered to be riskier investments but pay a higher income. The fund's benchmark is the Barclays Capital Global Aggregate Index (GBP hedged). It is used to measure duration. Duration is the sensitivity of a fixed income security to a change in interest rates. The longer the duration of a fixed income security, the higher its sensitivity to interest rates. For full investment objectives and policy details please refer to the prospectus. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying asset. The investment advisor will aim to remove the impact of movements in exchange rates between USD and GBP by hedging (a currency transaction which can protect against such movements) which may have an impact on the value of the share class. Any income the fund generates will be reinvested to grow the value of your investment. You can buy and sell shares on most working days in Dublin, exceptions to this are more fully described in the Fund Holiday Calendar available from the Administrator.