Category: Open Ended Investment Company

Objective: to provide a combination of capital growth and income. Policy: invests predominantly in high yield (higher risk) bonds, investment grade (lower risk) bonds and cash. Bonds will be issued by companies and governments worldwide. The Fund is actively managed. The Fund may also invest in derivatives (financial contracts whose value is linked to an underlying asset). The Fund may invest up to 20% in emerging markets. In investment terms, this means those economies that are still developing. Within the limits set out above, the Fund has discretion in its choice of investments and is not restricted by market sector. It may also hold a limited range of other investments and it is not constrained by any benchmark or index. The Fund may use investment techniques to manage risks and costs. These techniques include 'hedging' (using derivatives to reduce the risk associated with making investments in other currencies). Up to 20% of the Fund may not be 'hedged' i.e. the Fund is exposed to the risks of investing in another currency for this portion. Comparator Benchmarks: BofA Merrill Lynch Global High Yield Constrained (EUR Hedged) Index. Comparison against this index will allow investors to compare the Fund's performance against that of a representative but not identical universe of the Fund's potential investments. Comparison against this index will also allow investors to judge the active nature of the Fund against performance of an index which could reflect the performance of equivalent passive funds. Lipper Global Bond Global High Yield EUR Peer Group. Comparison of the Fund against this Peer Group will give investors an indication of how the Fund is performing compared with Funds investing in a similar but not identical investment universe and income orientation. The composition of this peer group is maintained externally and the investment manager makes no guarantees to its accuracy. Other information You can buy, sell or exchange the Fund's shares on any business day (see 'Key Information for Buying and Selling' in the Fund Supplement to the Prospectus for more information). Note: the currency of this share class is different from the base currency of the Fund. We use investment techniques which aim to eliminate the impact of exchange rate changes between the share class currency and the currency of the Fund. Kames Capital Investment Company (Ireland) plc operates two different methods of hedging share classes. Full details of these can be found in the Prospectus. Income the Fund receives will be reinvested and automatically reflected in the value of your shares. It is expected that the Fund will be held as part of a diversified portfolio which may include other assets such as bonds, equities, property and cash.