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 may also invest in derivatives (financial contracts whose value is linked to 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. 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.