Category: Open Ended Investment Company

The investment objective of the Fund is to seek to deliver a high level of income yield relative to the yield on US government treasury bonds, over the medium term. It is the policy of the Fund to achieve its investment objective by investing in bond, debt, and currency instruments in markets worldwide which may at the discretion of the Investment Manager include significant investment in emerging markets. A majority of the Fund’s total assets will be invested in sovereign and sovereign-related bond, debt and currency instruments in either developed or emerging market countries. Sovereign and sovereign-related instruments include those issued or guaranteed not only by supranational entities, national governments and local governments, but also by entities controlled or owned by national and local government. The Fund may invest directly or use derivatives. You should note that: The Fund invests in bond, debt, and currency instruments worldwide of which a significant proportion may be in emerging markets. The Fund is actively managed; the Investment Manager uses its expertise to select investments. The Fund does not track and is not constrained by reference to any benchmark. The Fund's objective is to deliver a high level of income yield relative to the yield on US government treasury bonds. In order to achieve this the Fund may seek to remain fully invested, which will put the Fund's capital at risk. The Fund may engage in transactions in financial derivative instruments for efficient portfolio management, investment or hedging purposes. The Fund will invest in bonds of varying creditworthiness including Investment Grade, sub-Investment Grade and unrated instruments, denominated in any currency worldwide. There can be no guarantee that the Fund will achieve its investment objective. This Fund should be viewed as a medium term investment and may not be appropriate for investors who plan to withdraw their money within 5 years. The Fund has Distributing and Accumulating share classes. The Distributing Shares pay dividends, representing income accrued and received quarterly, in January, April, July and October. The Accumulating Shares do not pay dividends and any income arising is retained in the Fund and reflected in the price of the Shares. The Fund’s Shares can be bought from, and sold back to, the Fund on any business day in Ireland. Please refer to the Prospectus and relevant Fund Supplement for more detailed information.