The fund aims to provide a combination of capital growth and income to deliver a return that is higher than that of the global bond market over any five-year period. Core investment: At least 80% of the fund is invested in bonds, including investment grade bonds, high yield bonds, unrated bonds and asset-backed securities. These bonds may be issued by governments and their agencies, public authorities, quasi-sovereigns, supranational bodies and companies. Issuers of these bonds may be located in any country, including emerging markets*, and denominated in any currency. Other investments: The fund can also invest in any currency, and cash or assets that can be turned quickly into cash. Use of derivatives: Derivatives may be used to invest indirectly in bonds. Derivatives may also be used to manage risks and reduce costs, as well as to offset the impact of changes in currency exchange rates on the fund’s investments. For more information on the types of bonds held and derivatives used, please refer to the Prospectus, which can be found by visiting www.mandg.com/ ireland-literature * Emerging market countries are defined as those included within the MSCI Emerging Markets Index and/or those included in the World Bank’s definition of developing economies, as updated from time to time. Strategy in brief: The fund is a flexible global bond fund. The investment manager selects investments based on an assessment of macroeconomic factors such as economic growth, interest rates and inflation. This analysis determines which areas of the global bond markets the investment manager believes the fund should invest in to achieve its objective. It also influences the subsequent selection of individual bond holdings, as well as the fund’s currency exposures. The investment manager is assisted in the selection of individual bonds by the deputy manager and an in-house team of analysts. Performance comparator: The fund is actively managed. The Bloomberg Barclays Global Aggregate Index is a point of reference against which the performance of the fund may be measured. Glossary terms Asset-backed securities: Bonds backed by assets that produce cashflows, such as mortgage loans, credit card receivables and auto loans. Bonds: Loans to governments and companies that pay interest. Derivatives: Financial contracts whose value is derived from other assets. High yield bonds: Bonds issued by companies considered to be riskier and therefore generally paying a higher level of interest. Investment grade bonds: Bonds with a medium or high credit rating from a recognised credit rating agency. They are considered to be at lower risk from default than bonds with lower credit ratings. Other information This fund allows the investment manager to make discretionary choices when deciding which investments should be held in the fund. You can buy and sell shares in the fund on any business day.