Fund Objective: Objectives: The investment objective of the Fund is to seek a high current income and the opportunity for capital appreciation to produce a high total return. The Fund pursues its investment objective by investing primarily in high yield securities (which are below investment grade and also referred to as "junk bonds"). Such securities primarily include corporate debt securities, convertible securities or warrants, and mortgage-backed, mortgage-related, and other asset-backed securities, including collateralised debt obligations. The Fund may invest up to 20% of its assets in non-U.S. (including emerging market) debt securities that primarily are traded outside of the U.S. The Fund may invest up to 10% of its assets in third party floating or adjustable rate senior loans. Total assets in any one industry, other than mortgage related securities or those issued by the U.S. government, its agencies or instrumentalities, will not exceed 25% of assets. The Fund employs a relative value-oriented investment process that emphasizes securities believed to be undervalued. The Fund may invest in financial derivative instruments (“FDIs”) to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, or as a substitute for holding the underlying reference asset on which the FDI is based.Any income less expenses realised will only be distributed to investors in distributing classes and will be accumulated in the net asset value per share for accumulation classes. The Fund is actively managed. It uses the ICE BofA U.S. High Yield Constrained Index for performance comparison purposes. Investors can redeem shares each day (except Saturdays, Sundays, and normal bank holidays) on which banks in Dublin and New York are open for regular business. For full investment objective and policy details, please refer to the “Investment Objective” and “Investment Policies” sections of the Fund's supplement to the Prospectus of the Company (the “Prospectus”). Unless otherwise expressly defined herein, defined terms have the same meaning assigned in the Prospectus. This share class is an accumulating share class and the Directors intend to accumulate and to reinvest all earnings, dividends and other distributions.

Asset Allocation

Fund size: 963,935,021.53 GBP

Chart date: April 29, 2025

What is ESG?

ESG stands for Environmental, Social and Governance and is an approach for evaluating to what extent a company works towards social goals. For investors this can be used in order to understand how their funds and the assets they are made up of work towards these goals and use that information to help make sustainable investment choices.