Asset Income Portfolio E EUR

1 The Portfolio seeks total returns consisting predominantly of income and with the potential for capital appreciation by investing primarily in equity and fixed income securities, with a focus on higher income yielding securities. 1 The Portfolio will mostly hold shares or similar instruments relating to companies anywhere in the world and fixed income securities of any type of issuer based anywhere in the world with a focus on higher income yielding, hence below investment grade, fixed income securities. The Investment Adviser will generally seek to hedge the Portfolio's currency exposure back to the US Dollar. 1 The Portfolio may also seek to generate income through selling covered call options on equity securities or indices which gives the buyer of such an option the right (but not the obligation) to buy the underlying instrument at a specified price within a specific time period in return for a cash payment to the Portfolio. For Distribution Shares, the payment of the proceeds of this strategy is intended to be part of the distribution, if any, of the relevant Share Class at the date on which such distribution is made. If the underlying asset decreases in value, the Portfolio will make a gain but will make a loss if the underlying asset increases in price. 1 The Advisor will seek to implement tactical investment strategies which may regularly adjust the portfolio exposures based on prevailing market conditions and short-term or medium-market views. 1 The Portfolio may invest in convertibles (securities that can be converted into other type of securities). These convertibles may include up to 5% of contingent convertible bonds (“CoCos”) of banks, finance and insurance companies which have a particular risk profile as set out below. 1 The Portfolio uses derivatives as part of its investment policy to gain exposure to, amongst other things, shares or similar instruments and markets, interest rates, credit, currencies and/or commodities in order to seek to increase return, to leverage the Portfolio and to hedge again certain risks. A significant proportion of the Portfolio's exposure may be generated through the use of derivatives. A derivative instrument is a contract between two or more parties whose value depends on the rise and fall of the underlying asset. 1 The Share Class seeks to hedge the base currency exposure of the Portfolio to the Share Class currency. You should be aware that a variety of techniques may be used to effect the currency hedging which involves additional risks and there is no assurance or guarantee that such hedging will be successful. 1 Shares in the Portfolio may be redeemed daily (on each business day) on demand. 1 The Portfolio is actively managed and references the 40% ICE BofA US High Yield BB-B Constrained Index (EUR Hedged) (TR Gross) / 40% MSCI World Index (EUR Hedged) (TR Net) / 20% Bloomberg Global Aggregate – Corporate Index (EUR Hedged) (TR Gross) (the “Index”) for the purposes of setting discretionary internal risk thresholds and/or external risk thresholds which may reference deviations from the Index. 1 The Investment Adviser has full discretion over the composition of the assets in the Portfolio. While the Portfolio will generally hold assets that are components of the Index, it can invest in such components in different proportions, and it can hold assets which are not components of the Index. Therefore returns may deviate materially from the performance of the specified Index. 1 Income is distributed on a monthly basis. The Share Class seeks to distribute a stable level of income gross of management fees and operating expenses and therefore ongoing charges are effectively deducted from capital. You should be aware that this may result in an erosion of capital and may reduce future capital growth. Investors should be aware that, where ongoing charges are deducted from capital, this may have tax implications for an investor where income and capital gains are subject to different treatment and personal tax rates. Therefore, investors should seek their own tax advice before investing in such classes. In addition, as the stable distribution level is based on the projected gross income there is a risk that this may be greater than the actual gross income for the period and therefore this may result in a further distribution from capital and reduction in future capital growth. 1 The Portfolio currency is USD. The share class currency is EUR. 1 For full investment objective and policy details see the Prospectus.