High Income Trust.

Aim for high income by investing in a mix of fixed and variable rate bonds, issued by companies around the world.

Why invest in the High Income Trust?

• Invest in a range of corporate bonds and fixed interest securities in the UK and overseas and potentially receive an income.
• Receive dividends on a quarterly basis over the medium to long term or reinvest for potential growth.
• Invest up to £11,280 tax-efficiently in an ISA or an unlimited amount in a unit trust.
• Minimum investment: £500 as a lump sum, or £50 a month.
• No initial charge or withdrawal fee.
• You can top-up your investment at any time.
• Potential for long-term growth.

Charges

*as at 31 December 2011

**We use a distribution yield to indicate the amount of gross income that the fund could pay you over the next 12 months. We assume the fund will be keeping its current investments when we do the calculation. You could be taxed on your income and it may vary over time. Yields correct as at 31 March 2012.

• If you invest monthly you can only take an income when the fund’s value reaches £500.

Fund Performance

Source:Lipper. The graph above shows the annual performance of the fund over five years as at 31 December 2011. They take into account the annual management charge and extra expenses, and assume net income is reinvested.

*Source: Lipper. The table above shows the annual performance of the fund over five years as at 31 March 2012. They take into account the annual management charge and extra expenses, and assume net income is reinvested.

**Source: Lipper. Assumes an investment of £10,000 on 31 March 2007. The value shows cumulative growth for each year over a five year period and includes the initial investment. The figures take into account the annual management charge and extra expenses and assume net income is reinvested.

Past performance is not a guide to future performance.

Where the fund invests

*as at 31 December 2011.

Range of Bonds

Above is a breakdown of the range of bonds that make up the High Income Trust's investments as at 31 December 2011. Every bond is given a rating by a credit agency like Moody’s, Standard & Poor’s or Fitch. The credit rating agency assesses how likely the company or government is to meet their interest payments, and ultimately pay back the loan. The most secure rating is ‘AAA’.

Before you Apply

• Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed.
• You may get back less than you invest.
• Although there is no fixed term you should consider ISA and unit trust investments to be medium to long-term, ideally five years or more.
• The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances.
• The fund invests overseas. Changes in exchange rates between currencies may cause the value of your investment and the level of any income to rise or fall.
• This fund is sensitive to interest rate changes. An increase in medium to long-term interest rates is likely to reduce the value of your investment.
• To generate a high level of income, the High Income Trust invests in bonds with higher yields, which also carry a significant risk to capital.
• Each trust has its own individual risks. More details about the fund specific risks can be found in the 'Key Investor Information' document. More general information can be found in 'Additional Fund Information' and 'A Guide to Investing with Us'. Before you decide to invest you must read these documents.