Aegon European High Yield Bond Fund

The investment objective of the Fund is to provide long term capital growth. The Fund is actively managed and will seek to achieve its investment objective by investing at least 67% of its net assets directly in high yield corporate bonds and notes, which may be at a fixed or floating rate and are rated by rating's agencies. The Fund may hold selected investment grade bonds and notes. All bonds and notes held will be denominated either in Euro or in the currency of another European country which is not a member of the Euro.