Finametrica Moderately Cautious

Transcription

1 FER Report_Portfolio_JJF2J_Finametrica Moderately Cautious_ PORTFOLIO REPORT AS AT August 2016 Finametrica Moderately Cautious FINAMETRICA RISK TOLERANCE: 1 : 1 DESCRIPTION: The portfolio is designed for a cautious to moderate investor looking to make a positive return on their initial outlay, but for whom capital preservation still remains a consideration. The makeup of the portfolio means that Finametrica consider it ideal for someone with a risk tolerance of between 67 and 72 although on a marginal basis they could lie anywhere between 54 and 81. To ensure stability, a large portion of the portfolio is held in bonds. These provide lower but more consistent returns, making them ideal for the designated risk profile. Nevertheless a significant proportion of the portfolio is held in equities, the majority of which belong to blue chip companies listed on UK, US and European stock exchanges. There is also a limited weighting to property, which should help to boost returns while adding important diversification. FUND LIST: Name Weighting M&G Global Macro Bond 14.0% Allianz Gilt Yield 12.5% Fidelity Moneybuilder Income 5.0% JPM US Equity Income 5.0% Schroder US Mid Cap 5.0% Threadneedle European Select 5.0% HSBC Open Global Property 10.0% Schroder UK Alpha Income 20.0% Trojan Income 18.5% Liontrust Special Situations 5.0% RISK: The portfolio is managed to a risk target deemed appropriate for this portfolio by the actuarial firm evalue. Risk is measured using volatility which is the movement of the return around its average. The greater the swings in value the less consistent the performance of the portfolio and the higher the risk. Our aim is to match the risk target as closely as possible. The portfolio has targeted an annualised volatility of just under 7.5 per cent since launch in September 2008; its actual volatility level has been slightly above this, but well within acceptable limits. This means that over one year the difference between the best and worst possible results is expected to be approximately 30 per cent. The largest loss experienced by the portfolio was during the financial crisis of 2008, when it was down per cent. At this time, an investment of 10,000 would have dropped to 8,706. However, this loss was recovered within a year and the portfolio has exhibited strong growth ever since. Lowest Month: -4.22% Lowest Six Months: -3.57% Lowest Year: -1.03% Range of Monthly Returns: -4.22% to 7.11% PAST PERFORMANCE OVERVIEW: 2 ASSET BREAKDOWN: 3 Fixed Income 31.5% Global Developed Equity 15.0% Property 10.0% UK Equity 43.5% Portfolio (119.50%) 4 IA Mixed Investment 20%-60% Shares (46.02%) DISCRETE PERFORMANCE TO LAST QUARTER END: 5 Period 0-12 Months Months Months Months Months Portfolio 10.32% 6.86% 6.26% 12.90% 1.64% Benchmark 1.87% 4.72% 7.06% 10.06% -0.74% Past performance does not indicate future performance and you may get back less than you originally invested. History prior to June 2012 is synthetic history, it has been calculated using investments that were available at the time and illustrates would have been chosen for inclusion in this portfolio had it been running. All figures are calculated on a bid to bid total return basis in GBP. Data from FE 2016 /

2 WHAT YOU RE INVESTED IN: M&G Global Macro Bond Portfolio Holding: 14.0% Yield: 1.4% Total Charge: 0.81% This fund helps to construct the fixed income portion of the portfolio. Investing globally, it can help provide important diversification benefits compared with other UK-focused bond funds. It has a go-anywhere approach to investing and holds both government and corporate bonds in developed as well as emerging markets. Investment decisions are primarily driven by factors affecting the broader economy, with the manager attempting to identify market trends and then exploiting these. The fund benefits from M&G s renowned expertise in bonds and is well supported by the AFI panel of leading financial advisers. Threadneedle European Select Portfolio Holding: 5.0% Yield: 1.1% Total Charge: 0.83% This fund is used in conjunction with funds from other regions to construct the core global developed equity portion of your portfolio. FE Alpha Manager David Dudding runs a concentrated fund with the aim of identifying companies in continental Europe with strong, long-term growth prospects. The fund operates an unconstrained approach when it comes to region and sector, with the manager concentrating on stock selection alone. It benefits from Threadneedle s extensive global equity resources and is supported by the AFI panellists. Allianz Gilt Yield Portfolio Holding: 12.5% Yield: 1.5% Total Charge: 0.33% This fund is a core fixed-income holding that invests primarily in British government bonds. It tends to have a low correlation to other asset classes, providing strong diversification benefits for the portfolio. It is run by experienced manager, Mike Riddell, and is well supported by the Adviser Fund Index (AFI) panel of leading financial advisers. HSBC Open Global Property Portfolio Holding: 10.0% Yield: 1.7% Total Charge: 1.27% This fund invests in global property, an asset class that behaves differently from traditional fixed-income and equity funds. This helps to spread the risk through the portfolio and should ensure greater stability. The fund s international focus reduces the risk of disruption in any one market from having an adverse impact on returns. Although property markets have been turbulent in recent years, the fund has generated consistently strong performance compared with many of its peers. It is headed up by FE Alpha Manager Dr Guy Morrell. Fidelity Moneybuilder Income Portfolio Holding: 5.0% Yield: 2.8% Total Charge: 0.56% This fund, run by FE Alpha Manager Ian Spreadbury, is part of the core fixed income portion of the portfolio. It is predominantly invested in UK corporate bonds and aims to provide a higher level of income than its peers. It favours well-run companies with a high credit rating, which means they have a low chance of defaulting on their debt. The fund tends to be very reliable in producing consistent and stable returns. The fund benefits from Fidelity s extensive resources and expertise in this asset class. The fund has two share classes available a gross and a net share class, depending on the investment s tax status. Schroder UK Alpha Income Portfolio Holding: 20.0% Yield: 4.4% Total Charge: 0.92% The fund tries to generate returns by using a business cycle approach; in reality, this means it will overweight defensive companies during a recession or cyclical ones in a recovery. When combined with other UK equity funds, it provides a very effective core portfolio component. The fund currently has a four FE Crown Rating and is well supported by the Adviser Fund Index (AFI) panel of leading financial advisers. JPM US Equity Income Portfolio Holding: 5.0% Yield: 2.1% Total Charge: 0.93% This fund makes up the core global developed equity portion of your portfolio. It is focused on investing in strong dividend-paying companies in the US. This strategy helps to protect the fund in falling markets but may mean it lags slightly when they rally. The fund is well supported by the Adviser Fund Index (AFI) panel of leading financial advisers. Trojan Income Portfolio Holding: 18.5% Yield: 3.8% Total Charge: 1.02% This fund takes a relatively cautious approach to investing and helps to make up the UK equity portion of the portfolio. A priority for the fund is to protect the wealth of investors after inflation is taken into account. The fund, run by FE Alpha Manager Francis Brooke, has a reputation for providing consistent returns to investors: it will not fully participate in market rallies, but conversely it will not fall as heavily in corrections. The fund has a maximum five Crown rating and is well supported by the AFI panel of leading financial advisers. Schroder US Mid Cap Portfolio Holding: 5.0% Yield: 0.0% Total Charge: 0.91% This is considered a core global developed equity fund in your portfolio, focusing as it does on medium-sized companies within the US. The fund has been chosen because of the excellent reputation of FE Alpha Manager Jenny Jones and it has received significant support from the Adviser Fund Index (AFI) panel of leading financial advisers. Liontrust Special Situations Portfolio Holding: 5.0% Yield: 2.0% Total Charge: 0.88% The fund is a mix of the Liontrust UK Growth and Liontrust Smaller Companies funds; as such, it invests in a range of small, medium and large companies. This provides a useful contrast to other UK equity funds, which tend to have a large cap bias. The managers try to identify companies that have a competitive edge that cannot be easily replicated, as they believe they will have a long-term competitive advantage. WHAT IT COSTS: 6 Portfolio Expense: 0.86% Most Expensive Fund: 1.27% Least Expensive Fund: 0.33% Average Expense of Funds: 0.85% /

3 About FE Research FE Invest Portfolios: Our portfolios are a total investment solution designed to help advisers meet the challenge of RDR. FE has produced a range of optimised portfolios which are designed to achieve consistent outperformance whilst minimising risk. The portfolios are optimised to maximise the overall level of diversification using active funds. By analysing the relationships between funds we aim to find the best possible mix, where differing strategies are complementary and further reduce the total risk in the portfolio; thus allowing for greater market exposure for the same level of risk as a passive portfolio. FE Research produce fifteen growth portfolios that uses optimal asset allocation models from evalue as a reference for each level of risk. We optimise our portfolios to match the risk of the reference, but with greater returns and better capital protection. We use the asset allocation models as a guide but allow our portfolios to differ significantly where we are able to diversify away the extra risk. This approach has been developed internally by FE and has been validated by Cass Business School. FE Portfolios are constructed exclusively from funds that have made the FE Approved List and have therefore gone through a rigorous vetting procedure. We ve developed 15 growth portfolios, spanning three time periods and five risk levels, as well as one income portfolio ensuring suitable investment solutions for a range of investors. FE Approved List: Our recommended list of 100 funds builds upon our established suite of research tools to help keep investors better informed. Funds initially undergo a rigorous quant screening to identify the best performers. This screening encompasses four distinct areas; FE Fund Crown Ratings, FE Alpha Manager Ratings, FE Group Awards and FE AFI (Adviser Fund Index). These four areas combined allow us to accurately scrutinize a fund from all angles. Our dedicated team of FE Analysts overlay this quant analysis with their own independent and unique qualitative analysis. Funds that pass this rigorous two-stage quantitative and qualitative analysis process then make it on to the FE Approved List. Glossary Total Charge: Where available we use the OCF (Ongoing Charges Figure), if this is not available we use the TER (Total Expense Ratio). The two figures are broadly the same, the only difference being that the OCF does not include any performance fees the fund may have. These two figures measure the total costs associated with managing and operating the fund. These costs consist primarily of management fees and additional expenses such as registration, regulation, auditing and legal fees, the costs of distribution as well as any other operational expenses. The total cost of the fund is divided by the fund s total assets to arrive at a percentage amount. This figure is important, as the costs come out of the fund, affecting investor s returns. Volatility: Standard deviation is a statistical measurement which, when applied to an investment fund, expresses its volatility, or risk. It shows how widely a range of returns varied from the fund s average return over a particular period. Low volatility reduces the risk of buying into an investment in the upper range of its deviation cycle, then seeing its value head towards the lower extreme. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%. Another fund with the same average return and 5% volatility would return between 10% and nothing, but there would at least be no loss. Yield: The yield refers to the income return on an investment, i.e. the interest or dividends received. The yield is calculated by FE using the previous year s dividend information and the bid or mid price from the last dividend. Important Information 1 Finametrica Risk Tolerance: These scores were calculated using Finametrica s own risk profiling tool. The green shading of the bar illustrates that the portfolio is a best fit for someone lying within these risk tolerances. The yellow illustrates that the portfolio would be a marginal fit for someone of these risk tolerances, whilst it would be unsuitable for those of a risk tolerance lying in the red zone. 2 Performance Overview: All performance figures are calculated on a bid to bid total return basis in pounds sterling to last month end. 3 Asset Breakdown: For this calculation a fund is assumed to invest 100% in any one asset class. For example a fund in the IMA UK All Companies sector would be classifed 100% UK Equity. A mixed investment fund would be classifed as 100% Mixed. 4 Portfolio: The portfolio is reviewed every 6 months according to FE s Portfolio Review in March and September. In addition we also conduct quarterly rebalancing of the portfolios back to their original weightings. Prior to June 2012 the portfolio is made up of synthetic history which was calculated as if no information was available regarding future investment performance. 5 Performance: All figures are calculated on a bid to bid total return basis in pounds sterling from the launch of the portfolio on the 1st September 2008 and are calculated to month end. Volatility figures are annualised figures. 6 What it Costs: The portfolio expense is calculated using the weighted value of the OCF of the portfolios constituent funds. The average expense of funds is a simple average of the OCF of the portfolios constituent funds. Where OCF is not available TER is used. This document has been prepared for general information only. It does not contain all of the information which an investor may require in order to make an investment decision. If you are unsure whether this is a suitable investment you should speak to your financial adviser. This information is not guaranteed to be correct, complete, or accurate. FE Research is a division of Financial Express Investments Ltd, registration number , which is authorised and regulated by the Financial Conduct Authority (FRN ). For our full disclaimer please visit /

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6 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Fidelity MoneyBuilder Income Fund a sub-fund of Fidelity Investment Funds Y Accumulation Shares (ISIN: GB00BBGBFM09) This fund is managed by FIL Investment Services (UK) Limited Objectives and Investment Policy Aims to provide an attractive level of income. Obtains exposure primarily to sterling denominated (or hedged back to sterling) bonds. Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes. Investments may be made in relation to bonds issued in currencies other than the fund s denominated currency. Exposure to currencies may be hedged, for example with currency forward contracts. Can invest in relation to bonds issued by governments, companies and other bodies. The fund may make use of derivatives which are consistent with achieving the fund s objective. This may result in leverage by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment. Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk category was calculated using historical performance data. The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. The lowest category does not mean a "risk free" investment. The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. The value of your investment may fall as well as rise and you may get back less than you originally invested. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. The use of financial derivative instruments may result in increased gains or losses within the fund. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.

7 Key Investor Information Fidelity MoneyBuilder Income Fund Charges for this fund (ISIN: GB00BBGBFM09) The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge N/A Exit charge N/A This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. Charges taken from the fund over a year Ongoing charges 0.56% Charges taken from the fund under certain specific conditions Performance fee N/A The entry and exit charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser / distributor. The ongoing charges figure is based on expenses for the year ending 29/02/2016. This figure may vary from year to year. It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. For more information about charges, please consult the charges section in the most recent Prospectus. Past Performance 14% 12% 10% 8% 6% 4% 2% 0% -2% Class Past performance is not a guide to future performance results. If any, the past performance shown takes into account all ongoing charges with exception of any applicable entry/exit charges. The fund was launched on 12/09/1995. This class was launched on 26/06/2013. Past performance has been calculated in GBP. If applicable, events in the fund's life which may have affected the performance history are highlighted as an '*' in the chart, which may include changes to the fund's objective and details of such events can be found on our website. If applicable, the Investment Objective section shall refer to a benchmark and information on previous benchmarks may be found in the Annual Report and Accounts. Practical Information The depositary is J.P.Morgan Europe Limited. For more information, please consult the Prospectus and latest Reports and Accounts which can be obtained free of charge in English and other main languages from the Fund Manager, the distributors or online at any time. The Net Asset Values per Share are available at the registered office of the Fund Manager. They are also published online at where other information is available. The tax legislation in United Kingdom may have an impact on your personal tax position. For further details you should consult a tax advisor. This document describes a sub-fund and share class of Fidelity Investment Funds (the 'investment company'). The Prospectus and Reports and Accounts are prepared for the entire investment company. FIL Investment Services (UK) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the investment company. The assets and liabilities of each sub-fund of Fidelity Investment Funds are segregated by law and with that assets of this sub-fund will not be used to pay liabilities of other sub-funds. More share classes are available for this investment company. Details can be found in the Prospectus. You have the right to switch from this share class into the same or possibly other share class types of this or another sub-fund. Details on switching rules can be found in the Prospectus. Country in which this fund is authorised: United Kingdom. The Supervisory Authority is: Financial Conduct Authority. Country in which FIL Investment Services (UK) Limited is authorised: United Kingdom. The Supervisory Authority is: Financial Conduct Authority. This key investor information is accurate as at 09/06/2016.

8 Non-UCITS retail scheme Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Open Global Property Fund Accumulation C GB00B84L7Q94 A sub-fund of HSBC OpenFunds, an open ended investment company ( OEIC ), managed by HSBC Global Asset Management (UK) Limited. Objectives and investment policy To provide long term capital growth. To invest predominantly in property securities and property related securities and collective investment schemes that, in turn, invest directly or indirectly in property, unlisted property and listed property securities. There will be no geographical restrictions. The Fund may invest in other collective investment schemes managed or operated by the ACD or an associate of the ACD or managed by a third party fund provider. The Fund may also invest directly in other types of transferable securities, money market instruments, deposits, cash and near cash and may use derivatives for the purposes of hedging and tactical asset allocation on a short or long term basis. The Fund can use borrowing and may also use a technique known as efficient portfolio management which aims to reduce risk or cost to the Fund in circumstances where this is likely to be of benefit. The Fund may use derivatives (financial instruments whose value is based on an underlying asset) to seek to offset against movements in currency exchange rates and falls in asset values. Derivatives may also be used to efficiently manage the Fund with the aim of reducing the risk associated with changes to prices within the market, reducing cost or to managing cash in the short term.the Fund may use derivatives in the future for investment purposes, on giving 60 days notice to Shareholders. It is not intended that the use of derivatives would raise the overall risk profile of the Fund. Income is rolled up into the value of your investment. You may sell your investment on any business day by contacting the administrator before the dealing deadline. Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within a period of at least 5 years. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards More about this rating The rating is based on price volatility over the last five years, and is an indicator of absolute risk. Historical data may not be a reliable indication for the future. The value of an investment, and any income from it, may fall as well as rise, and you may not get back the amount you originally invested.the rating is not guaranteed to remain unchanged and the categorisation may shift over time.the lowest rating does not mean a risk-free investment. Why is this fund in category 5? Equity prices tend to fluctuate more than other asset classes as investors directly participate in underlying companies and their earnings. Real estate volatility can be greater than other market sectors as it is linked to progressive cycles in property markets. Material risks not adequately captured by the risk rating above Third-party risk Governance of underlying assets remains the responsibility of third-party managers. Regular assessment is undertaken for third-party manager approval. Liquidity risk Liquidity is a measure of how easily an investment can be converted to cash without a loss of capital and/or income in the process. The value of assets may be significantly impacted by liquidity risk during adverse market conditions. Exchange rate risk Investing in assets denominated in a currency other than that of the investor s own currency perspective exposes the value of the investment to exchange rate fluctuations. Concentration risk Funds with a narrow or concentrated investment strategy may experience higher risk and return fluctuations and lower liquidity than funds with a broader portfolio. Real estate risk Property can be difficult to buy and/or sell quickly and the Fund Manager of underlying investments may apply a deferral on redemption requests.the value of property is generally a matter of the valuer s opinion rather than fact. Derivative risk The value of derivative contracts is dependent upon the performance of an underlying asset. A small movement in the value of the underlying can cause a large movement in the value of the derivative. Unlike exchange traded derivatives, over-the-counter (OTC) derivatives have credit risk associated with the counterparty or institution facilitating the trade. Operational risk The main risks are related to systems and process failures. Investment processes are overseen by independent risk functions which are subject to independent audit and supervised by regulators. Accumulation C GB00B84L7Q94 1of2

9 Charges for this fund The charges you pay are used to pay the running costs of the fund, including the marketing and distribution costs.these charges reduce the potential growth of the investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% Charges taken from the fund over a year Ongoing charge 1.27% Charges taken from the fund under certain specific conditions Performance fee None The Entry and Exit charges shown are the maximum that may be charged. In some cases you may pay less.you can obtain the actual charges from your financial adviser. A switching fee may be applied up to the amount of the entry charge shown if you switch your shares into this share class of this Fund. The ongoing charges figure is based on last year s expenses for the year ending 15/10/2015. Charges may vary from year to year. Further information on Charges can be found in the Fees and Expenses section of the full Prospectus. Past performance 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Fund Practical information Depositary State StreetTrustees Limited, 525 Ferry Road, Edinburgh, EH5 2AW. Further information Further information about the OEIC including the latest Prospectus, latest published prices of shares, annual report and half yearly report may be obtained free of charge, in English, from the administrator, HSBC Global Asset Management (UK) Limited, PO Box 3733, Royal Wootton Bassett, Swindon SN4 4BG or by visiting Remuneration Policy of the Authorised Corporate Director, which describes how remuneration and benefits are determined and awarded, is available at -structure or on request from the Administrator. The most recent Prospectus is available in English.This document describes a single share class of the OEIC.The Prospectus, annual and half yearly reports are prepared for the entire OEIC. Share classes Other share classes are available, as detailed in the Prospectus. It is possible to convert your shares into a different share class or switch your shares into a different Fund within the OEIC. Details of how to do this are in the Prospectus (please note an initial charge may apply). Tax UK tax legislation may have an impact on your personal position. Allocation of Assets and Liabilities The OEIC is an umbrella investment company with segregated liability between Funds.This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. Authorisations The Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. HSBC Global Asset Management (UK) Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Publication date This key investor information is accurate as at 29 March Past performance is not a guide to future performance; the value of your investment and any income from it can go down as well as up. The past performance of this share class is calculated in GBP. Performance returns are based on the net asset value with distributable income reinvested. Past performance takes account of all ongoing charges, but not entry and exit charges. The fund was launched on 26/11/2007. Performance returns prior to the first share class price date of 03/09/2012 have been simulated using the track record of an older share class. Accumulation C GB00B84L7Q94 2of2

10 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. JPM US Equity Income Fund C - Net Accumulation a Share Class of JPM US Equity Income Fund a Fund of JPMorgan Fund ICVC ISIN GB00B3FJQ482 The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited Objective and Investment Policy Investment Objective: To provide a portfolio designed to achieve income by investing primarily in US Equities in any economic sector whilst participating in long term capital growth. Investment Policy: US Equities are securities issued by companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their economic activity from the US, even if listed elsewhere. Financial Derivative Instruments (derivatives) may be used for the purpose of Efficient Portfolio Management, including hedging, where appropriate. Subject to at least 60 days notice to shareholders, the Fund may use derivatives for investment purposes which may change the risk profile of the Fund. Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate. The Fund will invest predominantly in assets denominated in US Dollar. However, assets may be denominated in other currencies and non-sterling currency exposure will not normally be hedged back to Sterling Redemption and Dealing: Shares of the Fund may be redeemed on demand, with dealing normally on a daily basis. Management Discretion: The Investment Adviser has the discretion to buy and sell investments on behalf of the Fund within the limits of the Objective and Investment Policy. Benchmark: The benchmark of the Fund is S&P 500 Index (Net of 15% withholding tax). The benchmark is a point of reference against which the performance of the Fund may be measured. The Fund may bear little resemblance to its benchmark. Distribution Policy: This Share Class will reinvest income. Recommendation: The Fund may not be appropriate for investors who plan to withdraw their money within five years. For an explanation of some of the terms used in this document, please visit the glossary on our website at Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The above rating is based on the historic volatility of the simulated Net Asset Value of this Share Class over the last five years and may not be a reliable indication of the future risk profile of this Share Class. The risk and reward category shown above is not guaranteed to remain unchanged and may change over time. A Share Class with the lowest risk rating does not mean a risk-free investment. Why is this Share Class in this category? This Share Class is classified in category 5 because its simulated Net Asset Value has shown medium to high fluctuations historically. Other material risks: D The value of your investment may fall as well as rise and you may get back less than you originally invested. D D D D D D The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions. As the portfolio of the Fund is primarily focused on generating income, it may bear little resemblance to the composition of its benchmark. The single market in which the Fund primarily invests, in this case the US, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds. For investors in Share Classes which are not hedged to Sterling, movements in currency exchange rates can adversely affect the return of your investment. This Fund charges the annual fee of the Authorised Corporate Director (ACD) against capital, which will increase the amount of income available for distribution to Shareholders, but may constrain capital growth. It may also have tax implications for certain investors. Further information about risks can be found in "Part 11: Risk Warnings" of the Prospectus.

11 Charges One-off charges taken before or after you invest Entry charge None Exit charge None This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. Charges taken from this Share Class over a year Ongoing charge 0.93% Charges taken from this Share Class under certain specific conditions Performance fee: None D The actual entry and exit charges paid may be less. Information on charges can be obtained from the investor's financial adviser. D The Prospectus permits a fee to be charged for switching between Funds but this fee is currently waived by the Authorised Corporate Director. D The ongoing charge is based on the last year's expenses (excluding performance fees) ending 31 December D Charges are used to pay the costs of running this Share Class. These charges reduce the potential growth of the investment. D Further information about charges can be found in "Part 5: Charges and Expenses" section of the Prospectus. Past Performance % Q JPM US Equity Income Fund C - Net Accumulation (GB00B3FJQ482) Q Benchmark D D Past performance is not a guide to future performance. Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in GBP. D Fund launch date: D Share Class launch date: Practical Information Depositary: The fund depositary is National Westminster Bank Plc. Further Information: A copy of the Prospectus and latest annual and semi-annual financial report in English can be downloaded or ordered online from or are available free of charge upon request from our UK-based Investor Services Team on (or if calling from outside the UK) or by writing to J.P. Morgan Asset Management, Client Administration Centre, PO Box 12272, Chelmsford, CM99 2EL. Share prices can be obtained online at or by telephoning (or if calling from outside the UK). Share prices of Class A and E Shares are published daily in the Financial Times. Please note if you call J.P. Morgan Asset Management, calls may be recorded and monitored for security and training purposes. Tax: The Fund is subject to UK tax regulations. This may have an impact on an investor's personal tax position. Legal Information: JPMorgan Funds Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. JPMorgan Fund ICVC consists of separate Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semiannual financial reports are prepared for JPMorgan Fund ICVC. The Fund is part of JPMorgan Fund ICVC. The assets and liabilities of each fund in JPMorgan Fund ICVC are segregated by law. This means that the assets of the Fund belong exclusively to the Fund and will not be used to pay the liabilities of any other person or body, including JPMorgan Fund ICVC or any other Fund within JPMorgan Fund ICVC. Switching and Conversion: Investors may switch into Shares of another Fund of JPMorgan Fund ICVC or convert Shares in one Class in a Fund to Shares of another Class in the same Fund subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in "section Switching and Conversion of Shares" of the Prospectus. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). JPMorgan Funds Limited is authorised in the United Kingdom and regulated by the FCA. This Key Investor Information is accurate as at 01/02/2016.

12 SPECIAL SITUATIONS FUND KEY INVESTOR INFORMATION DOCUMENT Objectives and Investment Policy This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Liontrust Special Situations Fund is an Authorised Unit Trust and categorised as a UCITS scheme. This document is based upon retail class units (R Class) (ISIN: GB00B0N6YF70) and institutional class units (I Class) (ISIN: GB00B57H4F11). This Fund is managed by Liontrust Fund Partners LLP, a subsidiary of Liontrust Asset Management PLC. Objective: To provide long-term capital growth. Policy: The Fund invests at least 80% in UK companies. The Fund is not restricted in choice of investment in terms of company size or sector. You may buy or sell units on a daily basis (but not weekends or Bank Holidays). Orders must be received by midday for execution at midday valuation point on the same day. Income from the Fund s investments may either be paid to you or reinvested in the Fund. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and Reward Profile Lower Risk Typically lower rewards More Information: The selection of the Fund s investments is determined by the following: Companies which are expected to demonstrate special characteristics which are distinct and difficult to replicate by their competitors. These special characteristics may be determined by companies demonstrating: protected intellectual property rights; strong distribution networks; and high levels of recurring income. Companies which are likely to survive a downturn but prosper when the market turns. Highly profitable companies which are expected to be re-rated by the market. Further details may be found in the prospectus and information on the investment process may be found at FundRange. Higher Risk Typically higher rewards The Synthetic Risk and Reward Indicator (SRRI) is based on historical data and may not be relied upon to gauge the future risk profile of the Fund. The SRRI shown is not guaranteed to remain the same and may shift over time. The lowest category (1) does not mean risk free. The Fund s risk and reward category has been calculated using the methodology set by the European Commission. It is based upon the rate by which the Fund or a representative fund or Index s value has moved up and down in the past. The Fund is categorised 5 primarily for its exposure to UK companies. The SRRI may not fully take into account the following risks: That a company may fail thus reducing its value within the Fund; Any company which has high overseas earnings may carry a higher currency risk. The Fund may encounter liquidity constraints from time to time. In addition the spread between the price you buy and sell units will reflect the less liquid nature of the underlying holdings. The Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing. The Fund may, under certain circumstances, make use of derivative instruments but it is not intended that their use will materially affect volatility. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. For full details of the Fund s risks, please see the prospectus which may be obtained from Liontrust (address overleaf) or online at

13 SPECIAL SITUATIONS FUND Charges for this Fund The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge (R) 5% (I) 0% (A) 2% Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the Fund over the year Ongoing charges (R) 1.88% (I) 0.88% (A) 1.13% Charges taken from the Fund under certain specific circumstances Performance fee None The entry and exit charges shown are maximum figures. In some cases you might pay less you can find this out from your financial adviser. The ongoing charges figure is based on expenses for the year ending 31 December This figure may vary from year to year. It excludes: Portfolio transaction costs, except in the case of an entry/exit charge paid by the UCITS when buying or selling units in another collective investment undertaking. For more information about charges, please see clause 25 of the Fund s prospectus, which is available electronically at co.uk/literature/downloadliterature. Past Performance Past performance is not a guide to future performance Past performance has been calculated on the basis that any distributable income of the Fund has been reinvested All charges, except the entry charge, have been included in the performance calculations The Fund launched on 10 November 2005, the I Class launched on 1 November 2010 The base currency of the Fund is pounds sterling 50% 40% 30% 20% 10% 0% -10% -20% -30% 22.1% 0.2% -25.9% 41.2% 36.1% 23.6% 21.2% 22.4% 20.0% 13.9% 9.6% 12.7% 7.5% 1.9% 0.9% Liontrust Special Situations Fund (R) Liontrust Special Situations Fund (I) (GBP) Practical Information Authorisation Trustee Further Information Taxation Fund Prices and other information This Fund is authorised in the UK and regulated by the Financial Conduct Authority The Fund s Trustee is State Street Trustees Limited Copies of the prospectus and the latest annual and half-yearly reports, which are the primary source of additional information, are available, without charge, from Liontrust Fund Partners LLP, 2 Savoy Court, London, WC2R 0EZ. They are also available electronically at UK tax legislation may have an impact upon your own personal tax position The Fund s last published price is available from Liontrust Fund Partners LLP at or by writing to us at 2 Savoy Court, London, WC2R 0EZ or by telephoning during business hours (9.00am 5.00pm). The R & I classes are the representative unit classes. A class units are also available as described in the prospectus Liontrust Fund Partners LLP may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. This Key Investor Information is accurate as at 18 February 2016.

14 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. M&G Global Macro Bond Fund Sterling Class I Income shares ISIN no. GB00B78PH601 Sterling Class I Accumulation shares ISIN no. GB00B78PGS53 Managed by M&G Securities Limited, which is part of the Prudential Group Objective and investment policy Objective To deliver income and capital growth over the long term (that is, over five years or more). Investment policy At least 70% the Fund is invested in fixed income securities issued by companies and governments from anywhere in the world, as well as debt securities which offer a variable rate (these are securities whose interest (income) payments are periodically adjusted depending on changes in a reference interest rate). Derivatives may be used to meet the Fund s investment objective and to reduce risk, minimise costs and generate additional capital and/or income. Derivatives are financial instruments whose value is linked to the expected future price movements of an underlying asset. The Fund is also able to invest in other funds, money market instruments (for example, debt securities that will be repaid in one year or less) cash and other transferable securities (for example, investments similar to shares and fixed income securities). Other information The Fund may invest more than 35% in the securities issued or guaranteed by an EEA State or other countries listed in the Fund s Prospectus. Such exposure may be combined with the use of derivatives in pursuit of the Fund s objective. This Fund allows the fund manager(s) 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. Provided we receive your instructions before 12 noon, shares will be bought at that day s price. If you hold income shares, any income from the Fund may be paid out to you quarterly. If you hold accumulation shares, any income from the Fund will be rolled up into the value of your investment. In addition to the charges set out in the charges section, the Fund will incur portfolio transaction costs which are paid from the assets of the Fund. These can be higher when investing outside Europe. Risk and reward profile Low risk Typically lower rewards High risk Typically higher rewards 6 7 Derivatives may be used in a limited way to generate exposure to investments exceeding the net asset value of the Fund, thereby exposing the Fund to a higher degree of risk. As a result of increased market exposure, the size of any positive or negative movement in markets will have a relatively larger effect on the net asset value of the Fund. The additional exposure will however be limited to such an extent as to not materially increase the price fluctuations of the Fund, in comparison to equivalent funds that do not use derivatives in this way. The Fund may take short positions through the use of derivatives which are not backed by equivalent physical assets. Short positions reflect an investment view that the price of the underlying asset is expected to fall in value. Accordingly, if this view is incorrect and the asset rises in value, the short position will cause the Fund to incur a loss. Funds which use currency management strategies may have substantially altered exposures to currency exchange rates. Should these currencies not perform as the fund manager expects, the strategy may have a material negative effect on performance. The fund manager may use derivatives with the aim of producing a capital gain if interest rates rise. Normally, if interest rates increase, the capital value of fixed income securities fall. However, if the fund manager s view is incorrect and interest rates fall, the Fund will experience a loss. The value of the Fund will fall if the issuer of a fixed income security held is unable to pay income payments or repay its debt (known as a default). Fixed income securities that pay a higher level of income usually have a lower credit rating because of the increased risk of default. The higher the rating the less likely it is that the issuer will default, but ratings are subject to change. The Fund can invest in emerging markets which tend to have larger price fluctuations than more developed markets, as they are generally smaller, less liquid and more sensitive to economic and political factors. Adverse market and political conditions in one emerging market country could spread to other countries in the region. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments, including transferring the proceeds or any income earned and/or in valuing the assets. In difficult market conditions the value of certain fund investments may be less predictable than normal and, in some cases, this may make such investments harder to sell at the last quoted market price, or at a price considered to be fair. The fund manager will place transactions (including derivative transactions), hold positions and place cash on deposit with a range of counterparties (institutions). There is a risk that counterparties may default on their obligations or become insolvent UK K1 GLMF GBP I EN UK The above risk number is based on simulated historical data and may not be a reliable indicator of the future risk profile of the Fund. The risk number shown is not guaranteed and may change over time. The lowest risk number does not mean risk free. The main risks that could affect performance are set out below: The value of investments and the income from them will fluctuate. This will cause the fund price to fall as well as rise. These fluctuations may be more extreme in periods of market disruption and other exceptional events. There is no guarantee the fund objective will be achieved and you may not get back the original amount you invested. Currency exchange rate fluctuations will impact the value of your investment. A more detailed description of the risk factors that apply to the Fund can be found in the Fund s Prospectus.

15 Charges The charges shown in the table are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 1.00% Exit charge 0.00% The entry charge is the maximum that might be taken out of your money before it is invested. Charges taken from the Fund over a year Ongoing charge 0.80% Charges taken from the Fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures and, in some cases, you may pay less. You can find out the specific charges which apply to your investment by contacting your financial adviser, distributor, or if you have invested directly with us, by contacting us using the details given in the practical information section. The ongoing charge is based on expenses for the year ending 31 October This figure may vary from year to year. It excludes portfolio transaction costs. From 01 August 2016, for Income shares, the ongoing charge will be taken from investments held in the Fund s portfolio and not from the income these investments produce. The deduction of this charge may reduce the potential growth of your investment. Past performance % (5.0) (2.3) 2006 Fund (0.5) Past performance is not a guide to future performance. The past performance calculation is inclusive of UK taxes. It does not take into account the entry and exit charges but does take into account the ongoing charge, as shown in the Charges section. The Fund launched on 15 October The Sterling Class I Accumulation share class and Sterling Class I Income share class launched on 16 December Sterling Class I shares do not have 10 complete years of past performance information available, as they launched on 16 December Therefore, past performance information for Sterling Class X shares has been used for the period 1 January December r 16 January The Fund changed its name and objective. The past performance shown before this change was therefore achieved under circumstances that no longer apply. For more information about this change, visit For more information on charges, please refer to the relevant sections of the Prospectus which can be found by visiting Practical information The depositary is National Westminster Bank plc. For further information about this Fund, please visit where you can obtain a copy of the Prospectus, Instrument of Incorporation, and latest annual or interim Investment Report and Financial Statements, in English, free of charge. Our website also provides other information not contained in the above documents such as share prices. This Fund is subject to UK tax laws, which may have an impact on your personal tax position. Please speak to an adviser for further information. M&G Securities Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. Other share classes may exist for the Fund as set out in the relevant Prospectus UK K1 GLMF GBP I EN UK This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 18 April 2016.

16 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder UK Alpha Income Fund a sub-fund of Schroder Investment Fund Company Class Z Accumulation GBP (GB00B7F32Y08) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth and income. Investment Policy At least 80% of the fund will be invested in shares of UK companies. The fund has no bias to any particular industry. The fund follows an investment approach based around the business cycle, where the managers attempt to identify turning points in the cycle and then focus on the types of companies they believe will benefit from it. The fund has a natural bias toward companies that pay out an above-average dividend. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Benchmark This unit class is managed with reference to the FTSE All Share Total Return financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This share class accumulates income received from the fund's investments, meaning it is kept in the fund and its value is reflected in the price of the share class. Risk factors The following risks may affect fund performance. Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses. Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, industry or company news. Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares. Operational risk: Failures at service providers could lead to disruptions of fund operations or losses.

17 Schroder Investment Fund Company Schroder UK Alpha Income Fund Charges One-off charges taken before or after you invest Entry charge None Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing Charge 0.92% Charges taken from the fund under certain specific conditions Performance fee None Past Performance % Q Z Accumulation GBP (GB00B7F32Y08) Q FTSE All Share Total Return The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending June 2015 and may vary from year to year. Please see the prospectus for more details about the charges. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 6 May Performance achieved during this period was achieved under circumstances that no longer apply. The fund name and charges changed on 24 March Performance shown during this period predates the launch of this share class and has been simulated using the history of a similar share class within the fund. Practical Information Depository: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone +44 (0) They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Umbrella Fund: This fund is a sub-fund of an umbrella fund, the name of which is at the top of this document. The prospectus and periodic reports are prepared for the entire umbrella fund. To protect investors, the assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. Switches: Subject to conditions, you may apply to switch your investment into another share class within this fund or in another Schroder fund. Please see the prospectus for more details. Remuneration Policy: a summary of Schroders' remuneration policy and related disclosures is at A paper copy is available free of charge upon request. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2016.

18 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder US Mid Cap Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Accumulation GBP (GB00B7LDLV43) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth and income. Investment Policy At least 70% of the fund will be invested in shares of medium-sized North American companies. The fund has no bias to any particular industry. The companies will be in the bottom 40% by size of the North American market at the time of purchase. The fund invests in a broad range of medium sized North American companies on the belief that they will offer better growth prospects than their larger peers over the medium to long term. Smaller companies are typically at the early stages of their expansion and under-researched compared to their larger peers. Our investment approach focuses on three types of companies: companies that demonstrate strong growth trends and improving levels of cash; companies which generate dependable earnings and revenues; and companies which are companies that are undergoing positive change that is not being recognised by the market. By doing so, we believe that we can reduce overall risk and improve returns for our investors over the medium to long term. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Risk factors The following risks may affect fund performance. Counterparty risk: The counterparty to a derivative or other contractual agreement or synthetic financial product could The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Benchmark This unit class is managed with reference to the Russell 2500 TR Lagged GBP financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class accumulates income received from the fund's investments, meaning it is kept in the fund and its value is reflected in the price of the unit class. become unable to honour its commitments to the fund, potentially creating a partial or total loss for the fund. Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses. Derivatives risk: A derivative may not perform as expected, and may create losses greater than the cost of the derivative. Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, industry or company news. Leverage risk: The fund uses derivatives for leverage, which makes it more sensitive to certain market or interest rate movements and may cause above-average volatility and risk of loss. Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares. Operational risk: Failures at service providers could lead to disruptions of fund operations or losses.

19 Schroder Unit Trusts Limited Schroder US Mid Cap Fund Charges One-off charges taken before or after you invest Entry charge None Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing Charge 0.91% Charges taken from the fund under certain specific conditions Performance fee None The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending June 2015 and may vary from year to year. Please see the prospectus for more details about the charges. Past Performance % Q Z Accumulation GBP (GB00B7LDLV43) Q Russell 2500 TR Lagged GBP Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 1 June Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Remuneration Policy: a summary of Schroders' remuneration policy and related disclosures is at A paper copy is available free of charge upon request. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2016.

20 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. European Select Fund (the "Fund") Class Z Net Accumulation Shares (GBP) GB00B8BC5H23, a sub-fund of Threadneedle Investment Funds ICVC (the "Company"). This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company"). Objectives and investment policy The aim of the Fund is to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of companies with good growth prospects in Continental Europe or companies that have significant operations there. The Fund s investment approach means it will typically hold a small number of investments compared with other funds. The Fund may also invest in asset classes and instruments different from those stated above. The Fund makes active investment decisions. Income from investments in the Fund will be added to the value of your shares. You can buy and sell shares in the Fund on any day that is a business day in London. You can find more detail on the objectives and investment policy of the Fund in the section of the prospectus with the heading Investment Objectives, Policies and Other Details of the Funds. As part of the investment process, the Fund will make reference to the FTSE World Europe ex UK Index. Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk The Fund is in this specific category because historically it has shown a high level of volatility (how much the value of the Fund went up and down compared to other categories). The lowest category does not mean a risk-free investment. Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. The Fund has a concentrated portfolio (holds a limited number of investments and/or has a restricted investment universe) and if one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the Fund s value. The Fund may invest in derivatives with the aim of reducing risk or minimising the cost of transactions. Such derivative transactions may benefit or negatively affect the performance of the Fund. The Manager does not intend that such use of derivatives will affect the overall risk profile of the Fund. All the risks currently identified as being applicable to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2.

21 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 3.00% Exit charge 0.00% These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. The ongoing charges figure is based on expenses for the year ending 07/03/2015. This figure may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). Charges taken from the Fund over a year Ongoing charges 0.83% Charges taken from the Fund under specific conditions Performance fee NONE Past performance % / You should be aware that past performance is not a guide to future performance. Fund launch date: 31/10/1986. Share/unit class launch date: 01/10/2012. Performance is calculated in GBP. Past performance until this date includes some simulated data or data for another share/unit class with similar characteristics. All charges and fees, except any entry, exit and switching charge, have been included within the performance. Although the Fund makes reference to the index as part of the investment process, it is not intended that the performance of the Fund should track the index. * FTSE World Europe ex UK Fund Index * Source: FE 2016 Practical information The Depositary of the Company is Citibank Europe plc, London branch. You can obtain further information regarding the Fund, the Company, its Prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Management Company. The documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). You can obtain other practical information, including current share prices, at columbiathreadneedle.com. The tax legislation of the United Kingdom may have an impact on your personal tax position. Threadneedle Investment Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the UCITS. This document describes a fund of the Company. The Prospectus, annual and half-yearly reports are prepared for the entire Company. The Company is comprised of multiple funds which are segregated by law. Rights of investors and creditors concerning a fund or arising from the creation, operation or liquidation of a fund are limited to the assets of that fund. You can exchange your shares for shares of other funds of the Company, as and when available. Information as to how to exercise this right is in the Switching/Converting section of the Prospectus. Details of other share classes of the Fund can be found in the Prospectus or at columbiathreadneedle.com. This Fund is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. Threadneedle Investment Services Limited is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. *en-gb G7CH This Key Investor Information is accurate as at 15/01/2016. Page 2 of 2.

22 Key Investor Information This document provides you with the key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Trojan Income Fund, O Accumulation, a fund within Trojan Investment Funds (ISIN: GB00B01BP176) The fund is managed by Capita Financial Managers Limited, part of the Asset Services Division of Capita plc. Objectives and investment policy Objective The fund aims to provide above average income and capital growth in the medium term. Investment Policy The fund invests in the shares of UK and overseas companies and cash. Essential features of the fund: The fund has the discretion to invest in a range of investments as described above with no need to adhere to a particular benchmark. Risk and reward profile The fund has no specific target market or geographic sector. You can buy and sell shares in the fund on each working day. Income from the fund will be added to the value of your investment. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. The fund has been classed as 5 because its volatility has been measured as above average. This indicator is based on historical data and may not be a reliable indication of the future risk profile of this fund. This indicator shows how much a fund has risen and fallen in the past, and therefore how much a fund's returns have varied. It is a measure of a fund's volatility. The higher a fund's past volatility the higher the number on the scale and the greater the risk that investors in that fund may have made losses as well as gains. The lowest number on the scale does not mean that a fund is risk free. The risk and reward profile shown is not guaranteed to remain the same and may shift over time. Currency Risk: As the fund invests in overseas securities, movements in exchange rates may, when not hedged, cause the value of your investment to increase or decrease. For full details of the fund's risks, please see the prospectus which may be obtained from the address in 'Practical Information' overleaf. Version 13.0