NorthStar Balanced Growth Portfolio KIID Pack

Transcription

1 NorthStar Balanced Growth Portfolio KIID Pack

2 Henderson UK PROPERTY PAIF FEEDER FUND Class I Acc Net ISIN: GB00BYP82D37 A unit trust, managed by Henderson Investment Funds Limited. Objectives and investment policy Objective High income and over the long term an increasing level of income as well as growth of your investment. Investment policy Under normal circumstances, the Fund invests solely in shares of its Master Fund, the Henderson UK Property PAIF (a Property Authorised Investment Fund). The fund may also invest in cash/near cash. The investment returns of the Fund will be very similar to those of the Master Fund though it could differ because the funds are treated differently for tax purposes and because the Fund may not be wholly invested in the Master Fund at all times due to the need to hold cash for administrative purposes (e.g. the payment of fees and distributions). The Master Fund aims to achieve a high income with some growth of income and capital by investing primarily in commercial property and property related investments. The Master Fund can invest anywhere in the world although it will primarily invest in the UK. Designed for Investors who understand the Fund s risks, want a real estate-focused investment, and intend to invest their money for at least five years. The Fund is intended for investors who cannot, or prefer not to, invest in the Master Fund directly. This Fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. Fund currency GBP Share class currency GBP You can buy, sell or switch units in the Fund on any business day, as defined within the Definitions Section of the Fund s prospectus. The Fund offers accumulation units (units in which net income is retained within the price) and income units (units in which net income may be paid out to investors). 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. 1of2 Risk and reward profile The value of an investment in the Fund can go up or down. When you sell your units they may be worth less than you paid for them. Please note that: The Master Fund focuses on a particular asset class The Master Fund focuses on a particular country As a category shares are, in general, more volatile than either bonds or money market instruments The following risks apply to investments in the Master Fund. These could be triggered or made worse by unusual market conditions or unpredictable market events. Property risk Property values can go up and down and in extreme market conditions property values may move more significantly than bonds or shares. Valuations are determined by independent property experts. The valuation of property is generally a matter of valuer s opinion rather than fact. The amount raised when a property is sold may be less than the valuation. Liquidity risk Certain assets could become hard to value or sell at a desired time and price. Property investments can be harder to buy and sell when compared to investments in bonds and shares. In extreme market conditions or if the Fund is experiencing significant levels of redemption requests, this may mean the fund is unable to meet redemption requests on demand. The Master Fund has powers (such as restrictions on the redemption of shares) to protect investors if it cannot sell enough property when required. When the Master Fund uses these powers, the Fund will do the same in relation to its investors. Dual priced spread risk This fund is dual priced. When the fund is growing in size the prices at which you buy or sell shares in the fund will incorporate the transaction costs incurred in buying physical properties. When the fund is shrinking in size the prices that you buy or sell shares in the fund at will incorporate the transaction costs incurred in selling physical properties. The difference between these prices is called the creation - cancellion price spread. This spread is currently c. 5% and reflects the high transaction costs of buying and selling commercial property. Typically the buying price of an individual commercial property can be 7-8% higher than the selling price. The spread of the fund is not fixed and may vary over time depending on the composition of the fund. Property Default risk Tenants in the Master Fund s properties may become unable to pay their rent. As a result, the Fund s income may be impacted and further costs incurred. Counterparty risk The Master Fund could lose money if a counterparty with which it transacts becomes unwilling or unable to meet its obligations to the Fund. Derivatives risk Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative instrument. Focus risk The Master Fund s value may fall where it has concentrated exposure to an issuer or type of security that is heavily affected by an adverse event. Management risk Investment management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. The full list of the Fund s risks are contained in the Risk Warnings section of the Fund s prospectus.

3 Charges Past performance The charges you pay are used to pay the costs of running the Fund, including the costs of managing and distributing it. These charges reduce the potential growth of your investment. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially to those shown in this document. 15% 10% One-off charges taken before or after you invest* Entry Charge 0.00% Exit Charge 0.00%** * The charges shown are maximum figures. In some cases you may pay less. ** Subject to a charge of up to 3.00% where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). Performance (%) 5% 0% -5% -10% -15% Charges taken from the Fund over a year Ongoing Charges 0.83% The ongoing charge figure is estimated because the Fund is relatively new and has insufficient track record for us to calculate it exactly. The figure for ongoing charges excludes portfolio transaction costs, except in the case of an initial charge paid by the Fund when buying shares or units in another fund. For more information about charges, please see the Charges section of the Fund s prospectus. The Fund Year The past performance is calculated in GBP. The past performance shown in the chart takes into account all charges except entry and exit charges. The Fund and the share class were launched in May Past performance is not a guide to future performance. This unit class of the Henderson UK Property PAIF Feeder Fund launched on 27 May Therefore, for the period shown, the simulated performance is that of the Henderson UK Property PAIF. Practical information Trustee: National Westminster Bank Plc. To obtain more information: This Key Investor Information Document may not contain all the information you need. For the last published price of units in the Fund or the Master Fund, or to obtain the annual/semi-annual report, please visit Documents are available free of charge in English. For a free copy of the Fund s or Master Fund s prospectus please contact the registered office of the Fund at 201 Bishopsgate, London EC2M 3AE, UK Tax: Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of their investment in the Fund. Contact your adviser to discuss tax treatment, suitability of this investment, and other questions. To place transaction orders: You can place orders to buy, sell or switch units of this Unit Trust by contacting your adviser or distributor, or us directly at Henderson Global Investors, PO BOX 9023, Chelmsford CM99 2WB or by calling our Investor Services team on Further information about dealing, other unit classes of this Unit Trust may be obtained by visiting or found in the Unit Trust s prospectus. The Unit Trust is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). Henderson Investment Funds Limited is authorised in the UK and regulated by the FCA. This Key Investor Information is accurate as at 27 May of2

4 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. FTSE 100 Index Fund Accumulation C GB00B80QFR50 A sub-fund of HSBC Index Tracker Investment Funds, an open ended investment company ( OEIC ), managed by HSBC Global Asset Management (UK) Limited. Objectives and investment policy To provide long term capital growth by matching the return of the FTSE 100 Index. To invest in companies that make up the FTSE 100 Index. The Index is made up of the largest stock market listed companies in the United Kingdom, as defined by the Index Provider. The Fund will use a full replication strategy. This means that the Fund will normally invest in, or gain exposure to, all of the shares that make up the Index. It also means that the Fund will generally invest in shares in the same proportions as their weighting in the Index. 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. 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. Material risks not adequately captured by the risk rating above 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. 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. IndexTracking risk The performance of the Fund may not match the performance of the index it tracks because of fees and expenses, market opening times and regulatory constraints. 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 GB00B80QFR50 1of2

5 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 0.18% Charges taken from the fund under certain specific conditions Performance fee 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 an estimate following a change to the charging structure. The Fund s annual report for each financial year will include detail on the exact charges made. Further information on Charges can be found in the Fees and Expenses section of the full Prospectus. Past performance 30% 20% 10% 0% -10% -20% -30% Fund Benchmark Warning: the performance returns before the change to charges on 01/09/2009 were achieved under circumstances that no longer apply. 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 30/09/1994. The investment benchmark for the fund is the FTSE 100 Gross. 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. 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. Authorised Corporate Director HSBC Global Asset Management (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 OEIC. 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 Accumulation C GB00B80QFR50 2of2

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. Vanguard FTSE U.K. All Share Index Unit Trust (the "Fund") A GBP Accumulation Units ISIN: GB00B3X7QG63 Manager: Vanguard Investments UK Limited ("VIUK") Objectives and investment policy 2 The Fund seeks to track the performance of the FTSE All-Share Index (the Index ). 2 The Index is comprised of large, mid and small-sized company stocks in the UK. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent securities. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the unit class is GBP. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 5 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of units in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Units in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing or by telephone. A full list of the days on which units in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund and Vanguard's limited relationship with the Index provider, please see Appendix 1 and the Disclaimers section of the Vanguard FTSE U.K. All Share Index Unit Trust prospectus (the prospectus ). See the Practical Information Section for details of how to obtain a copy of the prospectus. The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the "Risk Factors and Performance" section of the prospectus on our website at

7 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 The entry charge represents Stamp Duty Reserve Tax. This charge is paid directly to the Fund and not to VIUK. Entry charge* 0.20% The entry and exit charges shown are maximum figures and in some cases you might pay less. Exit charge* Investors can find out the actual entry and exit charges from their financial This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. adviser. * In the case of a large subscription or redemption by an investor, that investor Charges taken from the Fund over a year may have to pay an additional charge (e.g. dilution levy) to the Fund to cover transaction costs incurred. Ongoing charges 0.08% The ongoing charges figure is based on expenses for the year ended 31 Charges taken from the Fund under certain specific conditions December This figure may vary from year to year. It excludes portfolio transaction costs. Performance fee For further information about charges please see the sections entitled Buying Units, Redeeming Units, Charges and Expenses, Dilution Levy and Appendix 1 of the prospectus on our website at Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Units in the unit class were first issued in This unit class was launched in Fund Index Practical information 2 Trustee: The Vanguard FTSE U.K. All Share Index Unit Trust trustee is State Street Trustees Limited. 2 Documents, prices of units and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for the Fund along with the latest published prices of units and other information on the Fund, free of charge from Vanguard Investments UK, Limited, P.O. Box 10315, Chelmsford CM99 2AT (tel ). These documents are available in English only. 2 Prices: The last published prices of units in the Fund are also available from the FT's website 2 Sub-funds: The Fund is a unit trust and no other sub-funds are available. 2 Tax: UK tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VIUK 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 this Fund. 2 Remuneration policy: Details of the Vanguard European Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits, including the composition of Vanguard's European Remuneration Committee. A paper copy of these details may be obtained, free of charge, on request from the Head of Human Resources, Europe; Vanguard Asset Services, Limited; 4th Floor; The Walbrook Building; 25 Walbrook; London EC4N 8AF. The Fund is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). VIUK is authorised and regulated in the UK by the FCA. This key investor information is accurate as at 01/06/2016.

8 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. Vanguard FTSE U.K. Equity Income Index Fund (the "Fund") A sub-fund of Vanguard Investments Funds ICVC A GBP Accumulation Shares ISIN: GB00B59G4H82 Manager: Vanguard Investments UK Limited ("VIUK") Objectives and investment policy 2 The Fund seeks to track the performance of the FTSE U.K. Equity Income Index (the Index ). 2 The Index is comprised of large and mid-sized company stocks in the UK that are expected to pay dividends that generally are higher than average. 2 The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 5 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing or by telephone. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, and Vanguard's limited relationship with the Index provider, please see Appendix 1 and the Disclaimers section of the Vanguard Investments Funds ICVC prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

9 Charges Any charges to the investor will be taken from capital, not income. This may increase the level of income paid but will result in capital erosion and will constrain growth. The entry charge represents Stamp Duty Reserve Tax. This charge is paid One-off charges taken before or after you invest directly to the Fund and not to VIUK. Entry charge* 0.40% The entry and exit charges shown are maximum figures and in some cases you might pay less. Exit charge* Investors can find out the actual entry and exit charges from their financial This is the maximum that might be taken out of your money before it is adviser. invested / before the proceeds of your investment are paid out. * In the case of a large subscription or redemption by an investor, that investor Charges taken from the Fund over a year may have to pay an additional charge (e.g. dilution levy) to the Fund to cover transaction costs incurred. Ongoing charges 0.22% The ongoing charges figure is based on expenses for the year ended 31 Charges taken from the Fund under certain specific conditions December This figure may vary from year to year. It excludes portfolio transaction costs. Performance fee For further information about charges please see the sections entitled Buying Shares, Redeeming Shares, Charges and Expenses, Dilution Levy and Appendix 1 of the prospectus on our website at Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investments Funds ICVC ("VIF") depositary is State Street Trustees Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIF, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investments UK, Limited, P.O. Box 10315, Chelmsford CM99 2AT (tel ) or from our website at These documents are available in English only. 2 Sub-funds: VIF is an umbrella fund with segregated liability between sub-funds. This means that the assets of the Fund are maintained separately under law from the assets of the other sub-funds of VIF, and each sub-fund is insulated from any liabilities or claims associated with the other sub-funds. 2 Shares: The Fund is part of VIF and has both accumulation and income shares. You may switch some or all of your shares of one type, to shares of another type within the same Fund, or between other funds of VIF. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: UK tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VIUK 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 this Fund. 2 Remuneration policy: Details of the Vanguard European Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits, including the composition of Vanguard's European Remuneration Committee. A paper copy of these details may be obtained, free of charge, on request from the Head of Human Resources, Europe; Vanguard Asset Services, Limited; 4th Floor; The Walbrook Building; 25 Walbrook; London EC4N 8AF. The Fund is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). VIUK is authorised and regulated in the UK by the FCA. This key investor information is accurate as at 01/06/2016.

10 Henderson 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. MONEY MARKET UNIT TRUST Acc ISIN: GB A unit trust, managed by Henderson Investment Funds Limited. Objectives and investment policy Objective High return while maintaining a stable share price. Investment policy Under normal circumstances, the Fund invests principally in: Short-term money market instruments The Fund may also invest in: Any other type of security that is consistent with its objective Any other type of Money market instruments In choosing investments, the investment manager looks for fixed income instruments that offer capital protection and some income potential. The Fund may use derivatives to reduce risk or to manage the Fund more efficiently. Designed for Investors who understand the Fund s risk, seek a lower-risk investment and intend to invest their money for at least three years. This Fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. Fund currency GBP Share class currency GBP Terms to understand Money market instruments A short term debt instrument, issued by a government or company as a way to raise money. Generally considered a cash equivalent. Volatility How sharply the Fund s share price has gone up and down over a period, generally several years. You can buy, sell or switch units in the Fund on any business day, as defined within the Definitions Section of the Fund s prospectus. The Fund offers accumulation units (units in which net income is retained within the price). Risk and reward profile Typically Lower potential risk/reward Lower Risk Typically Higher potential risk/reward Higher Risk The value of an investment in the Fund can go up or down. When you sell your units they may be worth less than you paid for them. The risk/reward rating above is based on medium-term volatility. In the future, the Fund s actual volatility could be higher or lower and its rated risk/reward level could change. The lowest category does not mean risk free. The Fund s risk level reflects the following: As a category, bank deposits and money market instruments are less volatile than shares The rating does not reflect the possible effects of unusual market conditions or large unpredictable events. Under normal market conditions the following risks may apply: Counterparty risk The Fund could lose money if a counterparty with which it transacts becomes unwilling or unable to meet its obligations to the Fund. Focus risk The Fund s value may fall where it has concentrated exposure to an issuer or type of security that is heavily affected by an adverse event. Management risk Investment management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. The full list of the Fund s risks are contained in the Risk Warnings section of the Fund s prospectus. 1of2

11 Charges Past performance The charges you pay are used to pay the costs of running the Fund, including the costs of managing and distributing it. These charges reduce the potential growth of your investment. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially to those shown in this document. 5.0% % One-off charges taken before or after you invest* Entry Charge 0.00% Exit Charge 0.00%** * The charges shown are maximum figures. In some cases you may pay less. ** Subject to a charge of up to 3.00% where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). Performance (%) 0.0% -2.5% -5.0% Charges taken from the Fund over a year Ongoing Charges 0.31% The ongoing charges are based on last year s expenses for the year ending 30 June Ongoing charges may vary from year to year. The figure for ongoing charges excludes portfolio transaction costs, except in the case of an initial charge paid by the Fund when buying shares or units in another fund. For more information about charges, please see the Charges section of the Fund s prospectus Year The Fund The past performance is calculated in GBP. The Fund and the share class were launched in November Past performance is not a guide to future performance. The past performance shown in the chart takes into account all charges except entry charges. Practical information Trustee: National Westminster Bank Plc To obtain more information: This Key Investor Information Document may not contain all the information you need. For the last published price of units in the Fund, or to obtain the annual/semi-annual report, please visit Documents are available free of charge in English. For a free copy of the Fund s prospectus please contact the registered office of the Fund at 201 Bishopsgate, London EC2M 3AE, UK. Tax: Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of their investment in the Fund. Contact your adviser to discuss tax treatment, suitability of this investment, and other questions. Notices: Henderson Investment 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 for the Fund. To place transaction orders: You can place orders to buy, sell or switch units of this Unit Trust by contacting your adviser or distributor, or us directly at Henderson Global Investors, PO BOX 9023, Chelmsford CM99 2WB or by calling our Investor Services team on Further information about dealing, other unit classes of this Unit Trust may be obtained by visiting or found in the Unit Trust s prospectus. The Unit Trust is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). Henderson Investment Funds Limited is authorised in the UK and regulated by the FCA. This Key Investor Information is accurate as at 18 October of2

12 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. Vanguard Pacific ex-japan Stock Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Accumulation Shares ISIN: IE00B523L313 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to track the performance of the MSCI Pacific ex Japan Index (the Index ). 2 The Index is comprised of large and mid-sized company stocks in developed markets in the Pacific Region, excluding Japan. 2 The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 6 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

13 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.23% For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Charges taken from the Fund under certain specific conditions Expenses and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Index provider: The Fund is not sponsored, endorsed or promoted by MSCI and MSCI bears no liability with respect to the Fund or the Benchmark. For more information, see the prospectus. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

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. Vanguard Emerging Markets Stock Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Accumulation Shares ISIN: IE00B50MZ724 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to track the performance of the MSCI Emerging Markets Index (the Index ). 2 The Index is comprised of large and mid-sized company stocks in emerging markets. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent securities. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's Net Asset Value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 6 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. - Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity risk', restrictions on investment or transfer of assets and failed/ delayed delivery of securities or payments to the Fund. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

15 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.27% For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Charges taken from the Fund under certain specific conditions Expenses and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Index provider: The Fund is not sponsored, endorsed or promoted by MSCI and MSCI bears no liability with respect to the Fund or the Benchmark. For more information, see the prospectus. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

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 risks of this fund. You are advised to read it so you can make an informed decision about whether to invest. Artemis High Income Fund (the "fund") Class I quarterly distribution units, GBP [ISIN: GB00B2PLJN71] The fund is managed by Artemis Fund Managers Limited. Objectives and investment policy Objective: The fund aims to increase the value of units and the income paid from them over the long term. Policy: The emphasis of the fund will be investment in UK fixedinterest securities and preference shares but it can invest in all economic sectors around the world and in company shares. The fund has discretion in its choice of investments and is not restricted by the size of the company, the industry it trades in, or the geographical spread of the portfolio. The fund may invest in fixed interest securities which are investments (which could be issued by a company, a government or another entity) that pay a fixed level of income or interest. The fund may invest in preference shares. These are investments (issued by a company) that pay a fixed level of income. The income is paid as a dividend rather than interest and must be paid before any income from the company s other non-preference shares. The fund may invest in derivatives (financial instruments whose value is linked to the expected price movements of an underlying asset) to protect the value of the fund, reduce costs and/or generate additional income. Other information: Investment in the fund should be regarded as a medium to long-term investment. Class I units are only available to investors at Artemis Fund Managers Limited s discretion. You can buy and sell units Monday to Friday, except on UK public holidays, each week. Transactions are processed at 12 noon UK time and we will include your instruction to buy or sell units if it is received before that point. Any income the fund receives can be paid out to you. For further explanation of some of the terms used above, please visit our website artemis.co.uk/glossary to view a glossary of terms. Risk and reward profile Typically lower rewards Lower risk Typically higher rewards Higher risk This indicator is based on historical data and may not be a reliable indication of the future risk profile of the fund. The risk category shown is not guaranteed and may change over time. A risk indicator of 1 does not mean that the investment is risk free. The indicator is not a measure of the possibility of losing your investment. The risk indicator for the fund is as above because: The price of units, and the income from them, can fall and rise because of stockmarket and currency movements. Stockmarket prices, currencies and interest rates can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. A portion of the fund s assets may be invested in a currency other than the fund s accounting currency (sterling). The value of these assets, and the income from them, may decrease if the currency falls in relation to sterling, in which the fund is valued and priced. Investments in fixed interest securities are subject to market and credit risk and will be impacted by movements in interest rates. Interest rate movements are determined by a number of economic factors, in particular market expectations of future inflation. The fund can invest in higher-yielding bonds, which may increase the risk to your capital due to a higher likelihood of the company issuing the bonds failing to pay returns on investments. Changes to market conditions and interest rates can have a larger effect on the values of higheryielding bonds than other bonds. The fund holds bonds which could prove difficult to sell. As a result, the fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities.

17 Charges for the fund The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. The charges reduce the potential growth of your investment. The entry charge is included in the purchase price of each unit. One-off charges taken before or after you invest Entry charge 1.00% Exit charge 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 0.69% Charges taken from the fund under certain specific conditions Performance fee At present, there is no exit charge. The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds run by Artemis Fund Managers Limited) you might pay less you can find out actual entry and exit charges from your financial adviser. The ongoing charges figure is based on the expenses for the year ending December Ongoing charges may vary from year to year and reduce the potential growth of your investment. The figure for ongoing charges excludes costs associated with buying and selling securities in the fund s underlying portfolio (for example, brokers commission and transaction taxes), except in the case of an entry/exit charge paid by the fund when buying or selling shares or units in another collective investment undertaking. To provide levels of income consistent with the fund s aims, we take the annual management charge from capital. This will restrict the increase in the value of units. The annual management charge is taken from capital, which will restrict the increase in the value of the units. For more information about charges, please see section 15 of the fund s prospectus, which is available at Past performance 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% 32.6% There is insufficient data to produce a useful indication 13.8% of 10.9% past performance for the unit class -1.4% 23.1% 5.4% 2.2% 7.8% Past performance in the chart shown includes all charges except entry charges. How the fund has performed in the past is not a guide to how it will perform in the future. Performance is calculated in sterling. This fund was launched on 26 May This class was launched on 7 March Practical information The Trustee of the fund is National Westminster Bank plc. Further information about the fund can be obtained from the fund s prospectus and the latest annual and halfyearly reports. The documents are in English and available free of charge. These can be found, along with other information such as the price of the fund s units, at artemis.co.uk or by phoning (from UK) or Information about Artemis remuneration policy is available at artemis.co.uk; a paper copy is available free of charge on request. UK tax legislation that applies to the fund may have an impact on your personal tax position. Artemis Fund Managers 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. You can switch your investments between funds or types of shares or units in the Artemis range. For further information, please refer to the prospectus, artemis.co.uk or phone (from UK) or The fund is authorised in the UK and regulated by the Financial Conduct Authority. Artemis Fund Managers Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 27 January 2017.

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. Vanguard FTSE Developed Europe ex-u.k. Equity Index Fund (the "Fund") A sub-fund of Vanguard Investments Funds ICVC A GBP Accumulation Shares ISIN: GB00B5B71H80 Manager: Vanguard Investments UK Limited ("VIUK") Objectives and investment policy 2 The Fund seeks to track the performance of the FTSE Developed Europe ex U.K. Index (the Index ). 2 The Index is comprised of large and mid-sized company stocks in developed markets in Europe, excluding the UK. 2 The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 6 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing or by telephone. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, and Vanguard's limited relationship with the Index provider, please see Appendix 1 and the Disclaimers section of the Vanguard Investments Funds ICVC prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

19 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.12% For further information about charges please see the sections entitled Buying Shares, Redeeming Shares, Charges and Expenses, Charges taken from the Fund under certain specific conditions Dilution Levy and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investments Funds ICVC ("VIF") depositary is State Street Trustees Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIF, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investments UK, Limited, P.O. Box 10315, Chelmsford CM99 2AT (tel ) or from our website at These documents are available in English only. 2 Sub-funds: VIF is an umbrella fund with segregated liability between sub-funds. This means that the assets of the Fund are maintained separately under law from the assets of the other sub-funds of VIF, and each sub-fund is insulated from any liabilities or claims associated with the other sub-funds. 2 Shares: The Fund is part of VIF and has both accumulation and income shares. You may switch some or all of your shares of one type, to shares of another type within the same Fund, or between other funds of VIF. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: UK tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VIUK 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 this Fund. 2 Remuneration policy: Details of the Vanguard European Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits, including the composition of Vanguard's European Remuneration Committee. A paper copy of these details may be obtained, free of charge, on request from the Head of Human Resources, Europe; Vanguard Asset Services, Limited; 4th Floor; The Walbrook Building; 25 Walbrook; London EC4N 8AF. The Fund is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). VIUK is authorised and regulated in the UK by the FCA. This key investor information is accurate as at 01/06/2016.

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. Fidelity Index US Fund a sub-fund of Fidelity Investment Funds W Accumulation Shares (ISIN: GB00BLT1YN15) This fund is managed by FIL Investment Services (UK) Limited Objectives and Investment Policy Aims to achieve long term capital growth by closely matching the performance of the S&P 500 index. Aims to hold company shares that represent the benchmark index. May use stock index futures to achieve the investment objective. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. 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 withdraw their money within 5 years. Investment in the fund should be regarded as a long-term investment. Note: The S&P 500 index is a product of S&P Dow Jones Indices LLC and has been licensed to FIL Investment Management Limited ( FIL ). The Fidelity Index US Fund is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC or its affiliates and neither S&P Dow Jones Indices LLC, its affiliates, or their respective third party licensors make any representation regarding the advisability of investing in such product. S&P 500 is a registered trademark of Standard & Poor s Financial Services LLC and has been licensed to FIL. 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.

21 Key Investor Information Fidelity Index US Fund Charges for this fund (ISIN: GB00BLT1YN15) 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 0.09% 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 8% 0% 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 19/11/2012. This class was launched on 27/05/2014. Past performance has been calculated in GBP. Class Benchmark 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.

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. CF Woodford Equity Income Fund, C Sterling Accumulation, a fund within CF Woodford Investment Fund (ISIN: GB00BLRZQ737) 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 a reasonable level of income together with capital growth. Investment Policy The fund will invest primarily in the shares of companies listed in the United Kingdom. It may also invest in unlisted companies, overseas entities and derivatives. It is not anticipated that the use of derivatives will have a significant adverse effect on the risk profile of the fund. 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 You can buy and sell shares in the fund every business day. Income from the fund will be added to the value of your investment. Derivatives may be used to manage the risk profile of the fund, reduce costs or generate additional income. Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. Counterparty Risk: As the fund may enter into derivative agreements there is a risk that other parties may fail to meet their obligations. This may lead to delays in receiving amounts due to the fund, receiving less than is due or receiving nothing. This indicator shows how much a fund may have risen and fallen in the past, and therefore how much a fund's returns may 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 fund has been classed as 5 because its volatility has been measured as above average. 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. Illiquid Asset Risk: Investment in illiquid assets, where there is no active market, may be more difficult to buy and sell and their prices may also be subject to large short term swings. For full details of the fund's risks, please see the prospectus which may be obtained from the address in 'Practical Information' overleaf. This indicator is based on historical data and may not be a reliable indication of the future risk profile of this fund. The risk and reward profile shown is not guaranteed to remain the same and may shift over time. Version 4.0

23 Charges for this Fund The charges you pay are used to pay the costs of running the fund. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry Charge Exit Charge Past performance Charges taken from the fund over the year Ongoing Charges 0.75% Charges taken from the fund under certain specific conditions Performance Fee The ongoing charges figure is fixed at 0.75%. This figure may vary from year to year. The ongoing charges are taken from the capital of the fund. They exclude 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. A dilution adjustment may be made which may increase or decrease the price you receive when you buy or sell shares in the fund. For more information about charges, please see the prospectus Sections 25 & 26, which may be obtained free of charge from the address in 'Practical Information' below. Past performance is not a guide to future performance. The past performance in the chart shown opposite is net of tax and charges but excludes the entry charge that may be paid on the purchase of an investment. Launch date for the fund: 2 June Performance is calculated in Pounds Sterling. Practical information CF Woodford Investment Fund Documents This key investor information document describes a fund within the CF Woodford Investment Fund company. The prospectus and periodic reports are prepared for the entire company. Copies of the prospectus for the fund and CF Woodford Investment Fund may be obtained from or by writing to Capita Financial Managers Limited, PO Box 389, Darlington, DL1 9UF. This document is available in English and is free of charge. Details of Capita Financial Managers' Remuneration Code are available on the website This sets out a description of how remuneration and benefits are calculated and the identities of persons responsible for awarding the remuneration and benefits. A paper copy is available free of charge on request. Prices of shares and further information Right to switch Depositary Tax The latest published prices of shares in the fund and other information, including how to buy and sell shares are available from by calling during normal business hours or by writing to Capita Financial Managers Limited, PO Box 389, Darlington, DL1 9UF. Subject to any restrictions on the eligibility of investors for a particular share class, a shareholder may be able at any time to convert all or some of his shares for shares in another class. Please see the prospectus for full details. Northern Trust Global Services Limited UK tax legislation may have an impact on your personal tax position. Liability Capita Financial Managers 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 CF Woodford Investment Fund. This fund is authorised in the United Kingdom by the Financial Conduct Authority. Capita Financial Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 14/10/2016 Version 4.0

24 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. FTSE 250 Index Fund Accumulation C GB00B80QG052 A sub-fund of HSBC Index Tracker Investment Funds, an open ended investment company ( OEIC ), managed by HSBC Global Asset Management (UK) Limited. Objectives and investment policy To provide long term capital growth by matching the return of the FTSE 250 Index. To invest in companies that make up the FTSE 250 Index. The Index is made up of the 250 largest companies after the 100 largest stock market listed companies in the United Kingdom, as defined by the Index Provider. The Fund aims to track the Index using a near full replication strategy. This means that the Fund will normally invest in, or gain exposure to, most of the shares that make up the Index. It also means that the Fund will generally invest in shares in the same proportions as their weighting in the Index. 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. 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 6? Equity prices tend to fluctuate more than other asset classes as investors directly participate in underlying companies and their earnings. Material risks not adequately captured by the risk rating above 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. 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. IndexTracking risk The performance of the Fund may not match the performance of the index it tracks because of fees and expenses, market opening times and regulatory constraints. 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 GB00B80QG052 1of2

25 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 0.18% Charges taken from the fund under certain specific conditions Performance fee 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 an estimate following a change to the charging structure. The Fund s annual report for each financial year will include detail on the exact charges made. Further information on Charges can be found in the Fees and Expenses section of the full Prospectus. Past performance 75% 50% 25% 0% -25% -50% Fund Benchmark Warning: the performance returns before the change to charges on 01/09/2009 were achieved under circumstances that no longer apply. 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 07/10/1997. The investment benchmark for the fund is the FTSE 250 Gross. 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. 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. Authorised Corporate Director HSBC Global Asset Management (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 OEIC. 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 23 May Accumulation C GB00B80QG052 2of2

26 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 risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. BlackRock Corporate Bond Tracker Fund A sub-fund of BlackRock Collective Investment Funds Class D Accumulating GBP ISIN: GB00B84DSW83 Manager: BlackRock Fund Managers Limited Objectives and Investment Policy The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund s assets, by tracking closely the performance of the Markit iboxx GBP Non-Gilts Overall TR Index, the Fund s benchmark index. The Fund invests in fixed income securities (such as bonds) that make up the benchmark index and, at the time of purchase, comply with the credit rating requirements of the benchmark index. The benchmark index measures the performance of fixed income securities denominated in Sterling issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) but excludes gilts (i.e. bonds) issued by the UK government. These may include fixed income securities which pay income according to a fixed rate of interest and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of inclusion in the benchmark index. The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index or Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The Fund is rated three due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund s investments or expose the Fund to losses. other fixed income securities which provide similar performance to certain constituent securities. They may also include the use of derivatives (i.e. investments the prices of which are based on one or more underlying assets). The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your units will be accumulating (i.e. dividend income will be included in their value). Your units will be denominated in Sterling, the Fund's base currency. You can buy and sell your units daily. The minimum initial investment for this unit class is 100,000. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at - Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Particular risks not adequately captured by the risk indicator include: - Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. - Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. - Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.

27 Charges The charges 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. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges. * Subject to a charge of up to 2% paid into the Fund where the Manager suspects excessive trading by an investor. The ongoing charges figure is based on expenses for the twelve month period ending 24 March This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any). ** To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending Past Performance Past performance is not a guide to future performance. The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in The unit class was launched in Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation. Benchmark: iboxx Sterling Non Gilt 1300CET (midday) index (GBP). As of 29 April 2016, the benchmark index converted from a close of business valuation to a midday agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. One-off charges taken before or after you invest Entry Charge Exit Charge This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out. Charges taken from the Fund over each year * Ongoing Charges 0.17%** Charges taken from the Fund under certain conditions Performance Fee valuation. Historic performance of the benchmark index has been simulated by the benchmark index provider and such data is used for the purposes of demonstrating historic performance in the "Past Performance" table from 30 June 2010 or from the launch of the share class if later. Practical Information Historic performance to 31 December Fund Benchmark The trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited. Further information about the Fund can be obtained from the the latest annual report and half-yearly reports of the BlackRock Collective Investment Funds (BCIF). These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at or by calling Investor Services on Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a sub-fund of BCIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. BlackRock Fund Managers 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 Fund's prospectus. The assets of the Fund are held on trust for its unitholders under English trust law which means that its assets cannot be used to discharge the liabilities of other subfunds within BCIF. In addition, the Fund's assets are held separately from the assets of other sub-funds. Investors may switch their units in the Fund for units in another sub-fund within BCIF, subject to meeting certain conditions as set out in the prospectus. With effect from March 2016, the Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at or on request from the registered office of the Management Company This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 29 April 2016

28 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. Invesco Perpetual Global Targeted Returns Fund (the Fund ) A sub-fund of Invesco Perpetual Diversified Returns Investment Series ICVC (the Company ) Y Accumulation share class (ISIN: GB00BJ04HL49) (the Share Class ) The Fund is managed by Invesco Fund Managers Limited, part of the Invesco Group. Objectives and Investment Policy - The Fund aims to achieve a positive total return, through capital growth and income, in all market conditions over a rolling 3 year period. - The Fund targets a gross return of 5% p.a. above UK 3 month LIBOR (or an equivalent reference rate) and aims to achieve this with less than half the volatility of global equities, over the same rolling 3 year period. There is no guarantee that the Fund will achieve a positive return or its target and an investor may not get back the full amount invested. - The Fund uses a range of investment strategies and techniques to meet its objective. - The strategies invest in a broad range of traditional assets globally including shares of companies, fixed interest and other debt securities (both corporate and government), cash and gain an indirect exposure to commodities through the use of derivatives and other instruments such as exchange traded funds. - The strategies and techniques make significant use of derivatives (complex instruments) and other financially linked instruments in order to meet the Fund s investment objectives and to reduce risk, minimise cost and/or generate additional capital or income. - The Fund is actively managed within its objectives and is not constrained by a benchmark. - You can buy, sell and switch shares in the Fund on any UK business day. - Any income from your investment will be reinvested. - Recommendation: The Fund may not be appropriate if you plan to withdraw your money within 5 years. Risk and Reward Profile Lower Risk Typically lower rewards Higher Risk Typically higher rewards n The Share Class is in risk category 3 due to the rises and falls of its price or simulated data in the past. n As the Share Class' risk category has been calculated using historical data, it may not be a reliable indication of the Share Class' future risk profile. n The risk category may change in the future and is not guaranteed. n The lowest category does not mean a risk free investment. Other Risks n The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Over time, inflation may erode the value of investments. n The Fund makes significant use of financial derivatives (complex instruments) which will result in the Fund being leveraged and may result in large fluctuations in the value of the Fund. Leverage on certain types of transactions including derivatives may impair the Fund s liquidity, cause it to liquidate positions at unfavourable times or otherwise cause the Fund not to achieve its intended objective. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested resulting in the Fund being exposed to a greater loss than the initial investment. n The Fund may be exposed to counterparty risk should an entity with which the Fund does business become insolvent resulting in financial loss. This counterparty risk is reduced by the Manager, through the use of collateral management. n The securities that the Fund invests in may not always make interest and other payments nor is the solvency of the issuers guaranteed. Market conditions, such as a decrease in market liquidity for the securities in which the Fund invests, may mean that the Fund may not be able to sell those securities at their true value. These risks increase where the Fund invests in high yield or lower credit quality bonds and where we use derivatives. n Although the Fund invests mainly in established markets, it can invest in emerging and developing markets, where there is potential for a decrease in market liquidity, which may mean that it is not easy to buy or sell securities. There may also be difficulties in dealing and settlement, and custody problems could arise. n A more detailed description of risk factors that apply to this Fund is set out in Section 17 of the Prospectus.

29 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 5.00% Exit charge Any charges shown above are the maximum that might be taken out of your money before it is invested. Charges taken from the Share Class over a year Ongoing charge 0.82% Charges taken from the Share Class under certain specific conditions Performance fee - The entry charge shown is a maximum figure. In some cases you might pay less - you can find this out from your financial adviser or distributor. - The ongoing charge figure is based on a fixed, all-inclusive fee. The figure excludes portfolio transaction costs. - If you switch funds within the Invesco Perpetual ICVC fund range you will pay a maximum 1% switching charge on your new fund. - For more information about charges please see Appendix 5 of the Prospectus. Past Performance % growth Fund launch date: 09 September Share Class launch date: 01 April The base currency of the Fund is Sterling. - Performance figures are calculated in Sterling. - Performance figures are calculated on a mid-to-mid basis, inclusive of net reinvested income and net of the ongoing charge and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. - Past performance is not a guide to future returns Share Class 1.6 Practical Information - Depositary: Citibank Europe plc, UK Branch. - The UK tax regime may have an impact on your personal tax position. - Invesco Fund Managers 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. - You are entitled to switch from this Fund to another fund within the Invesco Perpetual ICVC fund range on request, subject to a switching charge. - More share classes are available for this Fund. You can find more information on our website. - You can check the latest price for this Share Class on our website. - Information on our remuneration policy is available on our website and can be obtained, free of charge, upon request. - Further details can be found in the Prospectus and the Annual and Interim Short Reports, which can be obtained in English, free of charge, from or by calling us on This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Invesco Fund Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 14 July _4/PDF/140716

30 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. Vanguard U.K. Short-Term Investment Grade Bond Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Income Shares ISIN: IE00B95W7137 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to provide returns consistent with the performance of the Bloomberg Barclays GBP Non-Government 1-5 Year 500MM Float Adjusted Bond Index (the Index ). 2 The Index includes investment-grade bonds, excluding government bonds, denominated in UK pounds sterling, with maturities between 1 and 5 years. Bloomberg Barclays applies a filter to exclude the smaller, more illiquid bonds from the universe of fixed income securities. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a portfolio of securities that, insofar as possible and practicable, consists of a representative sample of the component securities of the Index. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 2 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of bonds and fixed income-related securities is affected by influential factors such as interest rates, inflation, credit spreads and volatility which, in turn, are driven by other factors including political, economic news, company earnings and significant corporate events. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be paid out. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Credit risk. The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. 2 Inflation risk. The value of your investments may not be worth as much in the future due to changes in purchasing power resulting from inflation. For further information on risks please see the Risk Factors section of the prospectus on our website at

31 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. The entry charge represents a preset dilution levy which covers the transaction One-off charges taken before or after you invest costs of the Fund and protects the value of remaining shareholders interests. Entry charge* 0.30% This charge is paid directly to the Fund and not to VGIL. The entry and exit charges shown are maximum figures and in some cases Exit charge* you might pay less. This is the maximum that might be taken out of your money before it is Investors can find out the actual entry and exit charges from their financial invested / before the proceeds of your investment are paid out. adviser. Charges taken from the Fund over a year * In the case of a large subscription or redemption by an investor, that investor may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to Ongoing charges 0.15% cover transaction costs incurred. Charges taken from the Fund under certain specific conditions The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio Performance fee transaction costs. For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Expenses and Appendix 1 of the prospectus on our website at Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

32 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. Vanguard Japan Stock Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Accumulation Shares ISIN: IE00B50MZ948 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to track the performance of the MSCI Japan Index (the Index ). 2 The Index is comprised of large and mid-sized company stocks in Japan. 2 The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 6 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

33 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.23% For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Charges taken from the Fund under certain specific conditions Expenses and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Index provider: The Fund is not sponsored, endorsed or promoted by MSCI and MSCI bears no liability with respect to the Fund or the Benchmark. For more information, see the prospectus. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

34 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. Templeton Global Total Return Bond Fund Class W (acc) ISIN GB00BBM4VB49 A sub-fund of Franklin Templeton Funds The management company is Franklin Templeton Fund Management Limited Objectives and Investment Policy Templeton Global Total Return Bond Fund (the Fund ) aims to maximise total investment return by achieving an increase in the value of its investments, earning income and realising currency gains over the long term. The Fund invests mainly in: debt securities of any quality (including lower quality) issued by governments, government-related or corporate entities located in any country (including securities in default) The Fund can invest to a lesser extent in: mortgage- and asset-backed securities debt securities of supranational entities, such as the European Investment Bank derivatives for hedging and investment purposes that are used as an active investment management instrument to gain exposure to markets The flexible and opportunistic nature of the strategy allows the investment team to take advantage of different market environments. By using in-depth economic, country and security research, including detailed risk analysis, Franklin Templeton s large team of fixed income specialists looks to take advantage of these differences by identifying and investing in the strongest sources of income, capital growth and currency gain from fixed income anywhere around the world. In making investment decisions, the investment team uses in-depth research about various factors that may affect bond prices and currency values. You may request the sale of your shares on any UK business day. The income received from the Fund's investments is accumulated and included in the value of the shares. For further information on the Objectives and Investment Policy of the Fund, please refer to the Investment Objectives and Policies of the Funds section of the current prospectus of Franklin Templeton Funds. Terms to Understand Debt securities: Securities representing the issuer s obligation to repay a loan at a specified date and to pay interest. Derivatives: Financial instruments whose characteristics and value depend on the performance of one or more underlying assets, typically securities, indexes, currencies or interest rates. Hedging: A strategy for totally or partially offsetting particular risks such as those arising from fluctuations in share prices, currencies or interest rates. Mortgage-backed securities: Securities whose value and income payments are derived from the ownership of a pool of underlying mortgage debts. Asset-backed securities: Debt securities whose value and income payments are derived from a pool of underlying assets. Securities in default: Debt securities whose issuer condition has become uncertain and whose issuer is failing to make principal or interest payments when due. Risk and Reward Profile Lower risk Potentially lower rewards Higher risk Potentially higher rewards What does this indicator mean and what are its limits? This indicator is designed to provide you with a measure of the price movement of this share class based on historical behavior. Historical data may not be a reliable indication of the future risk profile of the Fund. The category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean risk free. As the share class has no sufficient historical data available, simulated data based on a representative portfolio model or benchmark have been used instead. Why is the Fund in this specific category? The Fund invests mainly in debt securities issued by government, government-related or corporate entities worldwide and in derivatives. Such securities have historically been subject to price movements, generally due to interest rates, foreign exchange rates or movements in the bond market. As a result, the performance of the Fund can fluctuate over time. Risks materially relevant not adequately captured by the indicator: Credit risk: the risk of loss arising from default that may occur if an issuer fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, non-investment-grade securities. Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations. Derivatives risk: the risk of loss in an instrument where a small change in the value of the underlying investment may have a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks. Liquidity risk: the risk that arises when adverse market conditions affect the ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets. For a full discussion of all the risks applicable to this Fund, please refer to the Risk Factors section of the current prospectus of Franklin Templeton Funds. 1/2

35 Templeton Global Total Return Bond Fund 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 Exit charge Not applicable* Not applicable *This share class is only available through certain financial advisers which may apply their own charges. You may find more information about charges from your financial adviser. The ongoing charges are based on the expenses for the year ending 31 December This figure may vary from year to year. For detailed information about charges, please refer to the Fees and Charges section of the current prospectus of Franklin Templeton Funds. 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 charges 0.80% Charges taken from the Fund under certain specific conditions Performance fee Not applicable Past Performance 45.0% 30.0% 15.0% 0.0% Past performance is not a guide to future performance. The past performance shown here includes all the ongoing charges. Past performance is calculated in GBP The Fund was launched in 2008 and the present share class on 15/07/ % -30.0% Templeton Global Total Return Bond Fund Class W (acc) The past performance up to the launch date of the share class has been simulated by taking the performance of another existing share class of the Fund, which does not differ materially in the extent of its participation in the assets of the Fund. Practical Information The Depositary of Franklin Templeton Funds is BNY Mellon Trust & Depositary (UK) Limited. You can obtain further information about the Fund, copies of its prospectus and the latest annual and semi-annual reports of Franklin Templeton Funds from the website or free of charge from Franklin Templeton Fund Management Limited, Cannon Place, 78 Cannon Street, London EC4N 6HL or your financial adviser. These documents are each available in English. The latest prices and other practical information on the Fund (including information about the other share classes of the Fund) are available from Franklin Templeton Fund Management Limited, Cannon Place, 78 Cannon Street, London EC4N 6HL or Please note that the United Kingdom taxation regime may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest. Franklin Templeton Fund Management 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 of the Fund. The present Fund is a sub-fund of Franklin Templeton Funds. The prospectus and the annual and semi-annual reports refer to all sub-funds of Franklin Templeton Funds. All Funds of Franklin Templeton Funds have segregated assets and liabilities. As a result, each Fund is operated independently from each other. You may exchange shares with another sub-fund of Franklin Templeton Funds as further described in the prospectus. The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, are available at and a paper copy can be obtained free of charge. This Fund is authorised in the United Kingdom and is regulated by the Financial Conduct Authority. Franklin Templeton Fund Management Limited is authorised in the United Kingdom and is regulated by the Financial Conduct Authority. This key investor information is accurate as at 27/01/2017. KII-GB00BBM4VB49-GB-en-GB /2

36 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. Vanguard Global Bond Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling" Hedged Accumulation Shares ISIN: IE00B50W2R13 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to provide returns consistent with the performance of the Bloomberg Barclays Global Aggregate Float Adjusted Bond Index (the Index ). 2 The Index includes investment-grade and government bonds from around the world with maturities greater than one year. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a portfolio of securities that, insofar as possible and practicable, consists of a representative sample of the component securities of the Index. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates but these risks cannot be eliminated entirely. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 3 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of bonds and fixed income-related securities is affected by influential factors such as interest rates, inflation, credit spreads and volatility which, in turn, are driven by other factors including political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. Currency hedging may be used but is not guaranteed to completely eliminate currency risk. - Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity risk', restrictions on investment or transfer of assets and failed/ delayed delivery of securities or payments to the Fund. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Credit risk. The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. 2 Index sampling risk. As the Fund uses an index sampling technique whereby a representative sample of securities are selected to represent the Index, there is the risk that the securities selected for the Fund may not, in the aggregate, approximate the full Index. 2 Inflation risk. The value of your investments may not be worth as much in the future due to changes in purchasing power resulting from inflation. For further information on risks please see the Risk Factors section of the prospectus on our website at

37 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. The entry charge represents a preset dilution levy which covers the transaction One-off charges taken before or after you invest costs of the Fund and protects the value of remaining shareholders interests. Entry charge* 0.20% This charge is paid directly to the Fund and not to VGIL. The entry and exit charges shown are maximum figures and in some cases Exit charge* you might pay less. This is the maximum that might be taken out of your money before it is Investors can find out the actual entry and exit charges from their financial invested / before the proceeds of your investment are paid out. adviser. Charges taken from the Fund over a year * In the case of a large subscription or redemption by an investor, that investor may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to Ongoing charges 0.15% cover transaction costs incurred. Charges taken from the Fund under certain specific conditions The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio Performance fee transaction costs. For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Expenses and Appendix 1 of the prospectus on our website at Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

38 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. Vanguard U.K. Government Bond Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Accumulation Shares ISIN: IE00B1S75374 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to provide returns consistent with the performance of the Bloomberg Barclays U.K. Government Float Adjusted Bond Index (the Index ). 2 The Index includes UK government bonds denominated in UK pounds sterling with maturities greater than one year. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a portfolio of securities that, insofar as possible and practicable, consists of a representative sample of the component securities of the Index. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 4 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of bonds and fixed income-related securities is affected by influential factors such as interest rates, inflation, credit spreads and volatility which, in turn, are driven by other factors including political, economic news, company earnings and significant corporate events. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Credit risk. The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. 2 Inflation risk. The value of your investments may not be worth as much in the future due to changes in purchasing power resulting from inflation. For further information on risks please see the Risk Factors section of the prospectus on our website at

39 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.15% For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Charges taken from the Fund under certain specific conditions Expenses and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

40 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. Aberdeen Global - Emerging Markets Smaller Companies Fund R-2 GBP Acc LU A sub-fund of Aberdeen Global which is a Société d'investissement à Capital Variable (SICAV). Aberdeen Global Services S.A. is the Management Company. Objectives and investment policy To achieve a combination of income and growth by investing mostly in shares of smaller companies based, or carrying out much of their business, in emerging market countries. These are typically countries that are still developing their economies. Smaller companies are those valued at under US$5 billion at the initial time of investment. Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. You can buy and sell shares in the Fund usually on any working day in Luxembourg, by hours CET. Please refer to com for details of any non-dealing days. Income from investments in the Fund will be rolled up into the value of your shares. Further information on the Fund s investment objective and policy can be found in the Fund s Prospectus. 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 This Fund is ranked at 5 because funds of this type have experienced medium to high rises and falls in value in the past. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Fund: Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This may mean your money is at greater risk. Shares of smaller companies may be more difficult to buy and sell than those of larger companies. This means that the Investment Manager may not be able to buy and sell at the best time or may suffer losses. This could reduce your returns. The Fund may invest directly or indirectly in Chinese domestic securities markets via various channels, including the Shanghai-Hong Kong Stock Connect programme in relation to which the Fund may suffer difficulties or delays in proving it owns the China shares or enforcing its rights given that the legal and regulatory rules in each of Shanghai and Hong Kong are very different. Use of these channels therefore bring additional risks as further described in the Fund s Prospectus under Investing in China. Page 1 of 2.

41 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 6.38% 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. Charges taken from the Fund over a year Ongoing charges 1.46% Charges taken from the Fund under specific conditions Performance fee 0.00% Switching charge (for switching into the Fund from another fund) 1.00%. The ongoing charges figure is based on the last year s expenses and 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). The ongoing charges figure shown here is an estimate of the charges. An estimate is used in order to provide the figure that will most likely be charged. The UCITS annual report for each financial year will include detail on the exact charges made. In respect of the Entry charge, this charge may also be applied to switches. In respect of the Switching Charge, this is the current maximum charge that may be applied under the terms of the Prospectus. In some cases, you may pay less; you should speak to your financial adviser about this. For more information about charges, please refer to the Fund's Prospectus. The ongoing charges figure is as at 30/09/2015. A mandatory initial charge of 2% is applied on subscriptions. This charge is included in the overall maximum entry charge of 6.38%. Past performance % You should be aware that past performance is not a guide to future performance. Fund launch date: 12/03/2007. Share/unit class launch date: 03/12/2012. Performance is calculated in GBP. Performance is based on the Fund s net asset value at the end of each year, net of annual charges except for any initial charge Fund Source: FE 2016 Practical information This document describes only one share class; other share classes are available. Investors may switch their investment into another sub-fund of Aberdeen Global. Please refer to the Fund's Prospectus for further details. Further information about the Fund, including its Prospectus* and latest Annual and Semi-Annual reports**, is available free of charge from Aberdeen Global Services S.A. ( AGS ), 49, Avenue J.F. Kennedy, L-1855 Luxembourg. Telephone: (+352) aberdeen.global@aberdeen-asset. com. Other practical information, including current share prices for the Fund and the categorisation of the base currency exposure share classes, is available at The Prospectus, Annual and Interim reports cover all the funds within Aberdeen Global. Although Aberdeen Global is a single legal entity, the rights of investors in this Fund are limited to the assets of this Fund. The Fund s Custodian and Administrator is BNP Paribas Securities Services, Luxembourg Branch. The tax legislation of Luxembourg may have an impact on your personal tax position. AGS 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 Fund is authorised in Luxembourg and regulated by the CSSF. AGS is authorised in Luxembourg and regulated by CSSF. The representative and paying agent in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association, the annual and interim reports may be obtained free of charge from the representative. Details of an up-to-date UCITS V remuneration policy statement, including but not limited to, a description of how remuneration and benefits are calculated, and the identities of persons responsible for awarding remuneration and benefits, including the composition of the Remuneration Committee, are available at under Fund Literature and a paper copy will be made available free of charge on request to the Management Company. *Available in English, French, German, Italian & Spanish, **Available in French & English. This Key Investor Information is accurate as at 06/10/2016. GWRS Page 2 of 2.

42 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. FRAMLINGTON EQUITIES AXA Framlington UK Smaller Companies Fund Unit class: AXA Framlington UK Smaller Companies Fund Z Accumulation GBP (ISIN: GB00B7MMLM18) This Fund is managed by AXA Investment Managers UK Limited, part of the AXA IM Group Unit class Z Accumulation GBP (GB00B7MMLM18) is representative for Unit class Z Income GBP (GB00BRJZVS95). Objective and Investment Policy Investment Objective The aim of this Fund is to provide long-term capital growth. Investment Policy The Fund invests in shares of small UK listed companies which the fund manager believes will provide above-average returns. The fund manager selects shares based upon analysis of a company's financial status, quality of its management, expected profitability and prospects for growth. Income Income from investments in the Fund may be paid out to you directly if you hold income units. Income from investments in the Fund will be rolled up into the value of your unit if you hold accumulation units. Fund Currency The reference currency of the Fund is Sterling. Investment Horizon This Fund may not be suitable for investors who plan to withdraw their contribution within five years. Processing of subscription and redemption orders Your orders to buy, sell or transfer units in the Fund must be received by the Administrator by 12 noon on any working day, to receive that days Fund price. Please note that if your order is placed by an intermediary or Financial Adviser they may require extra processing time. The Net Asset Value of this Fund is calculated on a daily basis. Minimum initial investment: 100,000 Minimum subsequent investment: 5,000 Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. Why is this Fund in this category? The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which are subject to some level of variation which, may result in gains or losses. Additional Risks Concentration Risk: as this Fund may, from time to time, hold relatively few investments, it may be subject to greater fluctuations in value than a fund holding a larger number of investments. Liquidity Risk: some investments may trade infrequently and in small volumes. As a result the Fund manager may not be able to sell at a preferred time or volume or at a price close to the last quoted valuation. The Fund manager may be forced to sell a number of such investments as a result of a large redemption of units in the Fund. Depending on market conditions, this could lead to a significant drop in the Fund's value and in extreme circumstances lead the Fund to be unable to meet its redemptions. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus.

43 KEY INVESTOR INFORMATION FRAMLINGTON EQUITIES AXA Framlington UK Smaller Companies Fund Charges The charges you pay are used to pay the cost 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 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 0.85% Charges taken from the fund under certain specific conditions 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 twelve month period ending December This figure may vary from year to year. It excludes: Q Performance fees Q 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 refer to AXA IM website: as well as the Charges section of the prospectus which is available at Performance fee none Past Performance % Q AXA Framlington UK Smaller Companies Fund Z Accumulation GBP (GB00B7MMLM18) Past performance is not a reliable indicator of future results. Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation. The Fund was launched on 27/04/2001 and the unit in Past performance has been calculated in Sterling and is expressed as a percentage change of the Fund's Net Asset Value at each year end Practical Information Trustee: National Westminster Bank PLC Trustee & Depositary Services Younger Building 1st Floor 3 Redheughs Avenue Edinburgh EH12 9RH Further information: more detailed information on this Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge from the Fund's Management Company, the Administrator, the Fund's distributors or online at These documents are available in English. More units classes are available for this Fund. For more details about other units, please refer to the prospectus, which is available at Details of the up to date remuneration policy of the company are published online at This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request. Net Asset Value Publication: the Net Asset Value per unit is available at and at the registered office of the Management Company. Tax Legislation: the Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser. Specific Unit class Information: Unit class Z Accumulation GBP (GB00B7MMLM18) is representative for Unit class Z Income GBP (GB00BRJZVS95). Liability Statement: AXA Investment Managers 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 Fund. Switching between Funds: unitholders may apply for their units to be converted into units of another Fund, provided that the conditions for accessing the target units are fulfilled. Investment would be at the Net Asset Value of the target fund, calculated on the Valuation Day following receipt of the conversion request. The redemption and subscription costs connected with the conversion may be charged to the unitholder as indicated in the prospectus. For more details about how to switch Fund, please refer to the section in the Fund's prospectus entitled "Can I switch units and what are the implications?", which is available at This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). AXA Investment Managers UK Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 18/02/2016.

44 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. THREADNEEDLE AMERICAN SMALLER COMPANIES FUND (US) (THE "FUND") Class Z Income Shares (GBP) GB00B88YT359, a sub-fund of Threadneedle Investment Funds ICVC (the "Company"), regulated by the FCA. This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company") (part of the Columbia and Threadneedle group of companies). 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 smaller companies in the US or companies that have significant operations there. The smaller companies that the Fund invests in will typically have a market value of US$ 500 million to US$ 10 billion at the time of purchase. 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. The Fund may also invest in asset classes and instruments different from those stated above. Any income the Fund generates will be paid to you, unless you have chosen to have it reinvested. 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. In keeping with its investment process the Fund has chosen the S&P MidCap 400 Index as an implied benchmark, but does not seek to replicate this index. However, the Fund makes active investment decisions and it is likely that additional positions will be held outside the index. Lower Risk, Typically lower rewards Higher Risk, Typically higher rewards The Fund is rated 6 because historically it has shown a high level of volatility (how much the value of the Fund goes up and down). The lowest category does not mean a risk-free investment. The value of investments can fall as well as rise and investors might not get back the sum originally invested. 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 holds assets which could prove difficult to sell. The Fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities. 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. The risks currently identified as applying to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2

45 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. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the fund over a year Ongoing Charges: 0.88% Charges taken from the fund under specific conditions Performance Fee: NONE The ongoing charges figure is based on expenses for the year ending 07/03/16. 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). Past Performance 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% Fund Index* 17/ Past performance is not a guide to future performance. Fund launch date: 14/11/1997 Share/unit class launch date: 18/09/2013 Performance is calculated in GBP. All charges and fees, except any entry, exit and switching charge, have been included within the performance. fl Past performance before share class launch date includes data for another share / unit class or fund with similar characteristics. Please refer to for further details. *S&P MidCap 400 (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.) Source: Morningstar Practical Information Depositary: Citibank Europe plc, UK 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. Details of the remuneration policy, including a description of how remuneration and benefits are calculated and the persons responsible for awarding them (including the composition of the remuneration committee), are available at columbiathreadneedle.com. A paper copy is available free of charge upon request. 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 single fund of the Company. The prospectus and reports are prepared for the entire Company. The assets of the Fund are segregated by law cannot be used to pay the liabilities of other funds of the Company. You may exchange your shares for shares of other funds of the Company, if available. Details can be found in the section of the prospectus with the heading "Switching/Converting". 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. This Key Investor Information is accurate as at 13/01/2017. Page 2 of 2 en-gb

46 Key Investor Information Document: 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 this Fund. You are advised to read it so you can make an informed decision about whether to invest. Baring Europe Select Trust - Class I GBP Inc ISIN: (GB00B7NB1W76) The Fund is a Unit Trust. Baring Fund Managers Limited are the Managers of the Fund. Objective & Investment Policy Objective: To provide long term capital growth. Investment Policy: To invest in shares of European companies or companies where the predominant part of their income is derived from Europe. The Fund will invest in small companies and companies focussing on specific products or markets. The Fund may use investment techniques that involve derivatives to help reduce risk or manage the fund more effectively. Distribution Policy: Any income generated will be automatically reinvested in more units/shares of the same class unless payment is specifically requested. Dealing Frequency: Normally 12 noon (London time) Monday to Friday unless it is a UK public holiday day or a day on which the London Stock Exchange is not open for business. Minimum recommended holding term: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full details on the Objective, Investment Policy and the Distribution Policy please refer to the prospectus. Risk and Reward Profile Lower Risk Typically Lower Rewards Higher Risk Typically Higher Rewards The indicator above is not a measure of the risk of capital loss, but a measure of the Fund's price movement over time, the higher the number the greater the price movement both up and down. It is calculated using simulated historical data and is not a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean a risk-free investment. The Fund is classified in the category indicated above due to the nature of its investments which include the risks listed below. There is no capital guarantee. The value of investments and the income from them may go down as well as up and investors may not get back the amount they invest. Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income generated. The Fund can hold smaller company shares which can be more difficult to buy and sell as they may trade infrequently, in small volumes and their share prices may fluctuate more than those of larger companies. Regional Funds have a narrower focus than those which invest broadly across markets and are therefore considered to be more risky. Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative. Some derivative transactions may be entered into directly with an eligible person or institution (a counterparty ). There is a risk that the counterparty may not meet its obligations or becomes insolvent which could cause the Fund to incur a loss. Emerging markets countries may have less developed regulation and face more political, economic or structural challenges than developed countries. This means your money is at greater risk. This Fund is authorised in United Kingdom and regulated by the Financial Conduct Authority. Baring Fund Managers Limited is authorised in United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 28 January Page 1/2

47 Baring Europe Select Trust - Class I GBP Inc Charges for this Fund The charges you pay are used to pay the costs of running the Fund, including marketing and distributing costs. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest. Entry charge Exit charge Charges taken from the Fund over a year Ongoing charges 0.81% Charges taken from the Fund under certain specific conditions Performance fee The entry and exit charges shown are maximum figures. This is the maximum that might be taken out of your money before it is invested and before proceeds of your investment are paid out, respectively. 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 May This figure may vary from year to year. It excludes performance fees and 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. The Fund will incur portfolio transaction costs which are paid from the assets of the Fund. For more information on charges, please refer to the relevant sections of the Prospectus. Past Performance return % year The graph shows annual performance in GBP for the class with a launch date: 29 August 2012 Past performance is not a guide to future performance and may not be repeated. The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested. The entry charge is excluded from the calculation of past performance. The Fund, of which this share class is a constituent, was launched in August Practical Information Trustee: National Westminster Bank Plc Further Information: This Key Investor Information Document is specific to the Fund and unit class stated at the beginning of this document. Further information about other unit classes can be found in the Fund's prospectus. You can obtain further information on this Fund including the full prospectus, latest annual report and accounts and any subsequent half-yearly report and accounts, free of charge at or upon request from Client Services, Baring Asset Management Limited, 155 Bishopsgate, London, EC2M 3XY or telephone Practical Information: The Fund's price is calculated for each dealing day and is available online at Information on how to buy, sell and switch units is available by contacting Barings (see above for contact details). Tax Legislation: The Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence, this might have an impact on your investment. For further details you should consult a tax adviser. Liability Statement: Baring Fund Managers 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. This Fund is authorised in United Kingdom and regulated by the Financial Conduct Authority. Baring Fund Managers Limited is authorised in United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 28 January Page 2/2

48 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 risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. BlackRock Global Property Securities Equity Tracker Fund A sub-fund of BlackRock Collective Investment Funds Class D Accumulating GBP ISIN: GB00B5BFJG71 Manager: BlackRock Fund Managers Limited Objectives and Investment Policy The Fund aims to achieve capital growth by tracking closely the performance of the FTSE EPRA/NAREIT Developed Index, the Fund s benchmark index. The Fund invests in equity securities (e.g. shares) of companies that make up the benchmark index. The benchmark index measures the performance of equity securities of leading property companies listed globally. The benchmark index is a free float-adjusted market capitalisation weighted index. Free floatadjusted means that only shares readily available in the market rather than all of a company s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The Fund is rated five due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund s investments or expose the Fund to losses. They may also include the use of derivatives (i.e. investments the prices of which are based on one or more underlying assets). The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your units will be accumulating (i.e. dividend income will be included in their value). Your units will be denominated in Sterling, the Fund's base currency. You can buy and sell your units daily. The minimum initial investment for this unit class is 100,000. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Investments in property securities can be affected by the general performance of stock markets and the property sector. In particular, changing interest rates can affect the value of properties in which a property company invests. Particular risks not adequately captured by the risk indicator include: - Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

49 Charges The charges 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. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges. * Subject to a charge of up to 2% paid into the Fund where the Manager suspects excessive trading by an investor. The ongoing charges figure is based on expenses for the twelve month period ending 25 January This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any). ** To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending Past Performance Past performance is not a guide to future performance. The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in The unit class was launched in Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation. Benchmark: FTSE EPRA / NAREIT Developed Index (custom) (GBP). As of 31 December 2014, the Benchmark Index converted from a close of business valuation agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. One-off charges taken before or after you invest Entry Charge Exit Charge This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out. Charges taken from the Fund over each year * Ongoing Charges 0.22%** Charges taken from the Fund under certain conditions Performance Fee to a midday valuation. Historic performance of the Benchmark has been simulated by the Benchmark provider and such data is used for the purposes of demonstrating historic performance in the "Past Performance" table from 31 July 2009 or from the launch of the share class if later. Practical Information Historic performance to 31 December Fund Benchmark The trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited. Further information about the Fund can be obtained from the Fund's prospectus and the latest annual report and half-yearly reports of the BlackRock Collective Investment Funds (BCIF). These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at or by calling Investor Services on Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a sub-fund of BCIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. BlackRock Fund Managers 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 Fund's prospectus. The assets of the Fund are held on trust for its unitholders under English trust law which means that its assets cannot be used to discharge the liabilities of other subfunds within BCIF. In addition, the Fund's assets are held separately from the assets of other sub-funds. Investors may switch their units in the Fund for units in another sub-fund within BCIF, subject to meeting certain conditions as set out in the prospectus. With effect from March 2016, the Remuneration Policy of the Management company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at or on request from the registered office of the Management Company This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 12 February 2016

50 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. Vanguard Global Small-Cap Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc Pound Sterling Accumulation Shares ISIN: IE00B3X1NT05 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to track the performance of the MSCI World Small Cap Index (the Index ). 2 The Index is comprised of small-sized company stocks in developed markets. 2 The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 5 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. For further information on risks please see the Risk Factors section of the prospectus on our website at

51 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* Investors can find out the actual entry and exit charges from their financial adviser. * In the case of a large subscription or redemption by an investor, that investor Exit charge* may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to cover transaction costs incurred. This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. It excludes portfolio transaction costs. Ongoing charges 0.38% For further information about charges, please see the sections entitled Buying Shares, Redeeming Shares,"Anti-Dilution Levy", Fees and Charges taken from the Fund under certain specific conditions Expenses and Appendix 1 of the prospectus on our website at Performance fee Past performance Per cent (%) 2 Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in GBP. 2 Shares in the Fund were first issued in This share class was launched in Fund Index Practical information 2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. 2 Documents, prices of shares and further information: You can obtain copies of the prospectus and the latest annual and semi-annual report and accounts for VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at These documents are available in English only. 2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. 2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the prospectus. 2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. 2 Liability: VGIL 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 this Fund. 2 Index provider: The Fund is not sponsored, endorsed or promoted by MSCI and MSCI bears no liability with respect to the Fund or the Benchmark. For more information, see the prospectus. 2 Remuneration policy: Details of VGIL's Remuneration Policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the Central Bank ). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 01/12/2016.

52 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. First State Global Listed Infrastructure Fund (Fund) Class B (Accumulation) GBP (Share Class) ISIN GB00B24HJL45 a sub-fund of First State Investments ICVC (the Company) First State Investments (UK) Limited, the authorised corporate director of the Company Objectives and investment policy Objective: The Fund aims to provide income and grow your investment. Policy: The Fund invests in shares of companies that are involved in infrastructure around the world. The infrastructure sector includes utilities (e.g. water and electricity), highways and railways, airports services, marine ports and services, and oil and gas storage and transportation. The Fund does not invest directly in infrastructure assets. The Fund may use derivatives to reduce risk or to manage the Fund more efficiently. The Fund's manager may use its discretion when deciding which investments should be held by the Fund. You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund. 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. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. You can buy and sell shares in the Fund on any business day. As long as we receive your instruction before 12 noon (UK time), shares will be bought at that day s price. Risk and reward profile Lower Risk Potentially Lower Rewards Higher Risk Potentially Higher Rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Share Class has gone up and down in the past. Where a Share Class has not yet launched, the SRRI is calculated using representative data. The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Share Class. We cannot guarantee that the rating of the Share Class will remain the same; it may change over time. Even the lowest rating 1 does not mean a risk free investment. On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 5 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns. Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. Material risks not adequately captured by the SRRI: Single sector risk: investing in a single sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps spread risk. Concentration risk: the Fund invests in a relatively small number of companies or countries which may be riskier than a fund that invests in a large number of companies or countries. Investing in a larger number of companies or countries helps spread risk. Currency risk the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the Risk Factors section in the Company's prospectus. Page 1/2

53 Charges for this Fund The charges 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 4.00% Exit charge N/A 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 0.82% Charges taken from the fund under certain specific conditions Performance fee N/A The entry and exit charges shown are the maximum you will need to pay. In some cases you might pay less - you can find out the actual entry and exit charges from your financial adviser. The ongoing charge is based on expenses for the year ending July It may vary from year to year. It excludes portfolio transaction costs and performance fees, if any. The fees and expenses are charged against the capital of the Fund. Deducting expenses from capital reduces the potential for capital growth. There are fees for switching between sub-funds. The fee for switching into the Fund is 0.5%. Further information can be found in the Buying, Selling and Switching Shares section of the Company's prospectus. Past performance % % Past performance is not a reliable guide to future performance. The past 50 performance shown here includes fees, any reinvested income and tax % The Fund launched on 08 October % 13.6% 16.0% 19.6% The Share Class launched on 08 October The past performance of the % 6.9% Share Class is calculated in GBP. 0.2% % Year Practical information Depositary: State Street Trustees Limited. Further information: The prospectus, annual and semi-annual reports of the Company are available free of charge on or by contacting First State Investments, 23 St. Andrew Square, Edinburgh, EH2 1BB. All documents are available in English, French, German, Italian and Swiss German. You can also obtain any of these documents from the representative or paying agent in your country. Other practical information: The Fund's share price and other information about the Fund is available at The prospectus, annual and semiannual reports contain information about all of the sub-funds and share classes of the Company. Please note that not all sub-funds and share classes may be registered for distribution in your jurisdiction. Tax legislation: The Fund is subject to UK tax laws. This may have an impact on your personal tax position. For further details, please speak to your tax adviser. Liability statement: The Company 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 Company. Fund information: Each sub-fund of the Company is responsible for meeting its own debts. The sub-funds are segregated by law. This means that investments of the Fund can not be used to pay the debts of the other sub-funds. You can exchange shares in the Fund for shares in another sub-fund, which is called switching. There may be a charge for switching, as indicated above in 'Charges'. Remuneration: Information on the current remuneration policy of First State Investments (UK) Limited, including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available at A paper copy of this information is available free of charge upon request from First State Investments, 23 St Andrew Square, Edinburgh, EH2 1BB. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. First State Investments (UK) Limited is authorised and regulated in the UK by the Financial Conduct Authority. This key investor information is accurate as at 25 January Page 2/2

54 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. LEGAL & GENERAL GLOBAL HEALTH AND PHARMACEUTICALS INDEX TRUST I CLASS ACCUMULATION ISIN: GB00B0CNH387, DISTRIBUTION ISIN: GB00B0CNH270 This fund is managed by Legal & General (Unit Trust Managers) Limited. OBJECTIVES AND INVESTMENT POLICY The objective of this fund is to provide growth by tracking the performance of those companies in the FTSE World Index which are engaged in Health, Pharmaceuticals and Biotechnology activities. The fund will invest almost entirely in company shares. The fund's investments will closely match those that make up the Index. The Index consists of company shares from around the world. The fund may use derivatives (contracts which have a value linked to the price of another asset) to: reduce risk or cost; or generate additional capital or income with no, or an acceptably low, level of risk. If you hold accumulation units, income from investments held by the fund (dividends) will be reinvested into the value of your units. RISK AND REWARD PROFILE Lower risk Potentially lower rewards Higher risk Potentially higher rewards This risk and reward indicator is based on historical data which may not be a reliable indication of the fund's risk and reward category in the future. The category is based on the rate at which the value of the fund has moved up and down in the past. This fund is in category 5 because it invests in company shares which generally provide higher rewards and higher risks than other investments such as bonds, cash or commercial property. The fund's category is not guaranteed to remain the same and may change over time. Even a fund in the lowest category is not a risk free investment. The value of your investment and any income you take from it may fall as well as rise and is not guaranteed. You might get back less than you invest. If you hold distribution units, income from investments held by the fund will be paid out to you (as a dividend). You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 3.00pm. This is the time we calculate unit prices for this fund. If you contact us after 3.00pm, the units will be bought or sold at the next working day's price. This fund may not be appropriate for investors who plan to withdraw their money within five years. The fund may be appropriate if you would like to add a more specialist investment to an existing portfolio. The indicator opposite may not take account of the following risks of investing in the fund: Most funds have lots of individual investments, so don't rely upon the performance of just a few. The whole of this fund, or a large part of it, has relatively few individual investments. This means that a fall in the value of an individual investment can have a major impact on the overall performance of the fund. If you take an income from your investment this will reduce the potential for future growth of income or capital. If you use your right to cancel your investment, you may not get a full refund if the value of your investment falls before we carry out your instruction.

55 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 return from your investment. The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds managed by us) you might pay less - you can find out the actual figures from us or your financial adviser. The ongoing charges figure is based on the latest available expenses at December This figure may change in the future. This fund's ongoing charges include any charges made by any other funds it may invest in. OTHER COSTS Unit price spread: each day there are two prices for this fund: a higher price you pay to buy units and a lower price you receive when you sell units. The fund manager sets these prices. The difference between these prices is called the 'spread'. The spread is separate to the entry, exit and ongoing charges shown in this section. This fund's spread reflects the difference between the buying and selling prices of the assets it holds and costs associated with buying and selling the assets. The spread can change at any time and by any amount. As an example, the buying price for units in this fund was 0.18% higher than the selling price at 31 December For more information about charges and costs, please see the charges and expenses section in the fund's Prospectus, or visit our website at legalandgeneral.com/chargesandfees ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST Entry charge Exit charge * * This is the maximum that might be taken out of your money before it is invested. *The fund also incurs a unit price spread. See opposite. CHARGES TAKEN FROM THE FUND OVER A YEAR Ongoing charges 0.31% CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS Performance fee PAST PERFORMANCE (return %) (year) Past performance is not a guide to future performance. The figures take into account all charges except any entry charge, and assume income (after tax) is reinvested. The performance has been calculated in Sterling (British pounds). The annual return is for a 12 month period ending 31 December. The fund came into existence in 2000, this I class in Fund Index PRACTICAL INFORMATION TRUSTEE FURTHER INFORMATION UNIT PRICES AND OTHER PRACTICAL INFORMATION TAX The trustee is Northern Trust Global Services Limited. You can find further information about the fund in its Prospectus and latest annual and half-yearly reports. A Guide to Investing with Us gives further information about investing generally. These documents are available from: Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB. We will provide documents free of charge and in English. You can get other practical information, including the latest buying and selling prices, spreads and details of any other unit classes that are available, by calling us on Monday to Friday between 8.30am and 6.00pm. Call charges will vary. You can also find details of how we price units in A Guide to Investing with Us. UK tax legislation may have an impact on your personal tax position. Legal & General (Unit Trust Managers) 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. This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 16 February 2016.

56 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. FRAMLINGTON EQUITIES AXA Framlington Global Technology Fund Unit class: AXA Framlington Global Technology Fund Z Accumulation GBP (ISIN: GB00B4W52V57) This Fund is managed by AXA Investment Managers UK Limited, part of the AXA IM Group Unit class Z Accumulation GBP (GB00B4W52V57) is representative for Unit class Z Income GBP (GB00B5MQXC30). Objective and Investment Policy Investment Objective The aim of this Fund is to provide long-term capital growth. Investment Policy The Fund invests in shares of listed companies engaged in the research, design and development of technologies in all sectors including IT and the internet which the fund manager believes will provide above-average returns. The Fund invests in companies of any size which can be based anywhere in the world, albeit the Fund tends to be biased towards the US as this is where the majority of technology related companies are based. The fund manager selects shares based upon analysis of a company's financial status, quality of its management, expected profitability and prospects for growth. Income Income from investments in the Fund may be paid out to you directly if you hold income units. Income from investments in the Fund will be rolled up into the value of your unit if you hold accumulation units. Fund Currency The reference currency of the Fund is Sterling. Investment Horizon This Fund may not be suitable for investors who plan to withdraw their contribution within five years. Processing of subscription and redemption orders Your orders to buy, sell or transfer units in the Fund must be received by the Administrator by 12 noon on any working day, to receive that days Fund price. Please note that if your order is placed by an intermediary or Financial Adviser they may require extra processing time. The Net Asset Value of this Fund is calculated on a daily basis. Minimum initial investment: 100,000 Minimum subsequent investment: 5,000 Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. Why is this Fund in this category? The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which may be subject to sudden and significant variation, which may result in substantial gains or losses. Additional Risks Concentration Risk: as this Fund may, from time to time, hold relatively few investments, it may be subject to greater fluctuations in value than a fund holding a larger number of investments. Currency Risk: the Fund holds investments denominated in currencies other than the base currency of the Fund. As a result, exchange rate movements may cause the value of investments (and any income received from them) to fall or rise effecting the Fund's value. Single Sector Risk: as this Fund is invested in a single sector, the Fund's value will be more closely aligned with the performance of that sector and it may be subject to greater fluctuations in value than more diversified funds. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus.

57 KEY INVESTOR INFORMATION FRAMLINGTON EQUITIES AXA Framlington Global Technology Fund Charges The charges you pay are used to pay the cost 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 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 0.84% Charges taken from the fund under certain specific conditions 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 twelve month period ending December This figure may vary from year to year. It excludes: Q Performance fees Q 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 refer to AXA IM website: as well as the Charges section of the prospectus which is available at Performance fee none Past Performance % Q AXA Framlington Global Technology Fund Z Accumulation GBP (GB00B4W52V57) Past performance is not a reliable indicator of future results. Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation. The Fund was launched on 10/05/1999 and the unit in Past performance has been calculated in Sterling and is expressed as a percentage change of the Fund's Net Asset Value at each year end Practical Information Trustee: National Westminster Bank PLC Trustee & Depositary Services Younger Building 1st Floor 3 Redheughs Avenue Edinburgh EH12 9RH Further information: more detailed information on this Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge from the Fund's Management Company, the Administrator, the Fund's distributors or online at These documents are available in English. More units classes are available for this Fund. For more details about other units, please refer to the prospectus, which is available at Details of the up to date remuneration policy of the company are published online at This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request. Net Asset Value Publication: the Net Asset Value per unit is available at and at the registered office of the Management Company. Tax Legislation: the Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser. Specific Unit class Information: Unit class Z Accumulation GBP (GB00B4W52V57) is representative for Unit class Z Income GBP (GB00B5MQXC30). Liability Statement: AXA Investment Managers 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 Fund. Switching between Funds: unitholders may apply for their units to be converted into units of another Fund, provided that the conditions for accessing the target units are fulfilled. Investment would be at the Net Asset Value of the target fund, calculated on the Valuation Day following receipt of the conversion request. The redemption and subscription costs connected with the conversion may be charged to the unitholder as indicated in the prospectus. For more details about how to switch Fund, please refer to the section in the Fund's prospectus entitled "Can I switch units and what are the implications?", which is available at This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). AXA Investment Managers UK Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 18/02/2016.

58 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 risks of this fund. You are advised to read it so you can make an informed decision about whether to invest. Artemis Global Income Fund (the "fund") Class I accumulation units, GBP [ISIN: GB00B5ZX1M70] The fund is managed by Artemis Fund Managers Limited. Objectives and investment policy Objective: The fund aims to increase the value of units and the income paid from them over the long term. Policy: The fund will principally invest (a minimum of 80%) in company shares anywhere in the world. The fund has discretion in its choice of investments and is not restricted by the size of the company, the industry it trades in, or the geographical spread of the portfolio. The fund may invest in fixed interest securities which are investments (which could be issued by a company, a government or another entity) that pay a fixed level of income or interest. The fund may invest in derivatives (financial instruments whose value is linked to the expected price movements of an underlying asset) to meet its investment objective, to protect the value of the fund, reduce costs and/or generate additional income. Other information: Investment in the fund should be regarded as a medium to long-term investment. Class I units are only available to investors at Artemis Fund Managers Limited s discretion. You can buy and sell units Monday to Friday, except on UK public holidays, each week. Transactions are processed at 12 noon UK time and we will include your instruction to buy or sell units if it is received before that point. Any income this fund receives is reinvested into the fund and automatically reflected in the value of units. For further explanation of some of the terms used above, please visit our website artemis.co.uk/glossary to view a glossary of terms. Risk and reward profile Typically lower rewards Lower risk Typically higher rewards Higher risk This indicator is based on historical data and may not be a reliable indication of the future risk profile of the fund. The risk category shown is not guaranteed and may change over time. A risk indicator of 1 does not mean that the investment is risk free. The indicator is not a measure of the possibility of losing your investment. The risk indicator for the fund is as above because: The price of units, and the income from them, can fall and rise because of stockmarket and currency movements. Stockmarket prices, currencies and interest rates can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. A portion of the fund s assets may be invested in a currency other than the fund s accounting currency (sterling). The value of these assets, and the income from them, may decrease if the currency falls in relation to sterling, in which the fund is valued and priced. A portion of the fund s assets may be invested in new, emerging markets. Investment in emerging markets can involve greater risk than that usually associated with more established markets. This means that aboveaverage rises and falls in unit prices can be expected. Investments in fixed interest securities are subject to market and credit risk and will be impacted by movements in interest rates. Interest rate movements are determined by a number of economic factors, in particular market expectations of future inflation. The fund can invest in higher-yielding bonds, which may increase the risk to your capital due to a higher likelihood of the company issuing the bonds failing to pay returns on investments. Changes to market conditions and interest rates can have a larger effect on the values of higheryielding bonds than other bonds.

59 Charges for the fund The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. The charges reduce the potential growth of your investment. The entry charge is included in the purchase price of each unit. One-off charges taken before or after you invest Entry charge 1.00% Exit charge 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 0.81% Charges taken from the fund under certain specific conditions Performance fee At present, there is no exit charge. The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds run by Artemis Fund Managers Limited) you might pay less you can find out actual entry and exit charges from your financial adviser. The ongoing charges figure is based on the expenses for the year ending December Ongoing charges may vary from year to year and reduce the potential growth of your investment. The figure for ongoing charges excludes costs associated with buying and selling securities in the fund s underlying portfolio (for example, brokers commission and transaction taxes), except in the case of an entry/exit charge paid by the fund when buying or selling shares or units in another collective investment undertaking. To provide levels of income consistent with the fund s aims, we take the annual management charge from capital. This will restrict the increase in the value of units. The annual management charge is taken from income. For more information about charges, please see section 15 of the fund s prospectus, which is available at Past performance 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% There is insufficient data to produce a useful indication 15.6% of past performance for the unit class -4.7% 33.7% 12.9% 6.6% 22.5% Past performance in the chart shown includes all charges except entry charges. How the fund has performed in the past is not a guide to how it will perform in the future. Performance is calculated in sterling. This fund was launched on 19 July This class was launched on 19 July Practical information The Trustee of the fund is National Westminster Bank plc. Further information about the fund can be obtained from the fund s prospectus and the latest annual and halfyearly reports. The documents are in English and available free of charge. These can be found, along with other information such as the price of the fund s units, at artemis.co.uk or by phoning (from UK) or Information about Artemis remuneration policy is available at artemis.co.uk; a paper copy is available free of charge on request. UK tax legislation that applies to the fund may have an impact on your personal tax position. Artemis Fund Managers 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. You can switch your investments between funds or types of shares or units in the Artemis range. For further information, please refer to the prospectus, artemis.co.uk or phone (from UK) or The fund is authorised in the UK and regulated by the Financial Conduct Authority. Artemis Fund Managers Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 27 January 2017.

60 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. Vanguard Global Short-Term Bond Index Fund (the "Fund") A sub-fund of Vanguard Investment Series Plc "Pound Sterling" Hedged Income Shares ISIN: IE00BH65QH62 Manager: Vanguard Group (Ireland) Limited ( VGIL ) Objectives and investment policy 2 The Fund seeks to provide returns consistent with the performance of Bloomberg Barclays Global Aggregate Ex US MBS 1-5 Year Float Adjusted Bond Index (the Index ). 2 The Index includes global government, government-related agencies, corporate and securitised fixed income investments, with a maturity between 1 and 5 years. Bloomberg Barclays applies a filter to the Index to exclude US Mortgage Backed Securities from the universe of fixed income securities. 2 The Fund attempts to: 1. Track the performance of the Index by investing in a portfolio of securities that, insofar as possible and practicable, consists of a representative sample of the component securities of the Index. 2. Remain fully invested except in extraordinary market, political or similar conditions. 2 The Fund may invest in financial derivative instruments that could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. Some derivatives give rise to increased potential for loss where the Fund's counterparty defaults in meeting its payment obligations. 2 The currency of the share class is GBP. 2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates but these risks cannot be eliminated entirely. Risk and reward profile Lower risk Typically lower rewards Higher risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. 2 The risk category shown is not guaranteed and may change over time. 2 The lowest category does not mean risk free. 2 The Fund is rated 2 due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund's investments or expose the Fund to losses. - The value of bonds and fixed income-related securities is affected by influential factors such as interest rates, inflation, credit spreads and volatility which, in turn, are driven by other factors including political, economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return of your investment. Currency hedging may be used but is not guaranteed to completely eliminate currency risk. - Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity risk', restrictions on investment or transfer of assets and failed/ delayed delivery of securities or payments to the Fund. 2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. 2 The Fund may not be appropriate for short-term investment. 2 Income from the Fund will be paid out. 2 Portfolio transaction costs will have an impact on performance. 2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the prospectus ) on our website at The risk and reward indicator does not take account of the following risks of investing in the Fund: 2 Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. 2 Credit risk. The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. 2 Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. 2 Index sampling risk. As the Fund uses an index sampling technique whereby a representative sample of securities are selected to represent the Index, there is the risk that the securities selected for the Fund may not, in the aggregate, approximate the full Index. 2 Inflation risk. The value of your investments may not be worth as much in the future due to changes in purchasing power resulting from inflation. For further information on risks please see the Risk Factors section of the prospectus on our website at