BNY MELLON LONG-TERM GLOBAL EQUITY FUND

Transcription

1 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. BNY MELLON LONG-TERM GLOBAL EQUITY FUND INSTITUTIONAL SHARES W (NET INCOME) (ISIN: GB00B7V94793) A SUB-FUND OF BNY MELLON INVESTMENT FUNDS THIS FUND IS MANAGED BY BNY MELLON FUND MANAGERS LIMITED OBJECTIVES AND INVESTMENT POLICY OBJECTIVE Long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located throughout the world. POLICY The Fund will: invest anywhere in the world; invest in company shares and similar investments; follow a concentrated investment approach typically investing in fewer than 60 company shares; have complete freedom to invest without reference to any benchmark or index; and limit investment in other collective investment schemes to 10%. The Fund may: invest in emerging markets; and RISK AND REWARD PROFILE Lower risk Potentially lower reward Higher risk Potentially higher reward We have calculated the risk and reward category, as shown above, using a method of calculation derived from EU rules. As this Fund has less than five years performance data available, it is based on simulated volatility and is not a guide to the future risk and reward category of the Fund. The category shown is not a target or guarantee and may shift over time. Even the lowest category 1 does not mean a riskfree investment. This Fund is in category 5 because its simulated historical value has shown moderately high volatility. With a Fund of category 5, you have a moderately high risk of losing money but your chance for gains is also moderately high. THE FOLLOWING RISKS MAY NOT BE FULLY CAPTURED BY THE RISK AND REWARD INDICATOR: There is no guarantee that the Fund will achieve its objective. invest in derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment) with the aim of reducing the overall costs and/ or risk and/or to generate additional capital or income with a risk level which is consistent with the risk profile of the Fund (Efficient Portfolio Management (EPM)). Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within five years. Treatment of income: income from investments will be paid to shareholders annually on or before 31 August. Dealing: you can buy and sell your shares in the Fund between 9:00 and 17:00 (UK time) on each working day in the UK. Instructions received before 12:00 will receive the price quoted on that day. The minimum initial investment for this share class is 10,000,000. This Fund invests in international markets which means it is exposed to changes in currency rates which could affect the value of the Fund. The fund may use derivatives to reduce costs and/or overall risk and/or to generate additional capital or income of the fund (i.e Efficient Portfolio Management (EPM). EPM may become ineffective in adverse situations and the fund may suffer a significant loss as a result. The Fund may invest in emerging markets. These markets have additional risks due to less developed market practices. A fall in the value of a single investment may have a significant impact on the value of the Fund because it typically invests in a limited number of investments. The Fund takes its charges from the income of the Fund in the first instance. The impact of Fund charges may be material on the value of any income you receive from your investment. There is potential for capital erosion if insufficient income is generated by the Fund to cover these charges. A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors". BNY MELLON INVESTMENT FUNDS

2 CHARGES The charges cover the costs of running the Fund, including the costs of marketing and selling. These charges reduce the potential growth of your investment. ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST Entry charge 0.00% Exit charge This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. CHARGES TAKEN FROM THE FUND OVER A YEAR Ongoing charge 0.82% CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS Performance fee PAST PERFORMANCE % BNY Mellon Long-Term Global Equity Fund Institutional Shares W (Net Income) (GB00B7V94793) The ongoing charge is based on expenses calculated on 31st December This may vary from year to year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid when buying or selling units in another mutual fund. More information about charges is available in the Prospectus. The chart includes all charges except entry charges. Fund launch date - 24 August Share class launch date - 30 August Performance of this share class is calculated in sterling. Past performance is not a guide to future performance Fund % PRACTICAL INFORMATION Documents: The Fund is a sub-fund of BNY Mellon Investment Funds ("BNY MIF"), an umbrella open-ended investment company (OEIC). Copies of the Prospectus, annual and semi-annual reports for BNY MIF may be obtained free of charge from or from BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. These documents are available in English and certain other languages. Share price: The latest share price and other information, including how to buy or sell shares, are available from the website and address given above. Other share classes are offered by the Fund as set out in the Prospectus. Switching: Investors may switch shares in the Fund for shares in other sub-funds of BNY MIF provided they satisfy the criteria applicable to investment in other sub-funds. Further information on switching is contained in the Prospectus. Legal status: The assets of the Fund belong exclusively to that sub-fund and may not be used to discharge the liabilities of or claims against any other person or body, including BNY MIF or any other sub-fund within the umbrella. Liability statement: BNY Mellon 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. Depositary: National Westminster Bank plc. Tax: The tax legislation of the Fund's domicile may have an impact on your personal tax position. For further details, please speak to an adviser. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. BNY Mellon Fund Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 5 February 2015.

3 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. Schroder Asian Alpha Plus Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B5V2VR34) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Objectives The fund aims to provide capital growth. Investment Policy At least 80% of the fund will be invested in shares of Asian companies, excluding Japan. The fund has no bias to any particular industry. The fund harnesses our established research capabilities in the Asia (excluding Japan) region. It will have a specific focus on companies with positive cash flow, balance-sheet strength and valuation support. It includes a broadly diversified portfolio of between 50 and 70 companies, where we believe that the current share price does not reflect the future prospects for that business. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more effectively. Benchmark This unit class is managed with reference to the MSCI AC Far East ex Japan Net TR GBP financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you annually. Other particular risks Counterparty risk / derivatives: If a counterparty to a financial derivative contract were to default, the unrealised profit on the contract and its market exposure may be lost. Credit risk / structured products: In order to access restricted markets, the fund may invest in structured products. Should the counterparty default, the value of these structured products may be nil. Liquidity risk / emerging market liquidity risk: Investments in emerging market securities can be difficult to sell quickly, which may affect the value of the fund and, in extreme market conditions, its ability to meet redemption requests upon demand. Market risk / emerging markets & frontier: Emerging markets will generally be subject to greater political, legal, counterparty and operational risk. These risks are generally higher in frontier markets. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

4 Schroder Unit Trusts Limited Schroder Asian Alpha Plus Fund 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. Charges taken from the fund over a year Ongoing Charge 0.94% Charges taken from the fund under certain specific conditions Performance fee The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past Performance % Q Z Income GBP (GB00B5V2VR34) Q MSCI AC Far East ex Japan Net TR GBP Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 26 November Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

5 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder European Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B76V8D44) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. Objectives The fund aims to provide capital growth. Investment Policy At least 80% of the fund will be invested in shares of European companies, excluding the UK. The fund has no bias to any particular industry. The fund invests in quality businesses, with credible management teams, which we believe have been undervalued by the market. Investment decisions are based on in-depth research into a company's financial and business strength, as well as regular meetings with management. To a lesser extent, we allow more macroeconomic or thematic views to influence portfolio positioning when we find pertinent opportunities. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. Benchmark This unit class is managed with reference to the FTSE World Series Europe ex UK TR GBP financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you annually. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

6 Schroder Unit Trusts Limited Schroder European Fund 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. Charges taken from the fund over a year Ongoing Charge 0.93% Charges taken from the fund under certain specific conditions Performance fee Past Performance % Q Z Income GBP (GB00B76V8D44) Q FTSE World Series Europe ex UK TR GBP The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 30 April Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

7 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder European Opportunities Fund a sub-fund of Schroder Investment Fund Company Class Z Income GBP (GB00B60BTP24) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth. Investment Policy At least 80% of the fund will be invested in shares of large and medium-sized European companies, excluding the UK. The fund has no bias to any particular industry. The fund follows an investment approach based around the business cycle, where the managers attempt to identify turning points in the cycle and then focus on the types of companies they believe will benefit from it. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more efficiently. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. Benchmark This share class is managed with reference to the FTSE World Series Europe ex UK TR GBP financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This share class pays income received from the fund's investments to you annually. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Counterparty risk / derivatives: If a counterparty to a financial derivative contract were to default, the unrealised profit on the contract and its market exposure may be lost. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

8 Schroder Investment Fund Company Schroder European Opportunities Fund 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. Charges taken from the fund over a year Ongoing Charge 0.94% Charges taken from the fund under certain specific conditions Performance fee Past Performance % Q Z Income GBP (GB00B60BTP24) Q FTSE World Series Europe ex UK TR GBP The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 2 July Performance achieved during this period was achieved under circumstances that no longer apply. The fund name and charges changed on 24 March Performance shown during this period predates the launch of this share class and has been simulated using the history of a similar share class within the fund. Practical Information Depository: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone +44 (0) They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Umbrella Fund: This fund is a sub-fund of an umbrella fund, the name of which is at the top of this document. The prospectus and periodic reports are prepared for the entire umbrella fund. To protect investors, the assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. Switches: Subject to conditions, you may apply to switch your investment into another share class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

9 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder Income Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B5WJCB41) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide income. Investment Policy At least 80% of the fund will be invested in shares of UK companies. The fund aims to provide an income in excess of 110% of the FTSE All Share index yield. The fund invests in 'value' stocks those whose share prices appear low relative to their long-term profit potential, and which are typically paying an attractive and growing dividend. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. Benchmark This unit class is managed with reference to the FTSE All Share Total Return financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you half yearly. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Counterparty risk / derivatives: If a counterparty to a financial derivative contract were to default, the unrealised profit on the contract and its market exposure may be lost. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

10 Schroder Unit Trusts Limited Schroder Income Fund 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. Charges taken from the fund over a year Ongoing Charge 0.91% Charges taken from the fund under certain specific conditions Performance fee Past Performance % Q Z Income GBP (GB00B5WJCB41) Q FTSE All Share Total Return The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 31 May Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

11 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder Strategic Credit Fund a sub-fund of Schroder Investment Fund Company Class L Income GBP (GB00B11DP098) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund's investment objective is to provide a total return. Investment Policy The fund invests in bonds issued by companies in the UK and Europe, with the flexibility to exploit opportunities across the fixed income spectrum to build a diversified portfolio of bonds. This will include bonds that have been awarded lower ratings from credit agencies, or no ratings at all. The fund also has the flexibility to invest outside Europe, and in bonds issued by governments or government agencies. The fund has no set target in respect of any country or sector but seeks to focus on investments which offer the most attractive returns. Investments in bonds issued in a foreign currency will be hedged to reduce the effects of exchange rate fluctuations between that currency and the fund's base currency, pounds sterling. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category is based upon the fund's risk target and there is no guarantee that the fund will achieve it. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Counterparty risk / derivatives: If a counterparty to a financial derivative contract were to default, the unrealised profit on the contract and its market exposure may be lost. Credit risk / debt securities: A security issuer may not be able to meet its obligations to make timely payments of interest and principal. This will affect the credit rating of those securities. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. The fund may use leverage and take indirect short positions. Benchmark This share class is not managed with reference to a financial index. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This share class pays income received from the fund's investments to you half yearly. Credit risk / non-investment grade: Non-investment grade securities will generally pay higher yields than more highly rated securities but will be subject to greater market, credit and default risk. Financial techniques / derivative outcome: There is no guarantee that a financial derivative contract will achieve its intended outcome, even if the terms of the contract are completely satisfied. Leverage risk / derivatives: Investments in the fund may include financial derivative instruments. Such instruments may be used to reduce, obtain, or increase exposure to underlying assets and may in the latter case result in greater fluctuations of the Net Asset Value of the Fund. However, the use of derivatives is not expected to be significant and is not likely to materially alter the risk profile of the Fund. Liquidity risk / non-investment grade liquidity risk: Investments in non-investment grade securities can be difficult to sell quickly, which may affect the value of the fund and, in extreme market conditions, its ability to meet redemption requests upon demand. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

12 Schroder Investment Fund Company Schroder Strategic Credit Fund 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. Charges taken from the fund over a year Ongoing Charge 0.67% Charges taken from the fund under certain specific conditions Performance fee The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past Performance % Q L Income GBP (GB00B11DP098) Performance achieved during this period was achieved under circumstances that no longer apply. The fund name and charges changed on 24 March Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 4 April Practical Information Depository: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone +44 (0) They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Umbrella Fund: This fund is a sub-fund of an umbrella fund, the name of which is at the top of this document. The prospectus and periodic reports are prepared for the entire umbrella fund. To protect investors, the assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. Switches: Subject to conditions, you may apply to switch your investment into another share class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

13 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder Tokyo Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B58VQH84) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth. Investment Policy At least 80% of the fund will be invested in shares of Japanese companies. The fund has no bias to any particular industry or size of company. Investment is based on Japan's economic strengths, such as its manufacturing industry (in particular those parts that are demonstrating an ability to exploit newly emerging technology) and on sectors benefiting from structural change in the economy. The fund uses Tokyo-based in-house research to identify and invest in attractively valued companies - those whose share prices appear low relative to long-term profit potential. These opportunities are likely to be found across a broad range of industries and are identified by an intensive programme of inhouse company contact and analysis. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Benchmark This unit class is managed with reference to the Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) GBP. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you annually. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Liquidity risk / small cap liquidity risk: Investments in small companies can be difficult to sell quickly which may affect the value of the fund and, in extreme market conditions, its ability to meet redemption requests upon demand. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

14 Schroder Unit Trusts Limited Schroder Tokyo Fund 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. Charges taken from the fund over a year Ongoing Charge 0.92% Charges taken from the fund under certain specific conditions Performance fee Past Performance % Q Z Income GBP (GB00B58VQH84) Q Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) GBP The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 1 March Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

15 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder UK Smaller Companies Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B76V8019) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth. Investment Policy At least 80% of the fund will be invested in shares of smaller-sized UK companies. The fund has no bias to any particular industry. The companies will be in the bottom 10% by size of the UK market at the time of purchase. The small cap universe is an extensive, diverse and constantly changing area of the UK market. Smaller companies offer investors exposure to some niche growth areas that, often, cannot be accessed through large companies. They also tend to grow more rapidly than larger firms and can go on to become household names. Our investment approach centres on stock selection, which means we focus on each company's ability to create value for shareholders, rather than try to predict what will happen in the wider economic environment. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Benchmark This unit class is managed with reference to the FTSE UK Series Small Cap ex Investment Trusts TR financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you annually. Other particular risks Financial techniques / derivative outcome: There is no guarantee that a financial derivative contract will achieve its intended outcome, even if the terms of the contract are completely satisfied. Leverage risk / derivatives: Investments in the fund may include financial derivative instruments. Such instruments may be used to reduce, obtain, or increase exposure to underlying assets and may in the latter case result in greater fluctuations of the Net Asset Value of the Fund. However, the use of derivatives is not expected to be significant and is not likely to materially alter the risk profile of the Fund. Liquidity risk / small cap liquidity risk: Investments in small companies can be difficult to sell quickly which may affect the value of the fund and, in extreme market conditions, its ability to meet redemption requests upon demand. Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

16 Schroder Unit Trusts Limited Schroder UK Smaller Companies Fund 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. Charges taken from the fund over a year Ongoing Charge 0.91% Charges taken from the fund under certain specific conditions Performance fee The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past Performance % Q Z Income GBP (GB00B76V8019) Q FTSE UK Series Small Cap ex Investment Trusts TR Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 31 May Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

17 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Schroder US Mid Cap Fund an Authorised Unit Trust of Schroder Unit Trusts Limited Class Z Income GBP (GB00B7M4CS05) This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group. Objectives and Investment Policy Objectives The fund aims to provide capital growth and income. Investment Policy At least 70% of the fund will be invested in shares of mediumsized North American companies. The fund has no bias to any particular industry. The companies will be in the bottom 40% by size of the North American market at the time of purchase. The fund invests in a broad range of medium sized North American companies on the belief that they will offer better growth prospects than their larger peers over the medium to long term. Smaller companies are typically at the early stages of their expansion and under-researched compared to their larger peers. Our investment approach focuses on three types of companies: companies that demonstrate strong growth trends and improving levels of cash; companies which generate dependable earnings and revenues; and companies which are companies that are undergoing positive change that is not being recognised by the market. By doing so, we believe that we can reduce overall risk Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk and reward indicator The risk category was calculated using historical performance data and may not be a reliable indicator of the fund's future risk profile. The fund's risk category is not guaranteed to remain fixed and may change over time. and improve returns for our investors over the medium to long term. The fund may also invest in other financial instruments and hold cash on deposit. Derivatives may be used to reduce risk or manage the fund more effectively. Benchmark This unit class is managed with reference to the Russell 2500 TR Lagged GBP financial index. The manager invests on a discretionary basis and is not limited to investing in accordance with the composition of this benchmark. Dealing Frequency You may redeem your investment upon demand. This fund deals daily. Distribution Policy This unit class pays income received from the fund's investments to you annually. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Other particular risks Operational risk / third parties: The fund's operations depend on third parties and it may suffer disruption or loss in the event of their failure.

18 Schroder Unit Trusts Limited Schroder US Mid Cap Fund 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. Charges taken from the fund over a year Ongoing Charge 0.91% Charges taken from the fund under certain specific conditions Performance fee The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures and in some cases you might pay less. You can find out the actual entry and exit charges from your financial advisor. The ongoing charges figure is based on the last year's expenses for the year ending December 2014 and may vary from year to year. Please see the prospectus for more details about the charges. Past Performance % Q Z Income GBP (GB00B7M4CS05) Q Russell 2500 TR Lagged GBP Performance shown during this period predates the launch of this unit class and has been simulated using the history of a similar unit class within the fund. Past performance is not a guide to future performance and may not be repeated. The value of investments may go down as well as up and you may not get back the amount you originally invested. The chart shows performance in British pound after the ongoing charges and the portfolio transaction costs have been paid. The fund was launched on 1 June Practical Information Trustee: J. P. Morgan Europe Ltd. Further Information: You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly reports and the latest price of units from and from Schroders, PO Box 1102, Chelmsford, Essex, CM99 2XX, England, telephone They are in English, free of charge. Tax Legislation: The fund is subject to UK tax legislation which may have an impact on your personal tax position. Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the fund's prospectus. Switches: Subject to conditions, you may apply to switch your investment into another unit class within this fund or in another Schroder fund. Please see the prospectus for more details. Glossary: You can find an explanation of some of the terms used in this document at This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 19 February 2015.

19 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. PFS Somerset Emerging Markets Dividend Growth Fund ("the Fund") A Income GBP Shares This is a sub fund of PFS Somerset Capital Management Investment Funds ICVC. The Fund is an Open Ended Investment Company. ISIN: GB00B4QKMK51. Phoenix Fund Services (UK) Ltd is the Authorised Corporate Director of the Fund. Objectives and investment policy The Fund aims to grow your investment and provide income. The Fund will invest in shares of dividend-paying companies established or operating in emerging market countries, which are typically countries that are still developing their economies. The Fund will invest principally in Asia, Eastern Europe, the Middle East, Africa and Latin America. 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. Any income this share class generates will be paid out to your bank account. You can buy and sell units on any business day in London. Typically lower rewards, lower risk Typically higher rewards, higher risk Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and policy details please refer to the prospectus The 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 overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of your investment to decrease and increase. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This means your money is at greater risk. For further risk information please see the prospectus. Page 1 of 2.

20 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 1.00% 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 1.33% Charges taken from the Fund under specific conditions Performance fee NONE 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). For the ongoing charge, the figure is as at 30 September Charges are deducted from capital. This may allow more income to be paid but it may also restrict capital growth. No entry charge is currently levied by the ACD, however, an entry charge of up to 5% based on the value of your investment may be applied on the value of the shares purchased, at the discretion of the ACD. No exit charge is currently levied by the ACD, however, an exit charge of 1% based on the value of the shares sold may be applied when selling shares, at the discretion of the ACD. A dilution levy of 0.4% will be charged on entry to or exit from the Fund, this is to cover costs associated with your transaction. For more information about charges, please see the prospectus. Past performance % You should be aware that past performance is not a guide to future performance. Fund launch date: 29/03/2010. Share/unit class launch date: 29/03/2010. Performance is calculated in GBP Fund Source: FE 2015 Practical information This document is issued by Phoenix Fund Services (UK) Ltd and contains information on the A Income GBP Shares only. Each fund of the Company has its own pool of assets and liabilities, segregated by law. If one fund were unable to pay for its liabilities the assets of the other funds could not be used to pay for those liabilities. You can get further detailed information regarding the Fund, including details of the investment manager and how to switch, buy and sell shares and other share classes available, within the prospectus, the supplementary information document and the annual and half yearly managers' reports. You can get these free of charge from Phoenix Fund Services (UK) Ltd, Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW or from our website: www. phoenixfundservices.com. These are available in English only. You can also call us on , or look on the website for the latest share prices. The Depositary of the Fund is National Westminster Bank Plc. Please note that the tax laws of the United Kingdom may impact your own tax position. Phoenix Fund Services (UK) Ltd may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. This Fund is authorised in the United Kingdom by the Financial Conduct Authority. Phoenix Fund Services (UK) Ltd is authorised in the United Kingdom and regulated by the Financial Conduct Authority. INE8 This Key Investor Information is accurate as at 12/01/2015. Page 2 of 2.

21 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. UK Smaller Companies Fund, a Sterling denominated sub fund of the Standard Life Investment Company, Platform 1 Accumulation Shares (ISIN:GB00B7FBH943). This fund is managed by Standard Life Investments (Mutual Funds) Limited. Objectives and Investment Policy The fund aims to provide long term growth by investing mainly in the shares of smaller companies listed on the UK stock market. The fund is actively managed by our investment team, who will select stocks to try to take advantage of opportunities they have identified. The fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk. Risk and Reward Profile Lower risk Typically lower rewards This indicator reflects the volatility of the fund's share price over the last five years which in turn reflects the volatility of the underlying assets in which the fund invests. Historical data may not be a reliable indication for the future. As the fund does not have a history of five years, a comparable fund or a representative benchmark has been used to show how the fund's share price may have behaved over the period. The current rating is not guaranteed and may change if the volatility of the assets in which the fund invests changes. The lowest rating does not mean risk free. Higher risk Typically higher rewards The fund is rated as {5} because of the extent to which the following risk factors apply: (a) The fund invests in equities and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time. Any income, for example dividend income, received by the fund will be reinvested. Investors in the fund may buy and sell shares on any normal business day. Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing. (b) The fund's investments are concentrated in the UK. This may result in greater volatility than portfolios which are more geographically diversified. (c) Investing in derivatives carries the risk of substantial loss and / or increased volatility in adverse market conditions. (d) The shares of smaller companies may be less liquid and more volatile than those of larger companies. All investment involves risk. This fund offers no guarantee against loss or that the fund's objective will be attained. Past performance is not a guide to future returns and future returns are not guaranteed. The price of shares and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. Inflation reduces the buying power of your investment and income. The value of assets held in the fund may rise and fall as a result of exchange rate fluctuations. The fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations to the fund. In extreme market conditions some securities may become hard to value or sell at a desired price. The fund could lose money as the result of a failure or delay in operational processes.

22 Charges The charges you pay are used to pay the costs of running the fund including marketing and distributing it. These charges reduce the potential growth of your investment. One off charges taken before or after you invest Entry charge: 0.00% Exit charge: 0.00% 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 Ongoing charges: 0.99% Charges taken from the fund under certain specific conditions Performance Fees: Past Performance UK Smaller Companies Fund, Platform 1 Accumulation Shares, 31 December 2014 % Returns 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 reflects the amount based on expenses for the year ending 28/2/2014. 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 in another collective investment undertaking. A switching charge may be applied in accordance with the Prospectus. For more information about charges please see Prospectus. For more information about charges, please see the Prospectus which is available at Performance has been calculated over the stated period based on the share price of this share class. Past performance is not a guide to future performance The fund was launched in The share class was launched in The performance of the share class is calculated in Sterling Year Source: Standard Life Investments Practical Information Name of Depositary: Citibank International Limited, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Further information about the Standard Life Investment Company (Prospectus, report & accounts) can be found at where documents may be obtained free of charge. Other practical information (e.g. where to find latest share prices) can be found in documents held at Prospective investors should consult their own professional advisers on the potential tax consequences of acquiring, holding or selling shares. Standard Life Investments (Mutual 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 Standard Life Investment Company. Other share classes are available in the fund and further information about these can be found in the Standard Life Investment Company Prospectus. Standard Life Investment Company is an umbrella structure comprising a number of different sub funds, one of which is this fund. This document is specific to the fund and share class stated at the beginning of this document. However, the Prospectus, annual and half-yearly reports are prepared for the entire umbrella. The assets of a sub fund within the umbrella belong exclusively to that sub fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body including Standard Life Investment Company and any other sub fund. Any liability incurred on behalf of or attributable to any sub fund shall be discharged solely out of the assets of that sub fund. Investors may switch their shares in the fund for shares in another sub fund within the Standard Life Investment Company. For further information please refer to the prospectus (section on 'Switching') which can be found at The Standard Life Investment Company and Standard Life Investments (Mutual Funds) Limited are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate at 8/1/2015 Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street Edinburgh EH2 2LL and is authorised and regulated by the Financial Conduct Authority. KIID_XS_32_Acc_N_GBP_GB_EN_

23 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. High Yield Bond Fund (the "Fund") Class Z Net Income Shares (GBP) GB00B7SGDT88, a sub-fund of Threadneedle Investment Funds ICVC (the "Company"). This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company"). Objectives and investment policy The aim of the Fund is to provide income. The Fund invests at least two-thirds of its assets in high income paying bonds (which are similar to a loan and pay a fixed or variable interest rate) issued by companies worldwide. High income paying bonds are bonds that have received lower ratings from international agencies that provide such ratings. These bonds are considered riskier than higher rated bonds but typically pay a higher income. The Fund may also invest in asset classes and instruments different from those stated above. The Fund makes active investment decisions. Any income the Fund generates will be paid out to your bank account. You can buy and sell shares in the Fund on any day that is a business day in London. You can find more detail on the objectives and investment policy of the Fund in the section of the prospectus with the heading Investment Objectives, Policies and Other Details of the Funds. As part of the investment process, the Fund will make reference to the Merrill Lynch European Currency High Yield (3%) Constrained Index ex Subordinated Financials (Hedged to British Pounds). Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk The Fund is in this specific category because historically it has shown a medium level of volatility (how much the value of the Fund went up and down compared to other categories). The lowest category does not mean a risk-free investment. Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. The Fund invests in securities whose value would be significantly affected if the issuer refused, was unable to or was perceived to be unable to pay. 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. Changes in interest rates are likely to affect the Fund s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa. The Fund s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold. 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 investment manager does not intend that such use of derivatives will affect the overall risk profile of the Fund. All the risks currently identified as being applicable to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2.

24 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 3.00% Exit charge 0.00% These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. he ongoing charges figure is based on expenses for the year ending 07/03/2014. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). All or part of the fees and expenses of the company may be charged against capital instead of against income. Charges taken from the Fund over a year Ongoing charges 0.74% Charges taken from the Fund under specific conditions Performance fee NONE Past performance % / You should be aware that past performance is not a guide to future performance. Fund launch date: 04/10/1999. Share/unit class launch date: 01/10/2012. Performance is calculated in GBP. Past performance until this date includes some simulated data or data for another share/unit class with similar characteristics. All charges and fees, except any entry, exit and switching charge, have been included within the performance. Although the Fund makes reference to the index as part of the investment process, it is not intended that the performance of the Fund should track the index. * Merrill Lynch Euro Currency Hi Yld 3% Constrained Idx ex Sub Fin (Hgd tobritpds) Fund Index * Source: FE 2015 Practical information The Depositary of the Company is Citibank International Limited. You can obtain further information regarding the Fund, the Company, its Prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Management Company. The documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). You can obtain other practical information, including current share prices, at columbiathreadneedle.com. The tax legislation of the United Kingdom may have an impact on your personal tax position. Threadneedle Investment Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the UCITS. This document describes a fund of the Company. The Prospectus, annual and half-yearly reports are prepared for the entire Company. The Company is comprised of multiple funds which are segregated by law. Rights of investors and creditors concerning a fund or arising from the creation, operation or liquidation of a fund are limited to the assets of that fund. You can exchange your shares for shares of other funds of the Company, as and when available. Information as to how to exercise this right is in the Switching/Converting section of the Prospectus. Details of other share classes of the Fund can be found in the Prospectus or at columbiathreadneedle.com. This Fund is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. Threadneedle Investment Services Limited is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. *G7CP V08. GB G7CP This Key Investor Information is accurate as at 18/03/2015. Page 2 of 2.

25 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. UK Equity Income Fund (the "Fund") Class Z Net Income Shares (GBP) GB00B8169Q14, a sub-fund of Threadneedle Investment Funds ICVC (the "Company"). This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company"). Objectives and investment policy The aim of the Fund is to provide income with the potential to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of UK companies. The Fund may also invest in asset classes and instruments different from those stated above. The Fund makes active investment decisions. Any income the Fund generates will be paid out to your bank account. You can buy and sell shares in the Fund on any day that is a business day in London. You can find more detail on the objectives and investment policy of the Fund in the section of the prospectus with the heading Investment Objectives, Policies and Other Details of the Funds. As part of the investment process, the Fund will make reference to the FTSE All Share Index. Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk The Fund is in this specific category because historically it has shown a medium to high level of volatility (how much the value of the Fund went up and down compared to other categories). The lowest category does not mean a risk-free investment. Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. The Fund 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 investment manager does not intend that such use of derivatives will affect the overall risk profile of the Fund. All the risks currently identified as being applicable to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2.

26 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 3.00% Exit charge 0.00% These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. The ongoing charges figure is based on expenses for the interim reporting period ending 07/09/2014. 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). All or part of the fees and expenses of the company may be charged against capital instead of against income. Charges taken from the Fund over a year Ongoing charges 0.82% Charges taken from the Fund under specific conditions Performance fee NONE Past performance % / You should be aware that past performance is not a guide to future performance. Fund launch date: 30/09/1985. Share/unit class launch date: 01/10/2012. Performance is calculated in GBP. Past performance until this date includes some simulated data or data for another share/unit class with similar characteristics. Since launch the Fund has had different characteristics. Please refer to columbiathreadneedle.com for further details. All charges and fees, except any entry, exit and switching charge, have been included within the performance. Although the Fund makes reference to the index as part of the investment process, it is not intended that the performance of the Fund should track the index. * FTSE All Share Fund Index * Source: FE 2015 Practical information The Depositary of the Company is Citibank International Limited. You can obtain further information regarding the Fund, the Company, its Prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Management Company. The documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). You can obtain other practical information, including current share prices, at columbiathreadneedle.com. The tax legislation of the United Kingdom may have an impact on your personal tax position. Threadneedle Investment Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the UCITS. This document describes a fund of the Company. The Prospectus, annual and half-yearly reports are prepared for the entire Company. The Company is comprised of multiple funds which are segregated by law. Rights of investors and creditors concerning a fund or arising from the creation, operation or liquidation of a fund are limited to the assets of that fund. You can exchange your shares for shares of other funds of the Company, as and when available. Information as to how to exercise this right is in the Switching/Converting section of the Prospectus. Details of other share classes of the Fund can be found in the Prospectus or at columbiathreadneedle.com. This Fund is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. Threadneedle Investment Services Limited is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. *G7CJ V11. GB G7CJ This Key Investor Information is accurate as at 18/03/2015. Page 2 of 2.

27 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 Income, a fund within CF Woodford Investment Fund (ISIN: GB00BLRZQ620) 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 derivatives, though it is not anticipated that such use 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. The fund aims to distribute available income every quarter. 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 2.0