Fidelity American Special Situations Fund a sub-fund of Fidelity Investment Funds W Accumulation Shares (ISIN: GB00B89ST706)

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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. Fidelity American Special Situations Fund a sub-fund of Fidelity Investment Funds W Accumulation Shares (ISIN: GB00B89ST706) This fund is managed by FIL Investment Services (UK) Limited Objectives and Investment Policy Aims to provide long-term capital growth. Invests primarily in the shares of US companies. 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. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment. Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk category was calculated using historical performance data. The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. The lowest category does not mean a "risk free" investment. The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. The value of your investment may fall as well as rise and you may get back less than you originally invested. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. The use of financial derivative instruments may result in increased gains or losses within the fund.

2 Key Investor Information Fidelity American Special Situations Fund Charges for this fund (ISIN: GB00B89ST706) 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 0.94% 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 shown here for this class is an estimate of the charges. This figure may vary from year to year. It excludes: performance fees; 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 40% % 20% % 0% % Past performance is not a guide to future performance results. If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges. The fund was launched on 10/11/1980. This class was launched on 15/10/2012. Past performance has been calculated in GBP. Class Y 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 or by requesting it from your appointed representative or your usual Fidelity contact. 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. Details of the summary Remuneration Policy are available via A paper copy can be obtained free of charge in English from the Fund Manager. 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 12/01/2018.

3 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. Emerging Markets Fund a sub-fund of Fidelity Institutional Funds W Accumulation Shares (ISIN: GB00B9SMK778) This fund is managed by FIL Investment Services (UK) Limited Objectives and Investment Policy Aims to provide long-term capital growth with the level of income expected to be low. Invests primarily in company shares in countries experiencing rapid economic growth including those in Africa, the Indian sub-continent, Latin America, South East Asia, Europe and the Middle East. 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. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment. Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk category was calculated using historical performance data. The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. The lowest category does not mean a "risk free" investment. The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. The value of your investment may fall as well as rise and you may get back less than you originally invested. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. The use of financial derivative instruments may result in increased gains or losses within the fund. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less welldefined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses. In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.

4 Key Investor Information Emerging Markets Fund Charges for this fund (ISIN: GB00B9SMK778) 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 0.98% 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 shown here for this class is an estimate of the charges. This figure may vary from year to year. It excludes: performance fees; 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 40% % % 10% 5.9 0% % Past performance is not a guide to future performance results. If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges. The fund was launched on 28/07/1997. This class was launched on 13/05/2013. Past performance has been calculated in GBP. Class Y 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 or by requesting it from your appointed representative or your usual Fidelity contact. 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. Details of the summary Remuneration Policy are available via A paper copy can be obtained free of charge in English from the Fund Manager. 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 Institutional 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 Institutional Funds are segregated by law so 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 02/02/2018.

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 risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. I Class Shares in Fundsmith Equity Fund Accumulation Shares (ISIN: GB00B41YBW71) Income Shares (ISIN: GB00B4MR8G82) The fund is managed by Fundsmith LLP Objectives and investment policy The fund s objective is to achieve long-term growth in value, investing in shares of companies on a global basis. The fund s approach is to be a long-term investor in its chosen stocks and it will not adopt short-term trading strategies. The fund aims to invest in businesses: that can sustain a high return on operating capital employed; whose advantages are difficult to replicate; which do not require significant borrowing to generate returns; with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return; that are resilient to change, particularly technological innovation; whose valuation is considered to be attractive; The fund will not invest in derivatives nor hedge any currency exposure. The fund will not borrow money, except in unusual circumstances. The fund does not track a particular benchmark. An investor, or prospective investor, may buy or sell their shares on demand each business day in the UK. Instructions to buy or sell received before noon will be implemented that day; instructions received after noon or on a non-business day will be implemented at noon on the next business day. For the Accumulation Shares, the dividends are reinvested in the fund. For the Income Shares, the dividends are paid out to you from the fund. Recommendation: This fund invests for the long-term and may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and reward profile Lower Typically risk lower rewards Typically Lower risk lower rewards Typically higher Higher rewards risk Typically higher Higher rewards risk The risk category reflects the significance of the fund s share price fluctuations based on historical data. Historical data may not be a reliable indication of the future risk profile of the fund. The risk category of the fund is not guaranteed and may change over time. Further, the lowest category of risk does not mean risk free. Generally, the higher the risk category, the greater the potential for higher returns but also the higher the risk of losing money. The fund is in Category 5 reflecting the risks inherent in the fund s investment portfolio, including that of capital losses. The underlying investments are, however, in large companies with shares that are, in most cases, highly liquid. There are a number of other risks that are not covered by the indicator above. A full description is contained in the prospectus under the heading Risk Factors. The most material are: Currency risk: The fund s portfolio is a global share portfolio and many of the investments are not denominated in Sterling. There is no currency hedging in place and the price of shares in the fund may therefore rise or fall purely on account of exchange rate movements. Concentration risk: The investment criteria adopted by the fund significantly limits the number of potential investments. The fund generally holds 20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance of a single stock within the portfolio has a greater effect on the price of the shares of the fund. Operational risk: Failures or delays in operational processes may negatively affect the fund. There is a risk that any company responsible for the safekeeping of the assets of the fund may fail to do so properly or may become insolvent, which could cause loss to the fund.

6 Key Investor Information I Class Shares in Fundsmith Equity Fund Charges The charges for the fund are shown below. The ongoing charges figure is based on the fund s expenses for the year ended 31 December This includes all costs borne by the fund except for portfolio transaction costs but, because the portfolio turnover is relatively low, these charges should equally be low. The ongoing charges are used to pay the costs of running the fund, including the fee payable to Fundsmith LLP, which is 0.90% per annum, and certain other costs including marketing and distributing the fund. These ongoing charges reduce the potential growth of the investment. The overall ongoing charges may vary from year to year. One-off charges taken before or after you invest Entry charge Exit charge Not charged Not charged Charges taken from the fund over the year Ongoing charges 0.95% Charges taken under certain conditions Performance fee Not charged Past performance 35% 30% 25% 20% 25.4% 23.5% 28.3% 22.1% This performance is calculated based on the net asset value per class (which includes all charges) and assuming the income has been re-invested in the fund. Past performance is not necessarily a guide to future performance. The performance is shown in Pounds Sterling. 15% 10% 12.6% 15.8% The fund was established in November % 8.5% 0% Practical information Further information on the fund is available from the website You can also obtain it by calling us on or by writing to Fundsmith LLP, PO Box 10846, Chelmsford, Essex CM99 2BW. This includes the Supplementary Information Document, the Prospectus, the latest price of shares of the fund, and the latest annual or semi-annual reports as and when they are published. These documents are available free of charge and in English. This Key Investor Information Document describes the GBP I Class shares. The equivalent document for other share classes is available from the website and address above. The depositary of the fund is State Street Trustees Limited. Details of Fundsmith LLP s up to date remuneration policy are available from the website - and include a description of how remuneration and benefits are calculated and the identities of the persons responsible for awarding remuneration and benefits. A paper copy of this information will be made available free of charge on request. The tax legislation of the United Kingdom may have an impact on the personal tax position of the investor. We are required, under Money Laundering regulations, to confirm your identity. In the majority of cases, we do this electronically, but we may require additional documents from you if we cannot do this. Fundsmith LLP may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund. This fund and Fundsmith LLP are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 31 January 2018.

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. Unless otherwise defined in this document, all words and expressions defined in the Fund s current Prospectus shall have the same meaning herein. GAM Star Credit Opportunities (GBP) (the Fund ) a sub-fund of GAM Star Fund plc. Class Ordinary GBP Income (the Share Class ) ISIN: IE00B Manager: GAM Fund Management Limited part of GAM Group AG. Objectives and Investment Policy The investment objective of the Fund is to achieve capital gain in Sterling. The Fund seeks to achieve this objective through investment principally on a worldwide basis (up to 10% of net assets may be in Emerging Markets) in income bearing or accruing securities with fixed principal amounts including government bonds, corporate bonds, junior debt securities, preferred shares, convertible securities and contingent capital notes. The securities in which the Fund invests will include fixed and floating interest instruments and there are no maturity restrictions. At least 40% of net assets will be invested in investment grade securities. The fund manager adopts a flexible approach seeking opportunities globally across the whole credit spectrum, regardless of index weights but with a strong emphasis on the financial sector. Shares in the Fund can be bought and sold daily (every Business Day of the Fund). Any income arising from this Share Class will be distributed. Other share classes of the Fund may accumulate income. The fund manager has discretion in managing the investments of the Fund. The Fund may use a limited number of simple derivative instruments for efficient portfolio management purposes. Further information on the Fund s use of derivatives can be found under the Derivatives section within the Fund s Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value. The Fund may also use the following techniques and instruments for efficient portfolio management purposes; Repurchase and Reverse Repurchase Agreements and Stocklending Agreements. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and Reward Profile The risk indicator is based on the volatility of the Fund s performance over the last 5 years. Where 5 years performance history is not available the data is supplemented by proxy fund, benchmark data or a simulated historical series as appropriate. This profile is determined using historical data, as such may not be a reliable indication for the future risk profile. It is not guaranteed and may shift over time. The lowest category does not mean risk free. The Fund does not offer any capital guarantee or assurance that the investor will receive a fixed amount when redeeming. Further risks that may have a significant effect on the net asset value of the Fund include: Credit Risk / Debt Securities: bonds may be subject to significant fluctuations in value. Bonds are subject to credit risk and interest rate risk. Credit Risk / Non-Investment Grade: non-investment grade securities, which will generally pay higher yields than more highly rated securities, will be subject to greater market and credit risk, affecting the performance of the Fund. Interest Rate Risk: a rise or fall in interest rates causes fluctuations in the value of fixed income securities, which may result in a decline or an increase in the value of such investments. Liquidity Risk: some investments 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. Concentration Risk: concentration in a limited number of securities and industry sectors may result in more volatility than investing in broadly diversified funds. Brexit Risk :The regulatory regime to which certain of the Investment Managers are subject to in the UK could be materially and adversely affected. The decision to leave the EU could also result in substantial volatility in foreign exchange markets and a sustained period of uncertainty for the UK, the EU and the global markets in general. The Risk Factor section of the Prospectus and the Risk Factor section of the Fund Supplement for this Fund give you more details about all the risks for the Fund see under Practical Information for how to obtain a copy.

8 Charges for this Share Class The charges you pay are used to pay the costs of running the Share Class, 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 Up to 5% Exit charge Nil Switching charge Up to 1% 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 Class over a year Ongoing charges 1.55% Charges taken from the Class under certain specific conditions Performance fee None The entry, exit and switching charges shown are maximum figures. In some cases you might pay less you can find this out from your financial adviser. You may be charged a dilution levy of up to 1% of the value of the Shares (representing the cost of buying or selling investments) on entry to or exit from the Fund. The ongoing charges figure is based on expenses for the year ending 30 June This figure may vary from year to year. It excludes bank interest, portfolio transaction costs and any performance fees if applicable. For more information about charges, please see the Fees and Expenses section of the Prospectus and the Fees section of the Fund Supplement, which are available at Past Performance Please note that past performance is not necessarily a guide to the future performance of the Fund. The data is net of tax and charges and is exclusive of subscription and redemption fees, as any subscription and redemption fees are not received by the Fund. The Fund launched in Performance shown relates to the Share Class and is calculated in GBP. Practical Information The custodian of the Fund is State Street Custodial Services (Ireland) Limited. Should you require further information on this Fund, the Share Class or other share classes of the Fund, you may visit GAM s website ( to obtain the current Prospectus and Fund Supplement and the most recent annual and any subsequent half-yearly reports and accounts. The documents referred to shall be provided free of charge in English on request. This Key Investor Information Document is specific to the Share Class but is considered representative of all other Ordinary, Ordinary Distribution, U, W, X and Z share classes for this Fund. Information relating to these share classes is available in the Description of Shares section of the Prospectus. The Net Asset Value of the Fund is calculated in GBP and is available from GAM Fund Management Limited, on and the Irish Stock Exchange. The Fund is subject to the tax laws and regulations of Ireland. Depending on your home country of residence, this might have an impact on your investment. For further details, please speak to an adviser. The Directors of GAM Star Fund plc 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 and Fund Supplement. Details of the up-to-date remuneration policy of the Manager (including, but not limited to, a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits) are available on A paper copy will be made available upon request and free of charge by the Manager. Subject to the conditions set down in the Prospectus, you are entitled to switch from one share class to another, either in the Fund or in another sub-fund of GAM Star Fund plc. Please refer to the How to Switch Shares section of the Prospectus for further information on how to switch. This Fund is a sub-fund of GAM Star Fund plc, an umbrella fund with segregated liability between sub-funds. You can find out more information about the umbrella fund in the Prospectus. The Prospectus and periodic reports are prepared in the name of GAM Star Fund plc. This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. GAM Fund Management Limited is authorised in Ireland and is also regulated by the Central Bank of Ireland. This key investor information is accurate as at 07 June SESSI/ /EN

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. Invesco Perpetual Global Targeted Returns Fund (the Fund ) A sub-fund of Invesco Perpetual Diversified Returns Investment Series ICVC (the Company ) Z Accumulation share class (ISIN: GB00B8CHD613) (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.

10 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 None 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 0.87% Charges taken from the Share Class under certain specific conditions Performance fee None - 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: 09 September The base currency of the Fund is Sterling. - Performance figures are calculated in Sterling. - Performance figures are calculated inclusive of 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 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. - The Company is structured by having different sub-funds. The assets and liabilities of each sub-fund are segregated by UK Law. As a consequence the assets of the Fund will not be available to meet the liabilities of another sub-fund within the Company. - 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 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 19 October _3/PDF/191017

11 Janus 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. UK ABSOLUTE RETURN FUND Class I Acc ISIN: GB00B5KKCX12 A sub-fund of Janus Henderson Investment Fund Series I, an OEIC managed by Henderson Investment Funds Limited. Objectives and investment policy Objective The Fund aims to provide an absolute (more than zero) return, typically over a 12-month period. An absolute return performance is not guaranteed over this specific, or any other, time period and consequently your capital is in fact at risk. The Fund will typically invest at least 60% in: Shares of or derivatives of shares of UK companies (as defined in the prospectus). The Fund takes long positions on shares it believes are promising (meaning that the Fund will gain to the extent these share prices rise) and takes short positions in shares it believes are likely to decline in price (meaning the Fund will gain to the extent these share prices fall). A substantial proportion of the Fund's assets may at any time consist of cash and near cash securities. The Fund may also invest in: Up to 40% in shares or derivatives of shares of companies outside of the UK In choosing investments, the investment manager looks for companies which have the potential to increase or decrease in price more over the long term than is currently reflected in market prices. The Fund makes extensive use of investment techniques, particularly those that involve derivatives, to obtain both its long and short investment exposure. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 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 GBPShare class currency GBP Termstounderstand CollectiveInvestmentSchemes Funds that invest in shares and other securities from the UK and elsewhere. Derivatives Financial instruments whose value is linked to the price of an underlying asset (eg indices, rates, share prices). Moneymarketinstruments A short term debt instrument, issued by a government or company as a way to raise money. Generally considered a cash equivalent. Shares / Equities Securities that represent fractional ownership in a company. ShortPosition Taking a negative view on a security to profit from a fall in its price. Volatility How sharply the Fund's share price has gone up and down over a period, generally several years. Youcanbuy,sellorswitchsharesintheFundonanybusinessday, asdefinedwithinthe Definitions SectionoftheFund sprospectus. TheFundoffersaccumulationshares(sharesinwhichnetincomeis retainedwithintheprice). Risk and reward profile Potentially lower reward Lower risk Potentially higher reward Higher risk The value of an investment and any income from it can go up or down. When you sell your shares 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 share class appears at 4 out of 7. Share classes in higher categories have shown greater and/or more frequent variations in share price in the past 5 years than those in lower categories. The lowest category does not mean risk free. 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: Active management risk Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. Counterparty risk The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund. Countryorregionrisk If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified. Derivatives risk Derivatives use exposes the Fund to risks different from, and potentially greater than, the risks associated with investing directly in securities and may therefore result in additional loss, which could be significantly greater than the cost of the derivative. Equities risk Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. Hedging risk If the Fund or a specific share class of the Fund seeks to reduce risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or detrimental. Higher trading costs The Fund involves a high level of buying and selling activity and as such will incur a higher level of trading costs than a fund that trades less frequently. Leverage risk Leverage arises from entering into contracts or derivatives whose terms have the effect of magnifying an outcome, meaning profits and losses from investment can be greater. Liquidity risk Any security could become hard to value or to sell at a desired time and price, increasing the risk of investment losses. The full list of the Fund's risks are contained in the Risk Factors section of the Fund's prospectus.

12 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. One-off charges taken before or after you invest* Entry Charge 5.00% 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 (%) 20% 15% 10% 5% % -5% -10% -15% -20% ChargestakenfromtheFundoverayear Ongoing Charges 1.06% The ongoing charges are based on last year's expenses for the year ending 31 May 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. Charges taken from the Fund under certain specific conditions Year The Fund The past performance is calculated in GBP. The Fund and the share class were launched in April Past performance is not a guide to future performance. The past performance shown in the chart takes into account all charges except entry charges. Performance fee 20.00%* *20% of any returns that, subject to a High Water Mark, the Fund achieves above the Bank of England Base Rate. The actual amount charged in the Fund's last financial year amounted to 0.74%. Formoreinformationaboutcharges,pleaseseethe Charges sectionofthefund'sprospectus. Practical information Depositary: 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 shares 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. The assets of each sub-fund are segregated, meaning that each sub-fund is insulated from any losses or claims associated with the other sub-funds. To place transaction orders: You can place orders to buy, sell or switch shares of this Fund by contacting your advisor or distributor, or us directly at Janus Henderson Investors, PO BOX 9023, Chelmsford CM99 2WB or by calling our Investor Services team on Further information about dealing, other share classes of this Fund or other funds in this OEIC may be obtained by visiting or found in the Fund's prospectus. The Fund 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. The details of the up-to-date remuneration policy of the Manager are available atwww.janushenderson.com. A paper copy of the remuneration policy will be made available free of charge upon request. These include a description of how pay and benefits are worked out and the people or committee members responsible for awarding them. ThisKeyInvestorInformationisaccurateasat12February2018.

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. JPM Global Macro Opportunities Fund C - Net Accumulation a Share Class of JPM Global Macro Opportunities Fund a Fund of JPMorgan Fund ICVC ISIN GB00B4WKYF80 The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited Objective and Investment Policy Investment Objective: To provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using financial derivative instruments where appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur. Investment Policy: The Investment Adviser uses an investment process based on macroeconomic research to identify global investment themes and opportunities. The Investment Adviser uses a flexible asset allocation approach, using a broad range of asset classes, instruments and techniques. Allocations may vary significantly and exposure to certain asset classes, markets, sectors or currencies may be concentrated from time to time, in response to market conditions and opportunities. The Investment Adviser will invest, directly or through the use of Financial Derivative Instruments (derivatives), in global Equity securities (including smaller capitalisation companies), Bonds, (including up to 100% in government and public securities, below investment grade and unrated debt securities), Commodity Index Instruments, currencies, Convertible Securities, collective investment schemes and cash and cash equivalents. Issuers of securities may be located in any country, including Emerging Markets. The Investment Adviser may have net Long or net Short Position exposure to asset classes, industry sectors, markets and /or currencies depending upon market conditions and opportunities. This may result in a net short position at the overall Fund level. Long Positions will be achieved directly or through the use of Financial Derivative Instruments, and Short Positions will be achieved via the use of Financial Derivative Instruments only. The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management including hedging, where appropriate. Although most of the non-sterling securities will be hedged back into Sterling, the Investment Adviser will also use opportunities in the foreign exchange market to maximise returns. The Fund may invest in China A-Shares via the China-Hong Kong Stock Connect Programmes. Redemption and Dealing: Shares of the Fund may be redeemed on demand, with dealing normally on a daily basis. Management Discretion: The Investment Adviser has the discretion to buy and sell investments on behalf of the Fund within the limits of the Objective and Investment Policy. Benchmark: The benchmark of the Fund is ICE 1 Month GBP LIBOR. The benchmark is a point of reference against which the performance of the Fund may be measured. The Fund will be managed without reference to its benchmark. Distribution Policy: This Share Class will reinvest income. For an explanation of some of the terms used in this document, please visit the glossary on our website at Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The above rating is based on the historic volatility of the simulated Net Asset Value of the Share Class over the last five years and the volatility which is consistent with the risk limit of the Sub-Fund. The risk and reward category shown above is not guaranteed to remain unchanged and may change over time. A Share Class with the lowest risk rating does not mean a risk-free investment. Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically and this category is consistent with the risk limit of the Sub-Fund. Other material risks: D The value of your investment may fall as well as rise and you may get back less than you originally invested. D The Fund aims to provide a positive return in any market conditions over a rolling 3 year period, although this is not guaranteed. D The Fund can use sophisticated investment techniques that differ from those used in traditional equity funds. D The Fund should not be used as a substitute for liquidity funds or cash accounts. D The Sub-Fund uses financial derivative instruments for investment purposes. The value of financial derivative instruments can be volatile and may result in gains or losses in excess of the amount required initially to establish a position in the derivative. The ACD is required to disclose in Appendix A of the Prospectus the sum of the gross notional exposure of the financial derivative instruments used (including those used for hedging or efficient portfolio management) as the expected level of leverage. However, this figure does not take into account whether the instrument increases or decreases investment risk and so may not be representative of the overall level of investment risk in the Sub-Fund. D Some financial derivative instruments (derivatives) traded on an exchange may be illiquid, and as a result, may need to be held until the derivative contract position expires. This may have an adverse impact on the return of the Fund. D The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions. D The value of bonds and other debt securities may change significantly depending on market, economic and interest rate conditions as well as the creditworthiness of the issuer. Issuers of bonds and other debt securities may fail to meet payment obligations (default) or the credit rating of bonds and other debt securities may be downgraded. These risks are typically increased for below investment grade and certain unrated securities, which may also be subject to higher volatility and be more difficult to sell than investment grade securities. D The Fund invests opportunistically and exposure to the markets may vary substantially over a short period of time depending on market conditions. Therefore the Fund may not be fully invested in rising markets; conversely the Fund could be more than fully invested in a falling market. In both circumstances the performance of the Fund would suffer. D To the extent that any underlying assets of the Fund are denominated in a currency other than Sterling and are not hedged back to Sterling, movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. D The value of securities in which the Fund invests may be influenced by movements in commodity prices which can be very volatile. D Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement

14 practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market securities may also be subject to higher volatility and be more difficult to sell than non-emerging market securities. D The Fund may invest in China A-Shares through the China-Hong Kong Stock Connect Programmes which are subject to regulatory change, quota limitations and also operational constraints which may result in increased counterparty risk. D The Fund invests in securities of smaller companies which may be more difficult to sell, more volatile and tend to carry greater financial risk than securities of larger companies. D The possible loss from taking a short position on a security (using financial derivative instruments) may be unlimited as there is no restriction on the price to which a security may rise. The short selling of investments may be subject to changes in regulations, which could adversely impact returns to investors. D The Fund may be concentrated in a limited number of securities, industry sectors or countries and as a result, may be more volatile than more broadly diversified funds. D Further information about risks can be found in "Part 11: Risk Warnings" of the Prospectus. Charges One-off charges taken before or after you invest Entry charge Exit charge None None This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. Charges taken from this Share Class over a year Ongoing charge 0.75% Charges taken from this Share Class under certain specific conditions Performance fee: None D The actual entry and exit charges paid may be less. Information on charges can be obtained from the investor's financial adviser. D The Prospectus permits a fee to be charged for switching between Funds but this fee is currently waived by the Authorised Corporate Director. D The ongoing charge is an estimate based on the expected total of charges. D Charges are used to pay the costs of running this Share Class. These charges reduce the potential growth of the investment. D Further information about charges can be found in "Part 5: Charges and Expenses" section of the Prospectus. Past Performance % Q JPM Global Macro Opportunities Fund C - Net Accumulation (GB00B4WKYF80) Q Benchmark D Past performance is not a guide to future performance. D Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in GBP. D Fund launch date: D Share Class launch date: Practical Information Depositary: The fund depositary is National Westminster Bank Plc. Further Information: A copy of the Prospectus and latest annual and semi-annual financial report in English can be downloaded or ordered online from or are available free of charge upon request from our UK-based Investor Services Team on (or if calling from outside the UK) or by writing to J. P. Morgan Asset Management, Client Administration Centre, PO Box 12272, Chelmsford, CM99 2EL. Share prices can be obtained online at or by telephoning (or if calling from outside the UK). Please note if you call J.P. Morgan Asset Management, calls may be recorded and monitored for security and training purposes. Remuneration Policy: The ACD's Remuneration Policy can be found on This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the ACD. Tax: The Fund is subject to UK tax regulations. This may have an impact on an investor's personal tax position. Legal Information: JPMorgan Funds Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. JPMorgan Fund ICVC consists of separate Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Fund ICVC. The Fund is part of JPMorgan Fund ICVC. The assets and liabilities of each fund in JPMorgan Fund ICVC are segregated by law. This means that the assets of the Fund belong exclusively to the Fund and will not be used to pay the liabilities of any other person or body, including JPMorgan Fund ICVC or any other Fund within JPMorgan Fund ICVC. Switching and Conversion: Investors may switch into Shares of another Fund of JPMorgan Fund ICVC or convert Shares in one Class in a Fund to Shares of another Class in the same Fund subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in "section Switching and Conversion of Shares" of the Prospectus. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). JPMorgan Funds Limited is authorised in the United Kingdom and regulated by the FCA. This Key Investor Information is accurate as at 09/02/2018.

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. JPM US Equity Income Fund C - Net Income a Share Class of JPM US Equity Income Fund a Fund of JPMorgan Fund ICVC ISIN GB00B3FJQ599 The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited Objective and Investment Policy Investment Objective: To provide a portfolio designed to achieve income by investing primarily in US Equities in any economic sector whilst participating in long term capital growth. Investment Policy: US Equities are securities issued by companies that are incorporated under the laws of, and have their registered office in, the US, or that derive the predominant part of their economic activity from the US, even if listed elsewhere. Financial Derivative Instruments (derivatives) may be used for the purpose of Efficient Portfolio Management, including hedging, where appropriate. Subject to at least 60 days notice to shareholders, the Fund may use derivatives for investment purposes which may change the risk profile of the Fund. The Fund will invest predominantly in assets denominated in US Dollar. However, assets may be denominated in other currencies and non-sterling currency exposure will not normally be hedged back to Sterling. Redemption and Dealing: Shares of the Fund may be redeemed on demand, with dealing normally on a daily basis. Management Discretion: The Investment Adviser has the discretion to buy and sell investments on behalf of the Fund within the limits of the Objective and Investment Policy. Benchmark: The benchmark of the Fund is S&P 500 Index (Net of 15% withholding tax). The benchmark is a point of reference against which the performance of the Fund may be measured. The Fund may bear little resemblance to its benchmark. Distribution Policy: This Share Class will distribute income. For an explanation of some of the terms used in this document, please visit the glossary on our website at kiid-glossary. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The above rating is based on the historic volatility of the Net Asset Value of the Share Class over the last five years and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown above is not guaranteed to remain unchanged and may change over time. A Share Class with the lowest risk rating does not mean a riskfree investment. Why is this Share Class in this category? This Share Class is classified in category 5 because its Net Asset Value has shown medium to high fluctuations historically. Other material risks: D The value of your investment may fall as well as rise and you may get back less than you originally invested. D The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions. D As the portfolio of the Fund is primarily focused on generating income, it may bear little resemblance to the composition of its benchmark. D The single market in which the Fund primarily invests, in this case the US, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds. D For investors in Share Classes which are not hedged to Sterling, movements in currency exchange rates can adversely affect the return of your investment. D This Fund charges the annual fee of the Authorised Corporate Director (ACD) against capital, which will increase the amount of income available for distribution to Shareholders, but may constrain capital growth. It may also have tax implications for certain investors. D Further information about risks can be found in "Part 11: Risk Warnings" of the Prospectus.

16 Charges One-off charges taken before or after you invest Entry charge Exit charge None None This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. Charges taken from this Share Class over a year Ongoing charge 0.90% Charges taken from this Share Class under certain specific conditions Performance fee: None D The actual entry and exit charges paid may be less. Information on charges can be obtained from the investor's financial adviser. D The Prospectus permits a fee to be charged for switching between Funds but this fee is currently waived by the Authorised Corporate Director. D The ongoing charge is an estimate based on the expected total of charges. D Charges are used to pay the costs of running this Share Class. These charges reduce the potential growth of the investment. D Further information about charges can be found in "Part 5: Charges and Expenses" section of the Prospectus. Past Performance % Q JPM US Equity Income Fund C - Net Income (GB00B3FJQ599) Q Benchmark D Past performance is not a guide to future performance. D Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in GBP. D Fund launch date: D Share Class launch date: Practical Information Depositary: The fund depositary is National Westminster Bank Plc. Further Information: A copy of the Prospectus and latest annual and semi-annual financial report in English can be downloaded or ordered online from or are available free of charge upon request from our UK-based Investor Services Team on (or if calling from outside the UK) or by writing to J.P. Morgan Asset Management, Client Administration Centre, PO Box 12272, Chelmsford, CM99 2EL. Share prices can be obtained online at investor or by telephoning (or if calling from outside the UK). Please note if you call J.P. Morgan Asset Management, calls may be recorded and monitored for security and training purposes. Remuneration Policy: The ACD's Remuneration Policy can be found on gim/awm/legal/emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the ACD. Tax: The Fund is subject to UK tax regulations. This may have an impact on an investor's personal tax position. Legal Information: JPMorgan Funds Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. JPMorgan Fund ICVC consists of separate Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semiannual financial reports are prepared for JPMorgan Fund ICVC. The Fund is part of JPMorgan Fund ICVC. The assets and liabilities of each fund in JPMorgan Fund ICVC are segregated by law. This means that the assets of the Fund belong exclusively to the Fund and will not be used to pay the liabilities of any other person or body, including JPMorgan Fund ICVC or any other Fund within JPMorgan Fund ICVC. Switching and Conversion: Investors may switch into Shares of another Fund of JPMorgan Fund ICVC or convert Shares in one Class in a Fund to Shares of another Class in the same Fund subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in "section Switching and Conversion of Shares" of the Prospectus. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). JPMorgan Funds Limited is authorised in the United Kingdom and regulated by the FCA. This Key Investor Information is accurate as at 09/02/2018.

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. Jupiter European Fund I-Class I-Class Income Units, ISIN: GB00B4NVSH01, (also representative of I-Class Accumulation Units, ISIN: GB00B5STJW84). The Manager is Jupiter Unit Trust Managers Limited. Objectives and investment policy The Fund objective is to grow the money invested in the Fund over the long term. The Fund will invest in the shares of companies listed on European Stock Exchanges. The Fund Manager is able to make their own investment decisions, is not constrained by any geographical or sector limits and is not guided by any particular benchmark. If you select I-Class Accumulation Units any income payable by the Fund will be automatically reinvested and reflected in the price of the units. If you select I-Class Income Units any income payable by the Fund will be distributed to investors on a regular basis. Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day. 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 The lowest category does not mean no risk. Typically higher rewards, higher risk The Fund is in this category due to the nature of its investments and previous levels of volatility (how much the value of the Fund rises and falls). Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. The Fund tends to invest in fewer companies and may be more volatile than a broadly diversified one. Page 1 of 2.

18 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 0.00% 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. 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 quoted in this document is based on fees and expenses for the year to 30/06/2017. Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request. Charges taken from the Fund over a year Ongoing charges 1.03% Charges taken from the Fund under specific conditions Performance fee NONE Past performance Past performance is not a guide to future performance. Fund launch date: 03/08/1987 Share/unit class launch date: 19/09/2011 Performance is calculated in GBP. The past performance shown in the chart includes all charges except any entry and exit charges, and is shown after UK tax. % Fund Practical information Source: FE2017 Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on These documents are available in English and are free of charge. Jupiter operates a Group-wide remuneration policy, overseen by an independent Remuneration Committee. Details of this policy, including an overview of remuneration elements and associated governance processes, are set out on our website Fund-Management-plc/Governance/Risk-management from 18 March A paper copy of these Remuneration Disclosures is available free of charge, upon request. Unit prices can be found by visiting the Jupiter website, The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company. Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary. Jupiter 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 Scheme Particulars of the Fund. Other unit classes are available. Further information is available from Jupiter on request. The Fund is authorised and regulated by the Financial Conduct Authority in the UK. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK This Key Investor Information is accurate as at 22/01/2018. Page 2 of 2.

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. Jupiter Strategic Bond Fund I-Class I-Class Income Units, ISIN: GB00B544HM32, (also representative of I-Class Accumulation Units, ISIN: GB00B4T6SD53). The Manager is Jupiter Unit Trust Managers Limited. Objectives and investment policy The objective of the Fund is to pay investors a high income with the prospect for capital growth. The Fund will invest in high yield bonds, investment grade bonds, government bonds, convertible bonds and other bonds. The Fund may also invest in derivatives - these allow the Fund Manager to track changes in the price of an asset, or basket of assets, for example a corporate bond or an index, without actually owning it. Derivatives can be used with the aim of benefiting from the price of an investment falling. The Fund Manager can use derivatives to gain exposure to a number of different asset classes, including company shares, financial indices, commodities and currency exchange rates. The Fund Manager is able to make their own investment decisions, is not constrained by any geographical or sector limits and is not guided by any particular benchmark. If you select I-Class Accumulation Units any income payable by the Fund will be automatically reinvested and reflected in the price of the units. If you select I-Class Income Units any income payable by the Fund will be distributed to investors on a regular basis. Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day. 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 The lowest category does not mean no risk. Typically higher rewards, higher risk The Fund is in this category due to the nature of its investments and previous levels of volatility (how much the value of the Fund rises and falls). Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. There is a risk that companies providing services such as safe keeping of assets or acting as counterparty to derivatives may become insolvent, which may cause losses to the Fund. Bonds are very sensitive to interest rate changes and it is possible that bond issuers will not pay interest or return the capital promised. Bonds can also be 'downgraded' by ratings agencies. All of these events can reduce the value of bonds held by the Fund and therefore impact performance. The Fund can invest a significant portion of the portfolio in high yield bonds and bonds which are not rated by a credit rating agency. While such bonds may offer a higher income, the interest paid on them and their capital value is at greater risk of not being repaid, particularly during periods of changing market conditions. The value of income payments will fluctuate. In difficult market conditions, reduced liquidity in bond markets may make it harder for the manager to sell assets at the quoted price. This could have a negative impact on the value of your investment. In extreme market conditions, certain assets may become hard to sell in a timely manner or at a fair price. This could affect the Fund s ability to meet investors redemption requests upon demand. This Fund may use derivatives for investment purposes which may cause large fluctuations in the value of the Fund. Investments in financial derivative instruments can introduce leverage risks which can amplify gains or losses in the Fund. 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 0.00% 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. 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 quoted in this document is based on fees and expenses for the annualised period to 31/10/2017. Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request. Charges taken from the Fund over a year Ongoing charges 0.73% Charges taken from the Fund under specific conditions Performance fee NONE Past performance % Fund Source: FE2017 Past performance is not a guide to future performance. Fund launch date: 02/06/2008 Share/unit class launch date: 19/09/2011 Performance is calculated in GBP. The past performance shown in the chart includes all charges except any entry and exit charges, and is shown after UK tax. Practical information Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on These documents are available in English and are free of charge. Jupiter operates a Group-wide remuneration policy, overseen by an independent Remuneration Committee. Details of this policy, including an overview of remuneration elements and associated governance processes, are set out on our website Fund-Management-plc/Governance/Risk-management from 18 March A paper copy of these Remuneration Disclosures is available free of charge, upon request. Unit prices can be found by visiting the Jupiter website, The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company. Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary. Jupiter 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 Scheme Particulars of the Fund. Other unit classes are available. Further information is available from Jupiter on request. The Fund is authorised and regulated by the Financial Conduct Authority in the UK. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK This Key Investor Information is accurate as at 22/01/2018. 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. Jupiter UK Smaller Companies Fund I-Class I-Class Accumulation Units, ISIN: GB00B3LRRF45. The Manager is Jupiter Unit Trust Managers Limited. Objectives and investment policy The Fund objective is to grow the money invested in the Fund over the long-term. The Fund will invest primarily in the shares of smaller companies that the Fund Manager believes have the potential to provide significant growth over time. The Fund Manager is able to make their own investment decisions, is not constrained by any sector limits and is not guided by any particular benchmark. Any income payable by the Fund will be automatically reinvested and reflected in the price of units. Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day. 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 The lowest category does not mean no risk. Typically higher rewards, higher risk The Fund is in this category due to the nature of its investments and previous levels of volatility (how much the value of the Fund rises and falls). Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. The Fund invests in smaller companies, which can be less liquid than investments in larger companies and can have fewer resources than larger companies to cope with unexpected adverse events. As such price fluctuations may have a greater impact on the Fund. Page 1 of 2.

22 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 0.00% 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. 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 quoted in this document is based on fees and expenses for the annualised period to 31/07/2017. Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request. Charges taken from the Fund over a year Ongoing charges 1.02% Charges taken from the Fund under specific conditions Performance fee NONE Past performance % Fund Source: FE2017 Past performance is not a guide to future performance. Fund launch date: 01/03/1999 Share/unit class launch date: 17/09/2012 Performance is calculated in GBP. The past performance shown in the chart includes all charges except any entry and exit charges, and is shown after UK tax. Practical information Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on These documents are available in English and are free of charge. Jupiter operates a Group-wide remuneration policy, overseen by an independent Remuneration Committee. Details of this policy, including an overview of remuneration elements and associated governance processes, are set out on our website Fund-Management-plc/Governance/Risk-management from 18 March A paper copy of these Remuneration Disclosures is available free of charge, upon request. Unit prices can be found by visiting the Jupiter website, The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company. Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary. Jupiter 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 Scheme Particulars of the Fund. Other unit classes are available. Further information is available from Jupiter on request. The Fund is authorised and regulated by the Financial Conduct Authority in the UK. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK This Key Investor Information is accurate as at 22/01/2018. Page 2 of 2.

23 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. Legal & General UK Property Fund I Class Accumulation ISIN: GB00BK35DV33 This fund is managed by Legal & General (Unit Trust Managers) Limited. OBJECTIVE AND INVESTMENT POLICY Objective The fund will be a Property Authorised Investment Fund for tax purposes at all times. Its objective is to provide a combination of income and growth through investing generally in commercial property. Investment policy: The fund will typically invest at least 80% in a range of UK commercial properties (but this can be as low as 60% where the fund manager deems it to be in the interests of the fund and its shareholders). The fund may invest in all types of commercial property. It may occasionally invest in residential property and may also develop properties. The fund may also invest from time to time in commercial properties in the Isle of Man and the Channel Islands. 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. The fund may also invest in other property-related assets (including property-related UK shares and UK property-related authorised investment funds), money market instruments, deposits, money marketrelated authorised investment funds and government bonds. RISK AND REWARD PROFILE Other information: If you hold accumulation shares, income from investments held by the fund (a mixture of rental income, interest and dividends) will be reinvested into the value of your shares. You can buy or sell shares in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate share prices for this fund. If you contact us after 12 noon, the shares will be bought or sold at the next working day's price. This fund incurs transaction costs relating to buying and selling properties and other assets which are likely to impact returns from your investment. These costs are paid from the fund's assets and are in addition to the entry or ongoing fund charges shown overleaf. This fund is designed for investors looking to grow their money in a specialised investment which can form part of their existing savings portfolio. Although investors can take their money out at any time, this fund may not be appropriate for those who plan to withdraw their money within five years. If you do not understand this document we recommend you seek additional information to help you decide if this fund is right for you. The value of your investment may fall as well as rise and is not guaranteed. You might get back less than you invest. If any of the markets in which you invest falls, the value of your investment in those markets will probably fall as well. In times of market uncertainty it may become less easy for your fund to buy and sell investments. If this happens, the value of your fund may fall and in extreme circumstances this may also force a delay in buying and selling your investment in the fund, which may mean you have to wait for your money to be invested or returned. The fund can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary. The fund manager runs a fund to meet its objective and you should expect a fund's investments to change over time. The fund's level of risk may also change in the future, for example because of: - global economic conditions; - investment choices made by the fund manager; or - change in the riskiness of the market(s) invested in. At times it may be difficult for the fund to make investments or sell assets to meet investors requests to buy/sell shares. Where this occurs the fund may experience reduced investment performance for a period or have difficulty paying proceeds to investors who wish to sell shares. Property can be difficult to buy or sell. This could mean: - cash builds up waiting to be invested, so the fund will underperform when property returns are greater than the interest earned; and/or - property may have to be sold for less than expected. If an exceptional amount of withdrawals are requested, the fund manager may be forced to sell properties quickly. This could mean that properties are sold for less than expected which would reduce the value of your investment. If total requested withdrawals exceed 10% of the value of the fund, the Manager may defer withdrawals until the next working day. If the size of the fund falls significantly, the fund may have to invest in fewer properties. This may lead to an increase in risk. Rental growth is not guaranteed and unpaid rent could affect the performance of your investment. The value of property is generally a matter of valuer s opinion rather than fact and the true value of a property may not be recognised until the property is sold. In certain circumstances we may not be able to obtain a valuer's opinion and will apply our own valuation. The fund will undertake development of properties where the full benefits of any increases in the value of the property or the income earned from it are not received until completion. While any development is taking place, the fund is at risk from delays, increased costs or not achieving the predicted improvement in increasing the value of the property or rent received. The fund may have a considerable amount of money on deposit with companies such as banks or other financial institutions and invests in money market securities which may be issued by governments, companies, banks and other financial institutions. If any of these experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. The value of money market securities may fall due to changes in interest rates, inflation, creditworthiness, wider credit events or extensions to the anticipated term of investments. If any of these events happens, the value of your fund may fall. The fund could lose money if any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains. 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.

24 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. 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. *The fund also incurs transaction costs. See opposite. Charges taken from the fund over a year Ongoing charges 0.75% Charges taken from the fund under certain specific conditions Performance fee PAST PERFORMANCE None 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: Transaction costs: each day there are two prices for this fund: a higher price you pay to buy shares and a lower price you receive when you sell shares. 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 high transaction costs of buying and selling commercial property, and other assets. The spread can change at any time and by any amount. As an example, the buying price for shares in this fund was 5.17% higher than the selling price at 3 November Please note that the spread will be incurred on transfers between the UK Property Feeder Fund and the UK Property Fund, except on certain dates. For more information about charges and transaction costs, please see the charges and expenses section in the fund's Prospectus, or visit our website at legalandgeneral.com/chargesandfees. Property expense ratio: this fund has other costs in addition to the ongoing charges shown above and to its transaction costs. They include costs such as maintenance and repair fees, property management fees, letting costs and legal fees related to running properties. Full details are in the fund s Prospectus. These additional costs are represented by the property expense ratio (PER). For this share class the PER is 0.31% (at May 2017). (return %) Fund Past performance is not a guide to future performance. The figures take into account all charges except any entry charge, and assume income (after any 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 launched in This share class launched in We have shown continuous performance back to 2007 however please note that the fund changed its structure on 24 May On this date the Legal & General UK Property Trust merged into the newly created Legal & General UK Property Fund. We have shown the available performance of the I class of the Legal & General UK Property Trust before this date. Performance after this date is that of the I class of the Legal & General UK Property Fund. PRACTICAL INFORMATION The depositary is Northern Trust Global Services Limited. You can find further information about the fund in its Prospectus and latest annual and half-yearly reports at A Guide to Investing with Us at gives further information about investing generally. These documents are also 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 share 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 shares in A Guide to Investing with Us. The fund is a sub-fund of Legal & General Investment Funds ICVC (the Company ), an umbrella open ended investment company. The Prospectus, annual and half-yearly reports contain information about the Company. The fund is segregated by law which means that the assets of the fund may not be used to pay the debts of other funds of the Company. UK tax legislation may have an impact on your personal tax position. You can find details of our Remuneration Policy at You can also request a paper copy free of charge. The Policy includes details of our Remuneration Committee and how remuneration and benefits are calculated. This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 7 November 2017.

25 SPECIAL SITUATIONS FUND 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 investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Liontrust Special Situations Fund is an Authorised Unit Trust and categorised as a UCITS scheme. This document is based upon retail class units (R Class) (ISIN: GB00B0N6YF70). This Fund is managed by Liontrust Fund Partners LLP, a subsidiary of Liontrust Asset Management PLC. Objective To provide long-term capital growth by investing in mainly UK equities using the Economic Advantage investment process. Policy The Fund invests at least 80% in companies traded on the UK and Irish stock exchanges. The Fund is not restricted in choice of investment in terms of company size or sector. Ioe fro the Fuds iestets a either e paid to you or reinvested in the Fund. Recommendation This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. How to buy You may buy or sell units on a daily basis (but not weekends or Bank Holidays). Orders must be received by midday for execution at midday valuation point on the same day. Further details can be found at Investment process The Fund can invest in any companies in the UK and Ireland regardless of their size or sector, enabling the managers to find the best opportunities wherever they are across the UK stock market. Risk and reward profile A fundamental principle of competitive markets is that profits regress to the mean. The fund managers believe the secret to successful investing is to identify those few companies that have a durable Economic Advantage which allows them to defy this principle and sustain a higher than average level of profitability for longer than expected. This surprises the market and can lead to strong share price appreciation. Economic Advantage is the collection of distinctive characteristics of a company that competitors struggle to reproduce even if those competitors have understood the benefits arising from those characteristics. I the fud aagers eperiee, the hardest characteristics for competitors to replicate are three classes of intangible assets: intellectual property, strong distribution channels and significant recurring business. The Fund measures the universe of Economic Advantage opaies for the arkets appreiatio of their potetial earnings growth. Under-appreciated companies have the strongest potential for share price growth. Every smaller company held in the Economic Advantage funds has at least 3% of its equity held by main board directors. Companies are also assessed for employee ownership below the board and changes in equity ownership are monitored. Further details may be found in the prospectus and information on the investment process may be found at Lower Risk Typically lower rewards The Synthetic Risk and Reward Indicator (SRRI) is based on historical data and may not be relied upon to gauge the future risk profile of the Fund. The SRRI shown is not guaranteed to remain the same and may shift over time. The loest ategor 1 does ot ea risk free. The Fuds risk ad reard ategor has ee alulated using the methodology set by the European Commission. It is based upon the rate by which the Fund or a representative fud or Ides alue has oed up ad do i the past. The Fund is categorised 4 primarily for its exposure to UK companies. The SRRI may not fully take into account the following risks: that a company may fail thus reducing its value within the Fund; Higher Risk Typically higher rewards any company which has high overseas earnings may carry a higher currency risk; The Fund may encounter liquidity constraints from time to time. In addition the spread between the price you buy and sell units will reflect the less liquid nature of the underlying holdings. The Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing. The Fund may, under certain circumstances, make use of derivative instruments but it is not intended that their use will materially affect volatility. Counterparty risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. For full details of the Fuds risks, please see the prospetus which may be obtained from Liontrust (address overleaf) or online at

26 SPECIAL SITUATIONS FUND Charges for this Fund The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge (R) 5% (I) 0% (A) 2% Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the Fund over the year Ongoing charges (R) 1.87% (I) 0.87% (A) 1.12% The entry and exit charges shown are maximum figures. In some cases you might pay less you can find this out from your financial adviser. The ongoing charges figure is based on expenses for the year ending 31 December This figure may vary from year to year. It excludes: portfolio transaction costs, except in the case of an entry/exit charge paid by the UCITS when buying or selling shares in another collective investment undertaking. For more information about charges, please see clause 25 of the Fuds prospetus, hih is aailale eletroiall at ww.liontrust.co.uk/literature/downloadliterature. Charges taken from the Fund under certain specific circumstances Performance fee None Past performance Past performance is not a guide to future performance. Past performance has been calculated on the basis that any distributable income of the Fund has been reinvested. All charges, except the entry charge, have been included in the performance calculations. The Fund launched on 10 November The base currency of the Fund is pounds sterling. 50% 40% 30% 20% 10% 0% -10% -20% -30% 41.2% 36.1% 22.4% 20.0% 12.7% 14.6% 7.5% 0.9% 0.2% -25.9% Liontrust Special Situations Fund (R) Practical information Authorisation Trustee Further information Taxation Fund prices and other information Remuneration This Fund is authorised in the UK and regulated by the Financial Conduct Authority. The Fuds Trustee is State Street Trustees Liited. Copies of the prospectus and the latest annual and half-yearly reports, which are the primary source of additional information, are available, without charge, from Liontrust Investment Partners LLP, 2 Savoy Court, London, WC2R 0EZ. They are also available electronically at DownloadLiterature. UK tax legislation may have an impact upon your own personal tax position. The Fuds last pulished prie is aailale fro Liotrust Fud Parters LLP at.liotrust.o.uk/produts/ FundPrices or by writing to us at 2 Savoy Court, London, WC2R 0EZ, or by telephoning during business hours (9.00am pm). The R Retail Class is the represetatie uit lass. I Istitutioal ad A Adised Classes of uit are also available as described in the prospectus. Information on the current remuneration policy of the Fund, 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 Liontrust Fund Partners LLP at 2 Savoy Court, London, WC2R 0EZ. Liontrust Fund Partners LLP may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. This Key Investor Information is accurate as at 13 February 2017.

27 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. M&G Feeder of Property Portfolio Sterling Class I Income shares ISIN no. GB00B842HT59 Sterling Class I Accumulation shares ISIN no. GB00B7SX7S61 Managed by M&G Securities Limited, which is part of the Prudential Group Objective and investment policy The trust aims to provide income and grow capital over five years or more solely through investment in the M&G Property Portfolio. Core investment: The trust is close to 100% invested in the M&G Property Portfolio, a Property Authorised Investment fund. The objective of the M&G Property Portfolio is to provide income and grow capital over five years or more by investing mainly in UK commercial property. Strategy in brief: The manager of the M&G Property Portfolio selects attractively priced properties from across a range of sectors and regions. The focus is on adding value by managing and improving properties to enhance their capital value and rental income. Other information The investment returns of the fund and the M&G Property Portfolio may differ because the fund may hold cash for operational reasons. The fund manager has the freedom to decide which investments should be held in the fund. You can buy and sell shares in the fund on any business day. Provided we receive your instructions before 12 noon, shares will be bought at that day s price. If you hold Income shares, any income from the fund may be paid out to you quarterly. If you hold Accumulation shares, any income from the fund will be rolled up into the value of your investment. In addition to the charges set out in the charges section, the fund will incur portfolio transaction costs which are paid from the assets of the fund. Risk and reward profile The value of investments and the income from them will rise and fall. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested. As mentioned below in the risks of the M&G Property Portfolio, the price of shares in M&G Property Portfolio may be subject to significant swings in value. As the price of units in the M&G Feeder of Property Portfolio is largely based on the price of shares in M&G Property Portfolio, a swing in the price of shares in M&G Property Portfolio will therefore result in a similar swing in the price of units of M&G Feeder of Property Portfolio. For large deals, the dealing price investors receive may be different from the published price. If investors are buying units, they may receive a price that is higher than the quoted offer price. If investors are selling units, they may receive a price that is lower than the quoted bid price. The following are extra risks that apply to the M&G Property Portfolio: The fund invests mainly in one type of asset. It is therefore more vulnerable to market changes for that specific type of asset. This type of fund can carry a higher risk and can experience bigger price gains and falls when compared to a fund which invests in more types of assets. The fund is valued daily on both an offer basis (how much its assets would cost to buy) and a bid basis (how much the fund would receive if assets were sold). The difference between the two is known as the spread, which is currently around 6.25%. If significant numbers of investors withdraw their investments from the fund at the same time, the manager may be forced to dispose of property investments. This may result in less than favourable prices being obtained in the market for those investments. Property valuations are provided by an independent valuer and are subject to the judgement of the valuer. Where market conditions make it hard to sell the fund s investments at a fair price to meet customers sale requests, we may temporarily suspend dealing in the fund s shares. The fund manager will place transactions, hold investments and place cash on deposit with a range of counterparties (opposite parties). There is a risk that counterparties or tenants of properties may default (fail to pay) on their obligations or become insolvent. All of the above risks could have an adverse effect on the value of your investment. A more detailed description of the risk factors that apply to the fund can be found in the fund s Prospectus UK K1 FOPP GBP I EN UK

28 Charges The charges shown in the table are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% The entry charge is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charge 1.63% Charges taken from the fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures and, in some cases, you may pay less. You can find out the exact charges which apply to your investment by contacting your financial adviser or distributor or, if you have invested directly with us, you can contact us using the details given in the practical information section. The ongoing charge is based on expenses for the year ending 30 September This figure may change from year to year. It excludes portfolio transaction costs. From 2 April 2018, for Income shares, the ongoing charge will be taken from investments held in the fund s portfolio and not from the income these investments produce. The deduction of this charge will reduce the potential growth of your investment. For more information on charges, please see the relevant sections of the Prospectus at Past performance % (5.0) (10.0) (15.0) (20.0) (20.2) (25.0) 2008 Fund Past performance is not a guide to future performance. The past performance calculation includes UK taxes. It takes into account the ongoing charge, as shown in the charges section. The Fund launched on 18 January The Sterling Class I Accumulation share class and Sterling Class I Income share class launched on 18 January M&G Feeder of Property Portfolio Sterling Class I shares do not have 10 complete years of past performance information available as they launched on 18 January Therefore, past performance information for M&G Property Portfolio Sterling Class S units (a unit trust which commenced termination on 18 January 2013) has been used for the period shown prior to this date (7.1) 6.9 Practical information The trustee is National Westminster Bank plc. For more information about this fund, please visit where you will find a copy of the Prospectus, and latest annual or interim Investment Report and Financial Statements. These documents are in English and are available free of charge. Our website also provides other information such as share prices. UK tax laws apply to the fund, and this may affect your personal tax position. Please speak to an adviser for more information. Other share classes may exist for the fund as set out in the relevant Prospectus. For up-to-date details of the staff remuneration policy that applies to M&G Securities Limited, including a description of how remuneration and benefits are calculated, the make-up of the remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visit We will provide a paper copy of this information, free of charge, if you require one UK K1 FOPP GBP I EN UK This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 2 February 2018.

29 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. H2O MultiReturns Fund (N/AG (GBP) ISIN: GB00BFNXSH36) a sub-fund of NGAM Investment Funds U.K. ICVC Authorised Corporate Director: NGAM S.A., part of the Natixis group of companies Objectives and Investment Policy Investment objective: The investment objective of H2O MultiReturns Fund (the Fund ) is to seek to outperform 1-month GBP LIBOR rate by 4% p.a. over a recommended investment horizon of 3 years, less the ongoing charges ratio. The 1-month GBP LIBOR is the average rate of interbank loans in Pounds Sterling over a one month period. There can be no guarantee that the investment objective of the Fund will be achieved over a 3 year period or any other period and your investment is at risk. Investment policy: The Fund seeks diversification of its assets among global fixed income securities (e.g. bonds), money market instruments e.g. debt securities with short-term maturities), equity securities (e.g. shares) and currency markets. The Fund is actively managed and may use derivatives (e.g. financial contracts that derive their values from the price of underlying assets) to gain exposure to the permitted assets. The Fund may invest up to 100% of its assets in fixed income securities and money market instruments which may be issued or guaranteed by governments and companies and which may be below investment grade. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor s Ratings Services), Baa3 (Moody s Investors services, Inc.), an equivalent rating by Fitch ratings or if unrated, determined by H2O Asset Management L.L.P., the Investment Manager to be of equivalent quality. The Funds investment in fixed income securities may include zero coupons bonds (i.e. bonds which make no periodic interest payments but are traded at a discount to the face value), certificates of deposit (i.e. a certificate with a fixed maturity date and interest rate that is issued by a bank in exchange for the deposit of cash) and commercial paper (i.e. a short term unsecured debt instrument issued.by a company in exchange for a loan of cash). The Fund may invest no more than 20% of its assets in investment grade collateralized bonds (e.g. an investment grade security backed by a pool of bonds, loans or other assets) including asset-backed securities and mortgagebacked securities (e.g. debt securities whose value and income payments are derived from and secured by a specified pool of assets or mortgage loans, respectively). The Investment Manager may use derivatives to hedge the credit risk arising from the Fund s investments and to adjust the interest rate sensitivity (i.e. the extent to which a fixed income security will fluctuate in price as a result of changes in interest rates) of the Fund s portfolio. The Fund may invest up to 30% of its assets in global equity securities. The Investment Manager may take short equity positions (i.e. sale of a borrowed security with the expectation that the security will fall in value) through the use of derivatives. The Fund may invest up to 30% of its assets in taking short equity positions. The Fund may invest up to 10% of its net assets in other funds. The Fund may invest in issuers from any country and may be exposed to any currency including currencies of non-oecd countries (i.e. countries that are not members of the Organisation for Economic Co-operation and Development). Under normal market conditions, it is expected that the actual annualised volatility of the Fund (i.e. the measure of how much the value of the Fund has gone up or down over a given time period) will typically be between 5-10% over a three year investment horizon. However, the Fund s actual annualised volatility may be outside of this expected range over rolling investment horizons as a consequence of volatile market conditions or due to inherent volatility of certain investments held by the Fund. The base currency of the Fund is the British Pound Sterling. Shares in the Fund may be purchased, sold or exchanged on any business day in the U.K. Income derived from the Fund is distributed for Distribution Shares and reinvested for Accumulation Shares. Please refer to the section entitled Distribution and Accumulation Shares of the Prospectus for additional information. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within the investment horizon of 3 years. Risk and Reward Profile Lower Risk Typically Lower Rewards Higher Risk Typically Higher Rewards This ranking on the synthetic risk and reward indicator scale is due to the Fund s allocation to fixed income, equity and currency markets. Historical data may not be a reliable indication for the future. The risk category shown is not guaranteed and may shift over time. There is no capital guarantee or protection on the value of the Fund. The lowest category does not mean risk free. The risks of the Fund are managed through the use of the absolute Valueat-Risk method due to its extensive use of derivatives. The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator: Derivatives and Counterparty risks: Funds may enter into listed and unlisted derivative contracts to indirectly invest on an underlying asset or to secure their assets. The payment on these contracts varies with changes of the value of the underlying assets.* These instruments are traded on a borrowing mechanism (leverage). For the fund, the result is a higher market exposure than they could basically have. It may, in some cases, multiply losses. An unlisted contract is directly signed with a specific counterparty which means that in the event of insolvency of the counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these contracts are difficult to price. Below Investment Grade securities risk: If Funds invest in higher risk securities issued by company, financial or sovereign issuers, Funds have greater exposure to and are at a greater risk that this issuer will not be able to reimburse debt holders (principal and interest payment). In addition, if after acquisition the perceived risk of failure increases, the value of such securities is likely to decrease. Funds may also not be able to sell below investment grade securities quickly and easily. Finally, such securities may be subject to important price fluctuation. Changing interest rates: The value of fixed income securities held by a fund will rise or fall inversely with changes in interest rates. When interest rates decline, the market value of fixed income securities tends to increase. Interest rates typically vary from one country to the next for reasons including rapid fluctuations of a country s money supply, changes in demand by businesses and consumers to borrow money, and actual or anticipated changes in the rate of inflation. Please refer to the section entitled Risk Factors of the Prospectus for additional details on risks.