Fund objective The fund aims achieve long-term capital growth by investing or reinsuring in underlying funds managed by Fidelity or our Fund Partners, which invest in a range of asset classes including UK and overseas equities, bonds, property and cash. Performance as at 31.12.2016 Past performance is not a reliable indicar of future results. Yearly performance 1 January 2012 31 December 2012 1 January 2013 31 December 2013 1 January 2014 31 December 2014 1 January 2015 31 December 2015 1 January 2016 31 December 2016 Fund facts Benchmark 22.5% FTSE All Share Index (L&G Midday Version) 22.5% FTSE All World Developed ex UK (L&G Midday) 20% 1 Month LIBOR + 3% 15% L&G 70/30 Hybrid Property 10% FTSE AW All Emerging Markets (Midday) 5% BOA ML Eurstlg +10 year 5% Consumer Price Index + 3% Fund Manager Au Asset Allocation Fund size 631m Fund Benchmark 12.6% 1 13.7% 8.2% 2.3% 12.7% 8.1% 2.6% 17.7% 16.9% Launch date 30.09.06 Annualised performance Fund Benchmark Figures reflect the return on investment after the fund s charges have been deducted. Fund footnote: Perfomance data is calculated on a NAV NAV basis, net of fees. Source: Fidelity. Benchmark footnote: Since Inception 30/09/11: 50% FTSE All Share, 50% FTSE AW Developed ex UK. From 30/09/2011 31/12/2011: 30% FTSE All Share, 30% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets, 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT. From 31/12/2011 30/11/2012: 30% FTSE All Share, 30% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT.From 30/11/2012 28/02/2013: 27.5% FTSE All Share, 27.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 5% of 1 Month LIBOR+3% GBP.From 28/02/2013:30 % FTSE All Share, 25% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 15% of 1 Month LIBOR+3% GBP.From 30/09/2013:28.5 % FTSE All Share, 23.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 18% of 1 Month LIBOR+3% GBP. From 30/04/2014:27.5 % FTSE All Share, 22.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 20% of 1 Month LIBOR+3% GBP.From 30/09/2014 30/112015: 22.5% FTSE All Share, 22.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 20% of 1 Month LIBOR+3% GBP, 5% CPI + 3%. From 30/11/2015 31/12/2015: 22.5% FTSE All Share, 22.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 17% of 1 Month LIBOR+3%, 5% CPI + 3%, 3% 1 Month LIBOR+1%, 15% AREF/IPD UK Quarterly Property All Balanced Funds Index, 30% FTSE EPRA/NAREIT Global Developed Real Estate Total Return Index. From 31/12/2015 31/05/2016: 22.5% FTSE All Share, 5% ML Eurosterling over 10 years, 15% of AREF/IPD UK Quarterly Property All Balanced Funds Index, 30% FTSE EPRA/NAREIT Global Developed Real Estate Total Return Index, 10% FTSE AW All Emerging Markets (Mid-day), 20%of 1 Month LIBOR+3%, 5% CPI + 3%, 22.5% FTSE All World Developed ex. From 31/05/2016: 22.5% FTSE All Share Index (L&G Midday Version), 22.5% FTSE All World Developed ex UK (L&G Midday Version), 15.0% of 70% AREF/IPD UK Quarterly Property All Balanced Funds Index, 30% FTSE EPRA/NAREIT Global Developed Real Estate Total Return Index, 20.0% 1 Month LIBOR +3%, 10.0% FTSE AW - All Emerging Markets Index, 5.0% CPI + 3%, 5.0% ML Euro Sterling Over 10 Years.Performance is only available quarterly. Source: Fidelity. Risk facrs The value of your investments may go down as well as up and you may not get back the amount invested. Where a fund invests in more than one underlying fund, the risk facrs reflect the risks applicable each of the underlying funds. Fund specific risk facrs (see overleaf) 1 Year 17.7% 16.9% 3 Years 9.2% 9.0% 5 Years 1 1 Since Launch 6.6% 6.3% 2: Derivative exposure 3: Efficient portfolio management 4: Emerging markets 6: Exchange rate 7: Geared investments 8: High yield bonds 9: Specialist 11: Liquidity 13: Property funds 14: Secr specific funds 16: Solvency of depositary 17: Solvency of issuers 18: Volatility This fund is specific this plan and therefore will be different from funds with a similar or identical name that are made available other plans. Base currency GBP Annual management charge 0.204%** charges 0.032% Total Expense Ratio 0.236% **The charge shown represents a weighted average of AMCs of the underlying funds and any additional charge for the management of this plan specific fund. The exact charge will vary over time depending on the actual proportions invested in the underlying funds. The charges are reflected in the quoted unit/share price for the fund and are not deducted directly from your account. A full explanation of fund charges can be found in your plan literature. SEDOL number B1D6498 ISIN number GB00B1D64987 The majority of our funds will not be available for review on external fund websites by searching for the ISIN or SEDOL numbers. Fund breakdown as at 31.12.2016 1 2 3 4 5 6 7 8 9 10 L&G RBS UK Equity Fund L&G 70:30 Hybrid Property Fund M&G Total Return Credit Investment Fund L&G RBS World (ex UK) Equity Index Fund L&G RBS World ex-uk Developed Equity Index Fund - GBP L&G Hedged World Emerging Markets Index Fund Henderson Diversified Alternatives Fund L&G RBS Absolute Return Bond plus Fund-GBP Hedged Fund Newn Global Dynamic Bond Fund Kames Capital Absolute Return Bond Fund (Class B) 22.4% 14.6% 12.1% 1 1 1 4.8% 4.7% 3.6% 2.7% Source: Henderson, Kames, L&G, M&G, and Newn month end resulting in the fund being slightly in debit or credit.
L&G RBS UK Equity Fund U.K. Sck Large Value 42.8% U.K. Sck Large Growth 20.7% U.K. Sck Mid Value 7.8% U.K. Sck Mid Growth 6.9% North American Sck 4.1% U.K. Sck Large Core/Growth 3.3% U.K. Sck Large Value/Core 2.1% U.K. Sck Small Value U.K. Sck Small Growth HSBC HOLDINGS PLC ROYAL DUTCH SHELL PLC CLASS A BP PLC ROYAL DUTCH SHELL PLC B BRITISH AMERICAN TOBACCO PLC GLAXOSMITHKLINE PLC ASTRAZENECA PLC DIAGEO PLC VODAFONE GROUP PLC RECKITT BENCKISER GROUP PLC 5.8% 4.3% 4.3% 3.9% 3.8% 2.5% 2.3% 2.3% L&G 70:30 Hybrid Property Fund Managed Property 70.0 % Global REITS 30.0 % Source: L&G Where derivative instruments are held they are represented in the appropriate asset or secr categories. M&G Total Return Credit Investment Fund 54.3% European Bond 25.5% North American Bond 9.5% U.K. Corporate Bond Interm/Long Term 5.3% 3.7% U.K. Corporate Bond Short Term Emerging Markets Bond 1.4% Convertible 1.3% Asia ex-japan Bond Global Inflation Linked Bond 0.2% EURO INV BK FRN(2018-05-25) UNITED KINGDOM (GOVERNMENT OF)(2017-02-13) INTL BK RECON&DV 0.375%(2021-06-15) CAISSE D' 4.125% 04/25/17/EUR/(2017-04-25) TURBO FIN 7 PL 0.86219%(2023-06-20) EUROP FIN STAB FAC 1.625%(2017-09-15) SANTOS FIN(2070-09-22) LANARK MASTER ISS FRN(2054-12-22) SPAUL 4X A1 V/R 04/25/28 /EUR/(2028-04-25) JUBIL 2014- V/R 07/15/27 /EUR/(2027-07-15) 1.4% 1.3% 0.7% 0.6% 0.6%
L&G RBS World (ex UK) Equity Index Fund North American Sck 64.8% European Sck Large Cap 15.4% Japan Sck 9.9% Asia ex-japan Sck 7.0% European Sck Mid Cap Sck Emerging Market Sck U.K. Sck Large Growth Where derivative instruments are held they are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. APPLE INC MICROSOFT CORP EXXON MOBIL CORP JOHNSON & JOHNSON JPMORGAN CHASE & CO AMAZON.COM INC GENERAL ELECTRIC CO WELLS FARGO & CO AT&T INC FACEBOOK INC A L&G RBS World ex-uk Developed Equity Index Fund - GBP Hedged North American Sck 64.9% European Sck Large Cap 15.6% Japan Sck 10.2% Asia ex-japan Sck 7.0% European Sck Mid Cap Sck Emerging Market Sck U.K. Sck Large Growth - APPLE INC MICROSOFT CORP EXXON MOBIL CORP JOHNSON & JOHNSON JPMORGAN CHASE & CO AMAZON.COM INC GENERAL ELECTRIC CO WELLS FARGO & CO AT&T INC FACEBOOK INC A L&G World Emerging Markets Index Fund Asia ex-japan Sck 63.1% Emerging Market Sck 25.9% European Sck Large Cap 6.3% European Sck Mid Cap 2.7% Sck European Sck Small Cap Preferred Sck 0.2% Property TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TENCENT HOLDINGS LTD CHINA CONSTRUCTION BANK CORP H NASPERS LTD CLASS N CHINA MOBILE LTD INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD H HON HAI PRECISION INDUSTRY CO LTD ITAU UNIBANCO HOLDING SA BANK OF CHINA LTD H SBERBANK OF RUSSIA PJSC 4.0% 4.0% 2.1% 1.3% 1.1%
Henderson Diversified Alternatives Fund 6 Property 15.5% 13.7% Commodity Bond 1.8% Sck North American Sck 1.1% Asia ex-japan Sck U.K. Gilt Bond Short Term European Sck Mid Cap 0.2% NEXTENERGY SOLAR ORD HIGHBRIDGE MULTI-STRATEGY FUND GBP FORESIGHT SOLAR ORD BH MACRO GBP ORD GREENCOAT UK WIND HELIUM FUND SELECTION S-EUR UK MORTGAGES BH GLOBAL GBP ORD ETFS GOLD BULLION SECURITIES ETC RENEWABLES INFRASTRUCTURE GRP 3.2% 3.1% 3.0% 3.0% L&G RBS Absolute Return Bond plus Fund-GBP Hedged Fund Credit Rating breakdown as at are represented in the appropriate asset or secr categories. US TREASURY BILL(2017-09-14) US TREASURY BILL(2017-02-16) US TREASURY NOTE 2%(2026-11-15) US TREASURY NOTE 2%(2026-11-15) US TREASURY BOND 2.5%(2046-05-15) FORD MTR CO DEL 4.346%(2026-12-08) MEXICO(UTD MEX ST) 3.375%(2031-02-23) US TREASURY NOTE 1.625%(2026-02-15) NETFLIX 144A 4.375%(2026-11-15) VOZ17P Y 140 - DJ EURO STOXX INS EURX - DEC 17 - P 19.8% 13.2% 1 10.0% 5.4% 4.1% 3.6% 2.4% Top holdings are those securities in which the largest percentage of the fund's tal assets are invested. Holdings in different securities issued by the same company are aggregated with the exception of Deposiry Receipts, which are listed separately. Exposure achieved through derivatives is not shown. This means that the data may not always represent the tal exposure of the portfolio any given company. Newn Global Dynamic Bond Fund North American Bond 27.9% European Bond 25.8% Bond 13.1% 9.5% Asia ex-japan Bond 7.3% Emerging Markets Bond 7.0% U.K. Corporate Bond Interm/Long Term 4.9% U.K. Corporate Bond Short Term 4.3% U.K. Gilt Bond Short Term Convertible US TREASURY BOND US TREASURY NOTE 3.5%(2020-05-15) ISHARES $ HIGH YLD CORP BD USD DIST JDR US TREASURY NOTE 1.625%(2022-08-15) US TREASURY NOTE NEW ZEALAND(GOVT) 5%(2019-03-15) MEXICO(UTD MEX ST) 6.5%(2021-06-10) QUEENSLAND TSY CP 3.5%(2017-09-21) BK NED GEMEENTEN FRN(2018-05-15) VIETNAM SOCIALIST REP 6.75%(2020-01-29) 4.7% 2.5% 1.8% 1.1%
Kames Capital Absolute Return Bond Fund (Class B) European Bond 25.1% North American Bond 18.3% 17.8% U.K. Corporate Bond Short Term 16.3% U.K. Corporate Bond Interm/Long Term 1 Asia ex-japan Bond 4.6% Emerging Markets Bond 2.6% Bond 2.5% Preferred Sck 0.7% Sck US 5 YEAR NOTE (CBT) MAR17 AUSTRALIAN 10 YEAR TREASURY BOND FUTURE MAR17 EURO OAT MAR17 JPMORGAN CHASE &CO FRN(2017-05-30) NATL EXPRESS GRP 6.25%(2017-01-13) TELEFONICA EMISION 5.375%(2018-02-02) AT&T 5.875%(2017-04-28) ANHEUSER-BUSCH INB 6.5%(2017-06-23) AA BOND CO 4.7201%(2043-07-02) YORKSHIRE WATER SE(2025-04-24) 6.0% 3.2% 3.1% 2.1%
Risk facrs explained 1. Concentrated portfolio. The fund may invest in a relatively smaller number of scks. This sck concentration may carry more risk than funds spread across a larger number of companies. 2. Derivative exposure. The fund invests in derivatives as part of its investment strategy, over and above their use for efficient portfolio management. Invesrs should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the fund beyond that expected of a fund that only invests in equities. The fund may also be exposed the risk that the company issuing the derivative may not honour their obligations which in turn could lead losses arising. 3. Efficient portfolio management. The fund may use other investment instruments apart from / or in place of the actual underlying securities. This is done in order manage the fund in a more efficient fashion. Examples of these other instruments could be options, derivatives or warrants. The process of using these instruments in the fund is referred as efficient portfolio management. These instruments can be used effectively take a position (or reduce an existing position) in a share or index, allowing positions be altered more quickly and cost effectively than dealing directly in the underlying investment, but are not generally used try and magnify returns. However, invesrs should be aware that the use of these instruments can, under certain circumstances, increase volatility and risk beyond that expected of a fund that only invests in conventional equities. 4. Emerging markets. The fund invests in emerging markets. There is an increased chance of political and economic instability with less reliable cusdy, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments, therefore, carry more risk. 5. Ethical restrictions. The fund is unable invest in certain secrs and companies due the ethical criteria used select investments for the fund. 6. Exchange rate. The fund may invest in securities denominated in currencies that are different the fund currency. The value of investments and any income from them may, therefore, decrease or increase as a result of changes in exchange rates between currencies. 7. Geared investments. The fund focuses on geared investments. Funds which focus on geared investments such as warrants or options carry a higher degree of risk than other equity investments because of the risk of the underlying investments. It is possible that the fund may suffer sudden and large falls in value so that the short fall on cancellation, or the loss of the realisation on the investment could be very high and could even equal the amount invested, in which case you would get nothing back. 8. High yield bonds. The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary. 9. Specialist. The fund is specifically aimed at sophisticated invesrs and is particularly high risk, because it concentrates on a region that may be exposed unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining the fund in question. 10. Income eroding capital growth. The fund focuses on income which may reduce the prospect of capital growth. Any income generated cannot generally be withdrawn from a pension account until retirement and will be reinvested in the fund. 11. Liquidity. The fund can suffer from partial or tal illiquidity, which may lead considerable price fluctuations and the inability redeem your investment. This could affect you, for example, when you are close retirement. 12. Performance charges. The fund makes charges that depend on the fund's performance. 13. Property funds. The fund invests directly in physical property and there may be delays in completing your instruction sell. This could affect you, for example when you are close retirement, as it may be difficult sell the units you hold in such funds. Any decision invest in physical property should be carefully considered in line with your planned retirement goals. The value of physical property is generally a matter of a valuer s opinion rather than fact. Property transaction costs are high (typically around 5% due legal costs, valuations and stamp duty). 14. Secr specific funds. The fund invests in specific secrs. Funds which invest in specific secrs may carry more risk than those spread across a number of different secrs. They may assume higher risk, as markets/secrs can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying scks can be more volatile and less liquid. 15. Smaller companies. The fund invests in smaller companies. Smaller companies' shares can be more volatile and less liquid than larger companies' shares, so smaller company funds can carry more risk. 16. Solvency of depositary. The value of the fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties. 17. Solvency of issuers. The fund invests in bonds and there is a risk that the issuer may default, resulting in a loss the portfolio. 18. Volatility. Investments in the fund tend be volatile and invesrs should expect an above-average price increase or decrease. This Fact Sheet should be read in conjunction with the Guide for Members. This fund is part of the long-term pension business of FIL Life Insurance Limited. Contributions will be allocated funds of FIL Life Insurance Limited (FIL Life). FIL Life Insurance Limited (FIL Life) may also invest in funds managed by non-fidelity fund managers or be reinsured by non-fidelity life insurance companies. Issued by FIL Life Insurance Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. 3406905. Registered offices at: Oakhill House, 130 Tonbridge Road, Hildenborough, Kent, England TN11 9DZ. DCSSO3832