Sterling Investment Bond

Investment funds guide

Contents
Introduction 3
Investment choice and flexibility 4
Fund risks 5
Managed funds 6
Multimanager funds 22
UK Equity funds 33
European Equity funds 44
North American Equity funds 49
Japanese Equity funds 55
Other Regional Equity funds 57
Global Equity funds 62
Distribution fund 73
Property funds 74
Protected Profits funds 75
UK Fixed-interest funds 79
International Fixed-interest funds 87
Money Market funds 90
Absolute Return funds 91
Distributor Requested funds 92
Introduction
The information in this guide is intended for customers working with an adviser. If you are reading this without the help
of an adviser, we recommend you take financial advice to help you decide on your appropriate investment approach.

The investment funds described in this guide are available for existing investors through Sterling’s Investment Bond.
Sterling’s Investment Bond is a medium to long-term investment contract, typically of five to ten years.

Details of the Sterling Investment Bond and fund charges are shown in your key features and fund charges and
expenses sheet. Details of all charges and how these may affect your investment returns are shown in your illustration.
Full terms and conditions are available on request.

By their very nature investment returns cannot be guaranteed. You should not use past performance as a suggestion
of future performance. It should not be the main or sole reason for making an investment decision. The value of
investments and any income from them can fall. You may not get back the amount you invested.

Investments produce income, capital growth or a combination of both. Within the Sterling Investment Bond, all income
produced by the funds is reinvested.

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Investment choice and flexibility
A key ingredient of any investment strategy is choosing investment funds that suit your objectives, with the flexibility
to change them if your circumstances or objectives change.

At Sterling, we offer a wide range of investment funds covering different areas of the world’s stock markets and
economies. The level of risk and potential investment performance differs depending on the investments you choose.
With the help of your adviser, you can put together and maintain a portfolio that suits your needs.

We invest your payment in the funds you choose. We offer a range of funds to choose from which are managed by a
number of different fund managers. The fund managers are responsible for:
• managing the fund and taking all investment decisions about buying and selling securities within the fund
• making sure the fund is managed in line with its objectives and meets all regulatory and legal requirements

• setting the fund charges and any alterations to the charges within the limits set out in the fund documentation.

Through the investment funds available you can invest in a wide range of countries, economies and market sectors,
spreading your investment across many different assets.

This provides exposure to many investment opportunities and helps to reduce the risk associated with investing in a
single company.

The objective of the funds is to produce consistently good returns over the medium to longer term, by investing in
equities (shares in companies), property or fixed-interest investments. However, it must be borne in mind that the value
of investments and any income they produce can fall as well as rise and you may not get back the amount you
invested.

We provide a range of managed and multi-managed funds, some specifically tailored to suit different investors’
attitudes to risk.

Alternatively, you may invest in specific UK, international or specialist funds reflecting your own preferences and
objectives.

We don’t provide advice on the suitability of any particular fund. You must seek advice from your adviser before you
decide which funds to invest in.

Each fund follows a particular investment policy and these are explained in more detail over the following pages.

Further information
We aim to give you a wide choice of funds and look for opportunities to add more options over time. We may
sometimes also remove funds. You can find more information about the funds available by following these steps:

• Go to zurich.co.uk/investments/sterling-investment-bond
• Scroll down to ‘Helpful tools and information’
• Click on ‘Fund factsheets – Investment Bond series 1’ or ‘Fund factsheets – Investment Bond series 2’

You can also contact your adviser.

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Fund risks
All investment funds carry an element of risk. The funds have different levels of risk, from the more cautious to the
more adventurous, and different levels of investment performance:
• Over time a fund that invests mostly in shares is likely to offer greater potential for higher returns than a fund
investing in cash deposits, but with it come greater fluctuations in value. A fund classed as a ‘protected’ fund, or
one with a high proportion of fixed-interest securities, is more likely to produce lower returns with more stability.
• Certain funds, typically investing in fixed-interest securities tend to be more suited for a shorter-term investment
or as part of a personalised portfolio designed to achieve an overall balance of risk and potential return. Investing
solely in these funds for the longer term may result in a lower return than a bank or building society savings
account.

• Some funds make use of derivatives to achieve an overall risk profile. A derivative is an asset issued by financial
institutions and its value is usually linked to another asset or index. When the derivative matures, the financial
institution pays out an agreed value. Ultimately, though, if the financial institution is not able to meet its obligations,
the derivative may be worthless and the fund’s value will reduce as a result.
• The rate of income on fixed-interest securities such as corporate bonds and government bonds won’t increase in
line with inflation unless they are index-linked. So, over time, the real value of the income they produce is likely to
fall. The value of these investments is affected by interest rate changes and is likely to fall if long-term interest
rates rise.

• Specific risks that may adversely affect the value of investments within a fund include exchange rate fluctuations
and dealing in relatively less mature markets, such as Eastern Europe, Central and South America and some areas
of the Far East.

• If you choose a fund that invests in overseas assets, changes in exchange rates between currencies may also
cause the value of your investment to fall or rise.
• Funds that specialise or concentrate their investment in specific regions, sectors (such as smaller companies or
emerging markets) or in a smaller number of shares can result in greater fluctuations in value.
• Property funds are normally valued by taking into account the views of an independent valuer, general market
conditions for commercial property, and the value received for recent property sales. At times the value of your
investments in these funds could fall quite sharply. In more uncertain market conditions we may need to delay
your transaction in these funds by up to 12 months. We will do this if we (or the fund manager) believe it is
necessary to sell properties before carrying out your transaction.

• High yield bond funds tend to invest in high yielding corporate bonds, which are generally higher risk investments
than government bonds or lower yielding corporate bonds.
• Funds that specialise in gold-mining shares tend not to follow stock market movements.
• Funds investing in the shares of smaller companies, in a concentrated portfolio of shares, or in a less mature
market (such as Eastern Europe, some areas of the Far East, Central and South America) carry more investment
risk.

• In some less developed stock markets there are risks from political, economic and market factors that could cause
a large increase in currency and fund price risk.

• Some fund managers take their yearly management charge from capital rather than income. This results in a higher
income but lower capital growth.

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Managed funds
Managed funds give exposure to a wide range of investment opportunities and aim to reduce the risk of your capital
because they are not held to the fortunes of just one market. A managed fund allows you to invest in a range of
countries and market sectors, spreading your investment across different types of assets. The fund manager is able
to adjust the asset allocation of the fund in anticipation of changing market conditions. The funds benefit from two
layers of investment management as the fund manager takes account of the opportunities in the world’s major
economies and then selects what he considers to be the best investments within those markets. We offer a number
of portfolios specifically tailored to suit different attitudes to risk.

Aegon Ethical Cautious Managed/Aegon Ethical Cautious Managed 2

The Aegon Ethical Cautious Managed fund (the underlying ‘Fund’) aims to provide a combination of income and
capital growth over a 7 year period. The Fund will invest in a diversified portfolio of equities denominated in any
currency; and corporate bonds denominated in Sterling and issued anywhere in the world. The Fund operates an
ethical screen which means that the Fund may not invest in particular industries and sectors. In all cases, the
investments of the Fund will meet the Fund's predefined ethical criteria. The Fund is actively managed and the
portfolio may at any one time be allocated more towards equities or bonds depending on the ACD's view on the
current market conditions. Equities will be limited to a maximum of 60% of the Fund's value at all times. At least 80%
of equity exposure will be to UK companies which are listed, quoted or traded in UK markets or which have their
headquarters or a significant part of their activities in the UK but which may also be quoted on a regulated market
outside of the UK. However, up to 20% of all equity investments may be made in non-UK companies In relation to
investment in equities, the Fund can invest in companies of any market capitalisation (small, medium or large) and in
a range of industry sectors, subject to the Fund's ethical criteria. The Fund will typically invest in publicly quoted
companies and have a bias towards small and medium companies. At least 90% of all corporate bond investments
will be in investment grade corporate bonds. Investment grade corporate bonds are bonds issued by companies
whose credit rating is deemed to be investment grade, defined as Baa3 or higher by Moody's Investor Services
(Moody's), BBB- or higher by Standard & Poor's (S&P) or BBB- or higher by Fitch, or their respective successors or
equivalents. To the extent that the Fund is not fully invested in the main asset classes listed above, the Fund may also
invest in other transferable securities, collective investment schemes (up to 10% of Net Asset Value and which may
include schemes managed by the ACD or its affiliates), money market instruments, deposits and cash and near cash.
It is intended that investment in any other collective investment schemes will be predominately in approved money
market instruments. Derivatives may be used for efficient portfolio management (including hedging to reduce currency
risk). Non-Sterling equity exposure may or may not be hedged back to Sterling to reduce currency risk.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

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Allianz RiskMaster Conservative Multi Asset/Allianz RiskMaster Conservative Multi Asset 2
The Allianz RiskMaster Conservative Multi Asset fund (the underlying ‘Fund’) aims to achieve long term capital growth
by taking a level of risk expected to be approximately 50% of the volatility of global equities defined as the MSCI
World Index Net Total Return GBP, based on monthly data over a rolling 5 year period. The volatility level may fluctuate
in the short term and is not guaranteed. The Fund seeks to achieve this objective by maintaining the level of risk stated
in the objective and by using a strategic asset allocation model designed by the ACD to deliver an optimised risk and
return profile. In addition to this the ACD will tactically manage the asset allocation to enhance the return where
appropriate. Over the long-term this is expected to generate capital growth whilst remaining within the anticipated
level of risk stated in the objective. The Fund will invest in all permissible asset classes stated below in a globally
unconstrained manner in order to implement the strategies within the Fund. The Fund may gain up to 100% of its
exposure to the asset classes listed in the paragraphs below by investing in other Funds managed by Allianz Global
Investors and its group of companies and other collective investment schemes and/or Exchange Traded Funds
managed by third parties. Investments into these asset classes may also be made directly into the underlying
securities subject to the percentage limits set out below. The ACD may also invest up to 60% of the Fund’s assets
(allowing for leverage) into equities, securities equivalent to equities (e.g. American Depositary Receipts, Global
Depositary Receipts and P-Notes) worldwide. In addition, index certificates and other certificates on equities,
adequately diversified equity baskets and warrants may be acquired. Equities held in the Fund may be in Emerging
Market Countries and Non-Developed Countries. The ACD may also invest up to 100% of the Fund’s assets (allowing
for leverage) to fixed income securities including global sovereign bonds which includes agencies and municipalities,
global credit including high yield and global foreign exchange currencies. The ACD may also utilise deposits and
money market instruments in the management of the portfolio and their value, together with money market funds, may
make up to a maximum of 100% of the Fund’s assets. The ACD may invest up to 10% of the Fund indirectly in
commodities, through transferable securities (such as exchange traded commodities (“ETCs”)) and/or units in
collective investment schemes which give exposure to such materials. The Fund will use derivative instruments such
as but not be limited to futures, options, options on swaps and swap agreements (e.g. interest rate swaps, index swaps,
credit default swaps and inflation linked swaps) and currency forward contracts, for efficient portfolio management
(including hedging) and, investment purposes. As the Fund invests in various global asset classes, the ACD considers
the MSCI World Index Net Total Return GBP to be a suitable source of volatility measurement for the Fund, by which
to monitor the stability of its portfolio.

The name of this fund indicates that it may have certain ESG characteristics. This relates to how a manager considers
the actions and behaviours of companies they invest in. Every manager will have different ESG policies which may
change over time. Customers should look to understand these policies and be comfortable that they meet their needs.

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Allianz RiskMaster Growth Multi Asset/Allianz RiskMaster Growth Multi Asset 2
The Allianz RiskMaster Growth Multi Asset fund (the underlying ‘Fund’) aims to achieve long term capital growth by
taking a level of risk expected to be approximately 80% of the volatility of global equities defined as the MSCI World
Index Net Total Return GBP, based on monthly data over a rolling 5 year period. The volatility level may fluctuate in
the short term and is not guaranteed. The Fund seeks to achieve this objective by maintaining the level of risk stated
in the objective and by using a strategic asset allocation model designed by the ACD to deliver an optimised risk and
return profile. In addition to this the ACD will tactically manage the asset allocation to enhance the return where
appropriate. Over the long-term this is expected to generate capital growth whilst remaining within the anticipated
level of risk stated in the objective. The Fund will invest in all permissible asset classes stated below in a globally
unconstrained manner in order to implement the strategies within the Fund. The Fund may gain up to 100% of its
exposure to the asset classes listed in the paragraphs below by investing in other Funds managed by Allianz Global
Investors and its group of companies and other collective investment schemes and/or Exchange Traded Funds
managed by third parties. Investments into these asset classes may also be made directly into the underlying
securities subject to the percentage limits set out below. The ACD may also invest up to 100% of the Fund’s assets
(allowing for leverage) into equities, securities equivalent to equities (e.g. American Depositary Receipts, Global
Depositary Receipts and P-Notes) worldwide. In addition, index certificates and other certificates on equities,
adequately diversified equity baskets and warrants may be acquired. Equities held in the Fund may be in Emerging
Market Countries and Non-Developed Countries. The ACD may also invest up to 100% of the Fund’s assets (allowing
for leverage) to fixed income securities including global sovereign bonds which includes agencies and municipalities,
global credit including high yield and global foreign exchange currencies. The ACD may also utilise deposits and
money market instruments in the management of the portfolio and their value, together with money market funds, may
make up to a maximum of 100% of the Fund’s assets. The ACD may invest up to 10% of the Fund indirectly in
commodities, through transferable securities (such as exchange traded commodities (“ETCs”) and/or units in
collective investment schemes which give exposure to such materials. The Fund will use derivative instruments such
as but not be limited to futures, options, options on swaps and swap agreements (e.g. interest rate swaps, index swaps,
credit default swaps and inflation linked swaps) and currency forward contracts, for efficient portfolio management
(including hedging) and, investment purposes. As the Fund invests in various global asset classes, the ACD considers
the MSCI World Index Net Total Return GBP to be the suitable source of volatility measurement for the Fund by which
to monitor the stability of its portfolio.

Allianz RiskMaster Moderate Multi Asset/Allianz RiskMaster Moderate Multi Asset 2

The Allianz RiskMaster Moderate Multi Asset fund (the underlying ‘Fund’) aims to achieve long term capital growth by
taking a level of risk expected to be approximately 65% of the volatility of global equities defined as the MSCI World
Index Net Total Return GBP, based on monthly data over a rolling 5 year period. The volatility level may fluctuate in
the short term and is not guaranteed. The Fund seeks to achieve this objective by maintaining the level of risk stated
in the objective and by using a strategic asset allocation model designed by the ACD to deliver an optimised risk and
return profile. In addition to this the ACD will tactically manage the asset allocation to enhance the return where
appropriate. Over the long-term this is expected to generate capital growth whilst remaining within the anticipated
level of risk stated in the objective. The Fund will invest in all permissible asset classes stated below in a globally
unconstrained manner in order to implement the strategies within the Fund. The Fund may gain up to 100% of its
exposure to the asset classes listed in the paragraphs below by investing in other Funds managed by Allianz Global
Investors and its group of companies and other collective investment schemes and/or Exchange Traded Funds
managed by third parties. Investments into these asset classes may also be made directly into the underlying
securities subject to the percentage limits set out below. The ACD may also invest up to 80% of the Fund’s assets
(allowing for leverage) into equities, securities equivalent to equities (e.g. American Depositary Receipts, Global
Depositary Receipts and P-Notes) worldwide. In addition, index certificates and other certificates on equities,
adequately diversified equity baskets and warrants may be acquired. Equities held in the Fund may be in Emerging
Market Countries and Non-Developed Countries. The ACD may also invest up to 100% of the Fund’s assets (allowing
for leverage) to fixed income securities including global sovereign bonds which includes agencies and municipalities,
global credit including high yield and global foreign exchange currencies. The ACD may also utilise deposits and
money market instruments in the management of the portfolio and their value, together with money market funds, may
make up to a maximum of 100% of the Fund’s assets. The ACD may invest up to 10% of the Fund indirectly in
commodities, through transferable securities (such as exchange traded commodities (“ETCs”) and/or units in
collective investment schemes which give exposure to such materials. The Fund will use derivative instruments such
as but not be limited to futures, options, options on swaps and swap agreements (e.g. interest rate swaps, index swaps,
credit default swaps and inflation linked swaps) and currency forward contract, for efficient portfolio management
(including hedging) and investment purposes. As the Fund invests in various global asset classes, the ACD considers
the MSCI World Index Net Total Return GBP to be the suitable source of volatility measurement for the Fund by which
to monitor the stability of its portfolio.
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AXA Framlington Global Thematics/AXA Framlington Global Thematics 2
The AXA Framlington Global Thematics fund (the underlying 'Fund') aims to provide long-term capital growth. The
Fund invests in shares of listed companies which are based anywhere in the world (including countries which the
Manager considers to be emerging markets) and which the Manager believes will provide above-average returns. The
Fund invests principally in large and medium-sized companies. The Manager selects shares based upon analysis of
a company’s financial status, quality of its management, expected profitability and prospects for growth taking into
account the company’s exposure to long-term themes influencing the global economy. The Manager has full
discretion to select investments for the Fund in line with the above investment policy and in doing so may take into
consideration the MSCI All Country World index. The MSCI All Country World index is designed to provide a broad
measure of equity-market performance throughout the world and measure the performance of stocks from 23
developed countries and 24 emerging markets. This index best represents the types of companies in which the Fund
predominantly invests. The Fund may also invest in other transferable securities and units in collective investment
schemes. The Fund may use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash
holdings, hedging and other investment techniques permitted in the applicable Financial Conduct Authority rules.
The MSCI All Country World index may be used by investors to compare the Fund’s performance.

AXA Framlington Global Sustainable Managed/AXA Framlington Global Sustainable Managed 2

The AXA Framlington Global Sustainable Managed fund (the underlying 'Fund') aims to provide long-term capital
growth over a period of 5 years or more and invest in companies which have leading or improving environmental,
social and governance (ESG) practices, in line with the selection criteria described in the investment policy. The Fund
invests in shares of listed companies which the Manager believes will provide above-average returns, relative to their
industry peers. The Fund invests in companies of any size and based anywhere in the world (including emerging
markets). The Manager seeks to reduce the impact on the Fund of fluctuations in value of equity markets by investing
in bonds issued by developed market governments. The Fund’s typical asset mix ranges between 60 – 85% of its Net
Asset Value in shares, with the remainder being mainly in bonds and cash.

The Manager invests in issuers of shares of listed companies which it believes have leading or improving
environmental, social and governance (ESG) practices. These companies will either demonstrate leadership on
sustainability issues (such as promoting better social outcomes, increasing the amount of renewable energy and using
the planet’s resources more sustainably and increased digitalisation) through strong ESG practices (“leaders”) or will
have shown a clear commitment to improve their ESG practices (“companies in transition”). The majority of More than
50% of the Fund’s equity investments (50% or more) will be in “leaders”. The Manager will actively engage on
sustainability issues with a particular focus on “companies in transition”. When selecting shares, The Manager will also
analyse a company’s financial status, quality of its management, expected profitability and prospects for growth when
selecting shares. In selecting investments (bonds and shares), the Manager will take into account the company’s or
issuer’s ESG score as one factor within its broader analysis of the company or issuer to identify investments which are
expected to generate long-term capital growth and which have leading or improving ESG practices. The Manager
believes that companies and issuers with higher or improving ESG scores may be expected to manage risk associated
with ESG issues more effectively, which may be expected to contribute to better financial performance of such
companies and issuers in the long term. The Manager will only consider the lowest scoring companies or issuers in
exceptional circumstances, such as where it deems, through its own research, that the ESG score of the company or
issuer does not accurately or fully reflect its current ESG profile.

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To avoid investing in companies or sovereign issuers which present excessive degrees of ESG risk, the Manager
applies AXA IM Group’s sector specific investment guidelines relating to responsible investment to the Fund. Such
guidelines exclude investment in soft commodity derivatives or exposure to certain companies based on their
involvement in specific sectors (such as unsustainable palm oil production, controversial weapons and climate risks).
The Manager also applies the AXA Investment Managers’ ESG Standards policy. This policy excludes investment in
companies and sovereign issuers based on tobacco production; manufacture of white phosphorus weapons; certain
criteria relating to human rights and anti-corruption as well as other ESG factors. The AXA Investment Managers’ ESG
Standards policy and AXA IM Group’s sector specific investment guidelines are subject to change. The Manager will
look to engage on sustainability issues and identified areas of weakness with a selection of investee companies. The
Manager will focus on companies where the continued enhancement of sustainability practices is expected to help
support the robust, long-term profitability of such companies. Where weaknesses are identified, the Manager may
consider the use of escalation techniques (such as voting against certain resolutions presented by management at
Annual General Meetings) in certain cases. If the Manager deems that an investment no longer meets the criteria set
out in this investment policy or its expectations in terms of that investment’s prospects for achieving long-term capital
growth the Fund’s objective or, in the case of a company, becomes unresponsive to the Manager’s engagement
efforts, the Manager will disinvest as soon as practicable having regard to the best interests of the Fund’s investors
and in accordance with its best execution policy.

The Fund may also invest in other transferable securities, cash, deposits, and units in collective investment schemes
(including those that are managed by the Manager or its associates) and money market instruments. The Fund may
use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other
investment techniques permitted in the applicable Financial Conduct Authority FCA rules. The IA Mixed Investment
40-85% Shares Sector may be used by investors to compare the Fund’s financial performance. The Manager currently
does not consider any available benchmarks as a suitable performance comparator for investors to compare the
Fund’s performance against its sustainability objective.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

BlackRock Balanced Growth in Portfolio/BlackRock Balanced Growth Portfolio 2

The BlackRock Balanced Growth Portfolio fund (the underlying ‘Fund’) aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund) with the opportunity for additional income
generation, i.e. income received on the Fund’s assets, where market conditions allow. The Fund may invest globally in
equity securities (e.g. shares) fixed income securities (such as bonds), money-market instruments, i.e. debt securities
with short-term maturities, funds and cash (in any currency). The fixed income securities and money-market
instruments may be issued by governments, government agencies, companies and supranationals, e.g. the
International Bank for Reconstruction and Development. The Fund will invest in the full range of fixed income
securities which may include investments with a relatively low credit rating or which are unrated. The investment
adviser (IA) will use derivatives, i.e. investments the prices of which are based on one or more underlying assets, to
help achieve the Fund’s investment objective. These may be used to gain indirect exposure to commodities (such as
precious metals and agricultural produce) and to property. The Fund may, via derivatives, generate varying amounts
of market leverage, i.e. where the Fund gains market exposure in excess of the value of its assets. The Fund is actively
managed and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to a composite
benchmark, i.e. a benchmark made up of number of benchmarks, of 30% FTSE All Share, 45% FTSE World ex-UK, 25%
Barclays Global Aggregate Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management
purposes to ensure that the active risk, i.e. degree of deviation from the index, taken by the Fund remains appropriate
given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index
when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order
to take advantage of specific investment opportunities. However, the geographical emphasis of the investment
objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the
Index. The Investment Association OE Mixed Investment 40%-85% Shares Average Sector should be used by
unitholders to compare the performance of the Fund.

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BlackRock Consensus 35/BlackRock Consensus 35 2
The aim of the BlackRock Consensus 35 fund (the underlying ‘Fund’) is to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by investing at least 70% of its total assets in other investment funds (including funds managed by the BlackRock
Group). The Fund intends to gain indirect exposure globally (by investing in other funds) to the following asset classes:
equity securities (e.g. shares), fixed income securities (such as bonds), money-market instruments (MMIs), i.e. debt
securities with short term maturities, alternative assets (such as property and commodities), cash and deposits. The
Fund may also invest directly in equity securities, fixed income securities, MMIs, deposits and cash. At any one time,
the Fund will aim to have no more than 35% of its investment exposure to equity securities gained either directly or
through its investment in other funds. The Fund’s investments (both direct and indirect) in fixed income securities and
MMIs may be issued by governments, government agencies, companies and supranationals and may include
investments with a relatively low credit rating or which are unrated. The Fund is actively managed. The investment
manager has discretion to select the Fund’s investments and in doing so uses an asset allocation strategy which is
based on the Lipper ABI Mixed Investment 0-35% Shares Pension Sector.

BlackRock Consensus 60/BlackRock Consensus 60 2

The aim of the BlackRock Consensus 60 fund (the underlying ‘Fund’) is to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by investing at least 70% of its total assets in other investment funds (including funds managed by the BlackRock
Group). The Fund intends to gain indirect exposure globally (by investing in other funds) to the following asset classes:
equity securities (e.g. shares), fixed income securities (such as bonds), money-market instruments (MMIs), i.e. debt
securities with short term maturities, alternative assets (such as property and commodities), cash and deposits. The
Fund may also invest directly in equity securities, fixed income securities, MMIs, deposits and cash. At any one time,
the Fund will aim to have no less than 20% and no more than 60% of its investment exposure to equity securities
gained either directly or through its investment in other funds. The Fund’s investments (both direct and indirect) in
fixed income securities and MMIs may be issued by governments, government agencies, companies and
supranationals and may include investments with a relatively low credit rating or which are unrated. The Fund is
actively managed. The investment manager has discretion to select the Fund’s investments and in doing so uses an
asset allocation strategy which is based on a composite benchmark, i.e. a benchmark comprised of two or more
benchmarks, comprising the Lipper ABI Mixed Investment 20-60% Shares Pension Sector (60%) and the Lipper ABI
Mixed Investment 40-85% Shares Pension Sector (40%).

BlackRock Consensus 70/BlackRock Consensus 70 2

The aim of the BlackRock Consensus 70 fund (the underlying ‘Fund’) is to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by investing at least 70% of its total assets in other investment funds (including funds managed by the BlackRock
Group). The Fund intends to gain indirect exposure globally (by investing in other funds) to the following asset classes:
equity securities (e.g. shares), fixed income securities (such as bonds), money-market instruments (MMIs), i.e. debt
securities with short term maturities, alternative assets (such as property and commodities), cash and deposits. The
Fund may also invest directly in equity securities, fixed income securities, MMIs, deposits and cash. At any one time,
the Fund will aim to have no less than 30% and no more than 70% of its investment exposure to equity securities
gained either directly or through its investment in other funds. The Fund’s investments (both direct and indirect) in
fixed income securities and MMIs may be issued by governments, government agencies, companies and
supranationals and may include investments with a relatively low credit rating or which are unrated. The Fund is
actively managed. The investment manager has discretion to select the Fund’s investments and in doing so uses an
asset allocation strategy which is based on a composite benchmark, i.e. a benchmark comprised of two or more
benchmarks, comprising the Lipper ABI Mixed Investment 20-60% Shares Pension Sector (60%) and the Lipper ABI
Mixed Investment 40-85% Shares Pension Sector (40%).

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BlackRock Consensus 85/BlackRock Consensus 85 2
The aim of the BlackRock Consensus 85 fund (the underlying ‘Fund’) is to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by investing at least 70% of its total assets in other investment funds (including funds managed by the BlackRock
Group). The Fund intends to gain indirect exposure globally (by investing in other funds) to the following asset classes:
equity securities (e.g. shares), fixed income securities (such as bonds), money-market instruments (MMIs), i.e. debt
securities with short term maturities, alternative assets (such as property and commodities), cash and deposits. The
Fund may also invest directly in equity securities, fixed income securities, MMIs, deposits and cash. At any one time,
the Fund will aim to have no less than 40% and no more than 85% of its investment exposure to equity securities
gained either directly or through its investment in other funds. The Fund’s investments (both direct and indirect) in
fixed income securities and MMIs may be issued by governments, government agencies, companies and
supranationals and may include investments with a relatively low credit rating or which are unrated. The Fund is
actively managed but the other investment funds in which it invests are passively managed index funds. The
investment manager has discretion to select the Fund’s investments and in doing so uses an asset allocation strategy
which is based on the Lipper ABI Mixed Investment 40-85% Shares Pension Sector.

BlackRock Consensus 100/BlackRock Consensus 100 2

The aim of the BlackRock Consensus 100 fund (the underlying ‘Fund’) is to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by investing at least 70% of its total assets in other investment funds (including funds managed by the BlackRock
Group). The Fund intends to gain indirect exposure globally (by investing in other funds) to the following asset classes:
equity securities (e.g. shares(, fixed income securities (such as bonds), money-market instruments (MMIs), i.e. debt
securities with short term maturities, alternative assets (such as property and commodities), cash and deposits. The
Fund may also invest directly in equity securities, fixed income securities, MMIs, deposits and cash. At any one time,
the Fund’s investment exposure to equity securities gained either directly or through its investment in other funds
may be 100%. The Fund’s investments (both direct and indirect) in fixed income securities and MMIs may be issued
by governments, government agencies, companies and supranationals and may include investments with a relatively
low credit rating or which are unrated. The Fund is actively managed. The investment manager has discretion to select
the Fund’s investments and in doing so uses an asset allocation strategy which is based on the Lipper ABI Global
Equity Pensions Sector.

BNY Mellon Multi-Asset Balanced/BNY Mellon Multi-Asset Balanced 2

The aim of the BNY Mellon Multi-Asset Balanced Fund (the underlying ‘Fund’) is to achieve a balance between income
and capital growth over the long term (5 years or more).The Fund will invest anywhere in the world and invest at least
75% of the portfolio in UK and international securities (bonds), infrastructure, renewable energy, property, commodities
and near cash. It will gain exposure to alternative asset classes, such as infrastructure, renewable energy, property
and commodities, through stock exchange listed investments, other transferable securities and/or collective
investment schemes and invest in derivatives (financial instruments whose value is derived from other assets) to help
achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to
generate additional capital or income. The Fund may invest in emerging markets, money market instruments, deposits,
cash and near cash, bonds rated below investment grade (BBB-) by Standard & Poor's (or equivalent recognised
rating agency), Contingent Convertible Securities (CoCo's) and invest up to 10% in other collective investment
schemes (including but not limited to another Sub-Fund or Sub-Funds of the Company or other BNY Mellon funds).
The Fund will measure its performance against the UK Investment Association Mixed Investment 40-85% Shares NR
Sector average as a comparator benchmark.

12
BNY Mellon Multi-Asset Growth/BNY Mellon Multi-Asset Growth 2
The aim of the BNY Mellon Multi-Asset Growth Fund (the underlying ‘Fund’) is to achieve capital growth and income
over the long term (5 years or more). The Fund will invest anywhere in the world and invest at least 75% of the portfolio
in UK and international securities across a range of global asset classes including, without limitation, equities
(company shares), fixed income (bonds), infrastructure, renewable energy, property, commodities and near cash. It will
gain exposure to alternative asset classes, such as infrastructure, renewable energy, property and commodities,
through stock exchange listed investments, other transferable securities and/or collective investment schemes. The
Fund will measure its performance against the UK Investment Association Flexible Investment NR Sector average as
a comparator benchmark. The Fund may invest in emerging markets, money market instruments, deposits, cash and
near cash, bonds rated below investment grade (BBB-) by Standard & Poor's (or equivalent recognised rating agency).
It will also invest in Contingent Convertible Securities (CoCo's), use derivatives (financial instruments whose value is
derived from other assets) with the aim of risk or cost reduction or to generate additional capital or income and invest
up to 10% in other collective investment schemes (including but not limited to another Sub-Fund or Sub-Funds of the
Company or other BNY Mellon funds).

Embark Horizon Multi-Asset I/Embark Horizon Multi-Asset I 2

The aim of the Embark Horizon Multi-Asset I Fund (the underlying 'Fund') is to grow investment through a combination
of income and capital growth over the medium to long term (5 or more years) and to keep the fund within a designated
risk profile. This Fund is one of a range of Embark Horizon Multi-Asset funds which aims to cater for investors with
different risk appetites. This Fund is aligned to risk profile 1, the lowest risk profile in this range, which means that it
aims to deliver income and capital growth through assets that demonstrate moderate price fluctuations, with greater
emphasis placed on fixed income securities and lower exposure to equities. The Fund will be invested in collective
investment schemes. Investments in collective investment schemes may also include those managed, operated or
advised by the Management Company’s associates. Through the investment in collective investment schemes, the
Fund will be indirectly invested in a range of different asset classes. The weighting of the asset classes to which the
Fund is exposed may be varied depending on the Investment Manager’s views in the context of achieving the
investment objective. Under normal market circumstances, between 15% and 50% of the value of the Fund will be
invested in global equities, including emerging market equities. The Fund will have a greater emphasis on global fixed
income securities (such as government, corporate, high yield and emerging market bonds) and there may be some
indirect exposure (typically, no more than 15% in aggregate) to any one or more of: real estate and commodities. To
the extent not fully invested in collective investment schemes, in normal market conditions, up to 10% may be invested
directly in cash, near cash and money market instruments. The Investment Manager may need to adjust the stated
exposure level to global equities during periods of unusual instability in the markets. The Fund’s risk level is managed
by varying the weightings of the asset classes to which the Fund is exposed. The Fund may use derivatives to reduce
risk or cost or to generate additional capital or income at proportionate risk (known as “Efficient Portfolio
Management”). EV, an independent risk profile service provider, using the output from its investment research tools,
produces a strategic weighting of asset classes aligned to the risk profile of the Fund based on a medium to long term
time horizon. EV updates these weightings on a quarterly basis and the Investment Manager will consider the
weightings when taking active management decisions to decide on the composition of the investments of the Fund.

13
Embark Horizon Multi-Asset II/Embark Horizon Multi-Asset II 2
The aim of the Embark Horizon Multi-Asset II Fund (the underlying 'Fund') is to grow investment through a combination
of income and capital growth over the medium to long term (5 or more years) and to keep the fund within a designated
risk profile. This Fund is one of a range of Embark Horizon Multi-Asset funds which aims to cater for investors with
different risk appetites. This Fund is aligned to risk profile 2, the second lowest risk profile in this range, which means
that it aims to deliver income and capital growth through assets that demonstrate moderate price fluctuations, with
emphasis placed on fixed income securities and equities. The Fund will be invested in collective investment schemes.
Investments in collective investment schemes may also include those managed, operated or advised by the
Management Company’s associates. Through the investment in collective investment schemes, the Fund will be
indirectly invested in a range of different asset classes. The weighting of the asset classes to which the Fund is
exposed may be varied depending on the Investment Manager’s views in the context of achieving the investment
objective. Under normal market circumstances, between 20% and 55% of the value of the Fund will be invested in
global equities, including emerging market equities. The Fund will have exposure to global fixed income securities
(such as government, corporate, high yield and emerging market bonds) and there may be some indirect exposure
(typically, no more than 15% in aggregate) to any one or more of: real estate or commodities. To the extent not fully
invested in collective investment schemes, in normal market conditions, up to 10% may be invested directly in cash,
near cash and money market instruments. The Investment Manager may need to adjust the stated exposure level to
global equities during periods of unusual instability in the markets. The Fund’s risk level is managed by varying the
weightings of the asset classes to which the Fund is exposed. The Fund may use derivatives to reduce risk or cost or
to generate additional capital or income at proportionate risk (known as “Efficient Portfolio Management”). EV, an
independent risk profile service provider, using the output from its investment research tools, produces a strategic
weighting of asset classes aligned to the risk profile of the Fund based on a medium to long term time horizon. EV
updates these weightings on a quarterly basis and the Investment Manager will consider the weightings when taking
active management decisions to decide on the composition of the investments of the Fund.

Embark Horizon Multi-Asset III/Embark Horizon Multi-Asset III 2

The aim of the Embark Horizon Multi-Asset III Fund (the underlying 'Fund') is to grow investment through a
combination of income and capital growth over the medium to long term (5 or more years) and to keep the fund within
a designated risk profile. This Fund is one of a range of Embark Horizon Multi-Asset funds which aims to cater for
investors with different risk appetites. This Fund is aligned to risk profile 3, the middle risk profile in this range, which
means that it aims to deliver income and capital growth through assets that may demonstrate moderate to large price
fluctuations with greater emphasis placed on equity and lower exposure to fixed income securities. The Fund will be
invested in collective investment schemes. Investments in collective investment schemes may also include those
managed, operated or advised by the Management Company’s associates. Through investment in collective
investment schemes, the Fund will be indirectly invested in a range of different asset classes. The weighting of the
asset classes to which the Fund is exposed may be varied depending on the Investment Manager’s views in the
context of achieving the investment objective. Under normal market circumstances, between 50% and 75% of the
value of the Fund will be invested in global equities, including emerging market equities. The Fund will generally have
a lower exposure to global fixed income securities (such as government, corporate, high yield and emerging market
bonds) and there may be some indirect exposure (typically, no more than 15% in aggregate) to any one or more of: real
estate and commodities. To the extent not fully invested in collective investment schemes, in normal market
conditions, up to 10% may be invested directly in cash, near cash and money market instruments. The Investment
Manager may need to adjust the stated exposure level to global equities during periods of unusual instability in the
markets. The Fund’s risk level is managed by varying the weighting of the asset classes to which the Fund is exposed.
The Fund may use derivatives to reduce risk or cost or to generate additional capital or income at proportionate risk
(known as “Efficient Portfolio Management”). EV, an independent risk profile service provider, using the output from
its investment research tools, produces a strategic weighting of asset classes aligned to the risk profile of the Fund
based on a long term time horizon. EV updates these weightings on a quarterly basis and the Investment Manager
will consider the weightings when taking active management decisions to decide on the composition of the
investments of the Fund.

14
Embark Horizon Multi-Asset IV/Embark Horizon Multi-Asset IV 2
The aim of the Embark Horizon Multi-Asset IV Fund (the underlying 'Fund') is to grow investment through a
combination of income and capital growth over the medium to long term (5 or more years) and to keep the fund within
a designated risk profile. This Fund is one of a range of Embark Horizon Multi-Asset funds which aims to cater for
investors with different risk appetites. This Fund is aligned to risk profile 4, the second highest risk profile in this range,
which means that it aims to deliver income and capital growth through assets that may demonstrate moderate to large
price fluctuations, with greater exposure to equity and some fixed income securities The Fund will be invested in
collective investment schemes. Investments in collective investment schemes may also include those managed,
operated or advised by the Management Company’s associates. Through investment in collective investment
schemes, the Fund will be indirectly invested in a range of different asset classes. The weighting of the asset classes
to which the Fund is exposed may be varied depending on the Investment Manager’s views in the context of achieving
the investment objective. Under normal market circumstances, between 50% and 95% of the value of the Fund will be
invested in global equities, including emerging market equities. The Fund will have some exposure to global fixed
income securities (such as government, corporate, high yield and emerging market bonds) and there may be some
indirect exposure (typically, no more than 15% in aggregate) to any one or more of: real estate and commodities. To
the extent not fully invested in collective investment schemes, in normal market conditions, up to 10% may be invested
directly in cash, near cash and money market instruments. The Investment Manager may need to adjust the stated
exposure level to global equities during periods of unusual instability in the markets. The Fund’s risk level is managed
by varying the weighting of the asset classes to which the Fund is exposed. The Fund may use derivatives to reduce
risk or cost or to generate additional capital or income at proportionate risk (known as “Efficient Portfolio
Management”). EV, an independent risk profile service provider, using the output from its investment research tools,
produces a strategic weighting of asset classes aligned to the risk profile of the Fund based on a long term time
horizon. EV updates these weightings on a quarterly basis and the Investment Manager will consider the weightings
when taking active management decisions to decide on the composition of the investments of the Fund.

Embark Horizon Multi-Asset V/Embark Horizon Multi-Asset V 2

The aim of the Embark Horizon Multi Asset V Fund (the underlying 'Fund') is to grow investment through a combination
of income and capital growth over the medium to long term (5 or more years) and to keep the fund within a designated
risk profile. This Fund is one of a range of Embark Horizon Multi-Asset funds which aims to cater for investors with
different risk appetites. This Fund is aligned to risk profile 5, the highest risk profile in this range, which means that
aims to deliver income and capital growth through assets that may demonstrate large price fluctuations, with greatest
exposure to equity. The Fund will be invested in collective investment schemes. Investments in collective investment
schemes may also include those managed, operated or advised by the Management Company’s associates. Through
the investment in collective investment schemes, the Fund will be indirectly invested in a range of different asset
classes. The weighting of asset classes to which the Fund is exposed may be varied depending on the Investment
Manager’s views in the context of achieving the investment objective. Under normal market circumstances, between
60% and 100% of the value of the Fund will be invested in global equities, including emerging market equities. The
Fund may have some indirect exposure (typically, no more than 15% in aggregate) to any one or more of: real estate
and commodities. To the extent not fully invested in collective investment schemes, in normal market conditions, up
to 10% may be invested directly in cash, near cash and money market instruments. The Investment Manager may need
to adjust the stated exposure level to global equities during periods of unusual instability in the markets. The Fund’s
level of risk is managed by varying the weighting of the asset classes to which the Fund is exposed. The Fund may
use derivatives to reduce risk or cost or to generate additional capital or income at proportionate risk (known as
“Efficient Portfolio Management”). EV, an independent risk profile service provider, using the output from its
investment research tools, produces a strategic weighting of asset classes aligned to the risk profile of the Fund based
on a long term time horizon. EV updates these weightings on a quarterly basis and the Investment Manager will
consider the weightings when taking active management decisions to decide on the composition of the investments
of the Fund.

15
Henderson Cautious Managed/Henderson Cautious Managed 2
The Janus Henderson Cautious Managed fund (the underlying ‘Fund’) aims to provide a return, from a combination
of income and capital growth over the long term. Performance target: To outperform the 50% FTSE All Share + 50%
ICE Bank of America Sterling Non Gilt Index by 1.5% per annum, before the deduction of charges, over any 5 year
period. Investment policy The Fund invests in shares (also known as equities) and bonds of governments, companies
or any other type of issuer, in any country. At all times the investment in equities will be limited to a maximum of 60%
of the value of the Fund’s portfolio and the Fund will normally have a strong bias towards UK companies and bonds.
Companies and bond issuers may be of any size, in any industry. The Fund may also invest in other assets including
cash and money market instruments. The investment manager may use derivatives (complex financial instruments) to
reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the 50% FTSE All
Share + 50%ICEBank of America Sterling Non Gilt Index, which is broadly representative of the securities in which it
may invest, as this forms the basis of the Fund's performance target. The investment manager has a high degree of
freedom to choose individual investments for the Fund. As an additional means of assessing the performance of the
Fund, the IA Mixed Investment 20-60% Shares sector average, which is based on a peer group of broadly similar
funds, may also provide a useful comparator. Investors should note that many funds in the sector peer group have a
more global focus than the Fund. The investment manager looks to balance the long-term growth and income
potential of equities with the more stable returns offered by bonds and cash. The strategy has the flexibility to adjust
to changing market conditions by altering the level of exposure to the different asset classes. In managing the equity
portion of the portfolio, the investment manager will typically follow a value investment style, seeking companies it
believes to be undervalued by the market that may be more resilient in periods of economic uncertainty.

Invesco Distribution/Invesco Distribution 2

The Invesco Distribution fund (the underlying 'Fund') aims to achieve income and capital growth over the medium to
long term (3 to 5 years plus). The Fund may invest up to 80% of its assets globally in corporate and government debt
securities (including investment grade, non-investment grade and unrated) and up to 40% of its assets in shares or
other equity related securities of companies globally. In pursuing the Fund’s investment objective, the fund manager
may consider it appropriate to also invest in other transferable securities, money market instruments, collective
investment schemes (including funds managed by the Invesco group), deposits and cash. The Fund may use
derivatives for investment purposes to meet the Fund’s investment objective and for efficient portfolio management
purposes to reduce risk, reduce costs and/or generate additional capital or income. They may include derivatives on
currencies, interest rates and credit, and may be used to obtain exposure to long and short positions. The Fund has
an active investment approach based on fund manager judgment supported by macroeconomic and credit risk
analysis, with an emphasis on valuation. It has a flexible allocation to bonds and equities to deliver a sustainable level
of income as well as the potential for capital growth. Given the Fund’s asset allocation, its performance can be
compared against the Investment Association Mixed Investment 20-60% Shares Sector. However, the fund is actively
managed and is not constrained by any benchmark.

JPM Global Macro Sustainable/JPM Global Macro Sustainable 2

The JPM Global Macro Sustainable fund (the underlying 'Fund') aims to provide positive investment returns, before
fees, over a rolling 3 year period in all market conditions by investing globally in a portfolio that is positioned towards
securities with positive Environmental, Social, and Governance (ESG) characteristics, using derivatives where
appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur. The Fund
uses an investment process based on macro research to identify global investment themes and opportunities. The
Fund has a flexible and focused approach to take advantage of global trends and changes through traditional and
non-traditional assets. A fully integrated, risk management framework provides detailed portfolio analysis. The Fund
invests in securities exhibiting positive ESG characteristics by adhering to ESG exclusions and positioning the
portfolio towards issuers with positive ESG characteristics. The Fund is actively managed. The benchmark is a
Performance Comparator however the Fund will be managed without reference to its benchmark. The ICE BofA
SONIA Overnight Rate Index has been chosen as it reflects the investment strategy for the Fund.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

16
Jupiter Merlin Monthly Income Select/Jupiter Merlin Monthly Income Select 2
The Jupiter Merlin Monthly Income Select fund (the underlying 'Fund') aims to provide regular income with the
prospect of capital growth over the long term (at least five years). At least 70% of the Fund is invested in collective
investment schemes, with typically between 40% and 70% and at least 25% in funds managed or operated by Jupiter
or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable securities, cash and near cash.
The Fund will have exposure (direct and/or indirect) of at least 60% to fixed interest securities; and up to 35% to shares
of companies. At least 50% of the Fund will (in aggregate) be invested directly or indirectly in shares issued by
companies based in the UK and/or funds investing in such companies; and/or) transferable securities which are
sterling denominated or hedged back to sterling. The Fund may use derivative transactions for investment purposes.
To attain the objective by investing at least 70% of the Fund globally in collective investment schemes and exchange
traded funds (ETFs) which give exposure to shares of companies, fixed-interest debt securities, money market
instruments, deposits and cash. The Fund forms part of the Merlin Select range, meaning that typically between 40%
to 70% and at least 25% will be invested in funds managed or operated by Jupiter or an associate of Jupiter. The Fund
may also invest in other transferable securities such as exchange traded commodities, as well as cash and near cash,
money market instruments and deposits. The Fund will have exposure (directly and/or indirect) of at least 60% to fixed
interest securities, which may include investment grade bonds, high yield bonds (to a maximum of 25%), government
bonds, preference bonds and convertible bonds; and up to 35% to shares of companies. At least 50% of the Fund will
(in aggregate) be invested directly or indirectly in: (i) shares issued by companies incorporated, headquartered, listed,
or which conduct a majority of their business activity, in the UK or funds investing in such companies; and/or (ii)
transferable securities which are denominated in sterling or hedged back to sterling. The Fund may enter into
derivative transactions for efficient portfolio management (including hedging) purposes, i.e. to reduce risk, minimise
costs or generate additional capital and/or income; or investment (i.e. speculative) purposes, such as creating both
long and short positions through derivatives. The Investment Manager expects that derivative transactions will be
used primarily for efficient portfolio management purposes. The Investment Manager seeks to exercise appropriately
its stewardship responsibilities on behalf of its clients in order to meet the Fund's investment objective. Stewardship
entails engagement with the investment managers of the collective investment schemes in which the Fund invests to
understand how they analyse and engage with their respective investee companies on material factors relating to the
governance and long term sustainability of their business models. The Investment Manager is not in any way
constrained by the benchmark in their portfolio positioning. Many funds sold in the UK are grouped into sectors by
the Investment Association (the trade body that represents UK investment managers), to help investors to compare
funds with broadly similar characteristics. This Fund is classified in the IA Mixed Investment 0-35% Shares Sector.

M&G Episode Allocation/M&G Episode Allocation 2

The M&G Episode Allocation fund (the underlying 'Fund') aims to deliver combined income and capital growth of at
least 5% a year above the 3 month GBP LIBOR, before any charges are taken, over any 5 year period. LIBOR is the
rate at which banks borrow money from each other. There is no guarantee that the fund will achieve a positive return
over any period. Investors may not get back the original amount they invested. The fund is typically invested in a mix
of assets, including company shares, bonds, convertibles and currencies. The fund may invest directly or indirectly via
other funds or derivatives. A minimum of 30% of the fund is exposed to sterling and a minimum of 60% to developed
market currencies (including sterling). Other investments: The fund may also invest indirectly in property and other
assets via other funds or derivatives. Derivatives may also be used to reduce risk and costs and to manage the impact
of changes in currency exchange rates on the fund’s investments.

17
Ninety One Global Income Opportunities/Ninety One Global Income Opportunities 2
The Ninety One Global Income Opportunities fund (the underlying ‘Fund’) aims to provide income with the opportunity
for capital growth, i.e., to grow the value of your investment, over 5 years. The Fund is actively managed and invests in
a broad range of assets around the world (including in developed and emerging markets). These assets include the
shares of companies, and bonds (or similar debt-based assets) of borrowers, listed property securities (such as real
estate investment trusts) and other alternative assets (such as investment trusts in infrastructure). Investments may
be held directly in the asset itself (excluding commodities and property) or indirectly, e.g. using derivatives (financial
contracts whose value is linked to the price of an underlying asset), exchange traded products and/or in funds). The
Fund focuses on investing in assets that offer a reliable level of income, e.g. consistent dividend or interest payments,
together with opportunities for capital growth, in many market conditions. Investment opportunities are identified using
in-depth analysis and research on individual companies. The Fund may invest up to 60% in the shares of global
companies. These companies may be of any size and in any industry sector. As a result of the investment policy above
it is expected that the volatility (the pace or amount of change in its value) will be lower than 75% of that of shares of
UK companies (measured using the FTSE All Share Index). This level of volatility is not guaranteed and there may be
times when it is exceeded. Bonds (or similar debt-based assets) may be in any currency, have any credit rating (or no
credit rating) and may be issued by any borrower e.g. governments or companies. The Fund may also invest in other
transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares of other
funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be
used for investment purposes and/or managing the Fund in a way that is designed to reduce risk or cost and/ or
generate income or growth with a low level of risk. Investors may compare the Fund’s performance to the following
composite index: 45% MSCI World High Dividend Yield GBP Hedged + 55% BBG Global Aggregate TR GBP Hedged.

Premier Multi-Asset Distribution/Premier Multi-Asset Distribution 2

The Premier Multi Asset Distribution fund (the underlying 'Fund') aims to provide income together with capital growth
over the long-term, being five years or more. Five years is also the minimum recommended period for holding shares
in this Fund. This does not mean that the Fund will achieve the objective over this, or any other, specific time period
and there is a risk of loss to the original capital invested.

The Fund will mainly invest in collective investment schemes (including those managed by the ACD and its affiliates
and other regulated and unregulated funds) including open- ended investment companies, Exchange Traded Funds
and closed ended investment companies (including investment trusts). These will invest in a broad range of underlying
assets which will include bonds, company shares, property and alternative investments. The Fund will also invest in
deposits, cash and near cash. The Fund will maintain an exposure to different asset classes, but those exposures will
vary as economic and market conditions change. The Fund may also invest directly in transferable securities (including
company shares and bonds). This will typically be where asset class exposure can be obtained more efficiently. The
Fund may invest in derivatives, warrants and forward transactions (whose value is based on the change in price of an
underlying investment) for efficient portfolio management and investment purposes, including hedging (hedging is
designed to offset the risk of another investment falling in price). Many funds sold in the UK are grouped into sectors
by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison
between funds with broadly similar characteristics. The fund is classified in the IA Mixed Investment 20% to 60%
shares sector.

18
Premier Multi-Asset Growth & Income/Premier Multi-Asset Growth & Income 2
The Premier Miton Multi-Asset Growth & Income fund (the underlying 'Fund') aims to provide total returns comprised
of capital growth and income over the long-term, being five years or more. The Fund will invest in a globally diversified
portfolio of investments covering different asset classes (in developed and up to 25% in less developed countries).
These will include investments in equities, fixed income, convertible bonds, property company shares, other asset
classes which may include indirect exposure to commodities such as gold, deposits, cash and near cash. The Fund
would look to invest between 50% to 80% in equities, however the exposure may approach 90% following a strong
period of equity performance. The Fund may invest up to 40% in fixed income instruments. The Fund will typically gain
exposure to the different asset classes and underlying investments through direct investments but may also invest in
collective investment schemes (including those managed by the ACD and its affiliates, other regulated and
unregulated funds). The Fund may invest in derivatives, warrants and forward transactions for efficient portfolio
management and investment purposes, including hedging. The use of derivatives will be limited and the Fund may
only invest up to 5% in warrants. Many funds sold in the UK are grouped into sectors by the Investment Association
(the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar
characteristics. As a result of the Fund’s investment strategy, the Fund is classified in the IA Mixed Investment 40 -
85% shares sector. The Fund is actively managed.

Schroder Managed Balanced/Schroder Managed Balanced 2

The Schroder Managed Balanced fund (the underlying ‘Fund’) aims to provide capital growth and income by investing
in a diversified range of assets and markets worldwide. The fund is actively managed and invests indirectly through
collective investment schemes, exchange traded funds, real estate investment trusts or closed ended funds, in
equities, bonds or alternative assets worldwide. Alternative assets may include funds that use absolute return
strategies or funds that invest in real estate, commodities or private equity. The fund may invest up to 100% of its
assets in collective investment schemes managed by Schroders. The fund may also invest directly in equities and
bonds. The fund may also invest directly or indirectly in money market instruments and hold cash. The fund may use
derivatives with the aim of reducing risk or managing the fund more efficiently. The fund does not have a target
benchmark. The fund's performance should be compared against the Investment Association Mixed Investment 40%
to 85% Shares sector average return.

Columbia Threadneedle funds

Managed/Managed 2
The Sterling Managed fund currently invests 95% in the CT Managed Equity Focused fund and 5% in the Zurich
Property fund (both managed by Columbia Threadneedle). The CT Managed Equity Focused fund aims to provide a
combination of long-term capital growth and some income. It looks to outperform a composite index over rolling 3-
year periods, after the deduction of charges. The composite index comprises 50% MSCI ACWI ex UK Index/22.5%
FTSE All-Share Index - 15.5% Bloomberg Barclays Global Aggregate ex GBP (GBP Hedged) Index/7% Bloomberg
Barclays Sterling Aggregate Index - 5%Sterling Overnight Index Average (SONIA).

This fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on
investment in funds providing exposure to equities (company shares), but also has some exposure to bonds (including
corporate and government bonds). The balance of the exposure to these different asset types may vary over time,
however, equity exposure is usually between 50-85% of the fund’s value, under normal market conditions. The fund
may also hold money market instruments, deposits, cash, and near cash. Derivatives may be used with the aim of
reducing risk or managing the fund more efficiently, and up to 20% of the value of the fund may be invested in funds
that use derivatives for investment purposes. Derivatives are sophisticated investment instruments linked to the rise
and fall of the price of other assets.

The Zurich Property fund invests mainly in the UK property market. Properties are generally let on long-term leases to
good quality tenants with regular rent reviews. The investment aim is to combine the prospects for good capital growth
with a secure and rising rental income.

19
Managed Bond/Managed Bond 2
The CT Managed Bond fund (the underlying 'fund') aims to provide income with potential for long-term capital growth.
It looks to outperform a composite index over rolling 3 year periods, after the deduction of charges. The composite
index comprises 56% Bloomberg Barclays Global Aggregate ex GBP (GBP Hedged) Index/24% Bloomberg Barclays
Sterling Aggregate Index/10% MSCI ACWI ex UK Index/5% FTSE All-Share Index/5% Sterling Overnight Index
Average (SONIA). The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually
invests in other Columbia Threadneedle funds, however, funds managed by companies outside the Columbia
Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide.

The fund focuses on investment in funds providing exposure to bonds (including corporate and government bonds),
and to a lesser extent, funds investing in equities (company shares). The balance of the exposure between these
different asset types may vary over time, however, equity exposure will usually not exceed 20% of the fund’s value,
under normal market conditions. The fund may also hold money market instruments, deposits, cash, and near cash.
Derivatives may be used with the aim of reducing risk or managing the fund more efficiently, and up to 20% of the
value of the fund may be invested in funds that use derivatives for investment purposes. Derivatives are sophisticated
investment instruments linked to the rise and fall of the price of other assets.

Managed Bond Focused/Managed Bond Focused 2

The CT Managed Bond Focused fund (the underlying 'Fund') aims to provide a combination of income and long-term
capital growth. It looks to outperform a composite index over rolling 3 year periods, after the deduction of charges.
The composite index comprises 47.5% Bloomberg Barclays Global Aggregate ex GBP (GBP Hedged) Index/20%
Bloomberg Barclays Sterling Aggregate Index/20% MSCI ACWI ex UK Index/7.5% FTSE All-Share Index/5% Sterling
Overnight Index Average (SONIA).

The Fund is actively managed and invests at least 80% of its assets in other funds. The Fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The Fund focuses on
investment in funds providing exposure to bonds (including corporate and government bonds), and to a lesser extent,
funds investing in equities (company shares), particularly the shares of UK companies. The balance of the exposure
between these different asset types may vary over time, however, equity exposure will usually not exceed 35% of the
Fund’s value, under normal market conditions. The Fund may also hold money market instruments, deposits, cash,
and near cash. Derivatives may be used with the aim of reducing risk or managing the Fund more efficiently, and up
to 20% of the value of the Fund may be invested in funds that use derivatives for investment purposes. Derivatives
are sophisticated investment instruments linked to the rise and fall of the price of other assets.

Managed Equity/Managed Equity 2

The CT Managed Equity fund (the underlying 'fund') aims to achieve long-term capital growth. It looks to outperform
a composite index over rolling 3 year periods, after the deduction of charges. The composite index comprises 60%
MSCI ACWI ex UK Index/25% FTSE All-Share Index/7% Bloomberg Barclays Global Aggregate ex GBP (GBP
Hedged) Index/3% Bloomberg Barclays Sterling Aggregate Index/5% Sterling Overnight Index Average (SONIA).

The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on
investment in funds providing exposure to equities (company shares), with only limited exposure taken to bonds
(including corporate and government bonds). The balance of the exposure to these different asset types may vary
over time, however, equity exposure usually exceeds two-thirds of the fund’s value, under normal market conditions.
The fund may also hold money market instruments, deposits, cash, and near cash. Derivatives may be used with the
aim of reducing risk or managing the fund more efficiently, and up to 20% of the value of the fund may be invested in
funds that use derivatives for investment purposes. Derivatives are sophisticated investment instruments linked to the
rise and fall of the price of other assets.

20
Managed Equity & Bond/Managed Equity & Bond 2
The CT Managed Equity & Bond fund (the underlying 'Fund') aims to provide a combination of long-term capital
growth and income. It looks to outperform a composite index over rolling 3 year periods, after the deduction of
charges. The composite index comprises 35% MSCI ACWI ex UK Index/31.5% Bloomberg Barclays Global Aggregate
ex GBP (GBP Hedged) Index/15% FTSE All- Share Index/13.5% Bloomberg Barclays Sterling Aggregate Index/5%
Sterling Overnight Index Average (SONIA).

This fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on
investment in funds providing exposure to equities (company shares), and bonds (including corporate and
government bonds). The balance of the exposure to these different asset types may vary over time, however, equity
exposure will usually not exceed 60% of the fund’s value, with at least 30% exposure maintained to bonds, under
normal market conditions. The fund may also hold money market instruments, deposits, cash, and near cash.
Derivatives may be used with the aim of reducing risk or managing the fund more efficiently, and up to 20% of the
value of the fund may be invested in funds that use derivatives for investment purposes. Derivatives are sophisticated
investment instruments linked to the rise and fall of the price of other assets.

Managed Equity Focused/Managed Equity Focused 2

The CT Managed Equity Focused fund (the underlying 'Fund') aims to provide a combination of long-term capital
growth and some income. It looks to outperform a composite index over rolling 3 year periods, after the deduction of
charges. The composite index comprises 50% MSCI ACWI ex UK Index/22.5% FTSE All-Share Index/15.5%
Bloomberg Barclays Global Aggregate ex GBP (GBP Hedged) Index/7% Bloomberg Barclays Sterling Aggregate
Index/5% Sterling Overnight Index Average (SONIA).

The Fund is actively managed and invests at least 80% of its assets in other funds. The Fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The Fund focuses on
investment in funds providing exposure to equities (company shares), but also has some exposure to bonds (including
corporate and government bonds). The balance of the exposure to these different asset types may vary over time,
however, equity exposure is usually between 50-85% of the Fund’s value, under normal market conditions. The Fund
may also hold money market instruments, deposits, cash, and near cash. Derivatives may be used with the aim of
reducing risk or managing the Fund more efficiently, and up to 20% of the value of the Fund may be invested in funds
that use derivatives for investment purposes. Derivatives are sophisticated investment instruments linked to the rise
and fall of the price of other assets.

Managed Equity Income/Managed Equity Income 2

The CT Managed Equity Income Fund (the underlying 'fund') aims to provide income with the prospect of some capital
growth over the long term. It looks to achieve an income yield higher than a composite index over rolling 3-year
periods, after the deduction of charges. This composite index comprises 60% FTSE All-Share Index / 15% iBoxx
Sterling Non-Gilts Index / 10% MSCI Europe Index / 10% MSCI ACWI Index / 5% ICA BofA Euro High Yield (GBP
hedged) Index.

The Fund is actively managed and invests at least 70% of its assets in other Funds. The Fund usually invests in other
Columbia Threadneedle funds, however, funds managed by companies outside the Columbia Threadneedle group
may also be held, when this is considered appropriate. These funds may invest worldwide. The Fund focuses on
investment in funds providing exposure to equities (company shares), but also has some exposure to bonds (which
may include both corporate and government bonds). The balance of the exposure to these different asset types may
vary over time, however, equity exposure is usually between 70-90% of the Fund’s value, under normal market
conditions. The Fund may also hold money market instruments, deposits, cash, and near cash. Derivatives may be
used with the aim of reducing risk or managing the Fund more efficiently, and up to 20% of the value of the Fund may
be invested in funds that use derivatives for investment purposes. Derivatives are sophisticated investment
instruments linked to the rise and fall of the price of other assets.

21
Multimanager funds
These add another level of management from managed funds. The fund manager chooses different investment
managers to run different parts of the portfolio. This enables the funds to combine differing skills across the market
from the style of the manager to managing different investment types. We offer a number of portfolios specifically
tailored to suit different attitudes to risk.

7IM AAP Adventurous/7IM AAP Adventurous 21

The 7IM AAP Adventurous Fund (the underlying 'Fund') aims to provide capital growth. The Fund invests, directly and
indirectly, to achieve exposure of at least 80% to equity and fixed interest instruments. This exposure is, for the most
part, obtained through passive strategies (that is, strategies designed to track the performance of particular indices,
market sectors or asset classes) but may also be achieved through the use of futures contracts which require cover
to be held (typically in the form of money market funds and money market instruments). The Fund will also invest in
other asset classes such as property, commodities and private equity indirectly through holdings in equities including
investment trusts, exchange traded funds or other funds. The asset allocation for the entire portfolio will be actively
managed. The other 20% of the Fund will be invested in assets such as cash and deposits and may also include the
use of money market funds and money market instruments for more general liquidity purposes. This is additional to
the holding of such assets as cover for futures contracts as noted above. In extraordinary market conditions the Sub-
Fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash, treasury bills, government
bonds or short-term money market instruments. The Fund is likely to invest in derivatives for efficient portfolio
management (EPM), i.e. to reduce risk or cost and, or to generate extra income, as well as for investment purposes.

7IM AAP Balanced/7IM AAP Balanced 21

The 7IM AAP Balanced Fund (the underlying 'Fund') aims to provide a balance of income and capital growth. The
Fund invests, directly and indirectly, to achieve exposure of at least 80% to fixed interest and equity instruments. This
exposure is, for the most part, obtained through passive strategies (that is, strategies designed to track the
performance of particular indices, market sectors or asset classes) but may also be achieved through the use of
futures contracts which require cover to be held (typically in the form of money market funds and money market
instruments). The Fund will also invest in other asset classes such as property, commodities and private equity
indirectly through holdings in equities including investment trusts, exchange traded funds or other funds. The asset
allocation for the entire portfolio will be actively managed. The other 20% of the Fund will be invested in assets such
as cash and deposits and may also include the use of money market funds and money market instruments for more
general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted
above. In extraordinary market conditions it may not be appropriate for the Fund to be invested in funds and other
assets as noted above and the Fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash,
treasury bills, government bonds or short-term money market instruments. The Fund is likely to invest in derivatives
for efficient portfolio management (EPM), i.e. to reduce risk or cost and, or to generate extra income, as well as for
investment purposes.

7IM AAP Moderately Adventurous/7IM AAP Moderately Adventurous 21

The 7IM AAP Moderately Adventurous Fund (the underlying 'Fund') aims to provide a return primarily by way of capital
growth with some income. The Fund invests, directly and indirectly, to achieve exposure of at least 80% to equity and
fixed interest instruments. This exposure is, for the most part, obtained through passive strategies (that is, strategies
designed to track the performance of particular indices, market sectors or asset classes) but may also be achieved
through the use of futures contracts which require cover to be held (typically in the form of money market funds and
money market instruments). The Fund will also invest in other asset classes such as property, commodities and private
equity, indirectly through holdings in equities including investment trusts, exchange traded funds or other funds. The
asset allocation for the entire portfolio will be actively managed. The other 20% of the Fund will be invested in assets
such as cash and deposits and may also include the use of money market funds and money market instruments for
more general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted
above. In extraordinary market conditions it may not be appropriate for the Fund to be invested in funds and other
assets as noted above and the Fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash,
treasury bills, government bonds or short-term money market instruments. The Fund is likely to invest in derivatives
for efficient portfolio management (EPM), i.e. to reduce risk or cost and, or to generate extra income, as well as for
investment purposes.

22
7IM AAP Moderately Cautious/7IM AAP Moderately Cautious 21
The 7IM AAP Moderately Cautious Fund (the underlying 'Fund') aims to provide a return by way of income with some
capital growth. The Fund invests, directly and indirectly, to achieve exposure of at least 80% to fixed interest and
equity instruments. This exposure is, for the most part, obtained through passive strategies (that is, strategies
designed to track the performance of particular indices, market sectors or asset classes) but may also be achieved
through the use of futures contracts which require cover to be held (typically in the form of money market funds and
money market instruments). The Fund will also invest in other asset classes such as property, commodities and private
equity indirectly through holdings in equities including investment trusts, exchange traded funds or other funds. The
asset allocation for the entire portfolio will be actively managed. The other 20% of the Fund will be invested in assets
such as cash and deposits and may also include the use of money market funds and money market instruments for
more general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted
above. In extraordinary market conditions the Fund may temporarily invest up to 100% of its total assets in deposits,
cash, near cash, treasury bills, government bonds or short-term money market instruments. The Fund is likely to invest
in derivatives for efficient portfolio management (EPM), i.e. to reduce risk or cost and, or to generate extra income, as
well as for investment purposes.

7IM Adventurous/7IM Adventurous 2

The 7IM Adventurous Fund (the underlying 'Fund') aims to provide capital growth. The Fund invests at least 80% of
its assets in other funds managed both by the Manager and by selected third party managers, including open-ended
and closed-ended funds and exchange traded funds (ETFs), and other transferable securities including fixed income,
equities, warrants and structured products. This exposure may also be achieved through the use of futures contracts
which require cover to be held (typically in the form of money market funds and money market instruments). Up to
20% of the Fund will be invested in assets such as cash, and deposits, and may also include the use of money market
funds and money market instruments, for more general liquidity purposes. This is additional to the holding of such
assets as cover for futures contracts as noted above. Investment will be more focused on growth generating assets
such as equities. The Fund will invest in derivatives for efficient portfolio management (EPM), i.e. to reduce risk or cost
and, or to generate extra income, as well as for investment purposes. In extraordinary market conditions the Fund may
temporarily invest up to 100% of its total assets in deposits, cash, near cash, treasury bills, government bonds or short-
term money market instruments.

7IM Balanced/7IM Balanced 2

The 7IM Balanced Fund (the underlying 'Fund') aims to provide a balance of income and capital growth. The Fund
invests at least 80% of its assets in other funds managed both by the Manager and by selected third party managers,
including open-ended and closed-ended funds and exchange traded funds (ETFs), and other transferable securities
including fixed income, equities, warrants and structured products. This exposure may also be achieved through the
use of futures contracts which require cover to be held (typically in the form of money market funds and money market
instruments). Up to 20% of the Fund will be invested in assets such as cash, and deposits, and may also include the
use of money market funds and money market instruments, for more general liquidity purposes. This is additional to
the holding of such assets as cover for futures contracts as noted above. Investment will comprise a mixture of income
generating assets such as corporate debt securities and growth generating assets such as global equities. The Fund
will invest in derivatives for efficient portfolio management (EPM), i.e. to reduce risk or cost and, or to generate extra
income, as well as for investment purposes. In extraordinary market conditions the Fund may temporarily invest up to
100% of its total assets in deposits, cash, near cash, treasury bills, government bonds or short-term money market
instruments.

1For investments into 7IM AAP funds before 1 January 2013, 7IM may make additional payments, based on the value of the holdings into these
funds, to certain financial adviser firms. Any additional payments will be paid from 7IM’s management charge and are included in the fund charges
disclosed to you. Your adviser will have informed you if this arrangement applies to your investment.

23
7IM Moderately Adventurous/7IM Moderately Adventurous 2
The 7IM Moderately Adventurous Fund (the underlying 'Fund') aims to provide a return primarily by way of capital
growth, with some income. The Fund invests at least 80% of its assets in other funds managed both by the Manager
and by selected third party managers, including open-ended and closed-ended funds and exchange traded funds
(ETFs), and other transferable securities including fixed income, equities, warrants and structured products. This
exposure may also be achieved through the use of futures contracts which require cover to be held (typically in the
form of money market funds and money market instruments). Up to 20% of the Fund will be invested in assets such
as cash, and deposits, and may also include the use of money market funds and money market instruments, for more
general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted
above. Investment will focus on assets with scope for capital growth, such as equities, although the Fund may also
invest in income generating assets such as corporate debt securities. The Fund will invest in derivatives for efficient
portfolio management (EPM), i.e. to reduce risk or cost and, or to generate extra income, as well as for investment
purposes. In extraordinary market conditions the Fund may temporarily invest up to 100% of its total assets in deposits,
cash, near cash, treasury bills, government bonds or short-term money market instruments.
1For investments into 7IM AAP funds before 1 January 2013, 7IM may make additional payments, based on the value of the holdings into these
funds, to certain financial adviser firms. Any additional payments will be paid from 7IM’s management charge and are included in the fund charges
disclosed to you. Your adviser will have informed you if this arrangement applies to your investment.

7IM Moderately Cautious/7IM Moderately Cautious 2

The 7IM Moderately Cautious Fund (the underlying 'Fund') aims to provide a return by way of income with some capital
growth. The Fund invests at least 80% of its assets in other funds managed both by the Manager and by selected
third party managers, including open-ended and closed-ended funds and exchange traded funds (ETFs), and other
transferable securities, including fixed income, equities, warrants and structured products. This exposure may also be
achieved through the use of futures contracts which require cover to be held (typically in the form of money market
funds and money market instruments). Up to 20% of the Fund will be invested in assets such as cash, and deposits,
and may also include the use of money market funds and money market instruments, for more general liquidity
purposes. This is additional to the holding of such assets as cover for futures contracts as noted above. Investment
will be more focused on income generating assets such as corporate debt securities but there will be an allocation to
growth generating assets such as global equities. The Fund will invest in derivatives for efficient portfolio management
(EPM), i.e. to reduce risk or cost and, or to generate extra income, as well as for investment purposes. In extraordinary
market conditions it may not be appropriate for the Fund to be invested in funds and other assets as noted above and
the Fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash, treasury bills, government
bonds or short-term money market instruments.

CT MM Lifestyle 4/CT MM Lifestyle 4 2

The CT MM Lifestyle 4 fund (the underlying 'Fund') aims to deliver capital growth with some income. The Fund invests
at least 70% in collective investment schemes (which may include schemes operated by CT) to obtain indirect
exposure to a wide range of asset classes. The manager uses a strategic asset allocation model that is matched to a
specific target risk and volatility band (the volatility band is supplied by an external provider). The Fund is actively
managed and the allocation to particular asset classes or geographies may vary over time at the manager’s discretion.
To reflect the risk profile of the Fund, around 80% of the Fund’s exposure through collective investment schemes will
be divided between equities (ordinary shares in companies) and bonds (securities that pay either a fixed or variable
level of income on a periodic basis and generally repay a specified amount at a predetermined date). The Fund’s
equity exposure will be to UK and global equities. The bond exposure will be to UK corporate and government bonds,
as well as global corporate and high yield bonds. The remaining exposure will be to property and cash. To the extent
that the Fund is not fully invested as set out above, it may also invest in other transferable securities, other collective
investment schemes, money market instruments, deposits, cash and near cash. Derivatives (an investment contract
between the Fund and a counterparty the value of which is derived from one or more underlying securities) may be
used for the purposes of efficient portfolio management only.

24
CT MM Lifestyle 5/CT MM Lifestyle 5 2
The CT MM Lifestyle 5 fund (the underlying 'Fund') aims to deliver capital growth with some income. The Fund invests
at least 70% in collective investment schemes (which may include schemes operated by CT to obtain indirect
exposure to a wide range of asset classes. The manager uses a strategic asset allocation model that is matched to a
specific target risk and volatility band (the volatility band is supplied by an external provider). The Fund is actively
managed and the allocation to particular asset classes or geographies may vary over time at the manager’s discretion.
To reflect the risk profile of the Fund, around 60% of the Fund’s exposure through collective investment schemes will
be to UK and global equities (ordinary shares in companies) including emerging markets. The remaining exposure will
be to UK corporate and government bonds, as well as global corporate and high yield bonds (securities that pay either
a fixed or variable level of income on a periodic basis and generally repay a specified amount at a predetermined
date). To the extent that the Fund is not fully invested as set out above, it may also invest in other transferable
securities, other collective investment schemes, money market instruments, deposits, cash and near cash. Derivatives
(an investment contract between the Fund and a counterparty the value of which is derived from one or more
underlying securities) may be used for the purposes of efficient portfolio management only.

CT MM Lifestyle 6/CT MM Lifestyle 6 2

The CT MM Lifestyle 6 fund (the underlying 'Fund') aims to deliver capital growth with some income. The Fund invests
at least 70% in collective investment schemes (which may include schemes operated by CT to obtain indirect
exposure to a wide range of asset classes. The manager uses a strategic asset allocation model that is matched to a
specific target risk and volatility band (the volatility band is supplied by an external provider). The Fund is actively
managed and the allocation to particular asset classes or geographies may vary over time at the manager’s discretion.
To reflect the risk profile of the Fund, around 70% of the Fund’s exposure through collective investment schemes will
be to UK and global equities (ordinary shares in companies), including emerging markets. The remaining exposure will
be to UK corporate and government bonds, global high yield bonds (securities that pay either a fixed or variable level
of income on a periodic basis and generally repay a specified amount at a predetermined date) and property. To the
extent that the Fund is not fully invested as set out above, it may also invest in other transferable securities, other
collective investment schemes, money market instruments, deposits, cash and near cash. Derivatives (an investment
contract between the Fund and a counterparty the value of which is derived from one or more underlying securities)
may be used for the purposes of efficient portfolio management only.

CT MM Lifestyle 7/CT MM Lifestyle 7 2

The CT MM Lifestyle 7 fund (the underlying 'Fund') aims to deliver capital growth with some income. The Fund invests
at least 70% in collective investment schemes (which may include schemes operated by CT to obtain indirect
exposure to a wide range of asset classes. The manager uses a strategic asset allocation model that is matched to a
specific target risk and volatility band (the volatility band is supplied by an external provider). The Fund is actively
managed and the allocation to particular asset classes or geographies may vary over time at the manager’s discretion.
To reflect the risk profile of the Fund, around 90% of the Fund’s exposure through collective investment schemes will
be to UK and global equities (ordinary shares in companies), including emerging markets. The remaining exposure will
be to UK corporate and government bonds, global high yield bonds (securities that pay either a fixed or variable level
of income on a periodic basis and generally repay a specified amount at a predetermined date) and property. To the
extent that the Fund is not fully invested as set out above, it may also invest in other transferable securities, other
collective investment schemes, money market instruments, deposits, cash and near cash. Derivatives (an investment
contract between the Fund and a counterparty the value of which is derived from one or more underlying securities)
may be used for the purposes of efficient portfolio management only.

25
Fidelity Multi Asset Open Growth/Fidelity Multi Asset Open Growth 2
The Fidelity Multi Asset Open Growth fund (the underlying 'Fund') aims to deliver an average 5.5% increase in the
value of your investment per year, after the deduction of ongoing fund charges, over a period of 5 to 7 years. There is
no guarantee that the target will be achieved by the fund. The fund will invest at least 70% in funds (including funds
managed by Fidelity) and will maintain an allocation as follows: 40-85% company shares, 0-60% debt instruments,
e.g. bonds, which may include investment grade bonds, sub-investment grade bonds (i.e. bonds with a rating of
BBB/Baa or lower from an internationally recognised ratings agency, and emerging market debt), 0-30% commodities,
0-20% cash and 0-30% alternatives (such as property and infrastructure). The fund provides global exposure to a
diversified range of assets (including bonds, equities, alternatives and commodities). The fund has exposure to higher
risk investments (such as global equities, global emerging market equities, global smaller companies and global
property securities) meaning that there is a risk of short-term price fluctuations and an investor may not get back the
full amount invested. The fund typically invests more than 70% in sub-funds of an Irish UCITS Fund (Fidelity Common
Contractual Fund II) operated by Fidelity which subsequently use the experience and specialisms of several
investment management companies (which may include Fidelity) to manage the underlying assets. The remainder will
be invested in other investment types such as cash and derivatives. Derivatives are investments whose value is linked
to another investment, or to the performance of a stock exchange or to some other variable factor, such as interest
rates and used to reduce risk or transaction costs and/or to generate extra income or further increase the value of
your investment. The fund may also use derivatives with the aim of achieving the investment objective. The fund is
actively managed without reference to a benchmark.

Fidelity Multi Asset Open Strategic/Fidelity Multi Asset Open Strategic 2

The Fidelity Multi Asset Open Strategic fund (the underlying 'Fund') aims to deliver an average 5% increase in the
value of your investment per year, after the deduction of ongoing fund charges, over a period of 5 to 7 years. There is
no guarantee that the target will be achieved by the fund. The Fund provides global exposure to a diversified range
of assets (including bonds, equities, alternatives and commodities) by investing at least 70% into funds (including
those operated by Fidelity) which may be index tracking funds or actively managed funds. The Fund has exposure to
both higher risk investments (such as global equities, global emerging market equities, global smaller companies and
global property securities) and lower risk investments (such as debt instruments including global government bonds,
global corporate bonds and cash) meaning that there is a moderate risk of capital losses and an investor may not get
back the full amount invested. The Fund is actively managed without reference to a benchmark. The Fund can also
invest directly into transferable securities, money market instruments, cash and deposits, and is also able to use
derivatives for efficient portfolio management and investment purposes. Asset allocation exposure of the Fund will be
actively managed subject to it remaining within the following parameters in all market conditions: 20-60% equity, 5-
80% debt instruments (which may include investment grade bonds, sub-investment grade bonds and emerging
market debt), 0-20% commodities, 0- 30% cash and 0-30% alternatives (such as infrastructure securities and Real
Estate Investment Trusts).

Henderson Multi-Manager Income & Growth/Henderson Multi-Manager Income & Growth 2

The Janus Henderson Multi-Manager Income & Growth fund (the underlying 'Fund') aims to provide capital growth,
with the potential for some income over the long term and to outperform the IA Mixed Investment 20-60% Shares
sector average, after the deduction of charges, over any 5 year period. The Fund invests in Collective Investment
Schemes (other funds including those managed by Janus Henderson and Exchange Traded Funds) to provide
diversified exposure to a range of assets including shares (equities) of companies, bonds issued by companies and
governments, and to a lesser extent, alternative assets such as property, commodities, private equity and hedge funds.
The Fund will invest globally while maintaining a core exposure to UK assets. The Fund may also invest directly in
other assets including developed market government bonds, investment trusts, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund
more efficiently. The Fund is actively managed with reference to the IA Mixed Investment 20-60% Shares sector
average, which is based on a peer group of broadly similar funds, as this forms the basis of the Fund’s performance
target and limits the level of exposure the Fund may have to company shares. The investment manager has a high
degree of freedom to choose individual investments for the Fund and to vary allocations between asset types within
the constraints of the sector.

26
Jupiter Merlin Balanced Portfolio/Jupiter Merlin Balanced Portfolio 2
The Jupiter Merlin Balanced Portfolio fund (the underlying 'Fund') aims to provide a return, through a combination of
capital growth and income, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in
collective investment schemes. Up to 30% of the Fund may be invested in other assets, including shares of companies
and cash and near cash. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically between 65%
to 85%) to shares of companies. The fund aims to attain the objective by investing at least 70% of the Fund in collective
investment schemes, such as unit trusts, OEICs, SICAVs, exchange traded funds (ETFs) and closed or open-ended
funds (which may include funds managed or operated by Jupiter or an associate of Jupiter). The Fund will invest in
collective investment schemes, which may have exposure to shares of companies globally, fixed interest securities,
derivatives for investment purposes, commodities or property. The Fund will have exposure (direct and/or indirect) of
40% to 85% (typically between 65% to 85%) to shares of companies. The Fund may also invest directly in other
transferable securities, cash, near cash, money market instruments and deposits. The Fund may only enter into
derivative transactions for the purposes of efficient portfolio management (including hedging), i.e. to reduce risk,
minimise costs or generate additional capital and/or income The Fund may not enter into derivative transactions for
investment, i.e. speculative, purposes. The Fund uses the IA Mixed Investment 40%-85% Shares Sector as an
appropriate comparator benchmark.

Jupiter Merlin Growth Portfolio/Jupiter Merlin Growth Portfolio 2

The Jupiter Merlin Growth Portfolio fund (the underlying 'Fund') aims to provide a return, through a combination of
capital growth and income, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in
collective investment schemes. Up to 30% of the Fund may be invested in other assets, including shares of companies
and cash and near cash. Typically the Fund will have at least 75% exposure (direct and/or indirect) to shares of
companies. The fund aims to attain the objective by investing at least 70% of the Fund in collective investment
schemes, such as unit trusts, OEICs, SICAVs, exchange traded funds (ETFs) and closed or open-ended funds (which
may include funds managed or operated by Jupiter or an associate of Jupiter). The Fund will invest in collective
investment schemes, which may have exposure to shares of companies globally, fixed interest securities, derivatives
for investment purposes, commodities or property. Typically the Fund will have at least 75% exposure (direct and/or
indirect) to shares of companies. The Fund may also invest directly in other transferable securities, cash, near cash,
money market instruments and deposits. The Fund may only enter into derivative transactions for the purposes of
efficient portfolio management (including hedging), i.e. to reduce risk, minimise costs or generate additional capital
and/or income The Fund may not enter into derivative transactions for investment, i.e. speculative, purposes. The Fund
uses the IA Flexible Investment Sector as an appropriate comparator benchmark.

Jupiter Merlin Income Portfolio/Jupiter Merlin Income Portfolio 2

The Jupiter Merlin Income Portfolio fund (the underlying 'Fund') aims to provide a return, through a combination of
income together with the prospect of capital growth, net of fees, over the long term (at least five years). At least 70%
of the Fund is invested in collective investment schemes. Up to 30% of the Fund may be invested in other assets,
including shares of companies and cash and near cash. The Fund will have exposure (direct and/or indirect) of 20%
to 60% (typically between 45% to 60%) to shares of companies. The fund aims to attain the objective by investing at
least 70% of the Fund in collective investment schemes, such as unit trusts, OEICs, SICAVs, exchange traded funds
(ETFs) and closed or open-ended funds (which may include funds managed or operated by Jupiter or an associate
of Jupiter). The Fund will invest in collective investment schemes, which may have exposure to shares of companies
globally, fixed interest securities, derivatives for investment purposes, commodities or property. The Fund will have
exposure (direct and/or indirect) of 20% to 60% (typically between 45% to 60%) to shares of companies. The Fund
may also invest directly in other transferable securities, cash, near cash, money market instruments and deposits. The
Fund may only enter into derivative transactions for the purposes of efficient portfolio management (including
hedging), i.e. to reduce risk, minimise costs or generate additional capital and/or income The Fund may not enter into
derivative transactions for investment, i.e. speculative, purposes. The Fund uses the IA Mixed Investment 20%-60%
Shares Sector as an appropriate comparator benchmark.

27
Jupiter Merlin Income & Growth Select/Jupiter Merlin Income & Growth Select 2
The aim of the Jupiter Merlin Income & Growth Select fund (the underlying ‘Fund’) is to provide a return, through a
combination of income and capital growth, net of fees, over the long term (at least five years). At least 70% of the Fund
is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed
or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable
securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically between
65% to 75%) to shares of companies. At least 25% of the Fund will (in aggregate) be invested directly or indirectly in i)
shares issued by companies based in the UK and/or funds investing in such companies; and/or ii) transferable
securities which are sterling-denominated or hedged back to sterling.

The Fund may use derivative transactions for investment purposes. The Fund aims to attain the objective by investing
at least 70% of the Fund globally in collective investment schemes and exchange traded funds (ETFs) which give
exposure to shares of companies, fixed-interest debt securities, money market instruments, deposits and cash. The
Fund forms part of the Jupiter Select range, meaning that typically between 40% to 70% and at least 25% will be
invested in funds managed or operated by Jupiter or an associate of Jupiter. The Fund may also invest in other
transferable securities, as well as cash and near cash, money market instruments and deposits. The Fund will have
exposure (direct and/or indirect) of 40% to 85% (typically between 65% to 75%) to shares of companies. At least 25%
of the Fund will (in aggregate) be invested directly or indirectly in: (i) shares issued by companies incorporated,
headquartered, listed, or which conduct a majority of their business activity, in the UK or funds investing in such
companies; and/or (ii) transferable securities which are denominated in sterling or hedged back to sterling.

Jupiter Merlin Worldwide Portfolio/Jupiter Merlin Worldwide Portfolio 2

The Jupiter Merlin Worldwide Portfolio fund (the underlying 'Fund') aims to provide a return, through a combination of
capital growth and income net of fees, over the long term (five years).At least 70% of the Fund is invested in collective
investment schemes. Up to 30% of the Fund may be invested in other assets, including shares of companies and
cash and near cash. The Fund will have at least 80% exposure (direct and/or indirect) to shares of companies globally.
At least 70% of the Fund is invested in collective investment schemes. Up to 30% of the Fund may be invested in
other assets, including shares of companies and cash and near cash. The Fund will have at least 80% exposure (direct
and/or indirect) to shares of companies globally. The fund aims to attain the objective by investing at least 70% of the
Fund in collective investment schemes, such as unit trusts, OEICs, SICAVs, exchange traded funds (ETFs) and closed
or open-ended funds (which may include funds managed or operated by Jupiter or an associate of Jupiter). The Fund
will invest in collective investment schemes, which may have exposure to shares of companies globally, fixed interest
securities, derivatives for investment purposes, commodities or property. The Fund will have at least 80% exposure
(direct and/or indirect) to shares of companies globally. The Fund may also invest directly in other transferable
securities, cash, near cash, money market instruments and deposits. The Fund may only enter into derivative
transactions for the purposes of efficient portfolio management (including hedging), i.e. to reduce risk, minimise costs
or generate additional capital and/or income The Fund may not enter into derivative transactions for investment (i.e.
speculative) purposes. The Fund uses the IA Global Sector, and ARC Sterling Equity Risk PCI Index an appropriate
comparator benchmark

Momentum Diversified Growth/Momentum Diversified Growth 2

The aim of the VT Momentum Diversified Growth fund (the underlying 'Fund') is to achieve capital growth over the
long term (5 years). The Fund aims to meet its objective by investing in a balanced and well diversified portfolio of UK
and International equities which the Investment Manager expects to grow in value as well as some fixed interest
securities including government and corporate bonds. Investments will also be made in regulated collective
investment schemes (which may include funds managed and/or operated by the ACD or Investment Manager), money
markets and cash deposits to provide further diversification to the Sub-fund in accordance with applicable
regulations. The fund may invest in a range of asset classes including but not restricted to equity securities, bonds,
cash and collective investment schemes. The underlying Fund isn't managed to a benchmark and nor does the ACD
use a benchmark in order to assess performance. However, investors may find it useful to compare the underlying
Fund against the performance of the IA Mixed Investments 40-85% Shares, which serves as a method of comparing
the Fund’s performance with another fund which has broadly similar characteristics.

28
Quilter Cirilium Balanced/Quilter Cirilium Balanced 2
The Quilter Cirilium Balanced Portfolio fund (the underlying 'Fund') aims to achieve capital growth over a period of five
years or more through investment markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 20-60% and with the volatility of between 6 and 10%. The Fund
invests through regulated and unregulated collective investment schemes (which may include those schemes
managed or operated by the ACD or an associate of the ACD), investment companies (including investment trusts),
exchange traded funds and hedge funds. It is expected that exposure will vary between equities, fixed interest,
property, commodities, cash and currency. The Fund may also invest directly in fixed interest securities, money-
market instruments and deposits with some exposure to securities of UK and overseas companies. The Fund may use
derivative instruments and forward transactions for the purposes of Efficient Portfolio Management. The ACD
considers that the use of derivatives for this purpose is not likely to affect the risk profile of the Fund. The investment
will not be confined to any particular geographic or economic sector. The Fund is not managed with reference to a
benchmark.

Quilter Cirilium Balanced Passive/Quilter Cirilium Balanced Passive 2

The Quilter Cirilium Balanced Passive Portfolio fund (the underlying 'Fund') aims to achieve capital growth over a
period of five years or more through investment in markets both in the UK and overseas. The portfolio is broadly
diversified across asset classes, with exposure to equities between 20-55% and with volatility of between 6 and 10%.
The Fund has exposure to securities of UK and overseas companies, fixed interest securities, and cash or cash
equivalents (including money-market instruments and deposits) and may have exposure to alternative asset classes
(being hedge fund strategies, commodities or property). The Fund focuses on index tracking (passive) investments.
The Fund will obtain its exposures by investing in a combination of collective investment schemes (which may include
those schemes managed or operated by the ACD or an associate of the ACD) and exchange traded funds. The Fund
may also invest in transferable securities (including fixed interest securities) and investment companies (including
investment trusts). The Fund may only have exposure to alternative asset classes through investment in collective
investment schemes or exchange traded funds which track relevant indices or aim to approximate the returns of these
asset classes. The Fund may use derivative instruments and forward transactions for investment purposes or Efficient
Portfolio Management. The use of derivatives for the purpose of investment may affect the risk profile of the Fund
although this is not the ACD’s intention. The use of derivatives for Efficient Portfolio Management is unlikely to affect
the risk profile of the Fund. The Fund is not managed with reference to a benchmark or a performance comparator.
The performance of the Fund may be assessed with reference to the delivery of the investment objective. The Fund
is regularly rebalanced to a strategic asset allocation with passive investments.

Quilter Cirilium Conservative/Quilter Cirilium Conservative 2

The Quilter Cirilium Conservative Portfolio fund (the underlying 'Fund') aims to achieve capital growth over a period of
five years or more through investment markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 0-30% and with the volatility of between 3 and 7%. The Fund invests
through regulated and unregulated collective investment schemes (which may include those schemes managed or
operated by the ACD or an associate of the ACD), investment companies (including investment trusts), exchange
traded funds and hedge funds. It is expected that exposure will vary between equities, fixed interest, property,
commodities, cash and currency. The Fund may also invest directly in fixed interest securities, money- market
instruments and deposits with some exposure to securities of UK and overseas companies. The Fund may use
derivative instruments and forward transactions for the purposes of Efficient Portfolio Management. The use of
derivatives for this purpose is not likely to affect the risk profile of the Fund. The investment will not be confined to any
particular geographic or economic sector. The Fund is not managed with reference to a benchmark.

29
Quilter Cirilium Conservative Passive/Quilter Cirilium Conservative Passive 2
The Quilter Cirilium Conversative Passive fund (the underlying 'Fund') aims to achieve capital growth over a period of
five years or more through investment in markets both in the UK and overseas. The portfolio is broadly diversified
across asset classes, with exposure to equities between 0-30% and with volatility of between 3 and 7%. The Fund has
exposure to securities of UK and overseas companies, fixed interest securities, and cash or cash equivalents
(including money-market instruments and deposits) and may have exposure to alternative asset classes (being hedge
fund strategies, commodities or property). The Fund focuses on index tracking (passive) investments. The Fund will
obtain its exposures by investing in a combination of collective investment schemes (which may include those
schemes managed or operated by the ACD or an associate of the ACD) and exchange traded funds. The Fund may
also invest in transferable securities (including fixed interest securities) and investment companies (including
investment trusts). The Fund may only have exposure to alternative asset classes through investment in collective
investment schemes or exchange traded funds which track relevant indices or aim to approximate the returns of these
asset classes. The Fund may use derivative instruments and forward transactions for investment purposes or Efficient
Portfolio Management. The use of derivatives for the purpose of investment may affect the risk profile of the Fund
although this is not the ACD’s intention. The use of derivatives for Efficient Portfolio Management is unlikely to affect
the risk profile of the Fund. The Fund is not managed with reference to a benchmark or a performance comparator.
The performance of the Fund may be assessed with reference to the delivery of the investment objective. The Fund
is regularly rebalanced to a strategic asset allocation with passive investments.

Quilter Cirilium Dynamic/Quilter Cirilium Dynamic 2

The Quilter Cirilium Dynamic Portfolio fund (the underlying 'Fund') aims to achieve capital growth over a period of five
years or more through investment markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 50-90% and with the volatility of between 12 and 16%. The Fund
invests through regulated and unregulated collective investment schemes (which may include those schemes
managed or operated by the ACD or an associate of the ACD), investment companies (including investment trusts),
exchange traded funds and hedge funds. It is expected that exposure will vary between equities, fixed interest,
property, commodities, cash and currency. The Fund may also invest directly in fixed interest securities, money-
market instruments, and deposits with some exposure to securities of UK and overseas companies. The Fund may
use derivative instruments and forward transactions for the purposes of Efficient Portfolio Management. The ACD
considers that the use of derivatives for this purpose is not likely to affect the risk profile of the Fund. The investment
will not be confined to any particular geographic or economic sector. The Fund is not managed with reference to a
benchmark.

Quilter Cirilium Dynamic Passive/Quilter Cirilium Dynamic Passive 2

The Quilter Cirilium Dynamic Passive fund (the underlying 'Fund') aims to achieve capital growth over a period of five
years or more through investment in markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 50-90% and with volatility of between 12 and 16%. The Fund has
exposure to securities of UK and overseas companies, fixed interest securities, and cash or cash equivalents
(including money-market instruments and deposits) and may have exposure to alternative asset classes (being hedge
fund strategies, commodities or property). The Fund focuses on index tracking (passive) investments. The Fund will
obtain its exposures by investing in a combination of collective investment schemes (which may include those
schemes managed or operated by the ACD or an associate of the ACD) and exchange traded funds. The Fund may
also invest in transferable securities (including fixed interest securities) and investment companies (including
investment trusts). The Fund may only have exposure to alternative asset classes through investment in collective
investment schemes or exchange traded funds which track relevant indices or aim to approximate the returns of these
asset classes. The Fund may use derivative instruments and forward transactions for investment purposes or Efficient
Portfolio Management. The use of derivatives for the purpose of investment may affect the risk profile of the Fund
although this is not the ACD’s intention. The use of derivatives for Efficient Portfolio Management is unlikely to affect
the risk profile of the Fund. The Fund is not managed with reference to a benchmark or a performance comparator.
The performance of the Fund may be assessed with reference to the delivery of the investment objective. The Fund
is regularly rebalanced to a strategic asset allocation with passive investments.

30
Quilter Cirilium Moderate/Quilter Cirilium Moderate 2
The Quilter Cirilium Moderate Portfolio fund (the underlying 'Fund') aims to achieve capital growth over a period of
five years or more through investment markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 40-80% and with the volatility of between 9 and 13%. The Fund
invests through regulated and unregulated collective investment schemes (which may include those schemes
managed or operated by the ACD or an associate of the ACD), investment companies (including investment trusts),
exchange traded funds and hedge funds. It is expected that exposure will vary between equities, fixed interest,
property, commodities, cash and currency. The Fund may also invest directly in fixed interest securities, money-market
instruments, and deposits with some exposure to securities of UK and overseas companies. The Fund may use
derivative instruments and forward transactions for the purposes of Efficient Portfolio Management. The use of
derivatives for this purpose is not likely to affect the risk profile of the Fund. The investment will not be confined to any
particular geographic or economic sector. The Fund is not managed with reference to a benchmark.

Quilter Cirilium Moderate Passive/Quilter Cirilium Moderate Passive 2

The Quilter Cirilium Moderate Passive fund (the underlying 'Fund') aims to achieve capital growth over a period of five
years or more through investment in markets both in the UK and overseas. The portfolio is broadly diversified across
asset classes, with exposure to equities between 40-75% and with volatility of between 9 and 13%. The Fund has
exposure to securities of UK and overseas companies, fixed interest securities, and cash or cash equivalents
(including money-market instruments and deposits) and may have exposure to alternative asset classes (being hedge
fund strategies, commodities or property). The Fund focuses on index tracking (passive) investments. The Fund will
obtain its exposures by investing in a combination of collective investment schemes (which may include those
schemes managed or operated by the ACD or an associate of the ACD) and exchange traded funds. The Fund may
also invest in transferable securities (including fixed interest securities) and investment companies (including
investment trusts). The Fund may only have exposure to alternative asset classes through investment in collective
investment schemes or exchange traded funds which track relevant indices or aim to approximate the returns of these
asset classes. The Fund may use derivative instruments and forward transactions for investment purposes or Efficient
Portfolio Management. The use of derivatives for the purpose of investment may affect the risk profile of the Fund
although this is not the ACD’s intention. The use of derivatives for Efficient Portfolio Management is unlikely to affect
the risk profile of the Fund. The Fund is not managed with reference to a benchmark or a performance comparator.
The performance of the Fund may be assessed with reference to the delivery of the investment objective. The Fund
is regularly rebalanced to a strategic asset allocation with passive investments.

Schroder MM Diversity/Schroder MM Diversity 2

The Schroder MM Diversity fund (the underlying 'Fund') aims to provide capital growth in excess of the UK Consumer
Price Index (after fees have been deducted) over a five to seven year period by investing in a diversified range of
assets worldwide. There is no guarantee that this objective will be met and your capital is at risk. The Fund is actively
managed and invests its assets indirectly through collective investment schemes, exchange traded funds, real estate
investment trusts and closed ended funds in equity and equity related securities, fixed and floating rate securities and
alternative assets worldwide. Alternative assets may include hedge funds, real estate, private equity and commodities.
The Fund may also invest directly in equity and equity related securities and fixed and floating rate securities. The
Fund may directly or indirectly invest in money market instruments and may hold cash. The Fund may invest up to
100% of its assets in collective investment schemes (including other Schroder funds). The Fund invests (directly or
indirectly) one third of its assets in equity and equity related securities, one third in fixed and floating rate securities,
money market instruments and cash, and one third in alternative assets. The Fund may deviate from this by up to 5%
of assets (+/-) for equity and equity related securities and alternative assets, and by up to 10% of assets (+/-) for fixed
and floating rate securities, money market instruments and cash. The Fund may use derivatives with the aim of
reducing risk or managing the Fund more efficiently.

Sinfonia Adventurous Growth Portfolio/Sinfonia Adventurous Growth Portfolio 2

The Sinfonia Adventurous Growth Portfolio fund (the underlying 'Fund') aims to increase the value of your investment
over the long term. The Fund is actively managed and is known as a “Fund of Funds” which means that it invests
mainly in other investment Funds. These Funds, in turn, invest in a mixture of shares, tradeable debt (bonds), warrants
(financial contracts under which the Fund can buy shares at a future date and usually at a fixed price) and money
market instruments (a range of short-term financial products which can be easily bought and sold on money markets).
The Funds invested in, invest mainly in medium to high risk assets worldwide with a focus on the UK. The Fund selects
other investment Funds to invest in following a thorough review of a broad range of Funds which have been selected
using predefined criteria set by the Investment Manager.

31
Sinfonia Balanced Managed Portfolio/Sinfonia Balanced Managed Portfolio 2
The Sinfonia Balanced Managed Portfolio fund (the underlying 'Fund') aims to increase the value of your investment
over the medium to long-term. The Fund is actively managed and is known as a “Fund of Funds” which means that it
invests mainly in other investment Funds. These Funds, in turn, invest in a mixture of shares, tradeable debt (bonds),
warrants (financial contracts under which the Fund can buy shares at a future date and usually at a fixed price) and
money market instruments (a range of short-term financial products which can be easily bought and sold on money
markets). The Funds invested in, invest mainly in medium to high risk assets worldwide with a focus on the UK and
Europe. The Fund selects other investment Funds to invest in following a thorough review of a broad range of Funds
which have been selected using predefined criteria set by the Investment Manager.

Sinfonia Cautious Managed Portfolio/Sinfonia Cautious Managed Portfolio 2

The Sinfonia Cautious Managed Portfolio fund (the underlying 'Fund') aims to provide a combination of income and
investment growth over the long-term. The Fund is actively managed and is known as a “Fund of Funds” which means
that it invests mainly in other investment Funds. These Funds, in turn, invest in a mixture of shares, tradeable debt
(bonds), warrants (financial contracts under which the Fund can buy shares at a future date and usually at a fixed
price) and money market instruments (a range of short-term financial products which can be easily bought and sold
on money markets). The Funds invested in, invest mainly in medium risk assets worldwide with a focus on the UK. The
Fund selects other investment Funds to invest in following a thorough review of a broad range of Funds which have
been selected using predefined criteria set by the Investment Manager.

Sinfonia Income and Growth Portfolio/Sinfonia Income and Growth Portfolio 2

The Sinfonia Income & Growth Portfolio fund (the underlying 'Fund') aims to provide income and capital growth for
investors over the long-term. The Fund is actively managed and is known as a “Fund of Funds” which means that it
invests mainly in other investment Funds. These Funds, in turn, invest in a mixture of shares, tradeable debt (bonds),
warrants (financial contracts under which the Fund can buy shares at a future date and usually at a fixed price) and
money market instruments (a range of short-term financial products which can be easily bought and sold on money
markets). The Funds invested n, invest mainly in medium to high risk assets worldwide with a focus on the UK. The
Fund selects other investment Funds to invest in following a thorough review of a broad range of Funds which have
been selected using predefined criteria set by the Investment Manager.

Other funds in this sector

The following Multi-Manager funds are also available, their objectives are detailed in the ‘Distributor requested funds’
section:

Omnis Multi-Manager Adventurous/ Verbatim Portfolio 3 2

Omnis Multi-Manager Adventurous 2
Omnis Multi-Manager Balanced/ Verbatim Portfolio 4/
Omnis Multi-Manager Balanced 2 Verbatim Portfolio 4 2
Omnis Multi-Manager Cautious/ Verbatim Portfolio 5 Growth/
Omnis Multi-Manager Cautious 2 Verbatim Portfolio 5 Growth 2
Omnis Multi-Manager Distribution/ Verbatim Portfolio 5 Income/
Omnis Multi-Manager Distribution 2 Verbatim Portfolio 5 Income 2
Omnis Managed Adventurous/ Verbatim Portfolio 6/
Omnis Managed Adventurous 2 Verbatim Portfolio 6 2
Omnis Managed Balanced/ Verbatim Portfolio 7/
Omnis Managed Balanced 2 Verbatim Portfolio 7 2
Omnis Managed Cautious/
Omnis Managed Cautious 2

32
UK Equity funds
The UK has always been a popular home for investments, with UK investors traditionally seeing good returns from a
mature and stable economy. In addition, it offers an opportunity for many investors to take a stake in the success of
their home country’s economy and industry.

abrdn UK Income Equity/abrdn UK Income Equity 2

The abrdn UK Income Equity fund (the underlying ‘Fund’) aims to generate income and some capital over the long
term (5 years or more) by investing in UK equities (company shares). Its performance target is to deliver a yield greater
than that of the FTSE All Share Index over a rolling five year period (before charges) and achieve a return in excess of
the FTSE All Share Index over a rolling five year period (before charges). The Performance Target is the level of
performance that the management team hopes to achieve for the Fund. There is however no certainty or promise that
they will achieve the Performance Target. The Fund’s performance comparator is the IA UK Equity Income sector
average. The Authorised Corporate Director believes this is an appropriate target/comparator for the Fund based on
the investment policy of the fund and the constituents of the index. The Fund will invest at least 70% in equities and
equity related securities of companies incorporated or domiciled in the UK or having significant operations and/or
exposure to the UK. The Fund may invest up to 20% in non- UK listed Companies. The Fund may also invest in other
funds (including those managed by abrdn), money- market instruments, and cash. The Fund may use derivatives to
reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the Fund (often
referred to as “Efficient Portfolio Management”).

Aegon Ethical Equity/Aegon Ethical Equity 2

The Aegon Ethical Equity fund (the underlying 'Fund') aims to invest at least 80% in equities of companies which are
listed, quoted or traded in UK markets or which have their headquarters or a significant part of their activities in the
UK but which may also be quoted on a regulated market outside of the UK. The Fund operates an ethical screen which
means that the Fund may not invest in particular industries and sectors. In all cases, the investments of the Fund will
meet the Fund’s predefined ethical criteria. The Fund is actively managed and can invest in companies of any market
capitalisation (small, medium or large) and in a range of industry sectors, subject to the Fund's ethical criteria. The
Fund will typically invest in publicly quoted companies although it will tend to have a bias towards small and medium
companies. At any one time, the scope of the investment may be themed by industry, size or style to take advantage
of opportunities identified by the ACD. The Fund can also invest up to 20% in equities of non-UK companies. To the
extent that the Fund is not fully invested in the main asset class listed above, the Fund may also invest in other
transferable securities, collective investment schemes (up to 10% of Net Asset Value and which may include schemes
managed by the ACD or its affiliates), money market instruments, deposits and cash and near cash. It is intended that
investment in any other collective investment schemes will be predominately in approved money market instruments.
Derivatives can be used for efficient portfolio management (including hedging to reduce currency risk). Non-Sterling
exposure will typically not be hedged back to Sterling.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Artemis Income/Artemis Income 2

The Artemis Income fund (the underlying 'Fund') aims to grow both income and capital over a 5 year period. The Fund
invests between 80% - 100% in company shares. It can also invest up to 20% in bonds, cash and near cash, other
transferable securities, other funds (up to 10%) managed by Artemis and third-party funds, money market instruments
and derivatives. The Fund may use derivatives for efficient portfolio management purposes to reduce risk and manage
the Fund efficiently. The Fund manager believes that a company’s free cashflow yield drives its valuation. Accordingly,
the Fund focuses on companies’ free cashflow yield by taking into account current and prospective dividends and
the likelihood of the dividend being maintained in the future. The Fund invests at least 80% in the United Kingdom
and up to 20% in other countries. The FTSE All-Share Index TR and the IA UK Equity Income NR sector act as
'comparator benchmarks' against which the Fund performance can be compared. Management of the Fund is not
restricted by these benchmarks.

33
Artemis SmartGARP UK Equity/Artemis SmartGARP UK Equity 2
The Artemis SmartGARP UK Equity fund (the underlying 'Fund') aims to grow capital over a 5 year period. The Fund
invests between 80% - 100% in company shares. It can also invest up to 20% in bonds, cash and near cash, other
transferable securities, other funds (up to 10%) managed by Artemis and third-party funds, money market instruments
and derivatives. The Fund may use derivatives for efficient portfolio management purposes to reduce risk and manage
the fund efficiently. The Fund invests at least 80% in the United Kingdom and up to 20% in other countries. A
proprietary tool called ‘SmartGARP’ is used as the foundation of the investment process. It screens the financial
characteristics of companies by identifying those that are growing faster than the market but are trading on lower
valuations than the market. The manager selects companies that in aggregate have good ‘SmartGARP’ characteristics.
This tends to mean that the portfolio contains stocks that have lower valuations than the market average, upgrades to
profit forecasts, and are under-owned by the investment community, while at the same time benefiting from helpful
trends in the wider economy. The FTSE All-Share Index TR and IA UK All Companies NR sector act as 'comparator
benchmarks' against which the Fund performance can be compared. Management of the Fund are not restricted by
these benchmarks.

Artemis UK Select/Artemis UK Select 2

The Artemis UK Select fund (the underlying 'Fund') aims to grow capital over a 5 year period. The Fund invests
between 80% - 100% in company shares. It can also invest up to 20% in bonds, cash and near cash, other transferable
securities, other funds (up to 10%) managed by Artemis and third-party funds, money market instruments and
derivatives. The Fund may use derivatives for investment purposes to achieve the Fund objective, including by taking
long and short (not exceeding 10% of the Fund) positions, to produce additional income or growth and for efficient
portfolio management purposes to reduce risk and manage the fund efficiently. The Fund invests in the United
Kingdom, including companies in other countries that are headquartered or have a significant part of their activities in
the United Kingdom. The manager generates ideas from a number of sources of information, detailed financial analysis
and wider economic analysis. A systematic approach is used to collect, assess, and cross-reference this information.
A company’s valuation relative to the industry in which it operates is also considered. While considering factors which
are unique to a company, the manager seeks companies whose valuations are overly conservative in relation to their
peers and that provide attractive opportunities for a future upgrade. Short positions can be taken where stock- specific
insight identifies an overvalued company. The FTSE All Share Index TR and the IA UK All Companies NR sector act
as ’comparator benchmarks’ against which the Fund’s performance can be compared. Management of the Fund are
not restricted by these benchmarks.

Artemis UK Smaller Companies/Artemis UK Smaller Companies 2

The Artemis UK Smaller Companies fund (the underlying 'Fund') aims to grow capital over a 5 year period. It can also
invest up to 20% in bonds, cash and near cash, other transferable securities, other funds (up to 10%) managed by
Artemis and third-party funds, money market instruments and derivatives. The Fund may use derivatives for efficient
portfolio management purposes to reduce risk, manage the fund efficiently. The Fund invests in the United Kingdom,
including companies in other countries that are headquartered or have a significant part of their activities in the United
Kingdom. The manager adopts a long-term investment approach and seeks to mostly invest in companies with
predictable and/or growing cashflow streams which require little additional capital to sustain. The manager identifies
smaller companies with reference to their relative market capitalisation. The Numis Smaller Companies (ex-Inv Trust)
TR and the IA UK Smaller Companies NR sector act as ’comparator benchmarks’ against which the Fund’s
performance can be compared. Management of the Fund are not restricted by these benchmarks.

Artemis UK Special Situations/Artemis UK Special Situations 2

The Artemis UK Special Situations fund (the underlying 'Fund') aims to grow capital over a 5 year period. It can also
invest up to 20% in bonds, cash and near cash, other transferable securities, other funds (up to 10%) managed by
Artemis and third-party funds, money market instruments and derivatives. The fund may use derivatives for efficient
portfolio management purposes to reduce risk, manage the fund efficiently. The Fund invests in the United Kingdom,
including companies in other countries that are headquartered or have a significant part of their activities in the United
Kingdom. A research-driven, bottom-up stock selection process is used to identify unrecognised growth potential in
companies that are often out-of-favour. The manager seeks companies that are in recovery, need re- financing or are
suffering from investor indifference (‘special situations’). These companies often have the potential to deliver
significant capital growth. Companies are assessed on the basis of absolute and relative valuation with consideration
to potential upside. The FTSE All Share Index TR and IA UK All Companies NR sector act as ’comparator benchmarks’
against which the Fund’s performance can be compared. Management of the Fund is not restricted by these
benchmarks.

34
AXA Framlington UK Select Opportunities/AXA Framlington UK Select Opportunities 2
The AXA Framlington UK Select Opportunities fund (the underlying 'Fund') aims to provide long-term capital growth.
The Fund has at least 70% of its investments in shares of companies domiciled, incorporated or having significant
business in the UK which the fund manager believes will provide above-average returns. The Fund invests in
companies of any size. The Manager selects shares based upon analysis of a company’s financial status, quality of its
management, expected profitability and prospects for growth. The Manager has full discretion to select investments
for the Fund in line with the above investment policy and in doing so may take into consideration the FTSE All Share
index. The FTSE All Share index is designed to measure the performance of all eligible companies listed on the
London Stock Exchange. This index best represents a core component of the Managers’ investment universe. The
Fund may also invest in other transferable securities and units in collective investment schemes. The Fund may use
derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other
investment techniques permitted in the applicable Financial Conduct Authority rules. The FTSE All Share index may
be used by investors to compare the Fund’s performance.

BlackRock UK Special Situations/BlackRock UK Special Situations 2

The BlackRock UK Special Situations fund (the underlying 'Fund') aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or
more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or
listed in the UK. Although the Fund aims to achieve its investment objective, there is no guarantee that this will be
achieved. The Fund’s capital is at risk meaning that the Fund could suffer a decrease in value and the value of your
investment would decrease as a result. FTSE All-Share TR Index is used by the Investment Manager when
constructing the portfolio of the Fund. This benchmark has been chosen because the Investment Manager has
determined that it is representative of the investment universe of the Fund.

BNY Mellon UK Income/BNY Mellon UK Income 2

The aim of the BNY Mellon UK Income Fund (the underlying ‘Fund’) is to achieve income over an annual period
together with capital growth over the long term (5 years or more). The Fund will invest at least 70% of the portfolio in
UK equities (company shares), including ordinary shares, preference shares and other equity-related securities. It will
also invest in company shares targeting higher than average dividends (dividends are the proportion of company
profits paid out to shareholders) and with good prospects for growth. The Fund may invest in money market
instruments, deposits, cash and near cash, use derivatives (financial instruments whose value is derived from other
assets) with the aim of risk or cost reduction or to generate additional capital or income and invest up to 10% in other
collective investment schemes (including but not limited to another Sub-Fund or Sub-Funds of the Company or other
BNY Mellon funds). The Fund will measure its performance against the FTSE All-Share TR Index as a comparator
benchmark. The Fund will use the Benchmark as an appropriate comparator because the Investment Manager utilises
it when measuring the Fund's income yield.

Dimensional UK Core Equity/Dimensional UK Core Equity 2

The Dimensional UK Core Equity fund (the underlying 'Fund') aims to increase the value of your investment over the
long term and to earn an income within the Fund. The Fund is managed on a discretionary basis and primarily invests
in shares of United Kingdom companies which are listed on the London Stock Exchange or traded on the United
Kingdom over-the-counter market (financial markets where shares are bought and sold via dealer networks). The
Fund's portfolio is generally overweighted in shares of smaller sized companies and value companies. Value
companies are companies where, at the time of purchase, the Investment Manager believes that the share price is
low compared to the accounting value of the company. The composition of the Fund may be adjusted based on
considerations such as the number of outstanding shares of public companies that are freely available to the investing
public, the tendency of the price of a security/share to continue movement in a single direction, how readily available
the shares are to buy and sell, and profitability. The Fund may use financial contracts or instruments (derivatives) to
manage risk, reduce costs or improve returns.

Dimensional UK Small Companies/Dimensional UK Small Companies 2

The Dimensional UK Small Companies fund (the underlying 'Fund') aims to increase the value of your investment over
the long term and to earn an income within the Fund. The Fund is managed on a discretionary basis and primarily
invests in shares of United Kingdom companies which are listed on the London Stock Exchange or traded on the
United Kingdom over-the-counter market (financial market where shares are bought and sold via dealer networks).
The Fund invests in a broad and diverse group of smaller sized companies. The Fund may use financial contracts or
instruments (derivatives) to manage risk, reduce costs or improve returns.

35
Fidelity Index UK/Fidelity Index UK 2
The Fidelity Index UK fund (the underlying 'Fund') aims to track the performance of the FTSE All-Share Mid-day (Gross
Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment
over a period of 5 years or more. The Mid-day (Gross Total Return) index is a customised variant designed and
maintained by FTSE, for alignment with this Fund’s UK mid-day valuation point. The performance of the Fund is
unlikely to track the performance of the index precisely. The Fund uses an ‘index tracking’ (also known as ‘passive’)
investment management approach whereby it aims to replicate the composition of the index. However, for practical
reasons and/or to reduce the dealing costs of the Fund, it may not invest in every company share in the index or at its
weighting within the index. As well as investing directly in company shares, the Fund will achieve exposure indirectly
through the use of derivatives for efficient portfolio management purposes, for example, at the time of cash inflows to
remain fully invested or to reduce transaction costs. In order to manage the cash position, the Fund may invest in
collective investment schemes (such as liquidity Funds), including those managed by Fidelity, money market
instruments, cash and deposits.

Fidelity Special Situations 2

The Fidelity Special Situations fund (the underlying 'Fund') aims to increase the value of your investment over a period
of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of UK companies (those
domiciled, incorporated or having significant business in UK and those which are listed in the UK). The Investment
Manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by
the market. It is not restricted in terms of size or industry. The Fund is actively managed without reference to a
benchmark. The Fund may also invest into other transferable securities, collective investment schemes, money market
instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment
purposes. The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the
Investment Management Charge calculation. The performance index does not influence investment decisions
materially. The Fund’s performance can be compared to the FTSE All Share (Gross Total Return) Index as the index
constituents are representative of the type of companies the Fund invests in.

Henderson UK Alpha/Henderson UK Alpha 2

The Janus Henderson UK Alpha fund (the underlying 'Fund') aims to provide capital growth over the long term (5
years or more). The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities)
of companies, of any size, in any industry, in the UK. Companies will be incorporated, headquartered, or deriving
significant revenue from, the UK. The portfolio may be concentrated in terms of its number of holdings and/ or the size
of its largest holdings. The Fund may also invest in other assets including other shares, bonds (including convertible
bonds), preference shares, Collective Investment Schemes (including those managed by Janus Henderson) cash and
money market instruments. The investment manager may use derivatives (complex financial instruments) to reduce
risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the FTSE All Share Index,
which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for
assessing the Fund's performance. The investment manager has discretion to choose investments for the Fund with
weightings different to the index or not in the index.

HSBC UK Growth & Income/HSBC UK Growth & Income 2

The HSBC UK Growth & Income fund (the underlying 'Fund') aims to provide growth and income in the long term,
which is a period of five years or more. To achieve its objective, the Fund will invest at least 80% of its value in the
shares (equities) of UK companies, including preference shares. UK companies are those that are based in the UK or
earn at least 80% of their revenue from the UK. The Fund may invest up to 20% of its value in other assets, such as
shares of non-UK companies and cash. The Fund may invest up to 10% of its value in other funds, which may be
managed by the HSBC Group. Typically the Fund will invest in the shares of 35 to 50 companies. The Fund is actively
managed and is managed with reference to the FTSE All-Share Index.

36
Invesco UK Equity High Income/Invesco UK Equity High Income 2
The Invesco UK Equity High Income fund (the underlying 'Fund') aims to achieve a high level of income (greater than
the income return of the FTSE All Share Index) and capital growth over the long term (5 years plus).The Fund invests
at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying
out the main part of their economic activity in the UK. In pursuing the Fund’s investment objective, the fund manager
may consider it appropriate to also invest in other transferable securities (including private and unlisted equities and
non UK companies), money market instruments, collective investment schemes (including funds managed by the
Invesco group), deposits and cash. The Fund may use derivatives for efficient portfolio management purposes only,
to reduce risk, reduce costs and/or generate additional capital or income. The Fund has an active investment
approach based on stock selection driven by the fund manager’s assessment of valuation, investing in companies
that enable the Fund to grow its dividend and deliver capital appreciation. It has a flexible approach with no inbuilt
bias to sector or company size. Given the Fund’s asset allocation, its performance can be compared against the
Investment Association UK All Companies Sector. However, the fund is actively managed and is not constrained by
any benchmark.

Invesco UK Equity Income/Invesco UK Equity Income 2

The Invesco UK Equity Income fund (the underlying 'Fund') aims to achieve income and capital growth over the long
term (5 years plus). The Fund invests at least 80% of its assets in shares or other equity related securities of companies
incorporated, domiciled or carrying out the main part of their economic activity in the UK. In pursuing the Fund’s
investment objective, the fund manager may consider it appropriate to also invest in other transferable securities
(including private and unlisted equities and non-UK companies), money market instruments, collective investment
schemes (including funds managed by the Invesco group), deposits and cash. The Fund may use derivatives for
efficient portfolio management purposes only, to reduce risk, reduce costs and/or generate additional capital or
income. The Fund has an active investment approach based on stock selection driven by the fund manager’s
assessment of valuation, investing in companies that enable the Fund to grow its dividend and deliver capital
appreciation. It has a flexible approach with no inbuilt bias to sector or company size. Given the Fund’s asset allocation,
its performance can be compared against the Investment Association UK All Companies Sector. However, the fund
is actively managed and is not constrained by any benchmark.

iShares UK Equity Index/iShares UK Equity Index 2

The iShares UK Equity Index fund (the underlying ‘Fund’) aims to provide a return on your investment (generated
through an increase in the value of the assets held by the Fund) by tracking closely the performance of the FTSE All
Share Index, the Fund’s benchmark index. The Fund invests in equity securities (e.g. shares), of companies that make
up the benchmark index. The benchmark index is designed to measure the performance of equity securities of small,
mid and large capitalisation companies listed in the United Kingdom. The benchmark index is a free float-adjusted
market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather
than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market
capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The
Fund is passively managed and the investment manager has limited discretion to select the Fund’s investments and
in doing so will take into consideration the benchmark index. The Fund intends to replicate the benchmark index by
holding the equity securities, which make up the benchmark index, in similar proportions to the benchmark index. The
Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as
a means of generating additional income and to off-set the costs of the Fund.

Jupiter UK Income/Jupiter UK Income 2

The aim of the Jupiter UK Income fund (the underlying ‘Fund’) is to provide income together with the prospect of
capital growth, to achieve a return, net of fees, higher than that provided by the FTSE All Share Index, over the long
term (at least five years). Policy At least 70% of the Fund is invested in shares of companies based in the UK. Up to
30% of the Fund may be invested in other transferable securities (including shares of companies based anywhere in
the world), open-ended funds (including funds managed by Jupiter and its associates), cash, near cash, money market
instruments and deposits. The Fund may use derivatives, i.e. financial contracts whose value is linked to the expected
price movements of an underlying investment, with the aim of reducing the overall costs and/or risks of the Fund.
Strategy The fund manager will apply a disciplined, repeatable process to identify shares of companies which the
manager considers to be undervalued and have an above average dividend yield (dividends are paid out each year
by companies to their shareholders). Undervalued stocks are those companies whose worth is not believed to be
properly reflected by the stock price. The Fund will tend to invest in a smaller number of companies where the manager
has the highest conviction. Benchmarks Target benchmark - FTSE All Share Index.

37
Jupiter Merlin Income & Growth Select/Jupiter Merlin Income & Growth Select 2
The aim of the Jupiter Merlin Income & Growth Select fund (the underlying ‘Fund’) is to provide a return, through a
combination of income and capital growth, net of fees, over the long term (at least five years). At least 70% of the Fund
is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed
or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable
securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically between
65% to 75%) to shares of companies. At least 25% of the Fund will (in aggregate) be invested directly or indirectly in I)
shares issued by companies based in the UK and/or funds investing in such companies; and/or ii) transferable
securities which are sterling-denominated or hedged back to sterling. The Fund may use derivative transactions for
investment purposes. The Fund aims to attain the objective by investing at least 70% of the Fund globally in collective
investment schemes and exchange traded funds (ETFs) which give exposure to shares of companies, fixed interest
debt securities, money market instruments, deposits and cash. The Fund forms part of the Jupiter Select range,
meaning that typically between 40% to 70% and at least 25% will be invested in funds managed or operated by Jupiter
or an associate of Jupiter. The Fund may also invest in other transferable securities, as well as cash and near cash,
money market instruments and deposits. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically
between 65% to 75%) to shares of companies. At least 25% of the Fund will (in aggregate) be invested directly or
indirectly in: (I) shares issued by companies incorporated, headquartered, listed, or which conduct a majority of their
business activity, in the UK or funds investing in such companies; and/or (ii) transferable securities which are
denominated in sterling or hedged back to sterling. The Fund may enter into derivative transactions for: (I) efficient
portfolio management (including hedging) purposes, i.e. to reduce risk, minimise costs or generate additional capital
and/or income; or (ii) investment, i.e. speculative, purposes, such as creating both long and short positions through
derivatives. The Investment Manager expects that derivative transactions will be used primarily for efficient portfolio
management purposes. The Investment Manager seeks to exercise appropriately its stewardship responsibilities on
behalf of its clients in order to meet the Fund’s investment objective. The benchmark of the fund is the ARC Steady
Growth Private Client Index This is a risk based index, which has 60%-80% relative risk to world equities. It is a fair
representation of the risk-adjusted return which might be achieved by the Fund and as such it is an appropriate
comparator benchmark.

Jupiter UK Alpha/Jupiter UK Alpha 2

The Jupiter UK Alpha fund (the underlying 'Fund') aims to achieve capital growth. In seeking to achieve its investment
objective the fund will aim to deliver a return, net of fees, greater than that of the FTSE All-Share Index over rolling 3
year periods. The Fund primarily invests (at least 70%) in a portfolio of UK equities. UK equities are equities of
companies domiciled or incorporated in the UK, or that conduct a significant part of their business in the UK. The Fund
may also invest in other transferable securities, units in collective investment schemes (including those managed or
operated by the ACD or an associate of the ACD), warrants, money market instruments, deposits and derivatives, and
may hold cash. The Fund maintains a concentrated, high conviction portfolio consisting of companies which the
Investment Adviser believes are undervalued relative to their growth prospects. The Fund may use derivatives for
Efficient Portfolio Management purposes only. The ACD considers that the use of derivatives for this purpose is not
likely to affect the volatility or risk profile of the Fund.

Jupiter UK Growth/Jupiter UK Growth 2

The aim of the Jupiter UK Growth fund (the underlying ‘Fund’) is to provide a return, net of fees, higher than that
provided by the FTSE All Share Index over the long term (at least five years). At least 70% of the Fund is invested in
shares of companies that are based in the UK, i.e. are incorporated, headquartered or which conduct a majority of their
business activity, in the UK. Up to 30% of the Fund may be invested in other transferable securities (including shares
of companies based anywhere in the world), open-ended funds (including funds managed by Jupiter and its
associates), cash, near cash, money market instruments and deposits. The Fund may use derivatives, i.e. financial
contracts whose value is linked to the expected price movements of an underlying investment, with the aim of
reducing the overall costs and/or risks of the Fund. The fund manager will apply a disciplined process to identify
shares of companies which are considered to have potential for growth from their current level. The Fund will tend to
invest in a carefully selected number of companies where the manager has the highest conviction. The target
benchmark is the FTSE All Share Index The FTSE All Share Index is an industry standard index and is one of the
leading representations of UK stock markets. It is easily accessible and provides a fair reflection of the Fund
Manager's investment universe and a good relative measure to assess performance outcomes.

38
Liontrust Income/Liontrust Income 2
The aim of the Liontrust Income fund (the underlying 'Fund') is to generate income with the potential for long term (5
years or more) capital growth. The Fund aims to deliver a net target yield of at least the net yield of the FTSE All Share
Index each year. The Fund invests at least 80% in shares of UK companies. These are companies which, at the time
of purchase, are incorporated, domiciled, listed or conduct significant business in the UK. The Fund may also invest
up to 20% in companies outside of the UK, as well as in other eligible asset classes. Other eligible asset classes are
collective investment schemes (which may include Liontrust managed funds), other transferable securities, cash or
near cash, deposits and money market instruments. Derivatives and forward transactions may be used by the ACD for
efficient portfolio management. It is the intention to be near-fully invested at all times, however, the Fund has the
facility to take tactical positions in cash or near cash, and to use efficient portfolio management, should the ACD feel
it appropriate. Given the Fund invests at least 80% in UK companies and that it has an objective to deliver income the
ACD believes it is appropriate for investors to compare the performance of the Fund versus the relevant IA sector
which in this case is the IA UK Equity Income sector. In addition to the sector the ACD believes it is also appropriate
for investors to compare the performance and income paid out of the Fund versus the performance and yield of the
FTSE All-Share Index, this being the benchmark index that most appropriately matches the investment universe of
the fund.

Ninety One UK Special Situations/Ninety One UK Special Situations 2

The Ninety One UK Special Situations fund (the underlying 'Fund') aims to provide income and capital growth over at
least a 5 year periods. The Fund invests primarily (at least two-thirds) in the shares of UK companies (those
incorporated in, domiciled in, or that have significant economic exposure to, the UK) and in related derivatives
(financial contracts whose value is linked to the price of an underlying asset).The Fund may invest in other assets such
as cash, money market instruments (tradable securities where money can be invested for short periods), up to 10% in
other funds (which may be managed by the Investment Manager, other companies in the same group as the
Investment Manager or a third party) and derivatives (financial contracts whose value is linked to the price of an
underlying asset). Derivatives may be used for investment purposes, i.e. in order to achieve the Fund’s investment
objectives, or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or
reducing the costs of managing the Fund. The Fund is actively managed. This means the Investment Manager is free
to select investments with the aim of achieving the Fund’s objectives. The Fund is managed with reference to a
benchmark index, the FTSE All-Share (Total Return) Index, because it uses this index for performance comparison.

Rathbone Income/Rathbone Income 2

The objective of the Rathbone Income fund (the underlying ‘Fund’) is to deliver an annual income that is in line with or
better than that of the FTSE All-Share Index over any rolling three-year period. The fund aims to generate a greater
total return than the FTSE All-Share Index, after fees, over any five-year period. There is no guarantee that this
investment objective will be achieved over five years, or any other time period. The Fund uses the FTSE All-Share
Index as a target for the fund’s return and the income paid. The Fund aims to offer a better income and higher returns
than the UK stock market.

Schroder Income/Schroder Income 2

The Schroder Income fund (the underlying ‘Fund’) aims to provide income and capital growth in excess of the FTSE
All Share (Gross Total Return) index (after fees have been deducted) over a 3 to 5 year period by investing in equities
of UK companies. The fund is actively managed and invests at least 80% of its assets in a concentrated range of
equities of UK companies. These are companies that are incorporated, headquartered or have their principal business
activities in the UK. The fund typically holds 30 to 50 companies. The fund focuses on companies that have certain
"Value" characteristics. Value is assessed by looking at indicators such as cash flows, dividends and earnings to
identify securities which the investment manager believes have been undervalued by the market. The fund may also
invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or
currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and
hold cash. The fund may use derivatives with the aim of reducing risk or managing the fund more efficiently. The fund's
performance should be assessed against the income target benchmark, being to exceed the FTSE All Share (Gross
Total Return) index and compared against the Investment Association UK Equity Income sector average return.

39
Schroder Income Maximiser/Schroder Income Maximiser 2
The Schroder Income Maximiser fund (the underlying ‘Fund’) fund aims to provide income and capital growth by
investing in equity and equity-related securities of UK companies. The Fund is actively managed and invests at least
80% of its assets in equity and equity related securities of UK companies, which are selected for their long term income
and capital growth potential. These are companies that are incorporated, headquartered or have their principal
business activities in the UK. The Fund focuses on companies that have certain "Value” characteristics. Value is
assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the
Investment Manager believes have been undervalued by the market. To seek to enhance the yield, the Investment
Manager selectively sells short dated call options over individual securities, portfolios of securities or indices held by
the Fund, by agreeing strike prices above which potential capital growth is sold. The Fund may also invest directly or
indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, collective
investment schemes (including Schroder funds}, warrants and money market instruments, and hold cash. The Fund
may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund's investment strategy will typically underperform a similar portfolio without derivatives in periods when the
underlying stock prices are rising and outperform when the underlying stock prices are falling.

Schroder Sustainable UK Equity/Schroder Sustainable UK Equity 2

The Schroder Sustainable UK Equity fund (the underlying ‘Fund’) aims to provide capital growth and income in excess
of the FTSE All Share (Gross Total Return) index (after fees have been deducted) over a three to five year period by
investing in equity and equity related securities of UK companies which meet the Investment Manager’s sustainability
criteria. The Fund is actively managed and invests at least 80% of its assets in a concentrated range of equity and
equity related securities of UK companies which meet the Investment Manager’s sustainability criteria. These are
companies that are incorporated, headquartered or have their principal business activities in the UK. The Fund
maintains a higher overall sustainability score than the FTSE All Share (Gross Total Return) index, based on the
Investment Manager’s rating system. The Fund aims to provide a higher overall sustainability score than the FTSE All
Share (Gross Total Return) index, based on the Investment Manager's rating system. The Fund does not directly invest
in certain activities, industries or groups of issuers above certain limits. The Fund invests in companies that have good
governance practices, as determined by the Investment Manager's rating criteria. The Fund may invest in companies
that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe,
typically up to two years. The Investment Manager may also engage with companies held by the Fund to challenge
identified areas of weakness on sustainability issues. The Fund typically holds 30 to 60 companies. The Fund may
also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or
currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and
hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Schroder UK Alpha Plus/Schroder UK Alpha Plus 2

The Schroder UK Alpha Plus fund (the underlying ‘Fund’) aims to provide capital growth in excess of the FTSE All
Share (Gross Total Return) index (after fees have been deducted) over a 3 to 5 year period by investing in equities of
UK companies. The fund is actively managed and invests at least 80% of its assets in a concentrated range of equities
of UK companies. These are companies that are incorporated, headquartered or have their principal business
activities in the UK. The fund typically holds 30 to 60 companies. 'Alpha' funds invest in companies in which the
investment manager has a high conviction that the current share price does not reflect the future prospects for that
business. The fund may also invest in companies headquartered or quoted outside the UK which derive a significant
proportion of their revenues or profits from the UK. The fund may also invest directly or indirectly in other securities
(including in other asset classes), countries, regions, industries or currencies, collective investment schemes
(including Schroder funds), warrants and money market instruments, and hold cash. The fund may use derivatives with
the aim of reducing risk and managing the fund more efficiently. The fund's performance should be assessed against
its target benchmark, being to exceed the FTSE All Share (Gross Total Return) index and compared against the
Investment Association UK All Companies sector average return. The investment manager invests on a discretionary
basis and is not limited to investing in accordance with the composition of the benchmark.

40
Schroder UK Mid 250/Schroder UK Mid 250 2
The Schroder UK Mid 250 fund (the underlying ‘Fund’) aims to provide long term capital growth in excess of the FTSE
250 ex Investment Trusts (Gross Total Return) index (after fees have been deducted) over a 3 to 5 year period by
investing in equities of companies listed in the FTSE 250 ex Investment Trusts. The fund is actively managed and
invests at least 80% of its assets in equities of UK companies listed in the FTSE 250 Ex-Investment Trusts index.
These are companies that are incorporated, headquartered or have their principal business activities in the UK. The
investment manager believes that these investments can potentially offer faster rates of profit and dividend growth
and higher long-term returns than their larger counterparts. The fund may also invest in former components of, or
expected entrants into, that index if the investment manager believes it may be advantageous to do so. The fund may
also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or
currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and
hold cash. The fund may use derivatives with the aim of reducing risk or managing the fund more efficiently. The fund's
performance should be assessed against its target benchmark, being to exceed the FTSE 250 ex Investment Trusts
(Gross Total Return) index and compared against the Investment Association UK All Companies sector average return.
The investment manager invests on a discretionary basis and is not limited to investing in accordance with the
composition of the benchmark.

Schroder UK Opportunities/Schroder UK Opportunities 2

The Schroder UK Alpha Plus fund (the underlying ‘Fund’) aims to provide capital growth in excess of the FTSE All
Share (Gross Total Return) index (after fees have been deducted) over a 3 to 5 year period by investing in equities of
UK companies. The fund is actively managed and invests at least 80% of its assets in a concentrated range of equities
of UK companies. These are companies that are incorporated, headquartered or have their principal business
activities in the UK. The fund typically holds 30 to 60 companies. 'Alpha' funds invest in companies in which the
investment manager has a high conviction that the current share price does not reflect the future prospects for that
business. The fund may also invest in companies headquartered or quoted outside the UK which derive a significant
proportion of their revenues or profits from the UK. The fund may also invest directly or indirectly in other securities
(including in other asset classes), countries, regions, industries or currencies, collective investment schemes
(including Schroder funds), warrants and money market instruments, and hold cash. The fund may use derivatives with
the aim of reducing risk and managing the fund more efficiently. The fund's performance should be assessed against
its target benchmark, being to exceed the FTSE All Share (Gross Total Return) index and compared against the
Investment Association UK All Companies sector average return. The investment manager invests on a discretionary
basis and is not limited to investing in accordance with the composition of the benchmark.

Columbia Threadneedle funds

Monthly Extra Income/Monthly Extra Income 2

The CT Monthly Extra Income fund (the underlying 'Fund') aims to provide a monthly income with prospects for
investment growth over the long term. It looks to provide an income yield higher than the FTSE All-Share Index over
rolling 3 year periods, after the deduction of charges. The Fund is actively managed, and invests in a combination of
company shares and bonds; typically, between 70-80% in UK company shares and 20%- 30% in bonds. The Fund
considers UK companies to mean companies listed on the London Stock Exchange; predominantly those domiciled
in the UK, or which have significant UK business operations. The Fund selects companies that exhibit above average
income generation potential, as well as those considered to offer opportunities more by way of share price or dividend
growth. These companies may be chosen from any industry or economic sector, and whilst there is no restriction on
size, investment tends to focus on the larger companies included in the FTSE All-Share Index. The bonds selected
are usually investment grade corporate bonds, but may also include government bonds. These bonds are
denominated in sterling (or hedged back to sterling, if a different currency). The FTSE All-Share Index is regarded as
an appropriate performance measure of the UK stock market, with over 600 companies currently included. The
income yield of this index provides a suitable target benchmark against which the level of income generated by the
Fund will be measured and evaluated over time. The Fund may also invest in other assets such as cash and deposits,
and hold other funds (including funds managed by Columbia Threadneedle companies) when deemed appropriate.

41
UK/UK 2
The CT UK fund (the underlying 'Fund') aims to achieve capital growth over the long term. It looks to outperform the
FTSE All-Share Index over rolling 3 year periods, after the deduction of charges. The Fund is actively managed, and
invests at least 90% of its assets in shares of companies listed on the London Stock Exchange; predominantly
companies domiciled in the UK, or which have significant UK business operations. The Fund selects companies that
are considered to have good prospects for share price growth, from any industry or economic sector, and whilst there
is no restriction on size, investment tends to focus on the larger companies included in the FTSE All-Share Index. The
FTSE All-Share Index is regarded as an appropriate performance measure of the UK stock market, with over 600
companies currently included. It provides a suitable target benchmark against which Fund performance will be
measured and evaluated over time. The Fund typically invests in fewer than 80 companies, which may include shares
of some companies not within the Index. The Fund may invest in other securities (including fixed interest securities)
and collective investment schemes (including funds managed by Columbia Threadneedle companies), when deemed
appropriate. The Fund may also hold money market instruments, deposits, cash and near cash. The Fund is not
permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk
or managing the Fund more efficiently.

UK Equity Alpha Income/UK Equity Alpha Income 2

The CT UK Equity Alpha Income fund (the underlying 'Fund') aims to provide income, combined with prospects for
capital growth over the long term. It looks to provide an income yield higher than the FTSE All-Share Index over rolling
3 year periods, after the deduction of charges. The Fund is actively managed, and invests at least 90% of its assets in
shares of companies listed on the London Stock Exchange; predominantly companies domiciled in the UK, or which
have significant UK business operations. The Fund selects companies that exhibit above average income generation
potential, as well as those considered to offer opportunities more by way of share price or dividend growth. The Alpha
Income investment approach is a highly focused management style, allowing the flexibility for significant share and
sector positions to be taken. As a result, investment is usually concentrated in fewer than 35 companies. These
companies may be of any size, but investment tends to focus on larger companies included in the FTSE All-Share
Index. The FTSE All-Share Index is regarded as an appropriate performance measure of the UK stock market, with
over 600 companies currently included. The income yield of this index provides a suitable target benchmark against
which the level of income generated by the Fund will be measured and evaluated over time. The Fund may invest in
other securities (including fixed interest securities) and collective investment schemes (including funds managed by
Columbia Threadneedle companies), when deemed appropriate. The Fund may also hold money market instruments,
deposits, cash and near cash. The Fund is not permitted to invest in derivatives for investment purposes, but
derivatives may be used with the aim of reducing risk or managing the Fund more efficiently.

UK Equity Income/UK Equity Income 2

The CT UK Equity Income fund (the underlying 'Fund') aims to provide income combined with prospects for capital
growth over the long term. It looks to provide an income yield higher than the FTSE All-Share Index over rolling 3- year
periods, after the deduction of charges. The Fund is actively managed, and invests at least 90% of its assets in the
shares of companies listed on the London Stock Exchange; predominantly companies domiciled in the UK, or which
have significant UK business operations. The Fund selects companies that exhibit above average income generation
potential, as well as those considered to offer opportunities more by way of share price or dividend growth. These
companies may be selected from any industry or economic sector, and whilst there is no restriction on size, investment
tends to focus on the larger companies included in the FTSE All-Share Index. The FTSE All-Share Index is regarded
as an appropriate performance measure of the UK stock market, with over 600 companies currently included. The
income yield of this index provides a suitable target benchmark against which the level of income generated by the
Fund will be measured and evaluated over time. The Fund typically invests in fewer than 60 companies, which may
include shares of some companies not within the Index. The Fund may invest in other securities (including fixed
interest securities) and collective investment schemes (including funds managed by Columbia Threadneedle
companies), when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near
cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the
aim of reducing risk or managing the Fund more efficiently.

42
UK Growth & Income/UK Growth & Income 2
The CT UK Growth & Income fund (the underlying 'Fund') aims to provide a return over the long term, through the
combination of capital growth and income. It looks to outperform the FTSE All-Share Index over rolling 3 year periods,
after the deduction of charges. The Fund is actively managed, and invests at least 90% of its assets in shares of
companies listed on the London Stock Exchange; predominantly companies domiciled in the UK, or which have
significant UK business operations. The Fund selects companies considered to offer good total return opportunities
(the combination of share price growth and dividend income), from any industry or economic sector. Whilst there is
no restriction on size, investment focuses on the largest 150 companies included in the FTSE All-Share Index. The
FTSE All-Share Index is regarded as an appropriate performance measure of the UK stock market, with over 600
companies currently included. It provides a suitable target benchmark against which the performance of the Fund will
be measured and evaluated over time. The Fund is relatively concentrated, and typically invests in fewer than 55
companies, which may include shares of some companies not within the Index. The Fund may invest in other securities
(including fixed interest securities) and collective investment schemes (including funds managed by Columbia
Threadneedle companies), when deemed appropriate. The Fund may also hold money market instruments, deposits,
cash and near cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may
be used with the aim of reducing risk or managing the Fund more efficiently.

UK Monthly Income/UK Monthly Income 2

The CT UK Monthly Income fund (the underlying 'Fund') aims to provide a monthly income, combined with prospects
for capital growth over the long term. It looks to provide an income yield higher than the FTSE All-Share Index over
rolling 3 year periods, after the deduction of charges. The Fund is actively managed, and invests at least 90% of its
assets in shares of companies listed on the London Stock Exchange; predominantly companies domiciled in the UK,
or which have significant UK business operations. The Fund focuses on selecting companies that exhibit strong
potential for paying attractive and sustainable dividend income. These companies may be chosen from any industry
or economic sector, and whilst there is no restriction on size, investment tends to focus on the larger companies
included in the FTSE All-Share Index. The FTSE All-Share Index is regarded as an appropriate performance measure
of the UK stock market, with over 600 companies currently included. The income yield of this index provides a suitable
target benchmark against which the level of income generated by the Fund will be measured and evaluated over time.
The Fund typically invests in fewer than 70 companies, which may include shares of some companies not within the
Index. The Fund may invest in other securities (including fixed interest securities) and collective investment schemes
(including funds managed by Columbia Threadneedle companies), when deemed appropriate. The Fund may also
hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest in derivatives for
investment purposes, but derivatives may be used with the aim of reducing risk or managing the Fund more efficiently.

UK Smaller Companies/UK Smaller Companies 2

The CT UK Smaller Companies fund (the underlying ‘Fund’) aims to increase the value of your investment over the
long term. It looks to outperform the Numis Smaller Companies excluding Investment Companies (ex ICs) Index over
rolling 3 year periods, after the deduction of charges. The Fund is actively managed and invests at least 90% of its
assets in the shares of companies listed on the London Stock Exchange; predominantly smaller companies traded on
the Alternative Investment Market (AIM) or included within the Numis Smaller Companies (ex ICs) Index, that are UK
domiciled, or have significant UK business operations. The Fund selects companies considered to have good
prospects for share price growth, from any industry or economic sector with smaller companies providing potential
exposure to niche growth areas that often cannot be accessed by large companies. The Fund typically invests in
shares of fewer than 70 companies. The Fund may also invest in other assets such as cash and deposits and hold
other funds (including funds managed by Columbia Threadneedle companies) when deemed appropriate. The Fund
is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim of reducing
risk or managing the Fund more efficiently. Derivatives are sophisticated investment instruments linked to the rise and
fall of the price of other assets. The Numis Smaller Companies (ex ICs) Index is a widely used benchmark for
monitoring the performance of UK smaller companies. It consists of companies that make up the smallest 10% of the
UK main listed market by value (excluding investment companies). It provides a suitable target benchmark against
which Fund performance will be measured and evaluated over time.

43
European Equity funds
Europe has become a popular choice for UK investors. As the central economies forge closer ties and eastern
European countries develop their industries, the potential for investors is considerable.

Artemis SmartGARP European Equity/Artemis SmartGARP European Equity 2

The Artemis SmartGARP European Equity Fund (the underlying 'Fund') aims to grow capital over a 5 year period. The
fund invests between 80% - 100% in company shares. It can also invest up to 20% in bonds, cash and near cash, other
transferable securities, other funds (up to 10%) managed by Artemis and third party funds, money market instruments
and derivatives. The fund may use derivatives for efficient portfolio management purposes to reduce risk and manage
the fund efficiently. At least 80% of the Fund will be invested in Europe (excluding the United Kingdom) and up to
20% in other countries. A proprietary tool called ‘SmartGARP’ is used as the foundation of the investment process. It
screens the financial characteristics of companies by identifying those that are growing faster than the market but are
trading on lower valuations than the market. The manager selects companies that in aggregate have good
‘SmartGARP’ characteristics. This tends to mean that the portfolio contains stocks that have lower valuations than the
market average, upgrades to profit forecasts, and are under-owned by the investment community, while at the same
time benefiting from helpful trends in the wider economy. The FTSE World ex UK TR GBP Index and IA Europe ex UK
NR sector act as 'comparator benchmarks' against which the Fund performance can be compared. Management of
the Fund are not restricted by these benchmarks.

BNY Mellon Sustainable European Opportunities/BNY Mellon Sustainable European

Opportunities 2
The aim of the BNY Mellon Sustainable European Opportunities Fund (the underlying ‘Fund’) is to achieve capital
growth over the long term (5 years or more). The Fund will invest at least 75% of its assets in a concentrated portfolio
of continental European companies that meet the Investment Manager's sustainability criteria, where environmental,
social, governance (“ESG”) considerations are an integral part of the criteria. The Investment Manager's sustainability
criteria exclude certain companies and involve other general and company level ESG-related analysis of a company's
activities, invest in continental Europe (excluding the UK) and invest in equities (company shares), including ordinary
shares, preference shares and other equity-related securities. The Fund may also invest in European emerging market
countries, invest in money market instruments, deposits, cash and near cash, hold warrants, convertible bonds and
partly paid securities where these have been acquired by the Fund as a result of corporate actions, use derivatives
(financial instruments whose value is derived from other assets) with the aim of risk or cost reduction or to generate
additional capital or income and invest up to 10% of its assets in other collective investment schemes (including but
not limited to another Sub-Fund or Sub- Funds of the Company or other BNY Mellon funds). The Fund will measure
its performance against the FTSE World Europe ex UK TR Index as a comparator benchmark (the Benchmark). The
Fund will use the Benchmark as an appropriate comparator because, while it does not take ESG factors into account,
it includes a broad representation of the asset class, sectors and geographical areas in which the Fund predominantly
invests. The Fund is actively managed, which means the Investment Manager has discretion over the selection of
investments subject to the investment objective and policies of the fund. While the Fund's holdings may include
constituents of the Benchmark, the selection of investments and their weightings in the portfolio are not influenced
by the Benchmark. The investment strategy does not restrict the extent to which the Investment Manager may deviate
from the Benchmark.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

44
Fidelity European/Fidelity European 2
The Fidelity European fund (the underlying 'Fund') aims to increase the value of your investment over a period of 5
years or more and provide a growing level of income. The Fund will invest at least 80% in equities (and their related
securities) of companies domiciled, incorporated or having significant business in continental Europe and those which
are listed in the region. The Fund is actively managed. The Investment Manager identifies suitable opportunities for
the Fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting
investments for the Fund and for the purposes of monitoring risk, consider the MSCI Europe ex UK Index. However,
the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions
in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the
Fund’s investments and therefore performance may vary significantly from the index. The Fund may also invest in
other transferable securities, collective investment schemes, money market instruments, cash and deposits and is
also able to use derivatives for efficient portfolio management. The Variable Share Class (W-VMF) measures its
performance relative to the index for the purposes of the Investment Management Charge calculation. The
performance index does not influence investment decisions materially. The Fund’s performance can be compared to
the MSCI Europe ex UK (Net Total Return) Index as the index constituents are representative of the type of companies
the Fund invests in.

Fidelity Index Europe ex UK/Fidelity Index Europe ex UK 2

The Fidelity Index Europe ex UK fund (the underlying 'Fund') aims to track the performance of the MSCI Europe ex
UK (Gross Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your
investment over a period of 5 years or more. The performance of the Fund is unlikely to track the performance of the
index precisely because the Fund incurs taxes that are not reflected in the index. The Fund uses an ‘index tracking’
(also known as ‘passive’) investment management approach whereby it aims to replicate the composition of the index.
However, for practical reasons and/or to reduce the dealing costs of the Fund, it may not invest in every company
share in the index or at its weighting within the index. As well as investing directly in company shares, the Fund will
achieve exposure indirectly through the use of derivatives for efficient portfolio management purposes, for example,
at the time of cash inflows to remain fully invested or to reduce transaction costs. In order to manage the cash position,
the Fund may invest in collective investment schemes (such as liquidity Funds), including those managed by Fidelity,
money market instruments, cash, and deposits.

Henderson European Selected Opportunities/Henderson European Selected Opportunities 2

The Janus Henderson European Selected Opportunities fund (the underlying 'Fund') aims to achieve a return through
capital growth and income that is above the average return expected from an investment in European shares. The
Fund invests in shares of companies with their registered office in or which do most of their business (directly or
through subsidiaries) in Europe (excluding UK) in any industry. The Fund may also invest in: money market instruments
and bank deposits. In choosing investments, the investment manager looks for shares that appear to have the
potential to rise in price over the long term and that the investment manager believes are undervalued. The Fund may
use derivatives to reduce risk or to manage the Fund more efficiently.

Invesco European Equity/Invesco European Equity 2

The Invesco European Equity fund (the underlying 'Fund') aims to achieve long-term (5 years plus) capital growth. The
Fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated,
domiciled or carrying out the main part of their economic activity in Europe, excluding the UK. In pursuing the Fund’s
investment objective, the fund manager may consider it appropriate to also invest in other transferable securities
(including non-European companies), money market instruments, collective investment schemes (including funds
managed by the Invesco group), deposits and cash. The Fund may use derivatives for efficient portfolio management
purposes only, to reduce risk, reduce costs and/or generate additional capital or income. The Fund has an active
investment approach based on stock selection driven by the fund manager’s assessment of the valuation. It has a
flexible approach with no inbuilt bias to country or sector, with a preference for large sized companies. Given the
Fund’s asset allocation, its performance can be compared against the Investment Association Europe excluding UK
Sector. However, the fund is actively managed and is not constrained by any benchmark.

45
iShares Continental European Equity Index/iShares Continental European Equity Index 2
The iShares Continental European Equity Index fund (the underlying ‘Fund’) aims to provide a return on your
investment (generated through an increase in the value of the assets held by the Fund) by tracking closely the
performance of the FTSE World Europe ex UK Index, the Fund’s benchmark index. The Fund invests in equity
securities (e.g. shares), of companies that make up the benchmark index. The benchmark index measures the
performance of equity securities of leading companies listed in Europe, excluding the United Kingdom. The
benchmark index is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only
shares readily available in the market rather than all of a company’s issued shares are used in calculating the
benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number
of shares readily available in the market. The Fund is passively managed and the investment manager has limited
discretion to select the Fund’s investments and in doing so will take into consideration the benchmark index. The
Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index,
in similar proportions to the benchmark index. The Fund may also engage in short term secured lending of its
investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the
costs of the Fund.

Jupiter European/Jupiter European 2

The Jupiter European fund (the underlying ‘Fund’) aims to provide a return, net of fees, higher than that provided by
the FTSE World Europe ex-UK Index over the long term (at least five years). At least 70% of the Fund is invested in
shares of companies based in Europe (excluding the UK). Up to 30% of the Fund may be invested in other transferable
securities (including shares of companies based anywhere in the world), open-ended funds (including funds managed
by Jupiter and its associates), cash, near cash, money market instruments and deposits. The Fund may use derivatives,
i.e. financial contracts whose value is linked to the expected price movements of an underlying investment, with the
aim of reducing the overall costs and/or risks of the Fund. The fund manager seeks to identify world- class companies
based in Europe, with a unique product or service which gives them strong growth prospects. The fact that these
businesses are successful on the global stage means they are less likely to be affected by domestic issues. The Fund
will tend to invest in a carefully selected number of companies where the manager has the highest conviction. The
target benchmark is the FTSE World Europe ex- UK Index The FTSE World Europe ex- UK Index is an industry
standard index and is one of the leading representations of Europe ex-UK stock markets. It is easily accessible and
provides a fair reflection of the Fund Manager's investment universe and a good relative measure to assess
performance outcomes.

Jupiter European Special Situations/Jupiter European Special Situations 2

The Jupiter European Special Situations fund (the underlying ‘Fund’) aims to provide a return, net of fees, higher than
that provided by the FTSE World Europe ex-UK Index over the long term (at least five years). At least 70% of the Fund
is invested in shares of companies based in Europe. The Investment Manager seeks to identify special situations
where shares of companies are considered to be undervalued (meaning that their intrinsic value is not reflected in the
share price). Up to 30% of the Fund may be invested in other transferable securities (including shares of companies
based anywhere in the world), open-ended funds (including funds managed by Jupiter and its associates), cash, near
cash, money market instruments and deposits. The Fund may use derivatives, i.e. financial contracts whose value is
linked to the expected price movements of an underlying investment, with the aim of reducing the overall costs and/or
risks of the Fund. Strategy The fund manager seeks to identify companies that are considered to offer an attractive
valuation case. Such companies will have strong financial positions with proven track records. Many of these
companies will be exposed to long term economic or business trends that the fund manager believes could support
the company's earnings regardless of any fluctuations in the growth of the underlying economy. The fund manager
seeks to maintain a diverse portfolio of investments. The target benchmark is the FTSE World Europe ex- UK Index

Schroder European Recovery/Schroder European Recovery 2

The Schroder European Recovery fund (the underlying ‘Fund’) aims to provide capital growth by investing in equity
and equity related securities of European companies, excluding the UK. The fund is actively managed and invests at
least 80% of its assets in equities of European companies, excluding the UK. The fund applies a disciplined value
investment approach, seeking to invest in a select portfolio of companies that the investment manager believes are
significantly undervalued relative to their long-term earnings potential. The fund may also invest directly or indirectly
in other securities (including in other asset classes), countries (including the UK), regions, industries or currencies,
collective investment schemes (including Schroder funds), warrants and money market instruments, and hold cash.
The fund may use derivatives with the aim of reducing risk or managing the fund more efficiently. The fund does not
have a target benchmark. The fund's performance should be compared against the FTSE World Series Europe ex UK
(Gross Total Return) index and the Investment Association Europe ex UK sector average return.

46
Columbia Threadneedle funds

European/European 2
The CT European fund (the underlying 'Fund') aims to achieve capital growth over the long term. It looks to outperform
the FTSE World Europe ex UK Index over rolling 3 year periods, after the deduction of charges. The Fund is actively
managed and invests at least 75% of its assets in shares of companies domiciled in Continental Europe, or which have
significant Continental European business operations. The Fund selects companies considered to have good
prospects for share price growth, from any industry or economic sector, and whilst there is no restriction on size,
investment tends to focus on larger companies, such as those included in the FTSE World Europe ex UK Index. The
FTSE World Europe ex UK Index is regarded as providing an appropriate representation of the share performance of
large and medium-sized companies across Europe (excluding the UK), currently with approximately 500 companies
included. It provides a suitable target benchmark against which Fund performance will be measured and evaluated
over time. The Fund typically invests in fewer than 70 companies, which may include shares of some companies not
within the Index. The Fund may invest in other securities (including fixed interest securities) and collective investment
schemes (including funds managed by Columbia Threadneedle companies), when deemed appropriate. The Fund
may also hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest in
derivatives for investment purposes, but derivatives may be used with the aim of reducing risk or managing the Fund
more efficiently.

European Select/European Select 2

The CT European Select fund (the underlying 'Fund') aims to achieve capital growth over the long term (5 years, or
more). It also looks to outperform the FTSE World Europe ex UK Index (“the Index”) over rolling 3 year periods, after
the deduction of charges. The Fund is actively managed and invests at least 75% of its assets in a concentrated
portfolio of shares of companies domiciled in Continental Europe, or which have significant Continental European
business operations. There is no restriction on size, however, investment tends to focus on larger companies, such as
those included in the Index. The Index is regarded as providing an appropriate representation of the share
performance of large and medium-sized companies across Europe (excluding the UK). It is broadly representative of
the companies in which the Fund invests and provides a suitable target benchmark against which Fund performance
will be measured and evaluated over time. The Investment Manager (IM) selects companies in which it has a high
conviction that the current share price does not reflect the prospects for that business, and typically invests in fewer
than 50 companies, which may include shares of some companies not within the Index. These companies are chosen
from across different industry and economic sectors, with significant sector and share weightings taken at the
discretion of the IM. The IM also seeks to create a portfolio that compares favourably against the Index over rolling 12
month periods, when assessed using the Columbia Threadneedle ESG Materiality Rating model. This model
(developed and owned by Columbia Threadneedle Investments) analyses company data to assess how effectively
material environmental, social and governance (ESG) risks and opportunities are being managed. Provided sufficient
data is available, the results are combined and expressed as a numerical ESG Materiality rating to indicate how much
exposure a company has to material ESG risks and opportunities in a particular industry. Whilst the Fund may still
invest in companies that have poor ESG Materiality ratings, at least 50% of the portfolio is invested in companies with
strong ratings, which is also expected to lead to a better weighted average ESG Materiality rating for the Fund than
the Index. In line with its engagement policy, the IM engages with companies with a view to influencing management
teams to address material ESG risks and improve their ESG practices ranging from climate change to board
independence and diversity.

47
Columbia Threadneedle Investments is a signatory to the Net Zero Asset Managers Initiative (NZAMI) and has
committed to an ambition to reach net zero emissions by 2050 or sooner for a range of assets, including the Fund.
Accordingly, the IM will engage on a proactive basis with companies to assist with progressing this ambition. If, after
an appropriate period of engagement, a high emitting company does not show progress in meeting the minimum
standards considered necessary for continued investment then the Fund will disinvest from the company. The Fund
only invests in companies that follow good governance practices. The Fund does not invest in companies which
derive revenue from industries or activities above the thresholds shown tobacco production (5%); nuclear weapons -
indirect involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or
power generation (30%), providing a company is not engaged in new coal projects. These exclusion criteria may be
extended or revised from time to time. The Fund also excludes companies that have any direct involvement in nuclear
weapons, controversial weapons, and companies that the IM determines to have breached international standards
and principles such as the United Nations Global Compact; International Labour Organisation Labour Standards; and
United Nations Guiding Principles on Business and Human Rights. The Fund may invest in other securities (including
fixed interest securities) and collective investment schemes (including funds managed by Columbia Threadneedle
companies), when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near
cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the
aim of reducing risk or managing the Fund more efficiently.

European Smaller Companies/European Smaller Companies 2

The CT European Smaller Companies fund (the underlying 'Fund') aims to achieve capital growth over the long term
(5 years, or more). It also looks to outperform the MSCI Europe ex UK Small Cap Index (the “Index”) over rolling 3 year
periods, after the deduction of charges. The Fund is actively managed and invests at least 75% of its assets in shares
of European smaller companies. The Fund considers European smaller companies to be those domiciled in
Continental Europe, or with significant Continental European business operations, that, at the time of purchase, are
not represented in the top 225 companies in the FTSE World Europe ex UK Index (an index of large and medium sized
European (ex UK) companies). The Index is regarded as providing an appropriate representation of the share
performance of smaller sized companies across Europe (excluding the UK). It is broadly representative of the
companies in which the Fund invests and provides a suitable target benchmark against which Fund performance will
be measured and evaluated over time. The Investment Manager (IM) selects smaller companies considered to have
good prospects for share price growth, from across different industry and economic sectors, and typically invests in
fewer than 100 companies, which may include shares of some companies not within the Index. The IM also seeks to
create a portfolio that compares favourably against the Index over rolling 12 month periods, when assessed using the
Columbia Threadneedle ESG Materiality Rating model. This model (developed and owned by Columbia Threadneedle
Investments) analyses company data to assess how effectively material environmental, social and governance (ESG)
risks and opportunities are being managed. Provided sufficient data is available, the results are combined and
expressed as a numerical ESG Materiality rating to indicate how much exposure a company has to material ESG risks
and opportunities in a particular industry. Whilst the Fund may still invest in companies that have poor ESG Materiality
ratings, at least 50% of the portfolio is invested in companies with strong ratings, which is also expected to lead to a
better weighted average ESG Materiality rating for the Fund than the Index. In line with its engagement policy, the IM
engages with companies with a view to influencing management teams to address material ESG risks and improve
their ESG practices ranging from climate change to board independence and diversity.

Columbia Threadneedle Investments is a signatory to the Net Zero Asset Managers Initiative (NZAMI) and has
committed to an ambition to reach net zero emissions by 2050 or sooner for a range of assets, including the Fund.
Accordingly, the IM will engage on a proactive basis with companies to assist with progressing this ambition. If, after
an appropriate period of engagement, a high emitting company does not show progress in meeting the minimum
standards considered necessary for continued investment then the Fund will disinvest from the company. The Fund
only invests in companies that follow good governance practices. The Fund does not invest in companies which
derive revenue from industries or activities above the thresholds shown tobacco production (5%); nuclear weapons -
indirect involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or
power generation (30%), providing a company is not engaged in new coal projects. These exclusion criteria may be
extended or revised from time to time. The Fund also excludes companies that have any direct involvement in nuclear
weapons, controversial weapons, and companies that the IM determines to have breached international standards
and principles such as the United Nations Global Compact; International Labour Organisation Labour Standards and
United Nations Guiding Principles on Business and Human Rights. The Fund may invest in other securities (including
fixed interest securities) and collective investment schemes (including funds managed by Columbia Threadneedle
companies), when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near
cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the
aim of reducing risk or managing the Fund more efficiently.
48
North American Equity funds
North America boasts the world’s largest equity market and economy. Its economic diversity is unmatched. It draws
on huge natural resources and has a reputation for ambition and entrepreneurial spirit.

Fidelity American/Fidelity American 2

The Fidelity American fund (the underlying 'Fund') aims to increase the value of your investment over a period of 5
years or more. The Fund will invest at least 70% in equities (and their related securities) of US companies (those
domiciled, incorporated or having significant business in the US and those which are listed in the US) and aims to
hold a concentrated portfolio of 30-40 securities. The Fund is actively managed. The Investment Manager identifies
suitable opportunities for the Fund utilising in-house research and investment capabilities. The Investment Manager
will, when selecting investments for the Fund and for the purposes of monitoring risk, consider the S&P 500 Index.
However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller,
positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This
means the Fund’s investments and therefore performance may vary significantly from the index. The Fund may also
invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits
and is also able to use derivatives for efficient portfolio management. The Fund’s performance can be compared to
the S&P 500 NUK Index as the index constituents are representative of the type of companies the Fund invests in.
NUK means Net Total Return (WHT 15%). NUK is a customised index variant designed and maintained by S&P, which
aligns more closely with this Fund’s withholding tax treatment.

Fidelity American Special Situations/Fidelity American Special Situations 2

The Fidelity American Special Situation fund (the underlying 'Fund') aims to increase the value of your investment over
a period of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of US companies
(those domiciled, incorporated or have a significant business in the US and those which are listed in the US). The
Investment Manager will choose companies it believes are undervalued and whose growth potential is not fully
recognised by the market. It is not restricted in terms of size or industry. The Fund is actively managed without
reference to a benchmark. The Fund may also invest in other transferable securities, collective investment schemes,
money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.
The Fund’s performance can be compared to the S&P 500 NUK Index as the index constituents are representative
of the type of companies the Fund invests in. NUK means Net Total Return (WHT 15%). NUK is a customised index
variant, designed and maintained by S&P, which aligns more closely with this Fund’s withholding tax treatment.

Fidelity Index US/Fidelity Index US 2

The Fidelity Index US fund (the underlying 'Fund') aims to track the performance of the S&P 500 (NUK) Index (before
fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or
more. NUK means Net Total Return (WHT 15%). NUK is a customised index variant, designed and maintained by S&P,
which aligns more closely with this Fund’s withholding tax treatment. The performance of the Fund is unlikely to track
the performance of the index precisely. The Fund uses an ‘index tracking’ (also known as ‘passive’) investment
management approach whereby it aims to replicate the composition of the index. However, for practical reasons
and/or to reduce the dealing costs of the Fund, it may not invest in every company share in the index or at its weighting
within the index. As well as investing directly in company shares, the Fund will achieve exposure indirectly through
the use of derivatives for efficient portfolio management purposes, for example, at the time of cash inflows to remain
fully invested or to reduce transaction costs. In order to manage the cash position, the Fund may invest in collective
investment schemes (such as liquidity Funds), including those managed by Fidelity, money market instruments, cash,
and deposits.

49
FTF IF Martin Currie US Unconstrained/FTF IF Martin Currie US Unconstrained 2
The Legg Mason IF Martin Currie US Unconstrained fund (the underlying 'Fund') aims to achieve capital growth over
periods of five or more years, through investment of at least 80% of its net asset value in a portfolio of US equities.
The Fund seeks to achieve its objective by investing at least 80% of its net asset value directly or indirectly in the
shares of companies incorporated, domiciled or conducting the predominant part of their economic activity in the US.
Where the Fund invests indirectly, it may do so through investment in equity related securities such as depositary
receipts (including American depositary receipts and global depositary receipts), collective investment schemes or
by using derivative instruments (such as index futures and low exercise price warrants). The collective investment
schemes may include those managed or operated by the ACD and/or one or more of its associates. No more than
10% in value of the scheme property of the Fund may consist of units in collective investment schemes. The Fund’s
portfolio will typically consist of between 20 to 40 different issuers, though the Fund may hold less than 20 issuers
(provided that the Fund remains sufficiently diversified in accordance with the FCA Rules) or more than 40 issuers if
this is deemed to be in the best interests of the Fund by the investment manager. The Fund’s portfolio is not expected
to have a sectoral, industry or market capitalisation focus. The Fund may invest up to 20% of its net asset value in
aggregate in money market instruments and deposits. The Fund may invest in derivative instruments for efficient
portfolio management (including hedging) and investment purposes, i.e. to meet its investment objectives, as
described above. The Fund may have global exposure, as measured using the commitment approach, of up to 100%
of its net asset value as a result of its use of derivatives. The Fund will not take any short positions. Given the Fund's
investment objective and policy, the ACD considers the MSCI US Total Returns Index as a benchmark against which
investors in the Fund may wish to compare the Fund's performance.

iShares North American Equity Index/iShares North American Equity Index 2

The iShares North American Equity Index fund (the underlying ‘Fund’) aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund) by tracking closely the performance of
the FTSE World North America Index, the Fund’s benchmark index. The Fund invests in equity securities (e.g. shares)
of companies that make up the benchmark index. The benchmark index measures the performance of equity
securities of leading companies listed in the United States and Canada. The benchmark index is a free float adjusted
market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather
than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market
capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The
Fund is passively managed and the investment manager has limited discretion to select the Fund’s investments and
in doing so will take into consideration the benchmark index. The Fund intends to replicate the benchmark index by
holding the equity securities, which make up the benchmark index, in similar proportions to the benchmark index. The
Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as
a means of generating additional income and to off-set the costs of the Fund.

JPM US Select/JPM US Select 2

The JPM US Select fund (the underlying 'Fund') aims to provide capital growth by investing in a portfolio of equity
securities of US companies. At least 80% of the Fund's assets are invested in equities of companies that are domiciled
or carrying out the main part of their economic activity, in the US. The Fund will also have exposure to Canadian
companies. The Fund uses a research-driven investment process that is based on the fundamental analysis of
companies and their future earnings and cash flows by a team of specialist sector analysts. 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. The Fund may also use Financial
Derivative Instruments (derivatives) for the purpose of Efficient Portfolio Management, including hedging, where
appropriate. The Fund is actively managed. The Benchmark of the Fund is the S&P 500 Index (net of 15% withholding
tax). The Benchmark is a performance comparator and the Fund will bear some resemblance to its Benchmark. The
Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund.

50
JPM US Equity Income/JPM US Equity Income 2
The JPM US Equity Income fund (the underlying 'Fund') provides a portfolio designed to achieve income by investing
primarily in US Equities in any economic sector whilst participating in long term capital growth. The Fund: uses a
fundamental, bottom-up stock selection process, targets companies with durable business models, consistent
earnings, strong cash flows and experienced management teams and also targets a dividend yield above the
benchmark over a market cycle. 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. The Fund will invest predominantly in assets
denominated in US dollars. However, assets may be denominated in other currencies and non-Sterling currency
exposure will not normally be hedged back to Sterling. The benchmark of the Fund is S&P 500 Index (Net of 15%
withholding tax). The Benchmark is a performance comparator and the Fund may bear little resemblance to its
Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund.

Liontrust US Opportunities/Liontrust US Opportunities 2

The aim of the Liontrust US Opportunities fund (the underlying 'Fund') is to generate long term (5 years or more) capital
growth. The Fund invests at least 80% in shares of US companies. These are companies which, at the time of
purchase, are incorporated, domiciled, listed or conduct significant business in the US. The Fund may also invest up
to 20% in companies outside of the US, as well as in other eligible asset classes. Other eligible asset classes are
collective investment schemes (which may include Liontrust managed funds), other transferable securities, cash or
near cash, deposits and money market instruments. Derivatives and forward transactions may be used by the ACD for
efficient portfolio management. It is the intention to be near-fully invested at all times, however, the Fund has the
facility to take tactical positions in cash or near cash, and to use efficient portfolio management, should the ACD feel
it appropriate. Given the Fund invests in US companies the ACD believes it is appropriate for investors to compare
the performance of the Fund versus the relevant IA sector which in this case is the IA North America sector. In addition
to the sector the ACD believes it is also appropriate for investors to compare the performance of the Fund versus the
S&P 500 Index, this being the benchmark index that most appropriately matches the investment universe of the fund.

M&G North American Dividend/M&G North American Dividend 2

The M&G North American Dividend fund (the underlying ‘Fund’) aims to provide: a combination of capital growth and
income, net of the Ongoing Charge Figure, that is higher than that of the S&P 500 Index over any 5 year period; and
an income distribution that increases every year in USD terms. At least 80% of the fund is invested in the shares of
North American companies. The fund is concentrated and usually holds fewer than 50 companies. The fund manager
selects stocks with different drivers of dividend growth to build a portfolio that has the potential to cope in a variety of
market conditions. The fund may invest in the shares of non-US and non-Canadian companies, other funds (including
funds managed by M&G) and cash or assets that can be turned into cash quickly. The fund may use derivatives to
reduce the risks and costs of managing the fund.

Schroder US Mid Cap/Schroder US Mid Cap 2

The Schroder US Mid Cap fund (the underlying 'Fund') aims to provide capital growth and income in excess of the
Russell 2500 Total Return Lagged (Net Total Return) index (after fees have been deducted) over a three to five year
period by investing in equity and equity related securities of medium-sized US companies. The fund is actively
managed and invests at least 80% of its assets in equities of medium-sized US companies. These are companies that,
at the time of purchase, are similar in size to those comprising the bottom 40% by market capitalisation of the North
American equity market. The fund focuses on three types of companies that the investment manager believes:
1. demonstrate strong growth trends and improving levels of cash
2. generate dependable earnings and revenues; and
3. are undergoing positive change that is not being recognised by the market.

The fund may also invest directly or indirectly in other securities (including in other asset classes), countries, regions,
industries or currencies, collective investment schemes (including Schroder funds), warrants and money market
instruments, and hold cash. The fund may use derivatives with the aim of reducing risk and managing the fund more
efficiently.

51
UBS US Equity/UBS US Equity 2
The aim of the UBS US Equity Fund (the underlying ‘Fund’ is to grow the value of your investment and outperform the
S&P 500 Index (the ""Benchmark"") after charges over the medium to long term (3 to 5 years). The Fund invests at
least 80% in US equities. The Fund may also invest in other equities, bonds, warrants, money market instruments,
deposits, currencies, cash and near cash and other funds, which may be managed by UBS. The Fund may use
derivatives (financial instruments whose value is linked to an underlying asset or index) for efficient portfolio
management. The Fund is actively managed in reference to the benchmark and may hold some or all of the benchmark
constituents. The strategy is flexible and will change depending on the view of the market. The Fund is denominated
in GBP (Sterling). As such, investors may be exposed to changes in the exchange rate between the underlying
currency of the Fund's assets and GBP which may have a negative or positive impact on the returns.

Columbia Threadneedle funds

American/American 2
The CT American fund (the underlying 'Fund') aims to achieve capital growth over the long term (5 years, or more). It
also looks to outperform the S&P 500 Index (the “Index”) over rolling 3 year periods, after the deduction of charges.
The Fund is actively managed and invests at least 75% of its assets in shares of companies domiciled in the United
States of America (US), or which have significant US business operations. There is no restriction on size, but
investment tends to focus on larger companies, such as those included in the Index. The Index is a US stock market
index, the constituents of which represent around 500 of the largest companies listed on the New York Stock
Exchange or NASDAQ. It is broadly representative of the companies in which the Fund invests and provides a suitable
target benchmark against which Fund performance will be measured and evaluated over time. The Investment
Manager (IM) selects companies considered to have good prospects for share price growth, from across different
industry and economic sectors, and typically invests in fewer than 80 companies, which may include shares of some
companies not within the Index. The IM also seeks to create a portfolio that compares favourably against the Index
over rolling 12 month periods, when assessed using the Columbia Threadneedle ESG Materiality Rating model. This
model (developed and owned by Columbia Threadneedle Investments) analyses company data to assess how
effectively material environmental, social and governance (ESG) risks and opportunities are being managed. Provided
sufficient data is available, the results are combined and expressed as a numerical ESG Materiality rating to indicate
how much exposure a company has to material ESG risks and opportunities in a particular industry. Whilst the Fund
may still invest in companies that have poor ESG Materiality ratings, at least 50% of the portfolio is invested in
companies with strong ratings, which is also expected to lead to a better weighted average ESG Materiality rating for
the Fund than the Index. In line with its engagement policy, the IM engages with companies with a view to influencing
management teams to address material ESG risks and improve their ESG practices ranging from climate change to
board independence and diversity. Columbia Threadneedle Investments is a signatory to the Net Zero Asset
Managers Initiative (NZAMI) and has committed to an ambition to reach net zero emissions by 2050 or sooner for a
range of assets, including the Fund. Accordingly, the IM will engage on a proactive basis with companies to assist
with progressing this ambition. If, after an appropriate period of engagement, a high emitting company does not show
progress in meeting the minimum standards considered necessary for continued investment then the Fund will
disinvest from the company. The Fund only invests in companies that follow good governance practices. The Fund
does not invest in companies which derive revenue from industries or activities above the thresholds shown: tobacco
production (5%); nuclear weapons - indirect involvement (5%), conventional weapons - military, or civilian firearms
(10%), and thermal coal - extraction or power generation (30%), providing a company is not engaged in new coal
projects. These exclusion criteria may be extended or revised from time to time. The Fund also excludes companies
that have any direct involvement in nuclear weapons, controversial weapons, and companies that the IM determines
to have breached international standards and principles such as the United Nations Global Compact, International
Labour Organisation Labour Standards and United Nations Guiding Principles on Business and Human Rights. The
Fund may invest in other securities (including fixed interest securities) and collective investment schemes (including
funds managed by Columbia Threadneedle companies), when deemed appropriate. The Fund may also hold money
market instruments, deposits, cash and near cash. The Fund is not permitted to invest in derivatives for investment
purposes, but derivatives may be used with the aim of reducing risk or managing the Fund more efficiently."

52
American Select/American Select 2
The CT American Select fund (the underlying 'Fund') aims to achieve capital growth over the long term (5 years, or
more). It also looks to outperform the S&P 500 Index (the “Index”) over rolling 3 year periods, after the deduction of
charges. The Fund is actively managed and invests at least 75% of its assets in a concentrated portfolio of shares of
companies domiciled in the United States of America (US), or which have significant US business operations. There
is no restriction on size, but investment tends to focus on larger companies, such as those included in the Index. The
Index is a US stock market index, the constituents of which represent around 500 of the largest companies listed on
the New York Stock Exchange or NASDAQ. It is broadly representative of the companies in which the Fund invests
and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time.
The Investment Manager (IM) selects companies in which it has a high conviction that the current share price does
not reflect the prospects for that business, and typically invests in fewer than 60 companies, which may include shares
of some companies not within the Index. These companies are chosen from across different industry and economic
sectors, with significant sector and share weightings taken at the discretion of the IM. The IM also seeks to create a
portfolio that compares favourably against the Index over rolling 12 month periods, when assessed using the Columbia
Threadneedle ESG Materiality Rating model. This model (developed and owned by Columbia Threadneedle
Investments) analyses company data to assess how effectively material environmental, social and governance (ESG)
risks and opportunities are being managed. Provided sufficient data is available, the results are combined and
expressed as a numerical ESG Materiality rating to indicate how much exposure a company has to material ESG risks
and opportunities in a particular industry. Whilst the Fund may still invest in companies that have poor ESG Materiality
ratings, at least 50% of the portfolio is invested in companies with strong ratings, which is also expected to lead to a
better weighted average ESG Materiality rating for the Fund than the Index. In line with its engagement policy, the IM
engages with companies with a view to influencing management teams to address material ESG risks and improve
their ESG practices ranging from climate change to board independence and diversity. Columbia Threadneedle
Investments is a signatory to the Net Zero Asset Managers Initiative (NZAMI) and has committed to an ambition to
reach net zero emissions by 2050 or sooner for a range of assets, including the Fund. Accordingly, the IM will engage
on a proactive basis with companies to assist with progressing this ambition. If, after an appropriate period of
engagement, a high emitting company does not show progress in meeting the minimum standards considered
necessary for continued investment then the Fund will disinvest from the company. The Fund only invests in
companies that follow good governance practices. The Fund does not invest in companies which derive revenue from
industries or activities above the thresholds shown tobacco production (5%); nuclear weapons - indirect involvement
(5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or power generation (30%),
providing a company is not engaged in new coal projects. These exclusion criteria may be extended or revised from
time to time. The Fund also excludes companies that have any direct involvement in nuclear weapons, controversial
weapons, and companies that the IM determines to have breached international standards and principles such as the
United Nations Global Compact, International Labour Organisation Labour Standards and United Nations Guiding
Principles on Business and Human Rights. The Fund may invest in other securities (including fixed interest securities)
and collective investment schemes (including funds managed by Columbia Threadneedle companies), when deemed
appropriate. The Fund may also hold money market instruments, deposits, cash and near cash. The Fund is not
permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk
or managing the Fund more efficiently.

53
American Smaller Companies/American Smaller Companies 2
The CT American Smaller Companies fund (the underlying 'Fund') aims to achieve capital growth over the long term
(5 years, or more). It also looks to outperform the Russell 2500 Index (“the Index”) over rolling 3 year periods, after the
deduction of charges. The Fund is actively managed and invests at least 75% of its assets in shares of American
smaller companies. The Fund considers American smaller companies to be those domiciled in the United States of
America (US), or with significant US business operations, and which have a market size ranging from typically $500
million to $10 billion at the time of investment. The Index is regarded as an appropriate performance measure of shares
in smaller companies listed on US stock markets. It is broadly representative of the companies in which the Fund
invests and provides a suitable target benchmark against which Fund performance will be measured and evaluated
over time. The Investment Manager (IM) selects smaller companies considered to have good prospects for share
price growth, from across different industries and economic sectors, and in some instances may provide exposure to
niche growth areas that cannot be accessed by large companies. The IM typically invests in fewer than 80 companies,
which may include shares of some companies not within the Index. The IM also seeks to create a portfolio that
compares favourably against the Index over rolling 12 month periods, when assessed using the Columbia
Threadneedle ESG Materiality Rating model. This model (developed and owned by (Columbia Threadneedle
Investments) analyses company data to assess how effectively material environmental, social and governance (ESG)
risks and opportunities are being managed. Provided sufficient data is available, the results are combined and
expressed as a numerical ESG Materiality rating to indicate how much exposure a company has to material ESG risks
and opportunities in a particular industry. Whilst the Fund may still invest in shares of companies that have poor ESG
Materiality ratings, at least 50% of the portfolio is invested in companies with strong ratings, which is also expected to
lead to a hotter weighted average ESG Materiality rating for the Fund than the Index. In line with its engagement policy,
the IM engages with companies with a view to influencing management teams to address material ESG risks and
improve their ESG practices ranging from climate change to board independence and diversity. The Fund only invests
in companies that follow good governance practices. The Fund does not invest in companies which derive revenue
from industries or activities above the thresholds shown: tobacco production (5%); nuclear weapons - indirect
involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or power
generation (30%). These exclusion criteria may be extended or revised from time to time. The Fund also excludes
companies that have any direct involvement in nuclear weapons, controversial weapons, and companies that the IM
determines to have breached international standards and principles such as the United Nations Global Compact,
International Labour Organisation Labour Standards and United Nations Guiding Principles on Business and Human
Rights. The Fund may invest in other securities (including fixed interest securities) and collective investment schemes
(Including funds managed by Columbia Threadneedle companies), when deemed appropriate. The Fund may also
hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest in derivatives for
investment purposes, but derivatives may be used with the aim of reducing risk or managing the Fund more efficiently.

54
Japanese Equity funds
Japan is the largest single market outside the US and European Union and is a gateway to the increasingly affluent
markets of the Pacific Rim countries.

Fidelity Index Japan/Fidelity Index Japan 2

The Fidelity Index Japan fund (the underlying 'Fund') aims to track the performance of the MSCI Japan (Net Total
Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over
a period of 5 years or more. The performance of the Fund is unlikely to track the performance of the index precisely.
The Fund uses an ‘index tracking’ (also known as ‘passive’) investment management approach whereby it aims to
replicate the composition of the index. However, for practical reasons and/or to reduce the dealing costs of the Fund,
it may not invest in every company share in the index or at its weighting within the index. As well as investing directly
in company shares, the Fund will achieve exposure indirectly through the use of derivatives for efficient portfolio
management purposes, for example, at the time of cash inflows to remain fully invested or to reduce transaction costs.
In order to manage the cash position, the Fund may invest in collective investment schemes (such as liquidity Funds),
including those managed by Fidelity, money market instruments, cash, and deposits.

Invesco Japanese Equity Advantage/Invesco Japanese Equity Advantage 2

The Invesco Japanese Equity Advantage fund (the underlying ‘Fund’) aims to achieve long-term (5 years plus) capital
growth. The Fund invests at least 80% of its assets in shares or other equity related securities of companies
incorporated, domiciled or carrying out the main part of their economic activity in Japan.
The Fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated,
domiciled or carrying out the main part of their economic activity in Japan.
In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest in other
transferable securities (including non-Japanese companies), money-market instruments, collective investment
schemes (including funds managed by the Invesco group), deposits and cash.

The Fund may use derivatives for efficient portfolio management purposes only, to reduce risk, reduce costs and/or
generate additional capital or income. The Fund may engage in securities lending. The expected proportion of total
assets that may be subject to securities lending arrangements is 20%. Such level might be exceeded or might be
subject to changes in the future.

iShares Japan Equity Index/iShares Japan Equity Index 2

The iShares Japan Equity Index fund (the underlying ‘Fund’) aims to provide a return on your investment (generated
through an increase in the value of the assets held by the Fund) by tracking closely the performance of the FTSE
Japan Index, the Fund’s benchmark index. The Fund invests in equity securities (e.g. shares) of companies that make
up the benchmark index. The benchmark index measures the performance of equity securities of leading companies
listed in Japan. The benchmark index is a free float-adjusted market capitalisation weighted index. Free float-adjusted
means that only shares readily available in the market rather than all of a company’s issued shares are used in
calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied
by the number of shares readily available in the market. The Fund is passively managed and the investment manager
has limited discretion to select the Fund’s investments and in doing so will take into consideration the benchmark
index. The Fund intends to replicate the benchmark index by holding the equity securities, which make up the
benchmark index, in similar proportions to the benchmark index. The Fund may also engage in short term secured
lending of its investments to certain eligible third parties. This is used as a means of generating additional income and
to off-set the costs of the Fund.

JPM Japan/JPM Japan 2

The JPMorgan Life Japan fund (the underlying 'Fund') invests primarily in Japanese equities, which may include
smaller companies, either directly or through other funds. The Fund seeks to achieve excess return through stock
selection. Normally the Fund only invests in equities issued by companies that are listed in Japan. The Fund is well
diversified and under normal circumstances, is fully invested, with cash holdings kept to a minimum. The fund aims to
target excess return over 3 year rolling periods: 3% per annum (gross of fees).

55
Man GLG Japan CoreAlpha/Man GLG Japan CoreAlpha 2
The Man GLG Japan CoreAlpha fund (the underlying 'Fund') aims to provide capital growth by outperforming (net of
fees) the TOPIX Total Return Index and the Russell/Nomura Large Cap Value Total Return Index both converted to
sterling, in a rolling 5 year period. The Fund will invest at least 80% of its assets in equities of Japanese companies or
companies which derive a substantial part of their revenues from activities in Japan. The Fund may also invest in other
transferable securities, units or shares in collective investment schemes (which may include those managed by the
ACD or one or more of its associates), and money market instruments. The Fund may also hold ancillary liquid assets
such as cash and term deposits. The Fund can hold no more than 10% of its assets in any one body corporate
(including collective investment schemes). The Fund can make use of financial derivative instruments (‘FDI’) for
hedging or other efficient portfolio management purposes. Examples of such FDI include Japanese convertible
bonds, Japanese equity futures and cash. The Fund’s investments are likely to be concentrated and will typically
consist of holdings of between 35 to 55 positions. The Fund is actively managed.

Schroder Tokyo/Schroder Tokyo 2

The Schroder Tokyo fund (the underlying 'Fund') aims to provide capital growth in excess of the Tokyo Stock
Exchange 1st Section (Net Total Return) index (after fees have been deducted) over a three to five year period by
investing in equity and equity related securities of Japanese companies. The fund is actively managed and invests at
least 80% of its assets in equities of Japanese companies. Investments are made based on Japan's economic
strengths, such as its manufacturing industry (in particular on those parts of it that are demonstrating an ability to
exploit newly emerging technology) and on sectors benefiting from structural change in the economy. The fund may
also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or
currencies, collective investment schemes (including Schroder funds), warrants and money market instruments, and
hold cash. The fund may use derivatives with the aim of reducing risk or managing the fund more efficiently.

Columbia Threadneedle funds

Japan/Japan 2
The CT Japan fund (the underlying 'Fund') aims to achieve capital growth over the long term. It looks to outperform
the MSCI Japan Index over rolling 3 year periods, after the deduction of charges. The Fund is actively managed and
invests at least 75% of its assets in a concentrated portfolio of shares of companies domiciled in Japan, or which have
significant Japanese business operations. The Fund selects companies in which the fund manager has a high
conviction that the current share price does not reflect the prospects for that business. These companies may be
chosen from any industry or economic sector, with the significant sector and share weightings are taken at the fund
manager’s discretion. There is no restriction on company size, however, investment tends to focus on larger
companies, such as those included in the MSCI Japan Index. The MSCI Japan Index is designed to measure the
performance of shares across large and medium-sized companies in the Japanese market, currently with
approximately 300 companies included. It provides a suitable target benchmark against which Fund performance will
be measured and evaluated over time. The Fund typically invests in fewer than 60 companies, which may include
shares of some companies not within the Index. The Fund may invest in other securities (including fixed interest
securities) and collective investment schemes (including funds managed by Columbia Threadneedle companies),
when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near cash. The
Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim of
reducing risk or managing the Fund more efficiently.

56
Other Regional Equity funds
These funds invest in specific regions of the globe, many of which are emerging as investment opportunities.

abrdn Asia Pacific Equity/abrdn Asia Pacific Equity 2

The abrdn Asia Pacific Equity fund (the underlying 'Fund') aims to generate growth over the long term (5 years or more)
by investing in Asia Pacific, excluding Japan equities (company shares). The Performance Target is to achieve the
return of the MSCI All Country Asia Pacific ex Japan Index, plus 3% per annum over three years before charges. The
Performance Target is the level of performance that the management team hopes to achieve for the Fund. The Fund
will invest at least 70% in equities and equity related securities of companies listed, incorporated or domiciled in Asia
Pacific excluding Japan countries, or companies that derive a significant proportion of their revenues or profits or
have a significant proportion of their assets there. The Fund may also invest in other funds (including those managed
by abrdn), money-market instruments, and cash. The Fund may use derivatives to reduce risk, to reduce cost and/or
generate additional income or consistent with the risk profile of the Fund (often referred to as Efficient Portfolio
Management).

Allianz Emerging Markets Equity/Allianz Emerging Markets Equity 2

The Allianz Emerging Markets Equity fund (the underlying 'Fund') aims to achieve capital growth in the long term by
investing mainly in the equity markets of countries which are represented in the MSCI Emerging Markets Index (each
an “Emerging Market Country” and together “Emerging Market Countries”), aiming to outperform the Target
Benchmark, the MSCI Emerging Markets Total Return Net (in GBP) over a rolling 5 year period. The ACD will invest at
least 80% of the Fund’s assets in equities and securities equivalent to equities (e.g. American Depositary Receipts,
Global Depositary Receipts, equity linked notes etc.) in the equity markets of Emerging Market Countries. The
following may also be acquired and counted towards the 80% limit; warrants, index certificates, certificates on
adequately diversified equity baskets that apply to at least 10 equities and other transferable securities. Up to 30% of
the Fund’s assets may be invested into the Chinese A-Shares market either directly via Stock Connect or indirectly
through all eligible instruments, as set out in the Fund’s investment policy. Up to 20% of the Fund’s assets may be
invested outside Emerging Market Countries (as defined above) including developed economies and / or other Non-
Developed Countries. The ACD may also utilise deposits and money market instruments in the management of the
portfolio and their value, together with money market funds, may make up to a maximum of 20% of the Fund’s assets.
The Fund may also invest up to a maximum of 10% of the Fund’s assets in other Funds managed by Allianz Global
Investors and its group of companies and other collective investment schemes managed by third parties. The Fund
is actively managed although the Target Benchmark will restrain the assets in which the Fund may invest to the extent
described in this investment policy. The ACD will construct the Fund’s portfolio with reference to the benchmark
(including with regards to the stock, sector and regional weightings of the Target Benchmark), but the ACD may
deviate from the Target Benchmark when making investment decisions and can make investments in securities that
are not included in the Target Benchmark (for instance in smaller cap companies). This means that the composition
and weightings of the Fund’s portfolio may differ materially to that of the Target Benchmark. The Target Benchmark
MSCI Emerging Markets Total Return Net GBP has been chosen as a performance target as the ACD considers
outperformance of it to set a reasonable performance target for the Fund to achieve, taking into account a number of
factors including (for instance) the investment strategy pursued by the ACD and the assets in which the Fund will
principally invest. The Fund aims to outperform the Target Benchmark and investors can therefore measure the Fund’s
performance against the Target Benchmark.

57
Fidelity Asia/Fidelity Asia 2
The Fidelity Asia fund (the underlying 'Fund') aims to increase the value of your investment over a period of 5 years or
more. The Fund will invest at least 70% in equities (and their related securities) of companies throughout Asia
(excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those
which are listed in the region). This region includes countries considered to be emerging markets as determined by
the Investment Manager at its sole discretion. The Investment Manager is not restricted in terms of size, industry, or
geographical split. The Fund is actively managed. The Investment Manager identifies suitable opportunities for the
Fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting
investments for the Fund and for the purposes of monitoring risk, consider the MSCI All Country Asia ex Japan Index.
However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller,
positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This
means the Fund’s investments and therefore performance may vary significantly from the index. The Fund may also
invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits
and is also able to use derivatives for efficient portfolio management. The Fund’s performance can be compared to
the MSCI All Country Asia ex Japan (Net Total Return) Index as the index constituents are representative of the type
of companies the Fund invests in.

Fidelity Index Pacific ex Japan Equity/Fidelity Index Pacific ex Japan Equity 2

The Fidelity Index Pacific ex Japan fund (the underlying 'Fund') aims to track the performance of the MSCI Pacific ex
Japan (Net Total Return Index) (before fees and expenses are applied) thereby seeking to increase the value of your
investment over a period of 5 years or more. The performance of the Fund is unlikely to track the performance of the
index precisely. The Fund uses an ‘index tracking’ (also known as ‘passive’) investment management approach
whereby it aims to replicate the composition of the index. However, for practical reasons and/or to reduce the dealing
costs of the Fund, it may not invest in every company share in the index or at its weighting within the index. As well as
investing directly in company shares, the Fund will achieve exposure indirectly through the use of derivatives for
efficient portfolio management purposes, for example, at the time of cash inflows to remain fully invested or to reduce
transaction costs. In order to manage the cash position, the Fund may invest in collective investment schemes (such
as liquidity Funds), including those managed by Fidelity, money market instruments, cash, and deposits.

Henderson China Opportunities/Henderson China Opportunities 2

The Janus Henderson China Opportunities fund (the underlying ' Fund') aims to provide a return, from a combination
of capital growth and income over the long term and to outperform the MSCI Zhong Hua 10/40 Index by 2.5% per
annum, before the deduction of charges, over any 5 year period. The Fund invests at least 80% of its assets in a
concentrated portfolio of shares (equities) and derivatives (complex financial instruments) of companies, of any size,
in any industry, in China or Hong Kong. Companies will have their registered office in or do most of their business
(directly or through subsidiaries) in this region. The Fund may invest up to 50% of its assets in China A Shares. The
portfolio may be concentrated in terms of its number of holdings and/or the size of its largest holdings. The Fund may
also invest in other assets including companies outside this region, depositary receipts or other similar investments,
Collective Investment Schemes (including those managed by Janus Henderson) and cash and money market
instruments. The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage
the Fund more efficiently. The Fund is actively managed with reference to the MSCI Zhong Hua Index, which is broadly
representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The
investment manager has discretion to choose investments for the Fund with weightings different to the index or not
in the index.

iShares Pacific ex Japan Equity Index/iShares Pacific ex Japan Equity Index 2

The iShares Pacific ex Japan Equity Index fund (the underlying ‘Fund’) aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund) by tracking closely the performance of
the FTSE World Asia-Pacific ex-Japan Index, the Fund’s benchmark index. The Fund invests in equity securities (e.g.
shares) of companies that make up the benchmark index. The benchmark index measures the performance of equity
securities of leading companies listed in the Asia Pacific region excluding Japan. The benchmark index is a free float-
adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the
market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted
market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.
The Fund is passively managed and the investment manager has limited discretion to select the Fund’s investments
and in doing so will take into consideration the benchmark index. The Fund intends to replicate the benchmark index
by holding the equity securities, which make up the benchmark index, in similar proportions to the benchmark index.
The Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is
used as a means of generating additional income and to off-set the costs of the Fund.
58
JPM Asia/JPM Asia 2
The JPMorgan Life Asia Growth fund (the underlying 'Fund') invests primarily, either directly or indirectly, in Asia Pacific
(ex-Japan) equities, which may include investment in emerging markets. Smaller company investments may be held
on an ancillary basis. The Fund seeks to achieve excess return through stock selection and country allocation. The
Fund is well diversified and, under normal circumstances, is fully invested, with cash holdings kept to a minimum. The
fund aims to target excess return over 3 year rolling periods: 3% per annum (gross of fees).

Jupiter India/Jupiter India 2

The objective of the Jupiter India fund (the underlying ‘Fund’ is to provide a return, net of fees, higher than that
provided by the MSCI India Index over the long term (at least five years). At least 70% of the Fund is invested in shares
of companies based in India and in shares of investment trusts and other closed or open-ended funds, including other
funds managed or operated by Jupiter or an associate of Jupiter, that are themselves dedicated to investments in
India. A maximum of 10% in aggregate may be held in companies based in Pakistan, Sri Lanka and Bangladesh. Up to
30% of the Fund may be invested in other transferable securities (including shares of companies based anywhere in
the world), open-ended funds (including funds managed by Jupiter and its associates), cash, near cash, money market
instruments and deposits.

The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an
underlying investment) with the aim of reducing the overall costs and/or risks of the Fund. The fund manager takes a
security-specific, 'Growth at a Reasonable Price' approach seeking to invest in companies which are 'best in class'
growth companies benefitting from structural trends at reasonable valuations or where a growth opportunity is not
fully reflected in the share price. The Fund will tend to invest in a well diversified portfolio of companies, across the
market capitalisation spectrum, although more substantial positions will be held where the manager has the highest
conviction which could lead to a meaningful allocation in small and medium sized companies.

Ninety One Asia Pacific Franchise/Ninety One Asia Pacific Franchise 2

The Ninety One Asia Pacific Franchise fund (the underlying 'Fund') aims to provide capital growth over at least 5 year
periods by investing primarily (at least two-thirds) in the shares of companies in the Asia Pacific region (excluding
Japan). The Asia Pacific region, excluding Japan includes Australia, Hong Kong, Singapore, Malaysia, Thailand,
Taiwan, South Korea, the Philippines, Indonesia, China, India, New Zealand and Vietnam. The Fund focuses
investment on companies deemed by the Investment Manager to be of high quality i.e. companies which have
provided sustainably high levels of return on invested capital and free cash flow (a company’s cash earnings after its
capital expenditures have been accounted for), typically those associated with strong brands or franchises. The Fund
may at times invest in a relatively small number of companies. These Companies may be of any size and in any industry
sector. The Fund may invest in other assets such as cash, money market instruments (tradable securities where money
can be invested for short periods), other funds (which may be managed by the Investment Manager, other companies
in the same group as the Investment Manager or a third party) and derivatives (financial contracts whose value is
linked to the price of an underlying asset). Derivatives may be used for investment purposes, i.e. in order to achieve
the Fund’s investment objectives, or for efficient portfolio management purposes e.g. with the aim of either managing
the Fund risks or reducing the costs of managing the Fund. The Fund is actively managed. This means the Investment
Manager is free to select investments with the aim of achieving the Fund’s objectives. The Fund is managed with
reference to a benchmark index, the MSCI AC Asia Pacific ex Japan (Net Return) Index, because it uses this index for
performance comparison.

59
Schroder Asian Income Maximiser/Schroder Asian Income Maximiser 2
The Schroder Asian Income Maximiser fund (the underlying ‘Fund’) aims to provide income and capital growth by
investing in equities of Asian companies, excluding Japan but including Australia and New Zealand. The fund aims to
deliver an income of 7% per year but this is not guaranteed and could change depending on market conditions. The
fund is actively managed and invests at least 80% of its assets in equities of Asian companies, excluding Japan but
including Australia and New Zealand, which are selected for their long-term income and capital growth potential. To
seek to enhance the yield, the investment manager selectively sells short dated call options over individual securities,
portfolios of securities or indices held by the fund, by agreeing strike prices above which potential capital growth is
sold. The fund may also invest directly or indirectly in other securities (including in other asset classes), countries,
regions, industries or currencies, collective investment schemes (including Schroder funds), warrants and money
market instruments, and hold cash. The fund may use derivatives with the aim of achieving investment gains, reducing
risk or managing the fund more efficiently. The fund's investment strategy will typically underperform a similar portfolio
without derivatives in periods when the underlying stock prices are rising and has the potential to outperform when
the underlying stock prices are falling. The fund's performance should be assessed against the income target of 7%per
year and compared against the MSCI AC Pacific ex Japan (Net Total Return) index and the Investment Association
Asia Pacific ex Japan sector average return.

Stewart Investors Asia Pacific Leaders /Stewart Investors Asia Pacific Leaders 2
The Stewart Investors Asia Pacific Leaders fund (the underlying 'Fund') aims to grow your investment over the long-
term (at least five years). The Fund invests in a diversified portfolio of equity or equity-related securities of large and
mid-capitalisation companies that are incorporated or listed, or where a majority of their economic activities take place,
in the Asia Pacific region (excluding Japan) and which are listed, traded or dealt in on Regulated Markets worldwide.
The word “Leaders” in the name of the Fund refers to the focus on large and mid- capitalisation companies. Large and
mid-capitalisation companies are currently defined for the purposes of this policy as companies with a minimum
market capitalisation of US$1 billion and a minimum free float of US$500 million at the time of the Fund’s first
investment. The Fund invests in quality companies which are positioned to benefit from, and contribute to, the
sustainable development of the countries in which they operate. The investment policy of the Fund may be achieved
through investment in other collective investment schemes, including in collective investment schemes managed by
the ACD or its associates, and/or other Funds of the Company. Where the Manager is unable to identify investment
opportunities at appropriate valuations from time to time, the Fund may hold cash and Near Cash Assets in different
currencies. The Fund may use derivatives for Efficient Portfolio Management (“EPM”) purposes only. The Fund’s
performance is compared against the value of the MSCI AC Asia Pacific Index. Investment of the Fund’s assets is not
constrained by the benchmark composition and the Manager has complete discretion within the Fund’s investment
policy to invest in assets without regard to the benchmark.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

60
Columbia Threadneedle funds

Asia Pacific/Asia Pacific 2

The CT Asia fund (the underlying 'Fund') aims to achieve capital growth over the long term (5 years, or more). It also
looks to outperform the MSCI AC Asia Pacific ex Japan Index (the “Index”) over rolling 3 year periods, after the
deduction of charges. The Fund is actively managed and invests at least 75% of its assets in shares of companies
domiciled in the Asia Pacific region (with the exclusion of Japan), or which have significant Asia Pacific (excluding
Japanese) business operations. There is no restriction on size, but investment tends to focus on larger companies,
such as those included in the Index. The Index is designed to capture the share performance of large and medium-
sized companies across the Asia Pacific region (excluding Japan). It is broadly representative of the companies in
which the Fund invests and provides a suitable target benchmark against which Fund performance will be measured
and evaluated over time. The Investment Manager (IM) selects companies considered to have good prospects for
share price growth, from across different industry and economic sectors and typically invests in fewer than 70
companies, which may include shares of some companies not within the Index. The IM also seeks to create a portfolio
that compares favourably against the Index over rolling 12 month periods, when assessed using the Columbia
Threadneedle ESG Materiality Rating model. This model (developed and owned by Columbia Threadneedle
Investments) analyses company data to assess how effectively material environmental, social and governance (ESG)
risks and opportunities are being managed. Provided sufficient data is available, the results are combined and
expressed as a numerical ESG Materiality rating to indicate how much exposure a company has to material ESG risks
and opportunities in a particular industry. Whilst the Fund may still invest in shares of companies that have poor ESG
Materiality ratings, at least 50% of the portfolio is invested in companies with strong ratings, which is also expected to
lead to a better weighted average ESG Materiality rating for the Fund than the Index. In line with its engagement policy,
the IM engages with companies with a view to influencing management teams to address material ESG risks and
improve their ESG practices ranging from climate change to board independence and diversity. The Fund only invests
in companies that follow good governance practices. The Fund does not invest in Companies which derive revenue
from industries or activities above the thresholds shown; tobacco production (5%); nuclear weapons - indirect
involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or power
generation (30%). These exclusion criteria may be extended or revised from time to time. The Fund also excludes
companies that have any direct involvement in nuclear weapons, controversial weapons and companies that the IM
determines to have breached international standards and principles such as the United Nations Global Compact,
International Labour Organisation Labour Standards and United Nations Guiding Principles on Business and Human
Rights. The Fund may invest up to 30% of its value in China A-Shares through the China-Hong Kong Stock Connect
Programme. The Fund may invest in other securities (including fixed interest securities) and collective investment
schemes (including funds managed by Columbia Threadneedle companies), when deemed appropriate. The Fund
may also hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest in
derivatives for investment purposes, but derivatives may be used with the aim of reducing risk or managing the Fund
more efficiently.

Far East & Japan/Far East & Japan 2

The fund invests in shares and aims to produce long-term capital growth. The portfolio focuses on companies in the
Far East, including Japan, Asia and Australasia. Other investments may be used when suitable opportunities arise.

Latin America/Latin America 2

The CT Latin America fund (the underlying 'Fund') aims to achieve capital growth over the long term. It looks to
outperform the MSCI EM Latin America 10/40 Index over rolling 3 year periods, after the deduction of charges. The
Fund is actively managed, and invests at least 75% of its assets in equities and equity-related securities of companies
domiciled in Latin America, or which have significant Latin American business operations. The Fund selects
companies considered to have good prospects for share price growth, from any industry or economic sector, and
whilst there is no restriction on size, investment tends to focus on larger companies, such as those included in the
MSCI EM Latin America 10/40 Index. The MSCI EM Latin American 10/40 Index is designed to measure the share
performance of large and medium-sized companies across 5 Emerging Market countries within Latin America (Brazil,
Chile, Colombia, Mexico, and Peru). The Index currently includes approximately 100 companies and is constructed to
reflect the regulatory framework applicable to the Fund. It provides a suitable target benchmark against which Fund
performance will be measured and evaluated over time. The Fund typically invests in fewer than 65 companies, which
may include shares of some companies not within the Index. The Fund may invest in other securities (including fixed
interest securities) and collective investment schemes (including funds managed by Columbia Threadneedle
companies), when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near
cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the
aim of reducing risk or managing the Fund more efficiently.
61
Global Equity funds
The international funds allow you to pursue a truly global investment strategy and cover the world’s major investment
markets.

abrdn Emerging Markets Equity/abrdn Emerging Markets Equity 2

The abrdn Emerging Markets Equity fund (the underlying 'Fund') aims to generate growth over the long term (5 years
or more) by investing in Emerging Markets equities (company shares). The Performance Target is to achieve the return
of the MSCI Emerging Markets Index, plus 3% per annum over three years before charges. The Performance Target
is the level of performance that the management team hopes to achieve for the fund. There is however no certainty or
promise that they will achieve the Performance Target. The Authorised Corporate Director believes this is an
appropriate target for the Fund based on the investment policy of the Fund and the constituents of the index. The
Fund invests at least 70% in equities and equity related securities of companies listed, incorporated or domiciled in
global emerging market countries, or companies that derive a significant proportion of their revenues or profits or have
a significant proportion of their assets there. Emerging Markets include Asian, Eastern European, Middle Eastern,
African and Latin American countries or any country included within the MSCI Emerging Markets Index. - The Fund
may also invest in other funds (including those managed by abrdn), money-market instruments, and cash. The Fund
may use derivatives to reduce risk, to reduce cost and/or generate additional income or consistent with the risk profile
of the Fund (often referred to as Efficient Portfolio Management).

AXA Framlington Biotech/AXA Framlington Biotech 2

The AXA Framlington Biotech fund (the underlying 'Fund') aims to provide long-term capital growth. The Fund invests
in shares of listed companies, principally in the biotechnology, genomic and medical research industry, which the
Manager believes will provide above-average returns. The Fund invests in companies of any size that can be based
anywhere in the world, albeit the Fund tends to be biased towards the US as this is where the majority of biotechnology
companies are based. The Manager selects shares based upon analysis of a company’s financial status, quality of its
management, expected profitability and prospects for growth. The Manager has full discretion to select investments
for the Fund in line with the above investment policy and in doing so may take into consideration the NASDAQ
Biotechnology index. The NASDAQ Biotechnology index is designed to measure the performance of NASDAQ stocks
in the biotechnology sector. This index best represents a core component of the Managers’ investment universe. The
Fund may also invest in other transferable securities and units in collective investment schemes. The Fund may use
derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other
investment techniques permitted in the applicable Financial Conduct Authority rules. The NASDAQ Biotechnology
index may be used by investors to compare the Fund’s performance.

AXA Framlington Global Technology/AXA Framlington Global Technology 2

The AXA Framlington Global Technology fund (the underlying 'Fund') aims to provide long-term capital growth. The
Fund invests in shares of listed companies engaged in the research, design, and development of technologies in all
sectors including IT and the internet which the Manager believes will provide above-average returns. The Fund invests
in companies of any size which can be based anywhere in the world, albeit the Fund tends to be biased towards the
US as this is where the majority of technology related companies are based. The Manager selects shares based upon
analysis of a company’s financial status, quality of its management, expected profitability and prospects for growth.
The Manager has full discretion to select investments for the Fund in line with the above investment policy and in
doing so may take into consideration the MSCI World Information Technology index. The MSCI World Information
Technology index is designed to measure the performance of the large and mid-cap segments across 23 developed
countries. This index best represents the types of companies in which the Fund makes the majority of its investments.
The Fund may also invest in other transferable securities and units in collective investment schemes. The Fund may
use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other
investment techniques permitted in the applicable Financial Conduct Authority rules. The MSCI World Information
Technology index may be used by investors to compare the Fund’s performance.

62
AXA Framlington Health/AXA Framlington Health 2
The AXA Framlington Health fund (the underlying 'Fund') aims to provide long-term capital growth. The Fund invests
in shares of listed healthcare companies including producers of pharmaceuticals, biotechnology firms, medical device
and instrument manufacturers, distributors of healthcare products, care providers and managers and other healthcare
services companies, which the Manager believes will provide above-average returns. The Fund invests in companies
of any size that can be based anywhere in the world albeit the Fund tends to be biased towards the US, as this is
where the majority of healthcare-related companies are based. The Manager selects shares based upon analysis of
a company’s financial status, quality of its management, expected profitability and prospects for growth. The Manager
has full discretion to select investments for the Fund in line with the above investment policy and in doing so may take
into consideration the MSCI World Healthcare index. The MSCI World Healthcare index is designed to measure the
performance of large and mid-cap segments across 23 developed markets. This index best represents the types of
companies in which the Fund predominantly invests. The Fund may also invest in other transferable securities and
units in collective investment schemes. The Fund may use derivatives for Efficient Portfolio Management. Use may
be made of borrowing, cash holdings, hedging and other investment techniques permitted in the applicable Financial
Conduct Authority rules. The MSCI World Healthcare index may be used by investors to compare the Fund’s
performance.

BlackRock Developed Markets Sustainability Equity/BlackRock Developed Markets

Sustainability Equity 2
The Blackrock Developed Markets Sustainable Equity fund (the underlying 'Fund') aims to provide a return on your
investment (generated through an increase in the value of the assets held by the Fund and/or income received from
those assets) over 3 to 5 years by investing in a global portfolio of equity securities (e.g. shares) in a manner consistent
with the principles of sustainable investing. Although the Fund aims to achieve its investment objective, there is no
guarantee that this will be achieved. The Fund’s capital is at risk, meaning that the Fund could suffer a decrease in
value and the value of your investment would decrease as a result. In seeking to achieve its investment objective, the
Fund will invest 70% of its total assets in equity securities and equity-related investments of companies domiciled in
or exercising a significant part of their economic activity in, developed markets. The Fund seeks to invest in a portfolio
of companies that the Investment Manager considers sustainable. Sustainable companies are identified for this
purpose as ESG (Environmental, social and governance) leaders, companies demonstrating improvement in their ESG
credentials, and companies that produce, or otherwise enable, products and services that the Investment Manager
considers are sustainability focused. The fund also applies exclusionary screens to limit and/or exclude issuers based
on certain ESG related characteristics. In addition, the Investment Manager seeks to engage with companies to
support improvement of its ESG credentials. The Fund’s portfolio is expected to be concentrated and may invest in
companies with large, medium and small market capitalisations. Derivatives may be used to further the Fund’s
investment objective, to seek to reduce risk within he Fund, reduce investment costs and generate additional income
for the Fund and a significant proportion of the Fund’s portfolio may consist of derivatives on a daily basis. The MSCI
World Index is representative of the investment universe of the Fund and should be used to compare the performance
of the Fund.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

63
BlackRock Gold & General/BlackRock Gold & General 2
The BlackRock Gold & General fund (the underlying ‘Fund’) aims to provide a return on your investment (generated
through an increase in the value of the assets held by the Fund) over the long term (5 or more consecutive years
beginning at the point of investment). The Fund invests at least 70% of its total assets in global equity securities (e.g.
shares) of companies which derive a significant proportion of their income from gold mining or commodities such as
precious metals. The Fund has the flexibility to invest outside of the sector set out above. The Fund is actively
managed and the Investment Adviser (IA) has discretion to select the Fund's investments. In doing so, the IA will refer
to the FTSE Gold Mining Index (capped version) (the “Index”) when constructing the Fund’s portfolio, and also for risk
management purposes to ensure that the active risk, i.e. degree of deviation from the index, taken by the Fund remains
appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting
of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the
Index in order to take advantage of specific investment opportunities. However, the industry sector requirements of
the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will
deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. The
investment adviser (IA) may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and
generate additional income. The Fund may, via derivatives, generate varying amounts of market leverage, i.e. where
the Fund gains market exposure in excess of the value of its assets.

BNY Mellon Global Income/BNY Mellon Global Income 2

The aim of the BNY Mellon Global Income Fund (the underlying ‘Fund’) is to achieve income over an annual period
together with capital growth over the long term (5 years or more). The Fund will invest anywhere in the world and invest
at least 75% of the portfolio in global equities (company shares), including ordinary shares, preference shares and
other equity-related securities. The Fund may invest in emerging markets, money market instruments, deposits, cash
and near cash and use derivatives (financial instruments whose value is derived from other assets) with the aim of risk
or cost reduction or to generate additional capital or income. It may also invest up to 10% in other collective investment
schemes (including but not limited to another Sub-Fund or Sub-Funds of the Company or other BNY Mellon funds).
The Fund will measure its performance against the FTSE World TR Index as a comparator benchmark. The Fund will
use the Benchmark as an appropriate comparator because the Investment Manager utilises it when measuring the
Fund's income yield.

Dimensional Emerging Markets Core Equity/Dimensional Emerging Markets Core Equity 2

The Dimensional Emerging Markets Core Equity fund (the underlying 'Fund') aims to increase the value of your
investment over the long term and to earn income within the Fund. The Fund is managed on a discretionary basis and
invests in shares of companies which derive a significant proportion of their business from emerging markets
countries and which are listed on the principal stock exchanges of selected emerging markets countries. The Fund
may also invest in shares or depositary receipts (financial certificates representing shares of companies which are
bought and sold globally) of companies (i) that derive 50% or more of their revenues or profits or that have at least
50% of their assets in emerging markets countries or (ii) the majority of whose business is conducted in emerging
markets countries and which are traded on developed markets. The Fund has a general exposure to the market with
a greater allocation to shares of smaller sized companies and value companies. Value companies are companies
where, at the time of purchase, the Investment Manager believes that the share price is low compared to the
accounting value of the company. The composition of the Fund may be adjusted based on considerations such as
the number of outstanding shares of public companies that are freely available to the investing public, the tendency
of the price of a security/share to continue movement in a single direction, how readily available the shares are to buy
and sell, and profitability. The Fund may use financial contracts or instruments (derivatives) to manage risk, reduce
costs or improve returns.

Dimensional International Core Equity/Dimensional International Core Equity 2

The Dimensional International Core Equity fund (the underlying 'Fund') aims to increase the value of your investment
over the long term and to earn an income within the Fund. The Fund is managed on a discretionary basis and primarily
invests in shares of companies which are either established in or derive a majority of their revenue from developed
countries (excluding the United Kingdom). The Fund's portfolio is generally overweighted in shares of smaller sized
companies and value companies. Value companies are companies where, at the time of purchase, the Investment
Manager believes that the share price is low compared to the accounting value of the company. The composition of
the Fund may be adjusted based on considerations such as the number of outstanding shares of public companies
that are freely available to the investing public, the tendency of the price of a security/share to continue movement in
a single direction, how readily available the shares are to buy and sell, and profitability. The Fund may use financial
contracts or instruments (derivatives) to manage risk, reduce costs or improve returns.

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Fidelity Emerging Markets/Fidelity Emerging Markets 2
The Fidelity Emerging Markets fund (the underlying 'Fund') aims to increase the value of your investment over a period
of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of companies (those
domiciled, incorporated or having significant business or being listed) in countries experiencing higher levels of
economic growth within Africa, the Indian sub-continent, Latin America, East and South East Asia, Central and Eastern
Europe (including Russia) and the Middle East. This includes countries considered to be emerging markets as
determined by the Investment Manager at its sole discretion. The Investment Manager is not restricted in terms of
industry. The Fund is actively managed. The Investment Manager identifies suitable investment opportunities for the
Fund, utilising in-house research and investment capability. The Investment Manager will, when selecting investments
for the Fund and for the purposes of monitoring risk, consider the MSCI Emerging Markets (Net Total Return) Index.
However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller,
positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This
means the Fund’s investments and therefore performance may vary significantly from the index. The Fund may also
invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits
and is also able to use derivatives for efficient portfolio management. The Fund’s performance can be compared to
the MSCI Emerging Markets (Net Total Return) Index as the index constituents are representative of the type of
companies the Fund invests in.

Fidelity Sustainable Global Equity/Fidelity Sustainable Global Equity 2

The Fidelity Sustainable Global Equity Fund (the underlying 'Fund') aims to increase the value of your investment over
a period of 5 years or more. At least 70% of the Fund’s net assets will be invested in the shares of companies globally
deemed to maintain sustainable characteristics. This could include emerging markets countries as determined by the
Investment Manager (IM) at its sole discretion. Companies with sustainable characteristics (such as but not limited to,
climate change mitigation and adaptation, water and waste management and biodiversity, product safety, supply
chain management, health and safety and human rights) are those which the IM believes consider effective
governance and management of environmental and social issues and deliver long-term sustainable outcomes
through positive societal impact identified through Fidelity’s Sustainable Investing Process. The Fund aims to hold a
concentrated portfolio of 40-60 securities and is actively managed. The IM will, when selecting investments for the
Fund and for the purposes of monitoring risk, consider the MSCI All Country World Index (the” Index”). The Fund is
expected to have a lower carbon footprint compared to that of the Index. The Fund may also obtain exposure to
companies which demonstrate improving sustainable characteristics, and may also invest in transferable securities,
money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used
for efficient portfolio management and investment purposes (but not on any significant basis). The Fund’s
performance can be compared to the MSCI All Country World Index as the index constituents are representative of
the type of companies the Fund invests in although the IM has a wide degree of freedom relative to the Index.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Fidelity Global Special Situations/Fidelity Global Special Situations 2

The Fidelity Global Special Situations fund (the underlying 'Fund') aims to increase the value of your investment over
a period of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of companies
globally which could include countries considered to be emerging markets as determined by the Investment Manager
at its sole discretion. The investment manager will focus on companies it believes to be undervalued and whose
recovery potential is not recognised by the market. The Fund is actively managed. The Investment Manager identifies
suitable opportunities for the Fund utilising in-house research and investment capabilities. The Investment Manager
will, when selecting investments for the Fund and for the purposes of monitoring risk, consider the MSCI All Country
World Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take
larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment
opportunities. This means the Fund’s investments and therefore performance may vary significantly from the index.
The Fund may also invest in other transferable securities, collective investment schemes, money market instruments,
cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.
The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the Investment
Management Charge calculation. The performance index does not influence investment decisions materially. The
Fund’s performance can be compared to the MSCI All Country World (Net Total Return) Index as the index
constituents are representative of the type of companies the Fund invests in.

65
Fidelity Index Emerging Markets/Fidelity Index Emerging Markets 2
The Fidelity Index Emerging Markets funds (the underlying 'Fund') aims to track the performance of the MSCI
Emerging Markets (Net Total Return) Index (before fees and expenses are applied), thereby seeking to increase the
value of your investment over a period of 5 years or more. The performance of the Fund is unlikely to track the
performance of the index precisely. The Fund uses an ‘index tracking’ (also known as ‘passive’) investment
management approach whereby it aims to replicate the composition of the index. However, for practical reasons and/
or to reduce the dealing costs of the Fund, it may not invest in every company share in the index or at its weighting
within the index. As well as investing directly in company shares, the Fund will achieve exposure indirectly through
the use of derivatives for efficient portfolio management purposes, for example, at the time of cash inflows to remain
fully invested or to reduce transaction costs. In order to manage the cash position, the Fund may invest in collective
investment schemes (such as liquidity Funds), including those managed by Fidelity, money market instruments, cash,
and deposits. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that
represents UK Investment Managers), to facilitate comparison between funds with broadly similar characteristics. This
Fund is classified in the IA Global Emerging Markets sector. Performance data on funds within this sector may be
prepared and published by data providers and will be used when evaluating the performance of this Fund. The IA
sector most closely reflects the combination of assets in the Fund. For taxation reasons, the Fund’s performance can
also be compared to the MSCI Emerging Markets (Gross Total Return) Index.

Fidelity Index World/Fidelity Index World 2

The Fidelity Index World fund (the underlying 'Fund') aims to track the performance of the MSCI World (Net Total
Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over
a period of 5 years or more. The performance of the Fund is unlikely to track the performance of the index precisely.
The Fund uses an ‘index tracking’ (also known as ‘passive’) investment management approach whereby it aims to
replicate the composition of the index. However, for practical reasons and/or to reduce the dealing costs of the Fund,
it may not invest in every company share in the index or at its weighting within the index. As well as investing directly
in company shares, the Fund will achieve exposure indirectly through the use of derivatives for efficient portfolio
management purposes, for example, at the time of cash inflows to remain fully invested or to reduce transaction costs.
In order to manage the cash position, the Fund may invest in collective investment schemes (such as liquidity Funds),
including those managed by Fidelity, money market instruments, cash, and deposits.

Fidelity Open World/Fidelity Open World 2

The Fidelity Open World fund (the underlying 'Fund') aims to deliver an average 7% increase in the value of your
investment per year, after the deduction of ongoing fund charges, over a period of 5 to 7 years. There is no guarantee
that the target will be achieved by the fund. The Fund provides global exposure to a diversified range of assets
(including bonds, equities, alternatives and commodities) by investing at least 70% into funds (including those
operated by Fidelity) which may be index tracking funds or actively managed funds. The Fund has a large exposure
to equities meaning that it is likely to experience short-term price fluctuations in line with these markets and an investor
may not get back the full amount invested. The Fund is actively managed without reference to a benchmark. The Fund
can also invest directly into transferable securities, money market instruments, cash and deposits, and is also able to
use derivatives for efficient portfolio management and investment purposes. Asset allocation exposure of the Fund
will be actively managed subject to it remaining within the following parameters in all market conditions: 80-100%
equity, 0-20% debt instruments (which may include investment grade bonds, sub-investment grade bonds and
emerging market debt), 0-20% commodities, 0- 10% cash and 0-20% alternatives (such as infrastructure securities
and Real Estate Investment Trusts)

First Sentier Global Listed Infrastructure/First Sentier Global Listed Infrastructure 2

The First Sentier Global Listed Infrastructure fund (the underlying 'Fund') Fund aims to provide income and grow your
investment over the medium to long-term (at least 3 years). The Fund invests in a diversified portfolio of equity
securities issued by companies in the infrastructure sector that are listed, traded or dealt in on Regulated Markets
worldwide. The infrastructure sector includes utilities, e.g. water and electricity, highways and railways, airports, marine
ports and oil and gas storage and transportation. The Manager’s strategy is to invest in a globally diversified portfolio
of listed infrastructure companies. The investment policy of the Fund may be achieved through investment in other
collective investment schemes, including in collective investment schemes managed by the ACD or its associates,
and/or other Funds of the Company. Where the Manager is unable to identify investment opportunities at appropriate
valuations from time to time, the Fund may hold cash and Near Cash Assets in different currencies. The Fund may use
derivatives for Efficient Portfolio Management (“EPM”) purposes only. The Fund is actively managed meaning that the
Manager uses its expertise to pick investments rather than tracking the performance of a benchmark. The Fund’s
performance is compared against the value of FTSE Global Core Infrastructure 50/50 Index.

66
Henderson Emerging Markets Opportunities/Henderson Emerging Markets Opportunities 2
The Janus Henderson Emerging Markets Opportunities fund (the underlying 'Fund') aims to provide a return, from a
combination of capital growth and income over the long term and to outperform the MSCI Emerging Markets Index
by 2% per annum, before the deduction of charges, over any 5 year period. The Fund invests at least 80% of its assets
in a concentrated portfolio of shares (also known as equities) of companies, of any size, in any industry, in emerging
markets. Companies will have their registered office in or do most of their business (directly or through subsidiaries)
in emerging markets. 'Emerging markets' are countries in the MSCI Emerging Markets Index, included in the World
Bank definition of developing economies, or which are, in the investment manager’s opinion, developing. The portfolio
may be concentrated in terms of its number of holdings and/or the size of its largest holdings. The Fund may also
invest in other assets including companies outside emerging markets, depositary receipts, Collective Investment
Schemes (including those managed by Janus Henderson), cash and money market instruments. The Investment
Manager may use derivatives (complex financial instruments), including Total Return Swaps, to reduce risk or to
manage the Fund more efficiently. The Fund is actively managed with reference to the MSCI Emerging Markets Index,
which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's
performance target. The Investment Manager has discretion to choose investments for the Fund with weightings
different to the index or not in the index.

Henderson Global Sustainable Equity/Henderson Global Sustainable Equity 2

The Janus Henderson Global Sustainable Equity fund (the underlying ‘Fund’) aims to provide capital growth over the
long term (5 years or more) by investing in companies whose products and services are considered by the Investment
Manager (IM) as contributing to positive environmental or social change. The Fund invests at least 80% of its assets
in shares (also known as equities) of companies, of any size, in any industry, in any country. The Fund will avoid
investing in companies (in some cases subject to thresholds) that the IM considers could contribute to environmental
or societal harm and invest in companies that derive at least 50% of their revenues from products and services that
are considered by the IM as contributing to positive environmental or social change and thereby have an impact on
the development of a sustainable global economy. The Fund may also invest in other assets including Collective
investment Schemes (including those managed by Janus Henderson) and cash. The IM may use derivatives (complex
financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with
reference to the MSCI World Index, which is broadly -representative of the companies in which it may invest, as this
can provide a useful comparator for assessing the Fund's performance. The IM has discretion to choose investments
for the Fund with weightings different to the index or not in the index.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Henderson Global Technology Leaders/Henderson Global Technology Leaders 2

The Janus Henderson Global Technology fund (the underlying 'Fund') aims to provide capital growth over the long
term and to outperform the MSCI ACWI Information Technology Index + MSCI ACWI Communication Services Index,
after the deduction of charges, over any 5 year period. The Fund invests at least 90% of its assets in a concentrated
portfolio of shares (also known as equities) of companies, of any size, which are technology-related or derive profits
from technology, in any country. The portfolio may be concentrated in terms of its number of holdings and/or the size
of its largest holdings. The Fund may also invest in other assets including Collective Investment Schemes (including
those managed by Janus Henderson) and cash. The investment manager may use derivatives (complex financial
instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to
the MSCI ACWI Information Technology Index + MSCI ACWI Communication Services Index which is broadly
representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The
investment manager has discretion to choose investments for the Fund with weightings different to the index or not
in the index.

Invesco Global Equity/Invesco Global Equity 2

The Invesco Global Equity fund (the underlying Fund) aims to achieve long-term (5 years plus) capital growth. The
Fund invests at least 80% of its assets in shares of companies globally. The Fund may use derivatives (complex
instruments) to manage the Fund more efficiently, with the aim of reducing risk, reducing costs and/or generating
additional capital or income. The Fund has an active investment approach based on stock selection driven by the
fund manager’s assessment of the valuation. The Fund is not constrained by a benchmark and has a flexible approach
with no inbuilt bias to the country, sector or company size.

67
iShares Emerging Markets Equity Index/iShares Emerging Markets Equity Index 2
The aim of the iShares Emerging Markets Equity Index fund (the underlying ‘Fund’) is to provide a return on your
investment (generated through an increase in the value of the assets held by the Fund) by tracking closely the
performance of the FTSE Emerging Index (the “Benchmark Index”). Although the Fund aims to achieve its investment
objective, there is no guarantee that this will be achieved. The Fund’s capital is at risk meaning that the Fund could
suffer a decrease in value and the value of your investment would decrease as a result. In seeking to achieve its
investment objective, the Fund will invest directly into the equities (i.e. shares) of companies in the Benchmark Index
and at times invest indirectly via other equity-related investments (i.e. other investments whose value is related to
equities) giving exposure to such companies.

In seeking to achieve its investment objective and/or for liquidity purposes, the Fund may also invest in other asset
classes. These other asset classes include money market instruments (i.e. debt securities with short-term maturities),
deposits (i.e. cash) and units in collective investment schemes (i.e. other investment funds, which may be Associated
Funds). Derivatives (i.e. investments the prices of which are based on one or more underlying assets) may be used to
seek to reduce risk (relevant to the investment objective) within the Fund, reduce investment costs and generate
additional income for the Fund (often referred to as “efficient portfolio management” or “EPM”).

JPM Global Equity Income/JPM Global Equity Income 2

The JPM Global Equity Income fund (the underlying 'Fund') aims to provide a portfolio designed to achieve high and
rising income by investing globally, primarily in equities, in any economic sector whilst participating in long term capital
growth. The Fund uses a research-driven investment process that is based on the fundamental analysis of companies
and their future earnings and cash flows by a team of specialist sector analysts. It seeks to identify high dividend
yielding companies. The Fund will have exposure to Emerging Markets. Smaller company investments may be held
on an ancillary basis. The Fund may also use Financial Derivative Instruments (derivatives) for the purpose of Efficient
Portfolio Management, including hedging, where appropriate. The Fund may invest in assets denominated in any
currency and non-sterling currency exposure may be typically managed by reference to the currency exposure of its
benchmark. The benchmark of the Fund is MSCI All Country World Index (Net) hedged to GBP.

JPM Natural Resources/JPM Natural Resources 2

The JPM Natural Resources fund (the underlying Fund) aims to provide capital growth over the long-term (5-10 years)
by investing at least 80% of the Fund's assets in the shares of companies throughout the world engaged in the
production and marketing of commodities. The Fund uses a fundamental, bottom-up stock selection process. The
investment process is built on stock level analysis by a global research team. The Fund’s benchmark is the EMIX
Global Mining & Energy Index (EMIX). The Fund is actively managed. The Benchmark is a Performance Comparator
and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main
investment universe and strategy for the Fund. At least 80% of the Fund’s assets are invested in equities of natural
resource companies anywhere in the world, including emerging markets. Natural resource companies are those that
are engaged in the exploration, development, refinement, production or marketing of natural resources and their
secondary products. The Fund may invest in small capitalisation companies. The Fund will invest in cash and near
cash on an ancillary basis. Derivatives are used for efficient portfolio management and hedging.

Jupiter Ecology/Jupiter Ecology 2

The Jupiter Ecology fund (the underlying 'Fund') aims to provide capital growth with the prospect of income, over the
long term (at least five years) by investing in companies whose core products and services address global
sustainability challenges. At least 70% of the Fund is invested in shares of companies based anywhere in the world
whose core products and services address global sustainability challenges. Up to 30% of the Fund may be invested
in other assets, including shares of other companies, open-ended funds (including funds managed by Jupiter and its
associates), cash and near cash. Companies must meet both a comprehensive financial assessment and
environmental and social criteria including looking at a full range of ethical exclusions. The Fund is actively managed
and the Fund Manager is not in any way constrained by a benchmark in their portfolio positionings but the fund may
be compared against other funds in the IA Global sector and the MSCI All Country World Index.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

68
Jupiter Financial Opportunities/Jupiter Financial Opportunities 2
The Jupiter Financial Opportunities fund (the underlying 'Fund') aims to provide capital growth over the long term (at
least five years). The Fund Manager is not in any way constrained by a benchmark in their portfolio positionings but
the fund may be compared against the MSCI All Country World Financials Index. At least 70% of the Fund is invested
in shares of companies in the financial services and related sectors based anywhere in the world. Up to 30% of the
Fund may be invested in other assets, including shares of other companies, open-ended funds (including funds
managed by Jupiter and its associates), cash and near cash.

M&G Global Themes/M&G Global Themes 2

The M&G Global Themes fund (the underlying ‘Fund’) aims to provide a higher total return (the combination of capital
growth and income), net of the Ongoing Charge Figure, than that of the MSCI ACWI Index over any f5 year period. At
least 80% of the fund is invested in the shares of companies, across any sector and of any size, from anywhere in the
world, including emerging markets. The fund may invest in other funds and cash or assets that can be turned quickly
into cash. Derivatives may be used to reduce risk and costs. The investment process involves the identification of
‘themes’ arising from changes within economies, industries and societies that happen over time and finding
companies that can take advantage of them. Themes are identified through the analysis of global macroeconomics,
demographics, government policies and spending, and technological innovation, among other considerations. The
fund manager then selects stocks that can benefit from these themes based on the companies’ quality, growth
prospects and valuation. The benchmark of the Fund is the MSCI ACWI Index The benchmark is a target which the
fund seeks to outperform. The index has been chosen as the fund’s benchmark as it best reflects the scope of the
fund’s investment policy. The benchmark is used solely to measure the fund’s performance and does not constrain
the fund's portfolio construction. The fund is actively managed. The fund manager has complete freedom in choosing
which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s
constituents.

M&G Managed Growth/M&G Managed Growth 2

The M&G Managed Growth fund (the underlying 'Fund') aims to provide a higher total return (the combination of
capital growth and income) net of the Ongoing Charge Figure, than the average return of the IA Flexible Investment
Sector over any 5 year period. The Fund is a multi-asset fund that invests at least 70% of its assets in other collective
investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income,
convertibles, cash, or near cash. The Fund may also invest directly in these assets. In aggregate, the Fund will invest
at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for
investment purposes, Efficient Portfolio Management and hedging. The fund manager’s investment views are mainly
implemented by investing in other funds. This will typically be via M&G’s own funds, but the Fund may also invest in
funds managed by other companies where appropriate in order to best reflect the fund manager’s investment views.
The fund manager has a flexible top-down approach to the allocation of capital between different types of assets in
response to changes in economic conditions and asset values. This approach combines in-depth research to work
out the value of assets over the medium to long term, with analysis of market reactions to events to identify investment
opportunities. In particular, the fund manager seeks to respond when asset prices move away from a reasonable sense
of 'fair' long-term value due to the market’s reaction to events.

Ninety One Global Environment/Ninety One Global Environment 2

The Ninety One Global Energy fund (the underlying 'Fund') aims to provide income and capital growth over at least a
5 year periods. The Fund invests primarily (at least two-thirds) around the world in the shares of companies involved
in the exploration, production or distribution of oil, gas and other energy sources, including renewables. The Fund may
also invest in the shares of companies that service the energy industry. The Fund may invest in other assets such as
cash, money market instruments (tradable securities where money can be invested for short periods), up to 10% in
other funds (which may be managed by the Investment Manager, other companies in the same group as the
Investment Manager or a third party) and derivatives. Derivatives may be used for investment purposes, i.e. in order to
achieve the Fund’s investment objectives, or for efficient portfolio management purposes e.g. with the aim of either
managing the Fund risks or reducing the costs of managing the Fund. The Fund is actively managed. This means the
Investment Manager is free to select investments with the aim of achieving the Fund’s objectives. The Fund is
managed with reference to a benchmark index, the MSCI ACWI Energy + Global Environment ex Select GICS 10-40
Index, because it uses this index for performance comparison and risk management.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.
69
Ninety One Global Strategic Equity/Ninety One Global Strategic Equity 2
The Ninety One Global Strategic Equity fund (the underlying 'Fund') aims to provide income and capital growth over
at least a 5 year periods. The Fund invests primarily (at least two-thirds) in the shares of companies around the world
and in related derivatives (financial contracts whose value is linked to the price of an underlying asset). Investment
opportunities are identified using in-depth analysis and research on individual companies. These companies may be
of any size and in any industry sector. The Fund may invest in other assets such as cash, money market instruments
(tradable securities where money can be invested for short periods), up to 10% in other funds (which may be managed
by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and
derivatives (financial contracts whose value is linked to the price of an underlying asset). Derivatives may be used for
investment purposes, i.e. in order to achieve the Fund’s investment objectives, or for efficient portfolio management
purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund. The Fund
is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the
Fund’s objectives. The Fund is managed with reference to a benchmark index, the MSCI AC World (Net Return) Index,
because it uses this index for performance comparison and risk management.

Schroder Global Equity Income/Schroder Global Equity Income 2

The Schroder Global Equity Income fund (the underlying ‘Fund’) aims to provide income and capital growth in excess
of the MSCI World (Net Total Return) Index (after fees have been deducted) over a 3 to 5 year period by investing in
equities of companies worldwide. The Fund is actively managed and invests at least 80% of its assets in equity and
equity related securities of companies worldwide which offer sustainable dividend payments. The Fund seeks to
invest in a diversified portfolio of equity and equity related securities that (1) offer capital growth and income; and (2)
whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield
may be included in the portfolio when the Investment Manager considers that they have the potential to pay above
average income in future. The Fund focuses on companies that have certain "Value" characteristics. Value is assessed
by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment
Manager believes have been undervalued by the market. The Fund may also invest directly or indirectly in other
securities (including in other asset classes), countries, regions, industries or currencies, collective investment
schemes (including Schroder funds), warrants and money market instruments, and hold cash. The Fund may use
derivatives with the aim of reducing risk or managing the Fund more efficiently.

Stewart Investors Worldwide Leaders /Stewart Investors Worldwide Leaders 2

The Stewart Investors Worldwide Leaders fund (the underlying ‘Fund’) aims to achieve capital growth over the long-
term (at least five years). The Fund invests in a diversified portfolio of equity or equity-related securities of large and
mid-capitalisation companies which are listed, traded or dealt in on any of the Regulated Markets worldwide. The word
“Leaders” in the name of the Fund refers to the focus on large and mid- capitalisation companies. Large and mid-
capitalisation companies are currently defined for the purposes of this policy as companies with a minimum market
capitalisation of US$1 billion and a minimum free float of US$500 million at the time of the Fund’s first investment.
This represents a minimum threshold; the Manager generally targets companies with a free float market capitalisation1
of at least US$5 billion at the time of the Fund’s first investment. The Manager will only establish an initial position in
a company when it is above these threshold levels but, if market movements drive the company below the thresholds,
the Manager is not forced to sell and is able to increase the holding in the company if, in the Manager’s opinion, this
presents an opportunity to add to the position. The Fund is not managed to a benchmark and may have exposure to
developed or Emerging Markets whilst maintaining its geographical diversity. The Fund invests in quality companies
which are positioned to contribute to, and benefit from, sustainable development. The Manager assesses quality by
understanding:

• the quality of management which includes integrity, attitude to environmental and social impacts, corporate
governance, long-term performance, attitude to risk and alignment with minority shareholders. The Manager has
a preference for stable, long-term (often multiple generational) stewards leading the company;
• the quality of the franchise which includes the social usefulness of the products or services, their environmental
impacts and efficiency, and responsible business practices; and
• the quality of the financials which includes financial performance over the economic cycle, cash flows and debt,
with a preference for net cash balance sheets, i.e. companies whose cash resources exceed their debt.

70
The investment policy of the Fund may be achieved by investing up to 10% of its Net Asset Value in other collective
investment schemes, including in collective investment schemes managed by the ACD or its associates, and/or other
Funds of the Company. Emerging Markets are defined as countries which are not classified as developed markets by
MSCI or FTSE, or which are categorised by the World Bank as middle or low-income, or which are not members of the
Organisation for Economic Co-operation and Development. Where the Manager is unable to identify investment
opportunities at appropriate valuations from time to time, the Fund may hold cash and Near Cash Assets in different
currencies and other short-term securities listed, traded or dealt in on a Regulated Market. The short-term securities
in which the Fund may invest will include securities such as commercial paper, certificates of deposit, treasury bills
and bankers’ acceptances all rated at investment grade or above or, if unrated, of equivalent quality in the view of the
Investment Manager or Sub-Investment Manager. For defensive purposes where necessary to protect investor value
during periods of perceived uncertainty and volatility, e.g. market crash or major financial crisis, or in the context of
exchange controls, or other situations where, in the opinion of the Investment Manager or Sub-Investment Manager,
it may be necessary to protect the interests of investors, the Fund may also hold assets in corporate and/or
government debt securities or debentures which must be rated at investment grade or above or, if unrated, of
equivalent quality in the view of the Investment Manager or Sub-Investment Manager and which are listed, traded or
dealt in on a Regulated Market.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Columbia Threadneedle fund

Global Bond/Global Bond 2

The CT Global Bond fund (the underlying 'Fund') aims to provide income with the prospect of some capital growth
over the long term. It looks to outperform the J.P. Morgan Government Bond Index Global (GBI Global) over rolling 3
year periods, after the deduction of charges. The Fund is actively managed and invests at least two-thirds of its assets
in bonds issued or guaranteed by governments, government agencies or quasi-government entities worldwide. In
addition, the Fund may invest in other bonds, including bonds issued by companies. The Fund usually selects bonds
that are investment grade but may include some bonds with a lower credit rating in the portfolio if this is considered
appropriate. The bonds selected may be denominated in various currencies. The Fund may also invest in other
securities, as well as collective investment schemes (including funds managed by Columbia Threadneedle
companies), and hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest
in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk or managing the
Fund more efficiently. The GBI Global is regarded as an appropriate performance measure of local currency bonds
issued by developed market governments. It provides a suitable target benchmark against which Fund performance
will be measured and evaluated over time.

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Global Select/Global Select 2
The CT Global Select fund (the underlying 'Fund') aims to achieve capital growth over the long term (5 years or more).
It also looks to outperform the MSCI ACWI Index (“the Index”) over rolling 3 year periods, after the deduction of
charges. The Fund is actively managed and invests at least 75% of its assets in shares of companies worldwide. There
is no restriction on size, but investment tends to focus on larger companies, such as those included in the Index. The
Index is regarded as providing an appropriate representation of the share performance of large and medium-sized
companies worldwide. It is broadly representative of the companies in which the Fund invests and provides a suitable
target benchmark against which Fund performance will be measured and evaluated over time. The Investment
Manager (IM) selects companies considered to have good prospects for share price growth from across different
economic sectors and geographic regions, and typically invests in fewer than 90 companies, which may include
shares of some companies not within the Index. The IM also seeks to create a portfolio that compares favourably
against the Index over rolling 12 month periods, when assessed using the Columbia Threadneedle ESG Materiality
Rating model. This model (developed and owned by Columbia Threadneedle Investments) analyses company data to
assess how effectively material environmental, social and governance (ESG) risks and opportunities are being
managed. Provided sufficient data is available, the results are combined and expressed as a numerical ESG Materiality
rating to indicate how much exposure a company has to material ESG risks and opportunities in a particular industry.
Whilst the Fund may still invest in companies that have poor ESG Materiality ratings, at least 50% of the portfolio is
invested in companies with strong ratings, which is also expected to lead to a better weighted average ESG Materiality
rating for the Fund than the Index. In line with its engagement policy, the IM engages with companies with a view to
influencing management teams to address material ESG risks and improve their ESG practices ranging from climate
change to board independence and diversity.

Columbia Threadneedle Investments is a signatory to the Net Zero Asset Managers Initiative (NZAMI) and has
committed to an ambition to reach net zero emissions by 2050 or sooner for a range of assets, including the Fund.
Accordingly, the IM will engage on a proactive basis with companies to assist with progressing this ambition. If, after
an appropriate period of engagement, a high emitting company does not show progress in meeting the minimum
standards considered necessary for continued investment then the Fund will disinvest from the company. The Fund
only invests in companies that follow good governance practices. The Fund does not invest in companies which
derive revenue from industries or activities above the thresholds shown tobacco production (5%); nuclear weapons -
indirect involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal coal - extraction or
power generation (30%), providing a company is not engaged in new coal projects. These exclusion criteria may be
extended or revised from time to time. The Fund also excludes companies that have any direct involvement in nuclear
weapons, controversial weapons, and companies that the IM determines to have breached international standards
and principles such as the United Nations Global Compact; International Labour Organisation Labour Standards; and
United Nations Guiding Principles on Business and Human Rights. The Fund may invest in other securities (including
fixed interest securities) and collective investment schemes (including funds managed by Columbia Threadneedle
companies), when deemed appropriate. The Fund may also hold money market instruments, deposits, cash and near
cash. The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the
aim of reducing risk or managing the Fund more efficiently.

72
Distribution fund
The fund may appeal to investors who have a moderately cautious to balanced investment risk and who want regular
‘income payments’. Investors seeking capital growth may also be attracted to the distribution funds for the asset
allocation and choose to leave the income invested, whilst still being able to understand how much is actually
generated.

The fund generates an income that is distributed to investors. The income is distributed either as ‘income payments’
or, if ‘income payments’ are not taken, it increases the value of the investment. ‘Income payments’ are set twice a year,
on the distribution dates (1 March and 1 September), we’ll work out how much income the assets in the Distribution
and Distribution 2 fund have produced and take out the tax we have to pay on that income. The income that’s left is
the amount that can be distributed to investors through regular withdrawals. We show the distribution as a percentage
of your fund value. The latest distribution is available from your adviser or from our website www.sterling-
assurance.co.uk.

The distribution will determine what your ‘income payments’ will be for the next six months. You cannot choose the
level of your ‘income payments’ but you can stop them and restart them at any time. Your ‘income payments’ may
change after each distribution date. The amount of income produced by the fund depends on how well the fund
performs and can go down as well as up. Because your ‘income payments’ depend on this, they can also go down as
well as up.

When you invest (or top up your investment) there are two main elements used to work out the unit price. The first is
the capital value of the funds’ assets on the day you invest. The second is the income that has built up in the fund
since the last distribution date. The two elements added together to set the unit price for that day.

This means you are investing in capital assets in the fund, that over the medium to long-term may grow, and you are
also buying income that has not yet been paid to investors as ‘income payments’.

During the first year after you invest (or top up your investment) ‘income payments’ will include an element of capital
as well as income. If you don’t want your ‘income payments’ to have an element of capital, you should delay taking
them until the second distribution date following your investment. For example, if you invest in June you should delay
taking ‘income payments’ until the following March. For taxation purposes, the ‘income payments’ are deemed to be
a withdrawal of capital and you may be subject to income tax if you are a higher rate taxpayer and your income
payments exceed 5% of the amount invested.

Distribution/Distribution 2
The fund aims to provide reinvested income with some potential for long-term capital growth. The fund invests mainly
in income yielding equities, property, gilts and other high income stock mainly based in the UK. The fund’s assets are
chosen by Columbia Threadneedle to provide a higher level of initial income compared to UK income funds with a
similar risk rating. Long-term capital growth and rising income may be restricted.

Please note: If you invest in the Distribution fund or Distribution 2 fund you will not be able to invest in any other funds
in the same investment bond.

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Property funds
Investing in commercial property allows diversity away from the traditional asset classes of equity and fixed-interest.
As well as looking for capital growth on the properties, rental income can be received.

Property funds are normally valued by taking into account the views of an independent valuer, general market
conditions for commercial property, and the value received for recent property sales. At times the value of your
investments in these funds could fall quite sharply. In more uncertain market conditions we may need to delay your
transaction in these funds by up to 12 months. We will do this if we (or the fund manager) believe it is necessary to sell
properties before carrying out your transaction.

Schroder Global Cities Real Estate/Schroder Global Cities Real Estate 2

The Schroder Global Cities Real Estate fund (the underlying ‘Fund’) aims to provide income and capital growth in
excess of the FTSE ESRA NAREIT TR GBP (Net Total Return) index (after fees have been deducted) over a three to
five year period by investing in equity and equity related securities of real estate companies worldwide. This cannot
be guaranteed and your capital is at risk. The fund is actively managed and invests at least 80% of its assets in equities
of real estate companies worldwide which generate the majority of their earnings from real estate investment related
activities. The fund may invest in real estate investment trusts. The fund seeks exposure to companies that invest in
cities that the investment manager believes will exhibit continued economic growth, supported by factors such as
strong infrastructure and supportive planning regimes. The fund may also invest in collective investment schemes
(including Schroder funds) that invest in equities of real estate companies, warrants and money market instruments,
and may hold cash. The fund may use derivatives with the aim of reducing risk and to manage the fund more efficiently.
The fund's performance should be assessed against its target benchmark, being to exceed the FTSE EPRA NAREIT
Developed TR GBP (Net) Index per annum.

Columbia Threadneedle funds

Property/Property 2
This fund mainly invests in the UK property market. Properties are generally let on long-term leases to good quality
tenants with regular rent reviews. Other properties are acquired with the intention of carrying out development. The
investment aim is to combine the prospects for good capital growth with a secure and rising rental income.

74
Protected Profits funds
A protected profits fund aims to achieve medium to long-term growth while protecting the unit price from falling below
80% of its highest-ever level. The funds tend to produce more stable, but lower, returns compared to investing in
equities and, therefore, often appeal to those inclined to a relatively more cautious outlook when investing in the stock
market.

The protection is not guaranteed and ultimately depends on another financial company meeting the promises it has
made to the fund. This is explained in the risks highlighted for each fund (see below) which you should consider before
deciding to invest. Your financial adviser will be able to help you decide.

There may be future, unforeseen, changes to taxation or regulation that adversely affect the funds and the protection
they offer. If this happens we will write to you to explain what choices you then have.

In some circumstances, investment conditions may be such that we consider the funds can no longer achieve their
aim of medium to long-term growth. If this happens we can close the fund and switch your investment to another fund.
We will then write to you and you will have the opportunity to switch to another fund of your own choice.

Each fund is linked to a different range of assets and this is explained in the fund descriptions below. If we consider
it is appropriate, we can change the assets the funds are linked to. We can also change the financial company that
provides protection to the fund and if we do, we will tell you.

Investing in the Multi-Manager Protected Profits funds1

Aims
The fund aims to achieve medium to long-term growth while protecting the unit price from falling below 80% of the
highest-ever unit price. The fund invests in a range of actively managed equity funds and the BlackRock ICS Sterling
Liquidity fund.

To deliver the fund objective of growth and protection, at any time the proportion held in equity funds could be
between zero and 70%. The balance held in the BlackRock ICS Sterling Liquidity fund will be between 30% and 100%.
Under certain circumstances, the protection is provided by Barclays Bank plc.

Risk factors
The protection is not guaranteed and the unit price could fall below 80% of the highest-ever unit price if:

• Barclays Bank plc does not make the payments it has agreed to or becomes insolvent. If this happens, it is
unlikely you will be able to claim under the Financial Services Compensation Scheme
• the fund’s equity content is at, or close to, zero and the interest earned on the fund’s other assets is less than
its charges and expenses.
You may get back less than you invest as unit prices can fall as well as rise.

In more detail

How the fund works

The fund invests in a range of actively managed equity funds and the BlackRock ICS Sterling Liquidity fund.

The equity funds are spread across the UK (60%), Europe (20%) and North America (20%). This split is set every three
months and so may vary in between times.

The BlackRock ICS Sterling Liquidity fund aims to achieve a return in line with wholesale money market short-term
interest rates.

As the fund increases in value, more of the fund is invested in the equity funds up to a maximum of 70%. As the fund
falls in value, less of the fund is invested in the equity funds. At any particular time, the proportion held in the equity
funds could be between zero and 70%.
75
The fund’s protection
By varying the proportions held in the respective funds on a daily basis the fund expects to achieve its aims.

If stock markets fall quickly and dramatically, varying the proportions may not be sufficient to achieve the protection
aim. Barclays Bank plc would then pay into the fund to protect the unit price from falling below 80% of the highest-
ever unit price. If Barclays Bank plc were to fail, this protection would not exist.

Credit ratings can be a useful guide to the risk associated with Barclays Bank plc. Ratings are given by independent
agencies such as Standard & Poor’s and Moody’s. Companies are rated from most secure (AAA) to most risky (D). The
most up-to-date long term credit rating for Barclays Bank plc can be found at: www.home.barclays/barclays-investor-
relations.html

Barclays Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. You do not have a contract with Barclays Bank plc. They have
agreed to protect the unit price from falling below 80% of its highest-ever level due to stock market falls. They do not
offer any protection against the insolvency of Zurich Assurance Ltd.

The cost of protection

Only a proportion of the fund is invested in equity funds. If equity values rise, you will not get back as much as you
would by investing in a fund that directly invests in equities.

There is a cost to provide protection. This is included in the total yearly expenses shown in our charges summary
document and fund factsheets.

The protection is on the fund’s unit price, not on your original investment. Any charges taken directly from your
investment bond will reduce what you get back and may result in you getting back less than 80% of your original
investment.

1This applies to the Multi-Manager Generation 3 Protected Profits/Multi-Manager Generation 3 Protected Profits 2 fund, the Multi-Manager
Generation 2 Protected Profits/Multi-Manager Generation 2 Protected Profits 2 fund and the Multi-Manager Protected Profits/Multi-Manager
Protected Profits 2 fund.

76
Investing in the Tracker Protected Profits funds1

Aims
The fund aims to achieve medium to long-term growth while protecting the unit price from falling below 80% of the
highest-ever unit price. The fund invests in a range of index tracking equity funds and the BlackRock ICS Sterling
Liquidity fund.

To deliver the fund objective of growth and protection, at any time the proportion held in the index tracking equity
funds could be between zero and 70%. The balance held in the BlackRock ICS Sterling Liquidity fund will be between
30% and 100%. Under certain circumstances, the protection is provided by Barclays Bank plc.

Risk factors
The protection is not guaranteed and the unit price could fall below 80% of the highest-ever unit price if:

• Barclays Bank plc does not make the payments it has agreed to or becomes insolvent. If this happens, it is
unlikely you will be able to claim under the Financial Services Compensation Scheme

• the fund’s equity content is at, or close to, zero and the interest earned on the fund’s other assets is less than
its charges and expenses.
You may get back less than you invest as unit prices can fall as well as rise.

How the fund works

The fund invests in a range of actively managed equity funds and the BlackRock ICS Sterling Liquidity fund.
The index tracking equity funds are spread across the UK (60%), Europe (20%) and North America (20%). This split is
set every three months and so may vary in between times.
The BlackRock ICS Sterling Liquidity fund aims to achieve a return in line with the wholesale money market short-term
interest rates.
As the fund increases in value, more of the fund is invested in the equity funds up to a maximum of 70%. As the fund
falls in value, less of the fund is invested in the equity funds. At any particular time, the proportion held in the equity
funds could be between zero and 70%.

The fund’s protection

By varying the proportions held in the respective funds on a daily basis the fund expects to achieve its aims.
If stock markets fall quickly and dramatically, varying the proportions may not be sufficient to achieve the protection
aim. Barclays Bank plc would then pay into the fund to protect the unit price from falling below 80% of the highest-
ever unit price. If Barclays Bank plc were to fail, this protection would not exist.
Credit ratings can be a useful guide to the risk associated with Barclays Bank plc. Ratings are given by independent
agencies such as Standard & Poor’s and Moody’s. Companies are rated from most secure (AAA) to most risky (D). The
most up-to-date long term credit rating for Barclays Bank plc can be found at: www.home.barclays/barclays-investor-
relations.html
Barclays Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. You do not have a contract with Barclays Bank plc. They have
agreed to protect the unit price from falling below 80% of its highest-ever level due to stock market falls. They do not
offer any protection against the insolvency of Zurich Assurance Ltd.

1 This applies to the Tracker Protected Profits/Tracker Protected Profits 2 fund.

77
The cost of protection
Only a proportion of the fund is invested in equity funds. If equity values rise, you will not get back as much as you
would by investing in a fund that directly invests in equities.
There is a cost to provide protection. This is included in the total yearly expenses shown in our charges summary
document and fund factsheets. The protection is on the fund’s unit price, not on your original investment. Any charges
taken directly from your investment bond will reduce what you get back and may result in you getting back less than
80% of your original investment.
Please note Tracker Protected Profits fund was closed to new customers in June 2017. Tracker Protected Profits 2 is
open to new customers.

78
UK Fixed-interest funds
Many governments and companies borrow money from investors as a way to raise funds. In turn, they issue securities
known as ‘bonds’ or ‘gilts’ if they are loans to a government. In return for the loan, an agreed rate of interest is paid
until a set date. These securities can be traded (bought or sold) before the set date. Often referred to as fixed-interest
investments, these types of funds are expected to produce lower but more stable returns than equity funds. Fixed-
interest funds tend to be more suited for shorter-term investment or as part of a personalised portfolio invested to
achieve an overall balance of risk and potential return. Investing solely in the funds for the longer term may result in a
lower return than a building society account.

The rate of income on fixed-interest securities such as corporate bonds and government bonds won’t increase in line
with inflation unless they are index-linked. So, over time the real value of the income they produce is likely to fall. The
value of these investments is affected by interest rate changes and is likely to fall if long- term interest rates rise. They
may also fall if a company or bank the fund invests in becomes insolvent or is unable to make the payments they have
agreed to. High yield bond funds tend to invest in high yielding corporate bonds, which are generally higher risk
investments than government bonds or lower yielding corporate bonds.

Aegon Ethical Corporate Bond/Aegon Ethical Corporate Bond 2

The Aegon Ethical Corporate Bond fund (the underlying 'Fund') aims to provide a combination of income and capital
growth over any 7 year period. The Fund operates an ethical screen which means that the Fund may not invest in
particular industries and sectors. In all cases, the investments of the Fund will meet the Fund’s predefined ethical
criteria. The Fund will invest at least 80% in a portfolio of investment grade corporate bonds issued anywhere in the
world. Investment grade corporate bonds are bonds issued by companies whose credit rating is deemed to be
investment grade, defined as Baa3 or higher by Moody's Investor Services (Moody's) BBB- or higher by Standard &
Poor's (S&P) or BBB- or higher by Fitch or their respective successors or equivalents. The Fund may also invest up to
10% in high yield corporate bonds issued anywhere in the world. High yield corporate bonds are considered by the
investment manager to be bonds issued by companies whose credit rating is defined as Ba1 or below by Moody's or
BB+ or below by Standard and Poor's or BB+ or below by Fitch or their respective successors or equivalents. High
yield bonds also include non-rated instruments. Bond investments may be denominated in non-Sterling, up to a
maximum of 20%. The Fund is actively managed and the ACD adjusts the Fund’s credit exposure and duration
(interest rate risk) based on an analysis of the prevailing economic and market conditions. Subject to its custom-
defined ethical criteria, the Fund will also seek to achieve diversification across individual issuers and sectors when
constructing the portfolio. To the extent that the Fund is not fully invested as set out above, the Fund may also invest
in other transferable securities, collective investment schemes (up to 10% of Net Asset Value and which may include
schemes managed by the ACD or its affiliates), money market instruments, deposits and cash and near cash. It is
intended that investment in any other collective investment schemes will be predominately in approved money market
instruments. Non-Sterling exposure will be hedged back to Sterling to reduce currency risk.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Aegon Strategic Bond/Aegon Strategic Bond 2

The Aegon Strategic Bond fund (the underlying 'Fund') aims to maximise total return (income plus capital) by investing
in global debt instruments denominated in any currency, ranging from AAA Government Bonds through to high yield
and emerging market corporate bonds. At least 80% of the fund will be invested in Sterling and other currency
denominated bonds hedged back to Sterling. The fund may also invest in deposits, money market instruments,
derivative instruments and forward transactions.

79
Aegon Sterling Corporate Bond/Aegon Sterling Corporate Bond 2
The Aegon Sterling Corporate Bond fund (the underlying 'Fund') aims to provide a combination of income and capital
growth over any 7 year period. At least 80% of the Fund will be invested in a portfolio of investment grade corporate
bonds issued anywhere in the world. Up to 10% of the Fund may also be invested in high yield corporate bonds. Bond
investments will be denominated in Sterling. The Fund will seek to achieve diversification across individual names and
sectors when constructing the portfolio. The Fund is actively managed, and the ACD adjusts the Fund's credit
exposure and duration (interest rate risk) based on an analysis of the prevailing economic and market conditions. To
the extent that the Fund is not fully invested in investment grade and high yield corporate bonds, the Fund may also
invest in other transferable securities, government and public securities, collective investment schemes (up to 10% of
Net Asset Value and which may include schemes managed by the ACD or its affiliates), money market instruments,
deposits and cash and near cash. It is intended that investment in any other collective investment schemes will be
predominately in approved money market instruments. Derivatives may be used for investment purposes, for example
exposure to assets may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio
management.

Allianz Gilt Yield/Allianz Gilt Yield 2

The Allianz Gilt Yield fund (the underlying 'Fund') aims to maximise total return, consistent with preservation of capital
and prudent investment management, by aiming to outperform (net of fees) the Target Benchmark, the FTSE Actuaries
UK Conventional Gilts All Stocks Index Midday Total Return (in GBP), over a rolling three-year period. Investors should
be aware that the Fund’s capital is at risk and there is no guarantee that the Fund will achieve its investment objective
over the above period or at all. The Annual Management Charge for Allianz Gilt Yield Fund is charged to capital. This
could increase the amount of income available for distribution to Shareholders but may constrain capital growth.

The Fund aims to achieve the investment objective by investing in gilts and bonds issued by the United Kingdom
Government, overseas government bonds, government guaranteed bonds, bonds issued by government owned or
government sponsored entities and supranational bonds. At least 80% of the value of the Fund will be invested in
gilts issued by the United Kingdom Government. Up to 20% of the value of the Fund may be invested in Sterling
denominated (or hedged back to Sterling) debt securities, which are not issued by the United Kingdom Government
(including the overseas government and supranational bonds described above) and which have a rating the same or
higher than bonds issued by the United Kingdom Government. The Fund may utilise deposits and money market
instruments in the management of the Fund and their value, together with any investment in money market funds, may
make up to 10% of the Fund’s assets. The Fund may invest up to 10% of its assets in other funds managed by Allianz
Global Investors and its group of companies and other collective investment schemes managed by third parties. The
Fund may use derivative instruments such as futures, options, options on swaps and swap agreements (e.g. interest
rate swaps). The Fund may use derivative instruments such as futures, options, options on swaps and swap
agreements (e.g., interest rate swaps). The Fund may use the derivative instruments listed above for hedging purposes
and/or for investment purposes. The benchmark of the Fund is FTSE Actuaries UK Conventional Gilts All Stocks Index
Midday Total Return (in GBP). Due to the Fund's investment strategy, there may be a high volume of transactions
leading to higher transactions costs reducing the returns of the Fund. All of the gilts which make up at least 80% of
the Fund are represented in the Benchmark. Beyond that, the Fund is actively managed and may deviate from the
Benchmark and invest in securities that are not included in the Benchmark. The Fund aims to outperform the
Benchmark and investors can therefore measure the Fund’s performance against the Benchmark.

Artemis High Income/Artemis High Income 2

The Artemis High Income fund (the underlying 'Fund') aims to provide a combination of a high level of income and
capital growth, before fees, over a rolling 5 year period. The manager defines a high level of income as equal to, or in
excess of, the average yield of the funds in the fund’s Investment Association sector, the Strategic Bond sector. The
Fund invests between 80% - 100% in bonds (of any credit quality) and up to 20% in company shares. The fund may
also invest in cash and near cash, other transferable securities, other funds (up to 10%) managed by Artemis and third-
party funds, money market instruments and derivatives. The Fund may use derivatives for efficient portfolio
management purposes to reduce risk and manage the Fund efficiently. At least 80% of the fund will be invested in
assets denominated in sterling or will be hedged back to sterling. The manager seeks investments that offer the best
value free cashflow available, as cashflow evidenced by an above-average yield on bonds or shares. On occasion,
investments are made on the basis of future dividend growth. The manager focuses on the ability of a bond issuer to
pay the interest on a bond and to repay a bond at its expiry, and the valuation attached to a bond as a result. The IA £
Strategic Bond NR Index acts as a ’target benchmark’ that the Fund aims to outperform. Management of the Fund is
not restricted by this benchmark.

80
Fidelity Strategic Bond/Fidelity Strategic Bond 2
The Fidelity Strategic Bond fund (the underlying 'Fund') aims to deliver an income with the potential to increase the
value of your investment. The Fund will be at least 70% exposed to sterling-denominated (or hedged back to sterling)
global debt instruments, which may include (but are not limited to) government bonds, inflation-linked bonds,
investment grade and high yield corporate bonds, which could include investment in countries considered as
emerging markets as determined by the Investment Manager at its sole discretion. The Fund is actively managed
without reference to a benchmark. The Fund may also obtain exposure to transferable securities, money market
instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient
portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange
rates, interest rates, inflation, and credit. The Fund may also take positions that enable it to benefit from falling asset
prices. The Fund’s performance can be compared to the ICE Bank of America Merrill Lynch Q880 Custom Index as
the index constituents best represent the characteristics the Fund is seeking to gain exposure to.

Fidelity Sustainable MoneyBuilder Income/Fidelity Sustainable MoneyBuilder Income 2

The Fidelity Sustainable MoneyBuilder Income fund (the underlying 'Fund') aims to deliver an income with the
potential to increase the value of your investment. At least 70% of the fund’s net assets will be invested in issuers
deemed to maintain sustainable characteristics (such as but not limited to, climate change mitigation and adaptation,
water and waste management and biodiversity, product safety, supply chain, health and safety and human rights) are
those which the Investment Manager (IM) believes have effective governance and management of environmental and
social issues and deliver long term sustainable outcomes through positive societal impact identified through Fidelity’s
Sustainable Investing Process. The Fund will be at least 70% exposed to sterling- denominated (or hedged back to
sterling) investment grade debt instruments (with a bias towards corporate bonds but may also include securitised
bonds). The Fund may hold investments in countries considered as emerging markets as determined by the IM at its
sole discretion. The Fund is actively managed and the IM will, when selecting investments for the Fund and for the
purposes of monitoring risk, consider the ICE BofA Euro-Sterling Index (the “Index”). The Fund may also invest in
issuers which demonstrate improving sustainable characteristics and may also invest in other transferable securities,
collective investment schemes, money market instruments, cash and near cash deposits. Derivatives may be used for
efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on
exchange rates, interest rates, inflation and credit. The Fund’s performance can be compared to the ICE BofA Euro-
Sterling Index as the index constituents are representative of the type of companies the Fund invests in although the
IM has a wide degree of freedom relative to the index.

The name of this fund indicates that it may have certain Environmental, Social & Governance (ESG) characteristics.
This relates to how a manager considers the actions and behaviours of companies they invest in. Every manager will
have different ESG policies which may change over time. Customers should look to understand these policies and be
comfortable that they meet their needs.

Henderson Fixed Interest Monthly Income/Henderson Fixed Interest Monthly Income 2

The Janus Henderson Fixed Interest Monthly Income fund (the underlying 'Fund') aims to provide a high income and
to outperform the IA Sterling Strategic Bond sector average, after the deduction of charges, over any 5 year period.
The Fund invests at least 80% of its assets in a global portfolio of bonds of any quality, including high yield (non-
investment grade) bonds, issued by governments, companies or any other type of issuer. Where investments are
made in assets in currencies other than Sterling, the Fund will seek to hedge at least 80% of those assets back to
Sterling to largely remove the risk of currency exchange rate movements. In certain market conditions, the Fund may
invest more than 35% of its assets in government bonds issued by any one body. The Fund may also hold other assets
including preference shares, Collective Investment Schemes (including those managed by Janus Henderson), cash
and money market instruments. The investment manager may use derivatives (complex financial instruments),
including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk
or to manage the Fund more efficiently. The Fund is actively managed with reference to the IA Sterling Strategic Bond
sector average, which is based on a peer group of broadly similar funds, as this forms the basis of the Fund's
performance target. The investment manager has complete freedom to choose individual investments for the Fund
and to vary allocations between different types of bonds.

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Henderson Preference & Bond/Henderson Preference & Bond 2
The Janus Henderson Preference & Bond fund (the underlying ' Fund') aims to provide a return, from a combination
of income and capital growth over the long term. Performance target: To outperform the IA Sterling Strategic Bond
sector average, after the deduction of charges, over any 5 year period. The Fund invests at least 80% of its assets in
a global portfolio of bonds of any quality, including high yield (non-investment grade) bonds, issued by governments
or companies. Where investments are made in assets in currencies other than Sterling, the Fund will seek to hedge at
least 80% of those assets back to Sterling to largely remove the risk of currency exchange rate movements. The Fund
may also hold other assets including bonds of other types from any issuer, preference shares, Collective Investment
Schemes (including those managed by Janus Henderson), cash and money market instruments.

In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any
one body. The investment manager may use derivatives (complex financial instruments), including total return swaps,
with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more
efficiently. The Fund is actively managed with reference to the IA Sterling Strategic Bond sector average, which is
based on a peer group of broadly similar funds, as this forms the basis of the Fund's performance target. The
investment manager has complete freedom to choose individual investments for the Fund and to vary allocations
between different types of bonds.

Henderson Strategic Bond/Henderson Strategic Bond 2

The Janus Henderson Strategic Bond fund (the underlying 'Fund') aims to provide a return, from a combination of
income and capital growth over the long term and to outperform the IA Sterling Strategic Bond sector average, after
the deduction of charges, over any 5 year period. The Fund invests in a global portfolio of bonds of any quality,
including high yield (non-investment grade) bonds, issued by governments or companies. Where investments are
made in assets in currencies other than the base currency of the Fund, the Fund will seek to hedge those assets back
to the base currency to remove the risk of currency exchange rate movements. The Fund may also hold other assets
including bonds of other types from any issuer, preference shares, Collective Investment Schemes (including those
managed by Janus Henderson), cash and money market instruments. In certain market conditions, the Fund may
invest more than 35% of its assets in government bonds issued by any one body. The investment manager may use
derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in
line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed
with reference to the IA Sterling Strategic Bond sector average, which is based on a peer group of broadly similar
funds, as this forms the basis of the Fund's performance target. The investment manager has complete freedom to
choose individual investments for the Fund and to vary allocations between different types of bonds.

Invesco Corporate Bond/Invesco Corporate Bond 2

The Invesco Corporate Bond fund (the underlying 'Fund') aims to achieve income and capital growth over the medium
to long term (3 to 5 years plus). The Fund invests at least 80% of its assets in investment grade corporate debt
securities. In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest
in other transferable securities (including government, unrated and non-investment grade corporate debt securities),
money market instruments, collective investment schemes (including funds managed by the Invesco group), deposits
and cash. The Fund may use derivatives for investment purposes to meet the Fund’s investment objective and for
efficient portfolio management purposes to reduce risk, reduce costs and/or generate additional capital or income.
They may include derivatives on currencies, interest rates, and credit, and may be used to obtain exposure to long
and short positions. The Fund has an active investment approach based on fund manager judgment supported by
macroeconomic and credit risk analysis, with an emphasis on valuation. Given the Fund’s asset allocation, its
performance can be compared against the Investment Association Sterling Corporate Bond Sector. However, the
fund is actively managed and is not constrained by any benchmark.

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Invesco Monthly Income Plus/Invesco Monthly Income Plus 2
The Invesco Monthly Income Plus fund (the underlying 'Fund') aims to achieve income and capital growth over the
medium to long term (3 to 5 years plus). The Fund invests at least 80% of its assets globally in corporate and
government debt securities (including investment grade, non-investment grade and unrated) and shares or other
equity related securities of companies. In pursuing the Fund’s investment objective, the fund manager may consider
it appropriate to also invest in other transferable securities, money market instruments, collective investment schemes
(including funds managed by the Invesco group), deposits and cash. The Fund may use derivatives for investment
purposes to meet the Fund’s investment objective and for efficient portfolio management purposes to reduce risk,
reduce costs and/or generate additional capital or income. They may include derivatives on currencies, interest rates,
and credit, and may be used to obtain exposure to long and short positions. The Fund has an active investment
approach based on fund manager judgment supported by macroeconomic and credit risk analysis, with an emphasis
on valuation. It has a flexible allocation to bonds and equities to deliver a sustainable level of income as well as the
potential for capital growth. Given the Fund’s asset allocation, its performance can be compared against the
Investment Association Sterling Strategic Bond Sector. However, the fund is actively managed and is not constrained
by any benchmark.

iShares Index Linked Gilt Index (UK)/iShares Index Linked Gilt Index (UK) 2
The iShares Index Linked Gilt Index (UK) fund (the underlying ‘Fund’) aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by tracking closely the performance of the FTSE Actuaries UK Index Linked Gilts Over 5 Years Index, the Fund’s
benchmark index. The Fund is passively managed and the investment manager has limited discretion to select the
Fund’s investments and in doing so may take into consideration the benchmark index. The Fund invests in fixed
income securities (such as bonds) that make up the benchmark index and, at the time of purchase, comply with the
credit rating requirements of the benchmark index. The benchmark index measures the performance of United
Kingdom (UK) domestic Government index-linked bonds. It consists of FI securities denominated in Sterling that pay
coupon, i.e. interest, and principal in Sterling, and are issued by the UK Government. The FI securities must be capital-
indexed and linked to an eligible inflation index, i.e. their principal value is protected against inflation. The FI securities
will have a credit rating at the time of inclusion in the benchmark index linked to that of the UK Government. They will
have a time to maturity, i.e. the time until they become due for repayment, of at least 5 years. The Fund uses techniques
to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain
securities that make up the benchmark index or other fixed income securities which provide similar performance to
certain constituent securities. They may also include the use of derivatives, i.e. investments the prices of which are
based on one or more underlying assets. The Fund may also engage in short-term secured lending of its investments
to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the
Fund.

iShares UK Gilts All Stocks Index/iShares UK Gilts All Stocks Index 2

The iShares UK Gilts All Stocks Index (UK) fund (the underlying ‘Fund’) aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by tracking closely the performance of the FTSE Actuaries UK Conventional Gilts All Stocks Index, the Fund’s
benchmark index. The Fund is passively managed and the investment manager has limited discretion to select the
Fund’s investments and in doing so may take into consideration the benchmark index. The Fund invests in fixed
income securities (such as bonds) that make up the benchmark index and, at the time of purchase, comply with the
credit rating requirements of the benchmark index. The Fund’s benchmark index measures the performance of
Sterling denominated United Kingdom (UK) Government fixed income securities (gilts). The fixed income securities
will have a credit rating which reflects that of the UK Government. The fixed income securities will pay income
according to a fixed rate of interest. The Fund uses techniques to achieve a similar return to its benchmark index.
These techniques may include the strategic selection of certain securities that make up the benchmark index or other
fixed income securities which provide similar performance to certain constituent securities. They may also include the
use of derivatives, i.e. investments the prices of which are based on one or more underlying assets. The Fund may
also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means
of generating additional income and to off-set the costs of the Fund.

83
Jupiter Corporate Bond/Jupiter Corporate Bond 2
The Jupiter Corporate Bond Fund (the underlying 'Fund') aims to provide income with the prospect of capital growth,
in order to achieve a return, net of fees, higher than the ICE BofA Sterling Non-Gilt Index over the long term (at least
five years). At least 70% of the Fund is invested in fixed interest securities issued by companies based anywhere in
the world. The Fund may also invest in other transferable securities (including fixed interest securities, convertible
bonds and preference shares that are not denominated in sterling or hedged back to sterling), open-ended funds
(including funds managed or operated by Jupiter or an associate of Jupiter), cash, near cash, money market
instruments and deposits. The Fund may enter into derivative transactions for the purposes of efficient portfolio
management (including hedging), i.e. to reduce risk, minimise costs or generate additional capital and/or income. The
Fund may also enter into derivative transactions for investment, i.e. speculative, purposes, provided that such
derivative transactions are limited to adding synthetic interest rate exposure to the extent consistent with the Fund’s
risk profile. The Fund’s global exposure measured under the commitment approach shall not exceed 100% of the
Fund’s NAV; (ii) The Fund’s overall effective interest rate duration shall not exceed that of the target benchmark by
more than 3 years. The Fund’s relative VAR; and shall be no greater than twice the value of the target benchmark.

M&G Corporate Bond/M&G Corporate Bond 2

The M&G Corporate Bond fund (the underlying 'Fund') aims to provide a higher total return (the combination of capital
growth and income), net of the Ongoing Charge Figure, than the average return of the iBoxx Sterling Corporates GBP
Index over any 5 year period. At least 70% of the fund is invested, directly or through derivatives, in investment grade
bonds and investment grade asset-backed securities, issued by companies from anywhere in the world, including
emerging markets. These bonds are denominated in Sterling or hedged back to Sterling. Other investments may
include government bonds, high yield bonds, high yield asset-backed securities, other funds (including funds
managed by M&G) and cash or assets that can be turned into cash quickly. Investments in asset-backed securities
are limited to 20% of the fund. Derivatives usage is for investment purposes and to reduce risk and cost. The fund
manager selects investments based on an assessment of macroeconomic, asset, sector and stock-level factors.
Spreading investments across issuers and industries is an essential element of the strategy. The Benchmark, the iBoxx
Sterling Corporates GBP Index, is a target which the fund seeks to outperform. The sector has been chosen as the
benchmark as the fund is a constituent of the sector. The benchmark is used solely to measure the fund’s performance
and does not constraint portfolio construction. The fund is actively managed. The fund manager has complete
freedom in choosing which investments to buy, hold and sell in the fund.

M&G Gilt & Fixed Interest Income/M&G Gilt & Fixed Interest Income 2
The M&G Gilt & Fixed Interest Income fund (the underlying 'Fund') aims to provide a higher total return (the
combination of capital growth and income), net of the Ongoing Charge Figure, than that of the FTSE UK Conventional
Gilts All Stocks Index over any five-year period. At least 70% of the Fund is invested, directly or indirectly through
derivatives, in investment grade short, medium and long-dated gilts. These securities are issued or guaranteed by the
UK government and denominated in Sterling. Other investments may include transferable securities, cash, and near
cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for
investment purposes, efficient portfolio management and hedging.

M&G Optimal Income/M&G Optimal Income 2

The M&G Optimal Income fund (the underlying 'Fund') aims to provide a higher total return (the combination of capital
growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Strategic Bond Sector,
over any five-year period. At least 50% of the Fund is invested, directly or indirectly through derivatives, in debt
securities, including investment grade bonds, below investment grade, unrated securities and Asset Backed
Securities. These securities can be issued or guaranteed by governments and their agencies, public authorities, quasi-
sovereigns, supranational bodies and companies from anywhere in the world, including Emerging Markets. These
securities can be denominated in any currency. Other investments may include: up to 20% of the Fund in equities;
and other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds
managed by M&G). There are no credit quality restrictions applicable to the Fund's Investments. At least 80% of the
Fund is in Sterling or hedged back to Sterling. Derivatives may be used for investment purposes, efficient portfolio
management and hedging.

84
M&G Strategic Corporate Bond/M&G Strategic Corporate Bond 2
The M&G Strategic Corporate Bond fund (the underlying 'Fund') aims to provide a combination of capital growth and
income, net of the Ongoing Charge Figure, higher than the average return of the iBoxx Sterling Corporates GBP Index
over any 5 year period. At least 70% of the fund is invested, directly or through derivatives, in investment grade bonds
and investment grade asset-backed securities, issued by companies from anywhere in the world, including emerging
markets. These securities can be denominated in any currency. The fund aims to hedge any non-sterling assets back
to sterling. Investments in asset-backed securities are limited to 20% of the fund. Other investments may include
bonds issued by governments, high yield bonds, high yield asset-backed securities, other funds (including funds
managed by M&G) and cash or assets that can be turned into cash quickly. Derivatives usage is for investment
purposes and to reduce risk and cost. The fund manager selects investments based on an assessment of a
combination of macroeconomic, asset, sector and stock-level factors. The fund manager can take a high-conviction
approach when selecting bonds. Spreading investments across issuers and industries is an essential element of the
strategy. The Benchmark, the iBoxx Sterling Corporates GBP Index, is a target which the fund seeks to outperform.
The sector has been chosen the benchmark as the fund is a constituent of the sector. The benchmark is used solely
to measure the fund’s performance and does not constrain portfolio construction. The fund is actively managed. The
fund manager has complete freedom in choosing which investments to buy, hold and sell in the fund.

Schroder Gilt & Fixed Interest/Schroder Gilt & Fixed Interest 2

The Schroder Gilt & Fixed Interest fund (the underlying 'Fund') aims to provide income and capital growth in excess
of the FTSE Gilts All Stocks index (after fees have been deducted) over a three to five year period by investing in fixed
and floating rate securities issued by governments worldwide. The fund is actively managed and invests at least 95%
of its assets in bonds denominated in sterling (or in other currencies and hedged back into sterling) issued by
governments, government agencies and supra-nationals worldwide. The fund invests at least 80% of its assets in
bonds issued by the UK government. The fund may also invest directly or indirectly in securities (including in other
asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder funds)
and money market instruments and hold cash. The fund may use derivatives with the aim of achieving investment
gains, reducing risk or managing the fund more efficiently. The fund may use leverage and take short positions.

Schroder Strategic Credit/Schroder Strategic Credit 2

The Schroder Strategic Credit fund (the underlying ‘Fund’) aims to provide income and capital growth in excess of 3
Month GBP LIBOR (or an equivalent reference rate) (after fees have been deducted) over a 3 to 5 year period by
investing in bonds of UK and European companies but this cannot be guaranteed and your capital is at risk. The fund
is actively managed and invests at least 80% of its assets in bonds denominated in sterling (or in other currencies and
hedged back into sterling) issued by companies in the UK and Europe. The fund may also invest in bonds issued by
companies worldwide and by governments, government agencies and supra-nationals. The fund may invest more
than 50% of its assets in below investment grade bonds (as measured by Standard & Poor's or any other equivalent
credit rating agencies) or in unrated bonds. The fund may also invest directly or indirectly in other securities (including
in other asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder
funds), warrants and money market instruments, and hold cash. The fund may use derivatives with the aim of achieving
investment gains, reducing risk or managing the fund more efficiently. The Fund may use leverage and take short
positions. The fund's performance should be assessed against its target benchmark of 3 month GBP LIBOR (or an
equivalent reference rate) and compared against the Investment Association Strategic Bond sector average return.

85
Columbia Threadneedle funds

Sterling Bond/Sterling Bond 2

The CT Sterling Bond fund (the underlying 'Fund') Fund aims to provide income with the prospect of some capital
growth over the long term. It looks to outperform the FTSE Actuaries UK Gilts All Stocks Index over rolling 3 year
periods, after the deduction of charges. The Fund is actively managed and will invest at least 80% of its assets in UK
government bonds (gilts). The Fund may also invest in other bonds, including index linked UK government bonds
(index-linked gilts), as well as bonds issued by governments (or government agencies) of other developed countries,
international organisations, or companies. The bonds selected are usually investment grade and denominated in
sterling (or hedged back to sterling (if a different currency). The Fund may also invest in other securities, as well as
collective investment schemes (including funds managed by Columbia Threadneedle companies), and hold money
market instruments, deposits, cash and near cash. The Fund is not permitted to invest in derivatives for investment
purposes, but derivatives may be used with the aim of reducing risk or managing the Fund more efficiently. The FTSE
Actuaries UK Gilts All Stocks Index is regarded as a good performance measure of sterling-denominated government
bonds, issued by the UK government. It provides a suitable target benchmark against which Fund performance will
be measured and evaluated over time.

Sterling Corporate Bond/Sterling Corporate Bond 2

The CT Sterling Corporate Bond fund (the underlying ‘Fund’) aims to provide income with the prospect of some capital
growth over the long term (5 years or more). It also looks to outperform the iBoxx GBP Non-Gilts Index (the “Index”)
over rolling 3 year periods, after the deduction of charges. The Fund is actively managed and invests at least two-
thirds of its assets in investment grade corporate bonds that are denominated in sterling (or hedged back to sterling,
if a different currency), issued by UK companies and companies world-wide. In addition, the Fund may invest in other
bonds including below investment grade corporate bonds, and government bonds) when considered appropriate to
achieve its investment objective. The Index is regarded as an appropriate performance measure of sterling
denominated investment grade bonds (excluding UK government bonds). It is broadly representative of the bonds in
which the Fund invests and provides a suitable target benchmark against which Fund performance will be measured
and evaluated over time. The Investment Manager also seeks to create a portfolio that compares favourably against
the Index over rolling 12 month periods, when assessed using the Columbia Threadneedle ESG Materiality Rating
model. This model (developed and owned by Columbia Threadneedle Investments) analyses company data to assess
how effectively material environmental, social and governance (ESG) risks and opportunities are being managed.
Provided sufficient data is available, the results are combined and expressed as a numerical ESG Materiality rating to
indicate how well a company is managing those risks and opportunities relative to its industry peers.

Whilst the Fund may still invest in bonds issued by companies that have poor ESG Materiality ratings, at least 50% of
the portfolio is invested in bonds issued by companies with strong ratings, which is also expected to lead to a better
weighted average ESG Materiality rating for the Fund than the Index. In line with its engagement policy, the Investment
Manager engages with companies with a view to influencing management teams to address material ESG risks and
improve their ESG practices ranging from climate change to board independence and diversity. The Fund only invests
in bonds issued by companies that follow good governance practices. The Fund does not invest in bonds issued by
companies which derive revenue from industries or activities above the thresholds shown: tobacco production (5%);
nuclear weapons - indirect involvement (5%), conventional weapons - military, or civilian firearms (10%), and thermal
coal - extraction or power generation (30%). These exclusion criteria may be extended or revised from time to time.
The Fund also excludes companies that have any direct involvement in nuclear weapons, controversial weapons or
that fail international standards and principles such as the United Nations Global Compact, International Labour
Organisation Labour Standards and United Nations Guiding Principles on Business and Human Rights. The Fund
may invest in other securities as well as collective investment schemes (including funds managed by Columbia
Threadneedle companies), and hold money market instruments, deposits, cash and near cash. The Fund is not
permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk
or managing the Fund more efficiently.

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International Fixed-interest funds
Many governments and companies borrow money from investors as a way to raise funds. In turn, they issue securities
known as ‘bonds’ or ‘gilts’ if they are loans to a government. In return for the loan, an agreed rate of interest is paid
until a set date. These securities can be traded (bought or sold) before the set date. Often referred to as fixed-interest
investments, these types of funds are expected to produce lower but more stable returns than equity funds. Fixed-
interest funds tend to be more suited for shorter-term investment or as part of a personalised portfolio invested to
achieve an overall balance of risk and potential return. Investing solely in the funds for the longer term may result in a
lower return than a building society account. The rate of income on fixed-interest securities such as corporate bonds
and government bonds won’t increase in line with inflation unless they are index-linked. So, over time the real value of
the income they produce is likely to fall. The value of these investments is affected by interest rate changes and is
likely to fall if long- term interest rates rise. They may also fall if a company or bank the fund invests in becomes
insolvent or is unable to make the payments they have agreed to. High yield bond funds tend to invest in high yielding
corporate bonds, which are generally higher risk investments than government bonds or lower yielding corporate
bonds. The level of risk associated with overseas investments depends largely on the countries in which the fund is
invested. There are bigger risks to investing in emerging markets. They may be less reliable in paying back debt and
have a less stable economy.

BlackRock Corporate Bond 1-10 Year/BlackRock Corporate Bond 1-10 Year 2

The BlackRock Corporate Bond 1-10 Year fund (the underlying 'Fund') aims to provide a return on your investment
(generated through an increase in the value of the assets held by the Fund and/or income received from those assets)
by tracking closely the performance of a composite benchmark, i.e. a benchmark comprised of two or more other
benchmarks, comprising the Bank of America Merrill Lynch Sterling Corporate Securities 1-5 Year Index and the Bank
of America Merrill Lynch Sterling Corporate Securities 5-10 Year Index (the “Benchmark Index”). As of 1 August 2019,
the split between the two component indices is as follows: The Bank of America Merrill Lynch Sterling Corporate
Securities 1-5 year Index 41%; and the Bank of America Merrill Lynch £ Sterling Corporate Securities 5-10 Year Index
59%. Although the Fund aims to achieve its investment objective, there is no guarantee that this will be achieved. The
Fund’s capital is at risk meaning that the Fund could suffer a decrease in value and the value of your investment would
decrease as a result.

BNY Mellon International Bond/BNY Mellon International Bond 2

The aim of the BNY Mellon International Bond Fund (the underlying ‘Fund’) is to achieve income and capital growth
over the medium term (3 to 5 years). The Fund will invest anywhere in the world and invest at least 75% in global fixed
income securities (bonds) issued by governments and other public entities. It will also invest in bonds with a high
credit rating, i.e. investment grade bonds with a minimum credit rating of BBB- as rated by Standard and Poor's (or
other such recognised rating agency), and derivatives (financial instruments whose value is derived from other assets)
to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost
reduction or to generate additional capital or income. The Fund may invest in money market instruments, deposits,
cash and near cash. It may also invest more than 35% of its assets in government and public securities issued or
guaranteed by a single state, local authority or public international body, Contingent Convertible Securities (CoCo's)
and up to 10% in other collective investment schemes (including but not limited to another Sub-Fund or Sub-Funds
of the Company or other BNY Mellon funds). The Fund will measure its performance against the JP Morgan Global
GBI Unhedged TR Index as a comparator benchmark.

Dimensional Global Short-Dated Bond/Dimensional Global Short-Dated Bond 2

The Dimensional Global Short-Dated Bond fund (the underlying ‘Fund’) aims to maximize income while preserving
the value of investments. The Fund is actively managed which means that the Investment Manager is actively making
investment decisions for the Fund. The Fund is not managed in reference to a benchmark. The Fund invests in high
quality debt such as bonds and money market instruments with a maturity of five years or less. This debt is issued by
governments, other public bodies and companies in developed countries. The Fund may purchase debt in currencies
other than sterling and, where it does so, will use financial contracts or instruments (derivatives) to manage its
exposure to these currencies. The Fund may use financial contracts or instruments (derivatives) to manage risk, reduce
costs or improve returns. Income is not distributed and is rolled up (accumulated) into the value of your investment.

87
Columbia Threadneedle funds

Emerging Market Bond/Emerging Market Bond 2

The CT Emerging Market Bond fund (the underlying 'Fund') aims to provide income with the prospect of some capital
growth over the long term. It looks to outperform the J.P. Morgan Emerging Market Bond Index Global (EMBI Global)
over rolling 3 year periods, after the deduction of charges. The Fund is actively managed and invests at least two
thirds of its assets in bonds issued by governments (or quasi-government entities) of Emerging Market countries and
companies which are domiciled or have significant business operations in such countries. The Fund considers
Emerging Market countries to be those characterised as developing or emerging by the World Bank, the United
Nations, or the EMBI Global. The selected bonds may be of any credit quality, including those rated below investment
grade or unrated, and are typically denominated in US dollars. Due to the perceived higher risk of investing in bonds
issued by emerging market borrowers, these bonds typically offer higher yields than those of more stable bonds
issued in developed countries. The Fund may also invest in other securities (including bonds issued by developed
countries), money market instruments, deposits, cash and near cash, and collective investment schemes (including
funds managed by Columbia Threadneedle companies) when deemed appropriate. The Fund is not permitted to
invest in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk, or managing
the Fund more efficiently. The EMBI Global is regarded as an appropriate performance measure of US dollar-
denominated emerging market bonds issued by the government and quasi-government entities. It provides a suitable
target benchmark against which Fund performance will be measured and evaluated over time.

European Bond/European Bond 2

The CT European Bond fund (the underlying 'Fund') aims to provide income with the prospect of some capital growth
over the long term. It looks to outperform the ICE BofAML Pan-Europe Broad Market Index over rolling 3 year periods,
after the deduction of charges. The Fund is actively managed and invests at least two-thirds of its assets in bonds
issued by governments, quasi-government entities and companies (corporate bonds) that are denominated in
European currency. The Fund usually selects bonds that are investment grade but may also include bonds with a
lower credit rating in the portfolio if this is considered appropriate, as well as bonds denominated in non-European
currencies. The Fund may also invest in other securities, as well as collective investment schemes (including funds
managed by Columbia Threadneedle companies), and hold money market instruments, deposits, cash and near cash.
The Fund is not permitted to invest in derivatives for investment purposes, but derivatives may be used with the aim
of reducing risk or managing the Fund more efficiently. The ICE BofAML Pan-Europe Broad Market Index is regarded
as an appropriate performance measure of investment grade corporate and government bonds that are denominated
in European currencies. It provides a suitable target benchmark against which Fund performance will be measured
and evaluated over time.

High Yield Bond/High Yield Bond 2

The CT High Yield Bond fund (the underlying 'Fund') aims to provide income. It looks to outperform the ICE BofAML
European Currency High Yield Excluding Subordinated Financials Constrained (Hedged to Sterling) Index over rolling
3 year periods, after the deduction of charges. The Fund is actively managed and invests at least two-thirds of its
assets in bonds issued by companies worldwide that are denominated in euros (EUR) or sterling (GBP) and rated
below investment grade. The Fund may invest to a lesser extent in bonds denominated in currencies other than euro
and sterling, bonds of other credit quality (as well as unrated bonds) and bonds issued by governments and quasi-
government entities. Non-sterling bonds are typically hedged into sterling. The Fund may also invest in other
securities, as well as collective investment schemes (including funds managed by Columbia Threadneedle
companies), and hold money market instruments, deposits, cash and near cash. The Fund is not permitted to invest
in derivatives for investment purposes, but derivatives may be used with the aim of reducing risk or managing the
Fund more efficiently. The ICE BofAML European Currency High Yield Excluding Subordinated Financials
Constrained (Hedged to Sterling) Index is regarded as an appropriate performance measure of euro and sterling-
denominated below investment grade bonds, issued by a broad range of companies. It provides a suitable target
benchmark against which Fund performance will be measured and evaluated over time.

88
Strategic Bond/Strategic Bond 2
The CT Strategic Bond fund (the underlying 'Fund') aims to provide income with the prospect of some capital growth
over the long term (5 years or more). The Fund is actively managed and invests at least two-thirds of its assets in
bonds denominated in sterling (GBP) or euro (EUR). In addition to GBP or EUR denominated bonds, the Fund may
invest in bonds priced in other currencies, however, all non-sterling bonds are usually hedged back to sterling. The
Fund follows a strategic investment approach, allowing for changes to allocation between investment grade and
below investment grade corporate bonds, as well as investment in government bonds and bonds issued by
international organisations. This approach aims to position the Fund to take advantage of those areas of the bond
market that are considered to offer the best return potential. Derivatives (including forward transactions) may be used
for investment purposes. This includes allowing the Fund to profit from the fall in the price of an asset (shorting), as
well as extending market exposure beyond the value of its assets (leverage). In addition, derivatives may be used with
the aim of reducing risk or managing the Fund more efficiently. The Fund may also invest in other securities, as well
as collective investment schemes (including funds managed by Columbia Threadneedle companies), and hold money
market instruments, deposits, cash and near cash.

89
Money Market funds
(including deposit and treasury)

These types of fund tend to be more suited for the shorter-term investment or as part of a personalised portfolio
invested to achieve an overall balance of risk and potential return. Investing solely in these funds for the longer term
may result in a lower return than a bank or building society account, or a return lower than inflation. In the longer term,
the returns of money market funds are generally expected to be lower than those from equity funds.

In some circumstances, there can be a fall in value. For example, when interest rates are low the returns on money
market funds may be less than the charges. If a company or bank that the fund invests in becomes insolvent or is
unable to make payments they have agreed to, the value of the fund could also fall.

Money market funds

Money market funds invest in a much broader range of money market instruments (compared to deposit and treasury
funds) and seek to obtain a higher return, although this carries an increased risk of the fund value falling. Money market
instruments include commercial paper and floating rate notes.

Commercial paper is short-term unsecured notes issued by a company or bank. A floating rate note is an instrument
whose interest payment varies with short-term interest rates.

These types of money market instruments are debt instruments that produce an income and can be traded (bought
and sold). Their value when traded can fall and rise between the time of purchase and their maturity date. Their value
will depend on comparable rates of interest achieved in the market place and the financial security and
creditworthiness of the underlying institution the loan has been made to. This tends to mean the value of these
instruments can fall and rise more than other near cash assets.

When an overseas money market instrument is used it will often be hedged1 back into sterling currency to reduce the
risk of foreign exchange fluctuations affecting its value.

BlackRock Money Market/BlackRock Money Market 2

The BlackRock Cash fund (the underlying 'Fund') aims to provide a rate of interest, i.e. a return, (gross of fees) for
unitholders, consistent with preservation of principal (capital) and liquidity. Although the Fund aims to achieve its
investment objective, there is no guarantee that this will be achieved. The Fund’s capital is at risk meaning that the
Fund could suffer a decrease in value and the value of your investment would decrease as a result. GBP 1W LIBID
should be used by unitholders to compare the performance of the Fund. This benchmark has been chosen because
the Investment Manager has determined that as it is an industry recognised cash reference point it is representative
of the investment universe of the Fund.

Deposit and treasury funds

Some money market funds referred to as deposit and treasury funds invest mainly in cash deposits or near cash
assets. By near cash, we mean short-term (normally less than one year) debt investments like certificates of deposit.
A debt investment is where a loan of cash is made in return for interest paid on that cash for a specified period and
the repayment of the loan by a specified date.

Columbia Threadneedle funds

Deposit & Treasury/Deposit & Treasury 2

The fund aims to provide stability of capital and a modest level of return through investment in bank deposits, such
as time deposits and certificates of deposit, and government debt instruments, such as Gilts and Treasury Bills, with
less than 12 months to maturity. This fund is the current choice for phased investments.

1 Currency hedging intends to reduce the risk of loss from exchange rate fluctuations in the market. It would be like taking out an insurance policy

against this happening so that any unfavourable change in a currency (for example, the dollar against the euro) would not seriously reduce the
value of your investment.

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Absolute Return funds
Absolute return funds aim to deliver positive returns in any market conditions. This is in contrast to more traditionally
managed funds that aim to outperform a benchmark such as an index or similar funds, but which can still have negative
returns over a specified period.

It’s important to note that although absolute return funds typically aim to achieve consistent positive returns in each
year, this is not guaranteed and, in particular, returns may not be positive after charges have been taken into account.

Performance comparisons with other funds in the absolute return sector may be inappropriate due to the varied nature
of the funds within this sector resulting in different benchmarks, risk profiles and timeframes for delivering returns.
However, the funds would generally be expected to achieve consistent but moderate returns. Many absolute return
funds will use derivatives to help in the risk management of the fund as well as for investment purposes.

BNY Mellon Real Return/BNY Mellon Real Return 2

The BNY Mellon Real Return fund (the underlying ‘Fund’) aims to achieve a rate of return in sterling terms that is equal
to or above a minimum return from cash (SONIA (30 day compounded)) + 4% per annum over five years before fees.
In doing so, it aims to achieve a positive return on a rolling 3 year basis (meaning a period of 3 years, no matter which
day you start on). However, capital is in fact at risk and there is no guarantee that this will be achieved over that, or any,
time period. The Fund will invest anywhere in the world and follow a broad 'multi-asset' portfolio approach, e.g.
company shares, i.e. equities, and similar investments, bonds and similar debt investments and cash. It will invest in
bonds, issued by governments and companies, with high and low credit ratings, i.e. investment grade and/or sub-
investment grade bonds as rated by Standard and Poor's or similar agencies. It will gain exposure to currencies,
commodities, e.g. gold, and property through stock exchange listed investments and/or derivatives and invest in
derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment
objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or
income; and - limit investment in other collective investment schemes to 10%. The Fund may invest in emerging
markets, invest more than 35% of its assets in government and public securities issued or guaranteed by a single state,
local authority or public international body, invest in Contingent Convertible Securities (CoCo's) and invest significantly
in cash and cash-like investments.

Henderson Multi-Asset Absolute Return/Henderson Multi-Asset Absolute Return 2

The Janus Henderson Multi-Asset Absolute return fund (the underlying 'Fund') aims to provide a positive (absolute)
return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any
other time period, and particularly over the shorter term the Fund may experience periods of negative returns.
Consequently your capital is at risk. The fund aims to outperform the UK Base Interest Rate, after the deduction of
charges, over any 3 year period. The Fund invests in a range of asset classes including company shares (also known
as equities), bonds and collective investment schemes (other funds including those managed by Janus Henderson)
and Exchange Traded Funds. The underlying investments of the collective investment schemes may include shares
(equities) of companies, bonds issued by companies and governments, and alternative assets such as property,
infrastructure, commodities, private equity and hedge fund type strategies. The Fund may also invest in other
transferable securities, cash and money market instruments and derivatives. The investment manager may use
derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in
line with the Fund’s objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed
with reference to the UK Base Interest Rate as this forms the basis of the Fund’s performance target. The investment
manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.

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Distributor Requested funds
Distributor requested funds are a range of funds provided by fund managers together with a fund sponsor (which may
be part of the organisation your adviser works for). The investment objectives and risk profiles of the funds are set in
conjunction with the fund sponsor. These funds tend to be either risk-rated funds and/or multi-managed funds.
Generally, the fund sponsor also receives payments out of the fund charges in addition to any commission your
adviser receives from us. The amount of any payments to fund sponsors are taken from the fund charges disclosed
to you.

Omnis funds
The Omnis Multi-Manager and Omnis Managed funds are managed by Pinebridge Investments and Columbia
Threadneedle Asset Management Limited respectively, in accordance with the investment objectives of the funds.
The investment objectives and risk profiles of the funds have been set by the Authorised Corporate Director (ACD),
Omnis Investments Ltd. As ACD, Omnis Investments Ltd is entitled to payment of an annual management charge
which is deducted from the funds.

Omnis Investments Ltd is part of the Openwork Group. The Openwork Group includes Openwork Limited, a network
of financial advisers who may benefit financially from these payments. The amount of these payments is included in
the fund charges disclosed to you and is not an additional charge.

Omnis Managed Adventurous/Omnis Managed Adventurous 2

The Omnis Managed Adventurous fund (the underlying 'Fund') aims to achieve a return, over a 5 year rolling period
and after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income) which
exceeds that of a benchmark comprised of the FTSE All Share TR Index (40%), Russell 1000 TR Index (15%), MSCI
Daily (ex UK) EAFE TR Index (25%), MSCI Daily Net EM TR Index (15%) and BoAML Sterling Broad Market TR Index
(5%).It is expected that exposure to equities will typically make at least 70% of the Fund's assets. However, investments
will not be confined to any particular sector. Q At least 70% of exposure will be achieved through investment in
collective investment schemes (including exchange traded funds and other schemes managed and operated by the
ACD or its associates). The Fund may also invest in transferable securities, money market instruments, warrants, cash,
near cash and deposits as detailed in the Prospectus. Derivatives may also be used for the purposes of hedging and
efficient portfolio management.

Omnis Managed Balanced/Omnis Managed Balanced 2

The Omnis Managed Balanced fund (the underlying 'Fund') aims to achieve a return, over a five year rolling period
and after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income) which
exceeds a composite benchmark based on the FTSE All Share TR Index (30%), Russell 1000 TR Index (15%), MSCI
Daily (ex UK) EAFE TR Index (15%), MSCI Daily Net EM TR Index (10%), SONIA GBP 3 Month (5%), BoAML Global
Broad Market TR Index (5%) and BoAML Sterling Broad Market TR Index (20%). It is expected that at least 60% of
exposures will be to equities and fixed interest investments. However, investments will not be confined to any
particular sector. At least 70% of exposure will be achieved through investment in collective investment schemes
(including exchange traded funds and other schemes managed and operated by the ACD or its associates). The Fund
may also invest in transferable securities, money market instruments, warrants, cash, near cash and deposits as
detailed in the Prospectus. Derivatives may also be used for the purposes of hedging and efficient portfolio
management.

Omnis Managed Cautious/Omnis Managed Cautious 2

The Omnis Managed Cautious fund (the underlying 'Fund') aims to achieve a return, over a five year rolling period and
after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income) which exceeds
a composite benchmark based on the FTSE All Share TR Index (20%), Russell 1000 TR Index (10%), MSCI Daily (ex
UK) EAFE TR Index (10%), SONIA GBP 3- Month (10%), BoA ML Global Broad Market TR Index (15%) and BoAML
Sterling Broad Market TR Index (35%). It is expected that at least 51% of the fund's exposures will be to cash, cash
equivalents and fixed income investments. The balance of the fund's exposure will be to equities. Investments will not
be confined to any particular sector. At least 70% of exposure will be achieved through investment in collective
investment schemes (including exchange traded funds and other schemes managed and operated by the ACD or its
associates). The remainder of the fund may be invested directly in transferable securities, money market instruments,
warrants, cash, near cash and deposits as detailed in the Prospectus. Derivatives may also be used for the purposes
of hedging and efficient portfolio management.

92
Omnis Multi-Manager Adventurous/Omnis Multi-Manager Adventurous 2
The Omnis Multi-Manager Adventurous fund (the underlying 'Fund') aims to achieve a return, over a five year rolling
period, and after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income)
which exceeds a composite benchmark based on the FTSE All Share TR Index (40%), the Russell 1000 TR Index
(15%), the MSCI Daily (ex UK) EAFE TR Index (25%), the MSCI Daily Net EM TR Index (15%) and the BoAML Sterling
Broad Market TR Index (5%). It is expected that exposure to equities will make up the majority (defined as at least 51%)
of the Fund's assets. However, investments will not be confined to any particular sector. At least 70% of exposure will
be achieved through investment in collective investment schemes (including exchange traded funds and other
schemes managed and operated by the ACD or its associates). The Fund may also invest in transferable securities,
money market instruments, warrants, cash, near cash and deposits as detailed in the Prospectus. Use may also be
made of stock lending, temporary borrowing, and cash holdings. Derivatives may also be used for the purposes of
hedging and efficient portfolio management.

Omnis Multi-Manager Balanced/Omnis Multi-Manager Balanced 2

The Omnis Multi-Manager Balanced fund (the underlying 'Fund') aims to achieve a return, over a five year rolling
period and after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income)
which exceeds a composite benchmark based on the FTSE All Share TR Index (30%), Russell 1000 TR Index (15%),
MSCI Daily (ex UK) EAFE TR Index (15%), MSCI Daily Net EM TR Index (10%), SONIA GBP 3 Month (5%), BoAML
Global Broad Market (5%) and the BoAML Sterling Broad Market (20%). It is expected that at least 60% of Fund assets
will be exposed to equities and fixed interest investments. However, investments will not be confined to any particular
sector. At least 70% of exposure will be achieved through investment in collective investment schemes (including
exchange traded funds and other schemes managed and operated by the ACD or its associates). The Fund may also
invest in transferable securities, money market instruments, warrants, cash, near cash and deposits as detailed in the
Prospectus. Derivatives may also be used for the purposes of hedging and efficient portfolio management.

Omnis Multi-Manager Cautious/Omnis Multi-Manager Cautious 2

The Omnis Multi-Manager Cautious fund(the underlying 'Fund') aims to achieve a return, over a five year rolling period
and after all fees and expenses, consisting primarily of capital growth (and potentially a low level of income) which
exceeds a composite benchmark based on the FTSE All Share TR Index (20%), Russell 1000 TR Index (10%), MSCI
Daily (ex UK) EAFE TR Index (10%), SONIA GBP 3- Month (10%), BoAML Global Broad Market TR Index (15%) and
BoAML Sterling Broad Market TR Index (35%). It is expected that at least 51% of the fund's exposures will be to cash,
cash equivalents and fixed income investments. The balance of the fund's exposure will be equities. Investments will
not be confined to any particular sector. At least 70% of exposure will be achieved through investment in collective
investment schemes (including exchange traded funds and other schemes managed and operated by the ACD or its
associates). The remainder of the fund may be invested directly in transferable securities, money market instruments,
warrants, cash, near cash and deposits as detailed in the Prospectus. Derivatives may also be used for the purposes
of hedging and efficient portfolio management.

Omnis Multi-Manager Distribution/Omnis Multi-Manager Distribution 2

The Omnis Multi-Manager Distribution fund (the underlying 'Fund') aims to achieve a return consisting of a
combination of income and capital growth which exceeds the FTSE All Share TR Index (20%), Russell 1000 TR Index
(10%), MSCI Daily (ex UK) EAFE (10%), SONIA GBP 3 Month (10%), BoAML Global Broad Market TR Index (15%), and
BoAML Sterling Broad Market TR Index (35%), after all fees and expenses over a 5 year rolling period. It is expected
that the core exposure (defined as at least 70% of Fund assets) will be holdings in UK equities and bonds. However,
investments will not be confined to any particular sector. At least 70% of exposure will be achieved through investment
in collective investment schemes (including exchange traded funds and other schemes managed and operated by
the ACD or its associates). The Fund may also invest in transferable securities, money market instruments, warrants,
cash, near cash and deposits as detailed in the Prospectus. Derivatives may also be used for the purposes of hedging
and efficient portfolio management.

93
Verbatim funds
The Verbatim funds are managed by the investment managers shown below in accordance with the investment
objectives and risk profiles of the funds which have been set in conjunction with the fund sponsor, Verbatim Asset
Management Ltd, who are part of the SimplyBiz group. SimplyBiz provide support services for financial advisers. As
sponsor Verbatim may receive payments out of the fund charges.

Verbatim Portfolio 3 2
The Verbatim Portfolio 3 fund (the underlying 'Fund') will use a broadly defensive investment strategy with the aim of
achieving capital growth over the medium to longer term. The Fund will seek to achieve its objective through
investment in collective investment schemes (regulated and unregulated) as well as directly held transferable
securities, (including exchange traded notes), derivatives, cash, deposits, (including certificates of deposit), warrants,
and money market instruments. Investment may be made globally but foreign currency exposure through non UK
investments may be hedged back into Sterling. The Fund may also gain exposure (directly and indirectly) to
alternatives, including but not limited to, property, commodities, hedge funds, private equity, infrastructure, and loans,
through investment in collective investment schemes and transferable securities. Use may also be made of stock
lending, borrowing, cash holdings, and derivatives. It is intended that derivatives will be used for investment purposes
as well as for efficient portfolio management but the ACD does not anticipate that such use of derivatives will have
any significant adverse effect on the risk profile of the Fund.

Verbatim Portfolio 4/Verbatim Portfolio 4 2

The Verbatim Portfolio 4 fund (the underlying 'Fund') fund will use a broadly cautious managed investment strategy
with the aim of achieving capital growth over the medium to longer term. It will seek to do this by blending a diversified
selection of funds, including quality UK and overseas equity, bond, and property funds. The fund is managed by
Liontrust Investment Partners LLP.

Verbatim Portfolio 5 Growth/Verbatim Portfolio 5 Growth 2

The Verbatim Portfolio 5 Growth fund (the underlying 'Fund') fund will use a broadly cautious balanced strategy with
the aim of achieving capital growth over the medium to longer term. The fund will seek to achieve its objective through
investment in collective investment schemes (regulated and unregulated) as well as directly held transferable
securities, derivatives, cash, deposits, warrants, and money market instruments. Investment may be made globally but
foreign currency exposure through non-UK investments may be hedged1 back into sterling. The fund is managed by
Liontrust Investment Partners LLP.

Verbatim Portfolio 5 Income/Verbatim Portfolio 5 Income 2

The Verbatim Portfolio 5 Income fund (the underlying 'Fund') will use a broadly cautious balanced investment strategy
with the aim of achieving income with some potential for capital growth over the medium to longer term. It will invest
in a diversified portfolio of global equity shares and will also gain exposure to the UK Corporate Bond sector through
investment in a unitised vehicle. The fund is managed by Sarasin & Partners LLP.

Verbatim Portfolio 6/Verbatim Portfolio 6 2

The Verbatim Portfolio 6 fund (the underlying 'Fund') fund will use a broadly balanced investment strategy with the
aim of achieving capital growth over the medium to longer term. To generate the potential for above average returns
over the medium to long term by blending a diversified selection of funds, including quality UK and overseas equity
and bonds. This portfolio is focused mainly on equities including overseas. Investors in this portfolio will accept the
risk of short to medium term losses, which may be substantial with the aim of achieving their long term investment
goals. The fund is managed by Liontrust Investment Partners LLP.

94
Verbatim Portfolio 7/Verbatim Portfolio 7 2
The Verbatim Portfolio 7 fund (the underlying 'Fund') will use a broad growth investment strategy with the aim of
achieving capital growth over the medium to longer term. To generate the potential for high returns over the medium
to long term by blending a diversified selection of funds, including quality UK and overseas equities. This portfolio is
highly focused on equities including overseas. Investors in this portfolio will accept the risk of substantial short to
medium term losses in order to achieve their long term investment objective. The fund is managed by Liontrust
Investment Partners LLP.

1
Currency hedging intends to reduce the risk of loss from exchange rate fluctuations in the market. It would be like taking out an insurance policy
against this happening so that any unfavourable change in a currency (for example, the dollar against the euro) would not seriously reduce the
value of your investment.

95
Sterling is a trading name of Zurich Assurance Ltd.
Registered in England and Wales under company number 02456671.
Registered Office: Unity Place, 1 Carfax Close, Swindon, SN1 1AP.
Telephone number 0370 909 6010

We may record or monitor calls to improve our service.

WD000661012 (11/24)