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Centralised Investment Process Model Portfolio 2 Key Investor Information / Simplified Prospectus Portfolio Composition (25 June 2014) Company Name Fund Name % of total fund Allianz Artemis Fidelity Franklin Templeton HSBC JO Hambro Jupiter L&G L&G M&G Old Mutual Standard Life SWIP Vanguard Vanguard Gilt Yield Income Cash Global Total Return Bond FTSE All Share Index Continental European Strategic Bond Cash US Index Trust Optimal Income Global Strategic Bond UK Equity Income Unconstrained Property Inflation Linked Gilt Index UK Government Bond Index Linked Bond 5 3 20 4 8 3 4 20 2 8 4 4 5 5 5 These documents provide you with key investor information about the funds shown above. It is not marketing material. The information is required by law to help you understand the nature and risks of investing in these funds. You are advised to read the documents so you can make an informed decision about whether to invest. Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Fidelity Cash Fund Accumulation Units (ISIN: GB0003330528) This fund is managed by FIL Investment Services (UK) Limited Objectives and Investment Policy n n n n n n n Aims to maintain capital value while producing income. Invests in a diversified range of money market instruments, other short-term investments and transferable securities. Instruments will normally be rated A2 long-term or P1 short-term by the credit agency Moody's although an equivalent rating by Standard and Poors or Fitch may be considered. Has the freedom to invest in other short-term instruments of appropriate credit quality. The weighted average maturity of the Fund will generally be under 60 days. Can invest in instruments issued by governments, companies and other bodies. Income is accumulated in the unit price. Units can usually be bought and sold each business day of the Fund. Risk and Reward Profile Lower risk Higher risk Typically lower rewards 1 2 Typically higher rewards 3 4 5 6 7 n n The risk category was calculated using historical performance data. The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. n n The lowest category does not mean a "risk free" investment. The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. The value of your investment may fall as well as rise and you may get back less than you originally invested. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. The use of financial derivative instruments may result in increased gains or losses within the fund. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. n n n n Key Investor Information Fidelity Cash Fund Charges for this fund (ISIN: GB0003330528) The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest N/A N/A Entry charge Exit charge This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. Charges taken from the fund over a year 0.40% Ongoing charges Charges taken from the fund under certain specific conditions The entry and exit charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser / distributor. The ongoing charges figure is based on expenses for the year ending 05/04/2013. This figure may vary from year to year. It excludes: n performance fees (where applicable); n portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. For more information about charges, please consult the charges section in the most recent Prospectus. Performance fee N/A Past Performance 5.00% 4.00% 4.4 3.1 3.5 Past performance is not a guide to future performance results. 4.1 3.5 3.00% 2.00% 1.00% 0.5 0.2 0.3 0.2 0.1 2010 2011 2012 2013 0.00% 2004 2005 2006 2007* 2008 2009 If any, the past performance shown takes into account all ongoing charges with exception of any applicable entry/exit charges. The fund was launched on 01/01/1990. This class was launched on 25/01/1993. Past performance has been calculated in GBP. If applicable, events in the fund's life which may have affected the performance history are highlighted as an '*' in the chart, which may include changes to the fund's objective and details of such events can be found on our website. If applicable, the Investment Objective section shall refer to a benchmark and information on previous benchmarks may be found in the Annual Report and Accounts. Practical Information n n n n n n n The depositary is J.P. Morgan Chase Bank. For more information, please consult the Prospectus and latest Reports and Accounts which can be obtained free of charge in English and other main languages from the Fund Manager, the distributors or online at any time. The Net Asset Values per unit are available at the registered office of the Fund Manager. They are also published online at www.fidelityworldwideinvestment.com/documents where other information is available. The tax legislation in United Kingdom may have an impact on your personal tax position. For further details you should consult a tax advisor. This document describes a unit class of the Fund. The Prospectus and Reports and Accounts are prepared for the entire Fund. FIL Investment Services (UK) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. More unit classes may be available for this Fund. Details can be found in the Prospectus. Country in which this fund is authorised: United Kingdom. The Supervisory Authority is: Financial Conduct Authority. Country in which FIL Investment Services (UK) Limited is authorised: United Kingdom. The Supervisory Authority is: Financial Conduct Authority. This key investor information is accurate as at 07/05/2014. KEY INVESTOR INFORMATION. This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. LEGAL & GENERAL CASH TRUST R CLASS ACCUMULATION ISIN: GB0005141584 This fund is managed by Legal & General (Unit Trust Managers) Limited. OBJECTIVES AND INVESTMENT POLICY The objective of this fund is to generate income into the fund. The fund will invest between 60% and 100% in overnight and short-term deposits with major financial organisations such as banks and building societies. The fund may also invest in other types of deposits or money market instruments and cash. Money market instruments are a type of security where cash can be deposited for short periods of time. The deposits and money market instruments will be repayable by the issuer within one year. RISK AND REWARD PROFILE Lower risk Higher risk Your units will be accumulation units. Income from investments held by the fund (interest) will be reinvested into the value of your units. You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate unit prices for this fund. If you contact us after 12 noon, the units will be bought or sold at the next working day's price. This fund may be appropriate if you are looking for a deposit based investment. The indicator opposite does not take account of the following risks of investing in the fund: • Your investment is not guaranteed and can fall in value. Potentially lower rewards 1 2 3 Potentially higher rewards 4 5 6 7 • This risk and reward indicator is based on historical data which may not be a reliable indication of the fund's risk and reward category in the future. • The category is based on the rate at which the value of the fund has moved up and down in the past. • This fund is in category 1 because it invests with banks and other financial institutions which generally provide lower rewards and lower risks than other investments such as bonds, commercial property or company shares. • The fund's category is not guaranteed to remain the same and may change over time. • Even a fund in the lowest category is not a risk free investment. • The value of your investment may fall as well as rise and is not guaranteed. You might get back less than you invested. • When interest rates are low and the fund’s income is not enough to pay charges, the fund’s capital will be used instead. This may reduce the potential for growth or cause the value of the fund to fall. • The fund has money on deposit with companies such as banks or other financial institutions. If these companies experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. If this happens, the value of your fund may fall. • If you use your right to cancel your investment, you may not get a full refund if the value of your investment falls before we receive your instruction. CHARGES FOR THIS FUND The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential return from your investment. ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST Entry charge None The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds managed by us) you might pay less - you can find out the actual figures from us or your financial adviser. The ongoing charges figure is based on the latest available expenses at December 2013. This figure may vary from year to year. Ongoing charges exclude the costs associated with buying and selling the underlying investments of the fund. This fund’s charges include the charges made by any other funds it may invest in. For more information about charges, including any performance fee and how it is calculated, please see the charges and expenses and, where relevant, the performance fee section in the fund’s Prospectus. You can also find information about charges at legalandgeneral.com/chargesandfees Exit charge None This is the maximum that might be taken out of your money before it is invested. CHARGES TAKEN FROM THE FUND OVER A YEAR Ongoing charges 0.65% CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS Performance fee None PAST PERFORMANCE • Past performance is not a guide to future performance. 6 • The figures take into account all charges except any entry charge, and assume income (after tax) is reinvested. The performance has been calculated in Sterling (British pounds). 4.3% (return %) 4 3.2% 3.4% 3.7% 3.4% 2 0.5% • The annual return is for a 12 month period ending 31 December. 0.1% 0 0.0% 0.0% -0.2% 2012 2013 -2 2004 2005 2006 2007 2008 2009 2010 2011 • The fund, and this R class, came into existence in 1992. (year) PRACTICAL INFORMATION TRUSTEE The trustee is National Westminster Bank Plc. FURTHER INFORMATION You can find further information about the fund in its Prospectus, latest annual and half-yearly reports and in the Additional Fund Information document. A Guide to Investing with Us gives further information about investing generally. These documents are available from: Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB. We will provide documents free of charge and in English. UNIT PRICES AND OTHER PRACTICAL INFORMATION You can get other practical information, including the latest buying and selling prices of units and details of any other unit classes that are available, by calling us on 0370 050 0955 Monday to Friday between 8.30am and 6.00pm. You can also find these prices at legalandgeneral.com/utprices and details of how we price units in A Guide to Investing with Us. TAX UK tax legislation may have an impact on your personal tax position. Legal & General (Unit Trust Managers) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the fund. This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 17 February 2014. Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and risks of this fund. You are advised to read it so you can make an informed decision about whether to invest. Artemis Income Fund Class I Distribution Units [ISIN: GB00B2PLJJ36], I Accumulation units [ISIN: GB00B2PLJH12] The fund is managed by Artemis Fund Managers Limited. Objectives and investment policy Objective: The fund aims to increase the value of units and the income paid from them over the long term. Policy: • The fund will principally invest (a minimum of 80%) in the shares of companies listed, quoted or traded in the UK. • The fund has discretion in its choice of investments, and is not restricted by the size of the company, the industry it trades in, or the geographical spread of the portfolio. • The fund may invest in fixed interest securities which are investments (which could be issued by a company, a government or another entity) that pay a fixed level of income or interest. • The fund may invest in preference shares. These are investments (issued by a company) that pay a fixed level of income. The income is paid as a dividend rather than interest and must be paid before any income from the company’s other non-preference shares. • The fund may invest in convertible bonds. These are investments (issued by a company) that can be exchanged for ordinary shares of the same company according to the terms specified when the bond was issued. • The fund may invest in derivatives (financial instruments whose value is linked to the expected price movements of an underlying asset) to protect the value of the fund, reduce costs and/or generate additional income. Other information: • Investment in the fund should be regarded as a medium to long-term investment. • Class I units are only available to investors at Artemis Fund Managers Limited’s discretion. • You can buy and sell units Monday to Friday, except on UK Public holidays, each week. • Transactions are processed at 12 noon and we will include your instruction to buy or sell units if it is received before that point. • If you hold accumulation units any income the fund receives is reinvested into the fund and automatically reflected in the value of the units. • If you hold distribution units any income the fund receives can be paid out to you. For further explanation of some of the terms used above, please visit our website artemis.co.uk to view a glossary of terms. Risk and reward profile Typically lower rewards Typically higher rewards Lower risk 1 2 Higher risk 3 4 5 6 7 • This indicator is based on historical data and may not be a reliable indication of the future risk profile of the fund. • The risk category shown is not guaranteed and may change over time. • A risk indicator of “1” does not mean that the investment is “risk free”. • The indicator is not a measure of the possibility of losing your investment. The risk indicator for the fund is as above because: • The price of units, and the income from them, can fall and rise because of stockmarket and currency movements. • Stockmarket prices, currencies and interest rates can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. • A portion of the fund’s assets may be invested in a currency other than the fund’s accounting currency (sterling). The value of these assets, and the income from them, may decrease if the currency falls in relation to sterling, in which the fund is valued and priced. • Investments in fixed interest securities are subject to market and credit risk and will be impacted by movements in interest rates. Interest rate movements are determined by a number of economic factors, in particular market expectations of future inflation. • The fund can invest in higher-yielding bonds, which may increase the risk to your capital due to a higher likelihood of the company issuing the bonds failing to pay returns on investments. Changes to market conditions and interest rates can have a larger effect on the values of higheryielding bonds than other bonds. Charges for the fund • The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. The charges reduce the potential growth of your investment. • The entry charge is included in the purchase price of each unit. • At present, there is no exit charge. • The entry and exit charges shown are maximum figures. • • One-off charges taken before or after you invest Entry charge 1.00% Exit charge 0.00% This is the maximum that might be taken out of your money before it is invested. • Charges taken from the fund over a year Ongoing charges 0.79% • Charges taken from the fund under certain specific conditions Performance fee None In some cases (including when switching to other funds run by Artemis Fund Managers Limited) you might pay less – you can find out actual entry and exit charges from your financial adviser. The ongoing charges figure is based on the expenses for the year ending 31 December 2013. Ongoing charges may vary from year to year and reduce the potential growth of your investment. The figure for ongoing charges excludes costs associated with buying and selling securities in the fund’s underlying portfolio (for example, brokers’ commission and transaction taxes), except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. To provide levels of income consistent with the fund’s aims, we take the annual management charge from capital. This will restrict the increase in the value of units. For more information about charges, please see pages 14 to 16 / section 15 of the fund’s prospectus, which is available at www.artemis.co.uk. Past performance In the period to 7 March 2008, past performance is represented by the fund’s R class units. 30% 23.9% Percentage change 24.6% 21.6% 18.8% 20% 16.6% 14.9% 12.5% 10% 2.0% 0.7% 0% -10% • This fund was launched on 6 June 2000. • The class I units were launched on 7 March 2008. • How the fund has performed in the past is not a guide to how it will perform in the future. • Past performance in the chart shown includes all charges except entry charges. • This past performance chart is calculated using the performance of distribution units. • Performance is calculated in sterling. -20% -30% -22.7% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Practical information • The Trustee of the fund is National Westminster Bank plc. • Further information about the fund can be obtained from the fund’s prospectus and the latest annual and half-yearly reports. The documents are in English and available free of charge. These can be found, along with other information such as the price of the fund’s units, at artemis.co.uk or by phoning 0800 092 2051. • UK tax legislation may have an impact on your personal tax position. • Artemis Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund. AIID • You can switch your investments between funds or types of unit in the Artemis range. For further information, please refer to the prospectus, artemis.co.uk or phone 0800 092 2051. • The fund is authorised in the UK and regulated by the Financial Conduct Authority. • Artemis Fund Managers Limited is authorised in the UK and regulated by the Financial Conduct Authority. • This key investor information is accurate as at 31 December 2013. 䊴 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. FTSE All-Share Index Fund Retail Income GB0000424886 A sub-fund of HSBC Index Tracker Investment Funds, an open ended investment company (“OEIC”), managed by HSBC Global Asset Management (UK) Limited. Objectives and investment policy 䊳 䊳 䊳 䊳 䊳 䊳 䊳 Risk and reward profile To provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that make up the FTSE All-Share Index. The Fund can use borrowing and may also use a technique known as efficient portfolio management which aims to reduce risk or cost to the fund in circumstances where this is likely to be of benefit. The Fund is currently tracking the FTSE All-Share Index by fully replicating the FTSE 350 ex Investment Trusts index and sampling the remaining benchmark index constituents. Income is distributed. You may sell your investment on any business day by contacting the administrator before the dealing deadline. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Lower risk Higher risk Typically lower rewards 1 2 Typically higher rewards 3 4 5 6 7 More about this rating The rating is based on price volatility over the last five years, and is an indicator of absolute risk. Historical data may not be a reliable indication for the future. The value of an investment, and any income from it, may fall as well as rise, and you may not get back the amount you originally invested. The rating is not guaranteed to remain unchanged and the categorisation may shift over time.The lowest rating does not mean a risk-free investment. Why is this fund in category 6? Equity prices tend to fluctuate more than other asset classes as investors directly participate in underlying companies and their earnings. Material risks not adequately captured by the risk rating above 䊳 Exchange rate risk Investing in assets denominated in a currency other than that of the investor’s own currency perspective exposes the value of the investment to exchange rate fluctuations. 䊳 Derivative risk The value of derivative contracts is dependent upon the performance of an underlying asset. A small movement in the value of the underlying can cause a large movement in the value of the derivative. Unlike exchange traded derivatives, over-the-counter (OTC) derivatives have credit risk associated with the counterparty or institution facilitating the trade. 䊳 Index Tracking risk The performance of the Fund may not match the performance of the index it tracks because of stock selection, fees and expenses, market opening times and regulatory constraints. 䊳 Operational risk The main risks are related to systems and process failures. Investment processes are overseen by independent risk functions which are subject to independent audit and supervised by regulators. Retail Income GB0000424886 1 of 2 Charges for this fund The charges you pay are used to pay the running costs of the fund, including the marketing and distribution costs.These charges reduce the potential growth of the investment. 0.00% Exit charge 0.00% Charges taken from the fund over a year Ongoing charge 0.27% Charges taken from the fund under certain specific conditions Performance fee Depositary State StreetTrustees Limited, 525 Ferry Road, Edinburgh, EH5 2AW. Further information Further information about the OEIC including the latest Prospectus, latest published prices of shares, annual report and half yearly report may be obtained free of charge, in English, from the administrator, HSBC Global Asset Management (UK) Limited, PO Box 6189, Coventry, CV3 9HS or by visiting www.assetmanagement.hsbc.com.The most recent Prospectus is available in English. This document describes a single share class of the OEIC. The Prospectus, annual and half yearly reports are prepared for the entire OEIC. One-off charges taken before or after you invest Entry charge Practical information None The ongoing charges figure is based on last year’s expenses for the year ending 15/11/2013. Charges may vary from year to year. Share classes Other share classes are available, as detailed in the Prospectus. It is possible to convert your shares into a different share class or switch your shares into a different Fund within the OEIC. Details of how to do this are in the Prospectus (please note an initial charge may apply). Further information on Charges can be found in the Fees and Expenses section of the full Prospectus. Tax UK tax legislation may have an impact on your personal position. Past performance Authorised Corporate Director HSBC Global Asset Management (UK) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the OEIC. The Entry and Exit charges shown are the maximum that may be charged. In some cases you may pay less.You can obtain the actual charges from your financial adviser. 40% 28.7 30.1 30% 20.7 22.0 20% 20.2 20.8 16.0 16.8 14.7 14.5 11.8 12.8 10% Allocation of Assets and Liabilities The OEIC is an umbrella investment company with segregated liability between sub-funds. This means that the holdings of one sub-fund are kept separate from the holdings of the other sub-funds and your investment in the Fund cannot be used to pay the liabilities of any other sub-fund. 12.6 12.3 4.3 5.3 0% -4.8 -3.5 -10% -20% -30% Fund Authorisations The Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. HSBC Global Asset Management (UK) Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. -29.8-29.9 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Benchmark Warning: the performance returns before the change in investment objective(s) on 22/01/2007 were achieved under circumstances that no longer apply. Past performance is not a guide to future performance; the value of your investment and any income from it can go down as well as up. The past performance of this share class is calculated in GBP. Performance returns are based on the net asset value with distributable income reinvested. Past performance takes account of all ongoing charges, but not entry and exit charges. The fund was launched on 26/03/1990. The investment benchmark for the fund is the FTSE All Share Gross. Retail Income GB0000424886 2 of 2 Publication date This key investor information is accurate as at 25 June 2014. KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. 18 February 2014 JOHCM Continental European Fund B GBP IE0031005436 A sub-fund of J O Hambro Capital Management Umbrella Fund plc Managed by J O Hambro Capital Management Limited Objectives and investment policy • The primary investment objective of the Fund is to seek long-term capital growth. • The Fund aims to achieve its objective by investing in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe, excluding the UK. • Any income the Fund generates for this share class will be reinvested annually to grow the value of your investment unless the shareholder elects for a cash dividend. • You can buy and sell shares in the Fund, before 5.30pm, on any day which is a working day in Dublin. Risk and reward profile 你 Lower risk Higher risk 佡 你 Typically lower rewards 1 2 3 Typically higher rewards 佡 4 5 6 7 • The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period. The risk and reward indicator: • is based on historical data and may not be a reliable indication for the future; • is not guaranteed and may change over time. • The lowest category does not mean that a share class is risk free. The share class category reflects the following factors: • Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds. • The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates. • Your initial investment is not guaranteed. In addition to the risk captured by the indicator, the fund value may be affected by: • Changes in exchange rates between currencies may cause the value of the investments to diminish or increase. • Any change in the Company’s tax status or in legislation could affect the value of investments held by the Company. • Political and /or regulatory Risks. • Investors should note that a more detailed description of risk factors is set out in full in the Prospectus. Charges One off charges taken before or after you invest Entry charge 5.00% Exit charge 0.00% This is the maximum that might be taken out of your money. Consult your financial advisor or distributor for the actual amount they may charge. Charges taken from the fund over a year Ongoing charge 1.33% Charges taken from the fund under certain conditions Performance fee 15.00% The charges you pay as an investor in the Fund are used to cover the operational costs of the Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. Ongoing charges are based on figures for the year ended 31 December 2013. This figure may vary from year to year and does not include Fund transaction costs. For more information about charges see the Fund’s prospectus, available at www.johcm.co.uk. A performance fee of 15% is payable on the excess if the NAV outperforms the benchmark on an annual basis. The calculation is performed daily. Any underperformance is carried forward. This fee applies to all share classes. The benchmark is the MSCI Europe ex UK NR Index (net dividends reinvested). Past performance 19.2 9.7 16.3 19.4 19.4 28.5 11.7 10% Past performance is not a reliable guide to future performance. These performance results include ongoing charges and any performance fee taken from the Fund but do not include any entry charges that you might have to pay. The share class came into existence in 2001. Past performance has been calculated in GBP. 0% -10% -20.3 -20% -30% -13.4 Performances (%) 30% 20% 31.6 40% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 JOHCM CONTINENTAL EUROPEAN FUND - B GBP Practical information Depositary: RBC Investor Services Bank S.A., Dublin Branch J O Hambro Capital Management Umbrella Fund Plc (the “Company”) is structured as an umbrella fund with several sub-funds. The assets and liabilities of the Fund are segregated from other sub-funds within the umbrella, however, other jurisdictions may not necessarily recognise such segregation. The prospectus and periodic reports are prepared for the entire Company. This Key Investor Information document refers to one sub-fund of the Company. The following information is available free of charge at www.johcm.co.uk: • The prospectus, annual and semi-annual reports for the Company. Hard copies are available upon written request to the Investment Manager or the Administrator. • Information on other share classes of this fund or other sub-funds of the Company. • Share price. Further information is available from the administrator, RBC Investor Services Ireland Limited, George’s Quay House, 43 Townsend Street, Dublin 2, Ireland. Tax legislation in the Company’s home state (Ireland) may have an impact on your personal tax position. Consult your financial or professional adviser for more information on taxation. J O Hambro Capital Management Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Company. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The registered office of the Company is George’s Quay House, 43 Townsend Street, Dublin 2, Ireland This Key Investor Information is accurate as at 18 February 2014. Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Jupiter Strategic Bond Fund Income Units, ISIN: GB00B2RBBC80, (also representative of Accumulation Units, ISIN: GB00B2RBCS16). The Manager is Jupiter Unit Trust Managers Limited. Objectives and investment policy Risk and reward profile The objective of the Fund is to pay investors a high income and there is a possibility that the money invested in the Fund will increase. The Fund will invest in a variety of bonds, including those issued by governments and companies, which offer a ‘high yield’. These bonds tend to pay more income than other bonds but also pose a greater risk to money invested. The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator. Convertible Bonds are fixed interest securities which also give the holder the right to convert into ordinary shares of the company at a set price at a given date (or given range of dates) in the future. The value of Convertible Bonds are therefore affected by the ongoing profits of the company to a greater extent than straight forward fixed interest securities. Typically lower rewards, lower risk The Fund may also invest in derivatives - these allow the Fund Manager to track changes in the price of an asset, or ‘basket’ of assets, for example a corporate bond or an index, without actually owning it. Derivatives can be used with the aim of benefiting from the price of an investment falling. The Fund Manager can use derivatives to gain exposure to a number of different asset classes, including company shares, financial indices, commodities and currency exchange rates. The Fund Manager is able to make their own investment decisions, is not constrained by any geographical or sector limits and is not guided by any particular benchmark. If you select Accumulation Units any income payable by the Fund will be automatically reinvested and reflected in the price of the units. If you select Income Units any income payable by the Fund will be distributed to investors on a regular basis. Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day. 1 2 3 Typically higher rewards, higher risk 4 5 6 7 • The lowest category does not mean ‘no risk’. Some risk will still be present in funds with a risk and reward rating of 1. • The Fund is in this category as it invests in a wide range bonds issued by governments and companies, which carry a degree of risk. • Investments, along with the income they provide, are not guaranteed and can fall in value. You may get back less than you invest. • This Fund uses derivatives for investment purposes which may cause the Fund to fall in value by a large amount. • Bonds are very sensitive to interest rate changes and it is possible that bond issuers will not pay interest or return the capital promised. Bonds can also be 'downgraded' by ratings agencies. All of these events can reduce the value of bonds held by the Fund and therefore impact performance. • The exposure to share price movements in convertible bonds can lead to more volatility than could be expected from a comparable conventional corporate bond. • The Fund Manager can invest a significant portion of the Fund in high yield bonds (a type of bond which has a low or no rating from a credit rating agency) and non rated bonds. While such bonds may offer a higher income the interest paid on them and their capital value is at greater risk, particularly during periods of changing market conditions. The level of income will change and is not guaranteed to remain constant. • During difficult market conditions there may not be enough investors willing to buy and sell certain investments. This can have a large impact on the value of derivative contracts which in turn will impact the value of the Fund. • There is a risk that companies providing services such as safe keeping of assets or acting as counterparty to derivatives may become insolvent, which may cause losses to the Fund. • Due to entry charges, you are less likely to see growth, or get back the amount invested, in the first few years. • The value of your money will be eroded by inflation. • Changes to currency exchange rates may cause the value of the Fund to fall, sometimes by a large amount. Page 1 of 2. Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 4.00% Exit charge 0.00% • The ongoing charges figure is based on the last year’s expenses and may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). • The ongoing charges figure quoted in this document is based on fees and expenses for the year to 30/04/2013. • Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request. These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the Fund over a year Ongoing charges 1.49% Charges taken from the Fund under specific conditions Performance fee NONE Past performance • You should be aware that past performance is not a guide to future performance. • Fund launch date: 02/06/2008. • Share/unit class launch date: 02/06/2008. • Performance is calculated in GBP. • Performance is shown after the effect of ongoing charges but does not include any entry fees. • Performance is calculated on a bid to bid basis, with income reinvested net of basic rate tax. % 45 40 35 30 25 20 15 10 Fund 2013 2012 2011 2009 0 2010 5 2009 2010 2011 2012 42.5 11.2 4.5 16.1 2013 6.0 Source: FE 2014 Practical information • Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on 0844 620 7600. These documents are available in English and are free of charge. • Unit prices can be found by visiting the Jupiter website, www.jupiteronline.com. • The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company. • Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary. • Jupiter Unit Trust Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Scheme Particulars of the Fund. • Other unit classes are available. Further information is available from Jupiter on request. • The Fund is authorised and regulated by the Financial Conduct Authority in the UK. • Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK. 5753 This Key Investor Information is accurate as at 20/05/2014. BUF6 Page 2 of 2. KEY INVESTOR INFORMATION. This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. LEGAL & GENERAL US INDEX TRUST R CLASS ACCUMULATION ISIN: GB0001981215, DISTRIBUTION ISIN: GB0005141923 This fund is managed by Legal & General (Unit Trust Managers) Limited. OBJECTIVES AND INVESTMENT POLICY The objective of this fund is to provide growth by tracking the performance of the FTSE USA Index. The fund will invest almost entirely in company shares. The fund's investments will closely match those that make up the Index. The Index consists of a broad spread of US company shares. The fund may use derivatives (contracts which have a value linked to the price of another asset) for the following purposes: • To help with efficient day to day management. • To reduce some of the risks of the market. RISK AND REWARD PROFILE Lower risk Higher risk Potentially lower rewards 1 2 3 Potentially higher rewards 4 5 6 7 • This risk and reward indicator is based on historical data which may not be a reliable indication of the fund's risk and reward category in the future. • The category is based on the rate at which the value of the fund has moved up and down in the past. • This fund is in category 6 because it invests in company shares which generally provide higher rewards and higher risks than other investments such as bonds, cash or commercial property. • The fund's category is not guaranteed to remain the same and may change over time. • Even a fund in the lowest category is not a risk free investment. • The value of your investment and any income you take from it may fall as well as rise and is not guaranteed. You might get back less than you invested. If you hold accumulation units, income from investments held by the fund (dividends) will be reinvested into the value of your units. If you hold distribution units, income from investments held by the fund will be paid out to you (as a dividend). You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 3.00pm. This is the time we calculate unit prices for this fund. If you contact us after 3.00pm, the units will be bought or sold at the next working day's price. This fund may not be appropriate for investors who plan to withdraw their money within five years. This fund may be appropriate if you would like to build on an existing portfolio. The indicator opposite does not take account of the following risk of investing in the fund: • If you use your right to cancel your investment, you may not get a full refund if the value of your investment falls before we receive your instruction. CHARGES FOR THIS FUND The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential return from your investment. ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST Entry charge None The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds managed by us) you might pay less - you can find out the actual figures from us or your financial adviser. The ongoing charges figure is based on the latest available expenses at December 2013. This figure may vary from year to year. Ongoing charges exclude the costs associated with buying and selling the underlying investments of the fund. This fund’s charges include the charges made by any other funds it may invest in. For more information about charges, including any performance fee and how it is calculated, please see the charges and expenses and, where relevant, the performance fee section in the fund’s Prospectus. You can also find information about charges at legalandgeneral.com/chargesandfees Exit charge None This is the maximum that might be taken out of your money before it is invested. CHARGES TAKEN FROM THE FUND OVER A YEAR Ongoing charges 0.82% CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS Performance fee None PAST PERFORMANCE 29.9 30.4 30 18.1 18.9 (return %) 20 16.1 8.3 10 2.0 3.6 1.2 1.5 • The figures take into account all charges except any entry charge, and assume income (after tax) is reinvested. The performance has been calculated in Sterling (British pounds). 17.6 18.8 13.2 2.7 4.2 0.8 0 11.2 2.5 • The annual return is for a 12 month period ending 31 December. -10 -20 -15.6 -12.5 • The fund, and this R class, came into existence in 1992. -30 2004 2005 2006 2007 2008 • Past performance is not a guide to future performance. 2009 2010 2011 2012 2013 (year) Fund Index PRACTICAL INFORMATION TRUSTEE The trustee is National Westminster Bank Plc. FURTHER INFORMATION You can find further information about the fund in its Prospectus, latest annual and half-yearly reports and in the Additional Fund Information document. A Guide to Investing with Us gives further information about investing generally. These documents are available from: Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB. We will provide documents free of charge and in English. UNIT PRICES AND OTHER PRACTICAL INFORMATION You can get other practical information, including the latest buying and selling prices of units and details of any other unit classes that are available, by calling us on 0370 050 0955 Monday to Friday between 8.30am and 6.00pm. You can also find these prices at legalandgeneral.com/utprices and details of how we price units in A Guide to Investing with Us. TAX UK tax legislation may have an impact on your personal tax position. Legal & General (Unit Trust Managers) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the fund. This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 8 April 2014. OPTI_GBP_I_UK_K1_EN_UK 29/5/14 12:38 Page 1 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. M&G Optimal Income Fund Sterling Class I – Income shares ISIN no. GB00B1H05601 Sterling Class I – Accumulation shares ISIN no. GB00B1H05718 Managed by M&G Securities Limited, which is part of the Prudential Group • Any investment in international companies means that currency exchange rate fluctuations will have an impact on the Fund. Objective and investment policy Objective Income and growth. Investment policy At least 50% of investment will be in fixed income securities [investments which provide a certain level of income or interest] which are issued by companies. The Fund may also invest in, but is not limited to, the following: • other funds; • derivatives (which may be used for hedging purposes). • Derivatives – The Fund may use derivatives for the purposes of meeting the Fund’s objective, and protecting the capital value from risk. The Fund may also use derivatives to generate exposure to investments exceeding the net asset value of the Fund. This will expose the Fund to a higher degree of risk and may cause your investment to experience larger than average price fluctuations. The fund manager has invested or intends to invest more than 35% of the portfolio in securities issued by one or more of the governments of the UK and the USA. Such an investment is in the pursuit of the fund objective. The fund manager’s view is subject to change and as a result the list of governments above may also change, provided they are permitted in the Fund’s full Prospectus. • The Fund may take short positions through the use of derivatives which are not backed by equivalent physical assets. Short positions reflect an investment view that the price of the underlying asset is expected to fall in value. Accordingly, if this view is incorrect and the asset rises in value, the short position could involve greater risk due to the theoretical possibility of an unlimited rise in its value. [Derivatives are financial instruments whose value is linked to the expected future price movements of an underlying asset.] • Some derivative transactions may be entered into directly with an eligible person or institution (a “counterparty”). There is a risk that the counterparty may not meet its obligations or becomes insolvent which could cause the Fund to incur a loss. • company shares; • cash; You can buy and sell shares in the Fund on any business day. Provided we receive your instruction before 12 noon, shares will be bought at that day’s price. This Fund allows the fund manager to make discretionary choices when deciding which investments should be held in the Fund. If you hold income shares, any income from the Fund may be paid out to you. If you hold accumulation shares, any income from the Fund will be rolled up into the value of your investment. In addition to the charges set out in the charges section, the Fund will incur portfolio transaction costs which are paid from the assets of the Fund. These tend to be higher when investing outside Europe. Risk and reward profile Low risk High risk Typically lower rewards 1 140529123719 UK K1 OPTI GBP I EN UK 0002 0000 • There is a risk that one or more countries will exit the Euro and re-establish their own currencies. In light of this uncertainty or in the event that this does occur, there is an increased risk of asset prices fluctuating or losing value. It may also be difficult to buy and sell securities and issuers may be unable to repay the debt. In addition, there is a risk that disruption in Eurozone markets could give rise to difficulties in valuing the assets of the Fund. In the event that it is not possible to carry out an accurate valuation of the Fund, dealing may be temporarily suspended. 2 Typically higher rewards 3 4 5 6 7 • The above risk number is based on the rate at which the value of the Fund has moved up and down in the past. • This risk number is based on historical data and may not be a reliable indicator of the future risk profile of the Fund. • The risk number shown is not guaranteed and may change over time. • The lowest risk number does not mean risk free. The Fund has the above risk number because of the effect of the following risks: • The value of stockmarket investments, and the income from them, will fluctuate. This will cause the Fund price to fall as well as rise and you may not get back the original amount you invested. • Fixed income securities – Changes in the interest rate will affect the value of, and the interest earned from, the fixed income securities held by the Fund. When interest rates rise, the capital value of the Fund is likely to fall and vice versa. • The value of the Fund will fall if the issuer of a fixed income security held is unable to pay income payments or repay its debt (known as a default). A default, expected default or downgrading will make a fixed income security harder to sell as its value and income are likely to fall. Fixed income securities that pay a higher level of income usually have a lower credit rating because of the increased risk of default. The higher the rating the less likely it is that the issuer will default, but ratings are subject to change. • Liquidity – In difficult market conditions the value of certain fund investments may be less predictable than normal. In some cases this may make such investments harder to sell at the last quoted market price, or at a price considered to be fair. Such conditions could result in unpredictable changes in the value of your holding. • Emerging markets – The Fund can invest in emerging markets which tend to have larger price fluctuations than more developed countries. The Fund may encounter difficulties when buying and selling these investments or converting the proceeds of a sale or any income earned back into the base currency of the Fund. OPTI_GBP_I_UK_K1_EN_UK 29/5/14 12:38 Page 2 Charges Past performance The charges shown in the table are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. % 40.0 33.2 30.0 One-off charges taken before or after you invest 20.0 Entry charge 1.00% Exit charge 0.00% This is the maximum that might be taken out of your money before it is invested. 8.8 10.0 2.7 Ongoing charge 7.7 0.0 (4.0) (10.0) 2004 Charges taken from the Fund over a year 13.4 6.1 2005 2006 2007 2008 2009 2010 2011 2012 2013 Fund 0.91% • Past performance is not a guide to future performance. Charges taken from the Fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures and, in some cases, you may pay less. You can find out the specific charges which apply to your investment by contacting your financial adviser, distributor, or by contacting us using the details given in the practical information section. • The past performance calculation does not take into account the entry and exit charges but does take into account the ongoing charge, as shown in the Charges section. • The Fund launched on 8 December 2006. The Sterling Class I Accumulation share class and Sterling Class I Income share class launched on 8 December 2006. • Past performance is calculated using Sterling Class I Income shares. The ongoing charge is based on expenses for the year ending 30 September 2013. This figure may vary from year to year. It excludes performance fees and portfolio transaction costs (except in the case of an entry / exit charge paid by the Fund when buying and selling shares in another fund). For more information on charges, please refer to the relevant sections of the Prospectus which can be found by visiting www.mandg.co.uk/literature Practical information 140529123719 UK K1 OPTI GBP I EN UK 0002 0000 The depositary is National Westminster Bank plc. For further information about this Fund, please visit www.mandg.co.uk/literature where you can obtain a copy of the Prospectus, Instrument of Incorporation, and latest annual or interim Investment Report and Financial Statements in English, free of charge. Our website also provides other information not contained in the above documents such as share prices. This Fund is subject to UK tax laws, which may have an impact on your personal tax position. Please speak to an adviser for further information. M&G Securities Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. Other share classes may exist for the Fund as set out in the relevant Prospectus. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 6 June 2014. Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Old Mutual Global Strategic Bond Fund A (GBP) Income Shares (GB00B1XG7L17) A sub-fund of Old Mutual Investment Funds Series II. The Authorised Corporate Director that manages the Fund is Old Mutual Fund Managers Limited. Objectives and investment policy Risk and reward profile Objective: A total return comprised of income and capital growth by investing in bonds and similar debt investments issued by governments and other public entities located throughout the world. The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator. Policy: The Fund will invest in bonds and similar debt investments anywhere in the world. The Fund invests in bonds 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). The Fund base currency is sterling. The Fund may gain exposure to additional currencies in order to generate additional returns though changes in the exchange rates. The Fund may also use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund. The Fund may hold a “negative” duration position (aiming to benefits from interest rates rising) through the use of derivatives. Treatment of income: income from investments will be paid to shareholders in the form of a dividend (income). Dealing: you can buy and sell shares on any working day in London. Typically lower rewards, lower risk 1 2 3 Typically higher rewards, higher risk 4 5 6 7 Funds in category 4 have in the past shown moderate volatility. With a fund of category 4, you have a moderate risk of losing money but your chance for gains is also moderate. The category shown is not a target or guarantee and may shift over time. Even the lowest category 1 does not mean a risk-free investment. The seven-category scale is nonlinear, for example, 2 is not twice as risky as 1. Investment risk - There is no guarantee that the Fund will achieve its objective. Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Credit risk - the issuer of a Bond or a similar investment within the Fund may not pay income or repay capital to the Fund when due. Bonds which are rated below investment grade are considered to have a higher risk exposure with respect to meeting their payment obligations. For full investment objectives and policy details please refer to the "Investment Objective and Policy" section of Appendix I to the prospectus. Interest rate risk - investments in bonds are affected by interest rates and inflation trends which may affect the value of the Fund. Liquidity risk – Some investments may become hard to value or sell at a desired time and price. In extreme circumstances this may affect the Fund’s ability to meet redemption requests upon demand. Currency risk - the Fund is denominated in British Pounds but holds assets denominated in other currencies. The value of your shares may rise and fall as a result of exchange rate movements between these currencies. Derivative risk - Fund may use derivatives to generate returns as well as to reduce costs and/or the overall risk of the Fund. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment. Derivatives also involve counterparty risk where the institutions acting as counterparty to derivatives may not meet its contractual obligations. Capital erosion risk - The Fund takes its charges from the income of the Fund in the first instance. The impact of Fund charges may be material on the value of any income you receive from your investment. There is potential for capital erosion if insufficient income is generated by the Fund to cover these charges. For a more detailed explanation of risks, please refer to the "Risks" section of the prospectus. Page 1 of 2. Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 3.50% Exit charge 0.00% The ongoing charges figure is based on the last year’s expenses and may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). The ongoing charges figure has been calculated as at 31 December 2013. For more information about charges please refer to the "Fees and Expenses" section of the prospectus. These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the Fund over a year Ongoing charges 1.14% Charges taken from the Fund under specific conditions Performance fee NONE Past performance You should be aware that past performance is not a guide to future performance. Fund launch date: 26/11/1991. Share/unit class launch date: 26/11/1991. Performance is calculated in GBP. All charges and fees, except any entry charge, have been included within the performance. % 25 20 15 10 5 2013 2012 2011 2010 2009 2008 2007 2006 2005 -5 2004 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Fund 3.0 4.4 -5.0 5.9 23.7 14.1 10.7 3.2 5.2 -1.6 Source: FE 2014 Practical information The Depositary is National Westminster Bank Plc. Old Mutual Global Strategic Bond Fund is a sub-fund of Old Mutual Investment Funds Series II. The assets and liabilities of each Fund are segregated from other sub-funds although it is not yet known whether a foreign court would give effect to segregated liability under a foreign law contract and so this is not certain in every circumstance. Further information about the UCITS, copies of its prospectus, annual and half-yearly reports may be obtained, for the entire UCITS, free of charge in English from the Investor Services Team at Old Mutual Fund Managers Limited, FREEPOST RRYH-XTSY-HEZH, PO Box 10278, Chelmsford, CM99 2AR or visit www.omglobalinvestors.com. The latest share prices are available from the Investor Services Team during normal business hours and will be published daily at www. omglobalinvestors.com. You may switch your shares to the shares of another sub-fund. For further details, and any associated charges see the "Purchase, Redemption and Switching" section of the prospectus. This Fund is subject to tax laws and regulations of the United Kingdom. Depending on your home country of residence, this might have an impact on your personal tax position. For further details, please speak to your adviser. Old Mutual Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Old Mutual Fund Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 06/02/2014. A3G8 Page 2 of 2. Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Standard Life Investments UK Equity Income Unconstrained Fund, a Sterling denominated sub fund of the Standard Life Investment Company II, Platform 1 Accumulation Shares (ISIN:GB00B79X9673). This fund is managed by Standard Life Investments (Mutual Funds) Limited. Objectives and Investment Policy The fund aims to provide income and some capital growth over the longer term by investing in UK equities. The fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. The fund typically holds a concentrated portfolio of stocks and may also hold a proportion in bonds to supplement the income of the fund. The fund is actively managed by our investment team, who will select stocks, without reference to index weight or size, to try to take advantage of opportunities they have identified. Due to the unconstrained nature of the fund investors must be willing to accept a relatively high degree of stock specific risk. Any income, for example dividend income, received by the fund will be reinvested. Investors in the fund may buy and sell shares on any normal business day. Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Risk and Reward Profile Lower risk Higher risk Typically lower rewards 1 2 Typically higher rewards 3 4 5 6 7 This indicator reflects the volatility of the fund's share price over the last five years which in turn reflects the volatility of the underlying assets in which the fund invests. Historical data may not be a reliable indication for the future. Where the share class does not have a history of five years, an alternative share class or a representative benchmark has been used to show how the fund price may have behaved over the period. The current rating is not guaranteed and may change if the volatility of the assets in which the fund invests changes. The lowest rating does not mean risk free. The fund is rated as {6} because of the extent to which the following risk factors apply: (a) The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments. (b) The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities. (c) The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time. (d) A concentrated portfolio may be more volatile than a more broadly diversified one. (e) The fund's investments are concentrated in the UK. This may result in greater volatility than portfolios which are more geographically diversified. (f) Investing in derivatives carries the risk of substantial loss and / or increased volatility in adverse market conditions. All investment involves risk. This fund offers no guarantee against loss or that the fund's objective will be attained. Past performance is not a guide to future returns and future returns are not guaranteed. The price of shares and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. Inflation reduces the buying power of your investment and income. The value of assets held in the fund may rise and fall as a result of exchange rate fluctuations. The fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations to the fund. In extreme market conditions some securities may become hard to value or sell at a desired price. The fund could lose money as the result of a failure or delay in operational processes. Charges The charges you pay are used to pay the costs of running the fund including marketing and distributing it. These charges reduce the potential growth of your investment. One off charges taken before or after you invest Entry charge: Exit charge: 0.00% 0.00% This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. Charges taken from the fund over a year Ongoing charges: 1.15% The entry and exit charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser. The ongoing charges figure reflects the amount based on expenses for the year ending 31/10/2013. This figure may vary from year to year. It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling in another collective investment undertaking. A switching charge may be applied in accordance with the Prospectus. For more information about charges please see Prospectus. For more information about charges, please see the Prospectus which is available at www.standardlifeinvestments.com. Charges taken from the fund under certain specific conditions Performance Fees: None Past Performance Standard Life Investments UK Equity Income Unconstrained Fund, Platform 1 Accumulation Shares, 31 December 2013 Performance has been calculated over the stated period based on the share price of this share class. % Returns 40 Past performance is not a guide to future performance 38.4 The fund was launched in 2007. The share class was launched in 2012. 35 The performance of the share class is calculated in Sterling. 30 25 20 15 10 5 0 -5 2009 2010 2011 Year 2012 2013 Source: Standard Life Investments Practical Information Name of Depositary: Citibank International plc, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Standard Life Investment Company II is an umbrella structure comprising a number of different sub funds, one of which is this fund. Further information about Standard Life Investment Company II (Prospectus, report & accounts) can be found at www.standardlifeinvestments.com, where documents may be obtained free of charge. This document is specific to the fund and share class stated at the beginning of this document. However, the Prospectus, annual and halfyearly reports are prepared for the entire umbrella. Other practical information (e.g. where to find latest share prices) can be found in documents held at www.standardlifeinvestments.com. Prospective investors should consult their own professional advisers on the potential tax consequences of acquiring, holding or selling shares. Standard Life Investments (Mutual Funds) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Standard Life Investment Company II. The assets of a sub fund within the umbrella belong exclusively to that sub fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body including Standard Life Investment Company II and any other sub fund. Any liability incurred on behalf of or attributable to any sub fund shall be discharged solely out of the assets of that sub fund. Investors may switch their shares in the fund for shares in another sub fund within Standard Life Investment Company II. For further information please refer to the prospectus (section on 'Switching') which can be found at www.standardlifeinvestments.com. Other share classes are available in the fund and further information about these can be found in the Standard Life Investment Company II Prospectus. The Standard Life Investment Company II and Standard Life Investments (Mutual Funds) Limited are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate at 7/3/2014 Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street Edinburgh EH2 2LL and is authorised and regulated by the Financial Conduct Authority. KIID_UQ_32_Acc_N_GBP_GB_EN_07032014 Document info Form 43710 Job ID 41695 Size A4 Pages 12 Colour CMYK Version NOVEMBER 2013 Operator info 1 ALI 28/06/13 2 ALI 21/10/13 3 ALI 05/12/13 4 ALI 09/12/13 5 6 7 8 9 10 11 SWIP / KEY FEATURES 12 (INCORPORATING THE SIMPLIFIED PROSPECTUS) 15 OF THE SCOTTISH WIDOWS INVESTMENT PARTNERSHIP PROPERTY TRUST November 2013 The Financial Conduct Authority is the independent financial services regulator. It requires us, SWIP Fund Management Limited, as the manager of the Scottish Widows Investment Partnership Property Trust, to give you this important information to help you to decide whether our product is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. 13 14 KEY FEATURES, INCORPORATING A SIMPLIFIED PROSPECTUS OF THE SCOTTISH WIDOWS INVESTMENT PARTNERSHIP PROPERTY TRUST (SWIP PROPERTY TRUST) CONT Aims, Investme Your Questions These Key Features give you important information about our Property Trust. These Key Features also incorporate Simplified Prospectus requirements. The Simplified Prospectus has been created as a result of European legislation to help people make an informed choice between funds offered by different companies. It does this by allowing comparison of the total expense ratio (TER), the past performance of individual funds and the portfolio turnover rate (PTR). The Simplified Prospectus does not replace the full Prospectuses which contain full terms and conditions. This is available on request free of charge. The information in these Key Features is correct as at November 2013. For details of other funds we have available please speak to your financial adviser. Fund Details Other Informat CONTENTS Aims, Investment and Risks 2 Your Questions Answered 3 Fund Details 6 Other Information 8 SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 1 AIMS, INVESTMENTS AND RISKS Its aims Risks The Trust aims to provide investors with a combination of income and growth of capital consistent with a balanced commercial property portfolio. What are the risks of investing in this fund? Your investment In respect of Class A Share class you must invest a lump sum premium of at least £5,000. The minimum additional investment is £1,000. For further share classes see Prospectus. You should consider the Trust as a medium to long-term investment, and you should aim to keep your investment for at least five years. The SWIP Property Trust is an authorised unit trust scheme established under COLL (the new Collective Investment Scheme Source Book) and is authorised and regulated by the Financial Conduct Authority (FCA). The Trust was established on 22 October 2004 and was authorised on 24 October 2004. The Trust is priced on a single pricing model (meaning subject to an SDRT provision or initial charge) there is one price at which you will buy and sell units on any given day. The manager operates on a “swinging single price” basis. For more details see section on “Dilution Adjustment”. You have a choice of two classes of unit. These are: income units – these pay you the income they earn, rather than reinvesting it. accumulation units – these reinvest any income earned by the Trust within the Trust. 2 There are some general risks of investing in funds like the SWIP Property Trust, and also some specific risks you should be aware of. These include: The Trust invests in physical property and may experience difficulties or delays in selling these assets. As a result, very occasionally there may be constraints on cashing in units. Commercial property is a less liquid asset than other asset classes such as bond or equities and values could be affected if properties need to be sold in a short timescale. It is a specialist sector which could be volatile in adverse market conditions. Property valuation is a matter of judgement by an independent valuer. Valuation is therefore generally a matter of a valuer’s opinion rather than fact. The value of capital and income will fluctuate as property values and rental income rise and fall. If the value of the Trust falls significantly, it may not be possible to maintain the same diversification of risk, as there may be fewer properties held. The value of investments and the income you receive may fall and you may get back less than you put in. Inflation will reduce the value of any investment gains. If your investment grows by less than the rate of inflation it will have less buying power in the future. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 QUES Governments can change the tax rules relating to individuals and funds. Derivatives transactions will be used for the purposes of efficient portfolio management, hedging and to meet the investment objectives of the Fund. Derivatives may be exchange traded or Over the Counter (OTC) derivatives. The Trust may invest in overseas property. Changes in exchange rates between currencies may result in the value of the investments and / or the income from them fluctuating. If you use your right to cancel your investment in the first 30 days, and the value of your investment has fallen when we receive your notice of cancellation, you may not get back the full amount of your original investment. Details of all the risks referred to above may be found in the full Prospects. What is a A unit trust is a scheme where with that of oth investments. The Trust is div known as units in the Trust by price of a unit is the underlying i Who is th The Manager o Trust is SWIP F Limited. How do I Trust? You can buy u contacting o 0800 33 66 returning a c form to eithe Fund Manag Mellon Hous Brentwood, The minimum in Class A units o and the minimu is £1,000. Furth classes availab Prospectus. You can buy u between 8:30a (UK time). Units price calculated point (12 noon receive your ins We will send yo detailing the nu and the price. F settlement and units will be rec register. You w and your entry conclusive evid QUESTIONS AND ANSWERS ge the tax als and funds. s will be used cient portfolio and to meet es of the be exchange nter (OTC) overseas xchange rates ay result in the s and / or the uating. ncel your days, and the has fallen tice of get back the al investment. rred to above Prospects. What is a Unit Trust? A unit trust is a collective investment scheme where your money is pooled with that of other investors to buy investments. The Trust is divided into segments known as units. Investors take a stake in the Trust by buying these units. The price of a unit is based on the value of the underlying investments of the Trust. Who is the Manager? The Manager of the SWIP Property Trust is SWIP Fund Management Limited. How do I invest in the Trust? How can I sell my holdings? You can sell your units by contacting our dealers on 0800 33 66 00 or in writing. The selling price of the units will be the price calculated at the next valuation point (12 noon UK time) after we receive your instructions. Minimum holding limits as detailed in the Prospectus may apply. We will send a contract note to you once the price has been calculated, and we will send you the proceeds within four business days after the day we receive your written instructions. In the case of telephone instructions settlement will be made on the receipt of a completed form of renunciation which is issued with the contract note. You will not incur a charge to you when redeeming the units. You can buy units in the Trust by: contacting our dealers on 0800 33 66 00; returning a completed application form to either your adviser or to SWIP Fund Management Limited, BNY Mellon House, Ingrave Road, Brentwood, Essex, CM15 8TG. The minimum initial investment into the Class A units of the Trust is £5,000 and the minimum additional investment is £1,000. Further details of other unit classes available can be found in the Prospectus. You can buy units on any business day between 8:30am and 5:30pm (UK time). Units are purchased at the price calculated at the next valuation point (12 noon UK time) after we receive your instructions. We will send you a contract note detailing the number of units purchased and the price. Following receipt of settlement and full registration details, the units will be recorded on the unit holder register. You will not receive a certificate and your entry on the register is conclusive evidence of title to your units. Conversion of units It is possible for a unitholder to switch all or some of their units held in the Trust for units in a different class, subject to certain restrictions. Full details can be found in the Prospectus. A conversion of units in one Class for units in another Class in relation to the same Trust will not normally be treated as a realisation for UK tax purposes. What is the value of my investment based on? Your investment buys units in the SWIP Property Trust. The value of each unit is equal to the underlying net asset value of the Trust’s investments divided by the number of units in issue. The SWIP Property Trust is priced on single pricing model. Under a single pricing model only one price is calculated each day and, subject to any SDRT and initial charge, investors buy and sell units at the same ‘single’ price. The single price of the units on any given day is based, generally, on the mid-market valuation of the underlying assets held by the Fund and is calculated in accordance with the provisions of the trust deed (as amended) and the Prospectus. Dilution adjustment The inherent costs of buying and selling property assets are substantial. The costs of buying a property include stamp duty up to 5% and legal and valuation fees. The costs of selling a property include legal and marketing costs. Therefore, the actual costs of purchasing or selling investments may be higher or lower than the mid-market price of the fund and may adversely affect existing investors. This is called “dilution”. The Fund Manager may offset the effects of dilution by making an adjustment to the share price, called a dilution adjustment, to take account of the dealing costs so that existing and continuing investors are not adversely affected by the effects of dilution. The Fund manager will use its discretion to apply dilution adjustment to either increase or decrease the share price when it is of the view that it is appropriate to do so in the interests of continuing investors. Further details see swip.com and the Prospectus. The Trust’s assets are valued at 12 noon (UK time) on each business day. We also have the right to carry out additional valuations, in accordance with the FCA rules. Full details can be found in the Prospectus. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 3 What is Efficient Portfolio Management? Efficient Portfolio Management (EPM) is a term used to describe derivative use within the Trust. Under EPM, the reason for using the derivative is usually one of the following: reducing risk; reducing cost; or generating additional capital or income for the fund with an acceptably low level of risk. EPM strategies are not usually speculative in nature. The Prospectus outlines in more detail the extent derivatives may be used. Where can I find the latest prices? You can find unit prices: on the SWIP website www.swip.com. by calling 0800 33 66 00. You will be sent half-yearly statements as at 31 January and 31 July each year giving details of your investment and any transactions during the period. You will also receive a report on the activity of the Trust every 6 months. The annual report will be published within 4 months after the end of the annual accounting period (31 January). Half yearly reports will be published within two months after the end of the half yearly accounting period (31 July). Will I receive an income? You can choose either income units or accumulation units. If you invest in accumulation units, you will not receive an income payment from your investment. Any income generated by the Trust will be reflected in an increase in the value of the units. If you choose income units, payment of the income earned by the Trust will be paid to you. Payment of income will normally be made by direct credit to your bank or building society account, but may be made by cheque. 4 What about tax? The tax regime applicable is that of the United Kingdom. This regime applies to the taxation of both income and capital gains within the Trust. The Trust is not subject to any UK taxation on any capital gains made on the sale of investments held in the Trust and pays income tax at a special rate. The Trust may be liable to Stamp Duty Reserve Tax (SDRT), chargeable at a rate of 0.5%, on the surrender of units, and on certain transfers of units, it is usually paid for out of the scheme property of the Trust. Tax rules can change, and your own taxation treatment can be affected by changes to your individual circumstances. The following information is only a guide for individuals. We are unable to give specific tax advice and if you are uncertain of your tax position, you should get professional advice. This information reflects our interpretation of the law and HM Revenue & Customs practice at the time of publication. The amount of taxation of benefits we describe assumes that there is no change in tax or laws that affect SWIP or its investments. For funds that make interest distributions, we deduct income tax at 20% before we pay the income, or keep the income, of the fund. (If you are not a taxpayer, you may be able to reclaim some or all of this tax.) For funds that don’t make interest distributions, dividend distributions are made net of a 10% tax credit. This credit can’t be reclaimed. If you’re a basic rate taxpayer, regardless of the funds you invest in this Trust, you have no further tax to pay. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 If you’re a higher-rate taxpayer, you have a further tax liability. The extra tax is currently no more than 25% of the income paid out of or kept in the fund. Annual manage If you’re an additional rate taxpayer, you have a further tax liability. The extra tax is currently no more than 36.1% of the income paid out of kept in the fund. These include We send investors a tax voucher showing the amount of the distribution and the tax. You must declare any dividend distributions to HM Revenue & Customs. When you cash in some or all of your shares, you may have to pay Capital Gains Tax on any gain you make. This depends on whether the gain, together with any other gains you have made in the tax year, comes to more than the personal annual exemption limit. We have no responsibility for deducting Capital Gains Tax before we pay out any investments you cash in. When you die, the value of your investment forms part of your estate for inheritance tax purposes. The money will remain invested until we receive instructions from your legal representatives. Your Trust investments must be declared to HM Revenue & Customs. What are the charges and expenses? Transaction charges Initial charge This is a percentage of your initial investment. Income, when reinvested, is not subject to an initial charge. Annual operating expenses These represent the amount paid out of the Trust each year. A charge for managemen Additional expe fees for lega or other advi registration c brokers’ com interest on b Can the m the initial managem We are permitt and annual ma the maximum s If we do this, w any changes to the FCA rules. Scottish Widow Property Trust request from th Client mo In exceptional c it is not possib allocated to yo your investmen it is not possib you for any red be transferred account pendin transaction. Th accordance wit rules. By segre client bank acc capital, this has investors shou during this pen will be paid on client money b xpayer, you y. The extra than 25% of or kept in the ate taxpayer, ability. y no more me paid out of voucher e distribution clare any HM Revenue or all of your pay Capital u make. the gain, ains you have mes to more exemption sibility for Tax before we you cash in. of your your estate for The money we receive al st investments Revenue arges our initial n reinvested, charge. nses unt paid out Annual management charge A charge for the day-to-day management of the fund. Additional expenses These include costs such as: fees for legal, accountancy or other advice; In the event that there has been no contact from you for 6 years, despite our reasonable attempts to contact you, any money held for you in a client money account will cease to be treated as client money. Should you subsequently contact us and make a valid claim, we will reimburse the money to you. No interest will be due on this money. registration costs; brokers’ commissions; interest on borrowings. Can the manager vary the initial and annual management charges? We are permitted to increase the initial and annual management charges up to the maximum set out in the Prospectus. If we do this, we will give you notice of any changes to our charges in line with the FCA rules. The Prospectus for the Scottish Widows Investment Partnership Property Trust is available free on request from the Manager. Client money In exceptional circumstances, where it is not possible for units to be allocated to you following receipt of your investment instruction, or where it is not possible to send money to you for any redemptions, money will be transferred to a client money bank account pending completion of the transaction. This money will be held in accordance with the FCA’s client money rules. By segregating the money in the client bank accounts from our own capital, this has the effect of protecting investors should we become insolvent during this pending period. No interest will be paid on money held in these client money bank accounts. How will the charges and expenses affect the return on my investment? The total charges deducted for each fund will reduce what you get back from your investment. You could get back less than you invested if the investment performance is less than the charges. Can I cancel my investment? If you received financial advice, you will normally receive a cancellation notice when the deal is placed. This gives you the right to cancel your original investment at any time during the first 30 days after you receive it. If you decide to change your mind, we will refund your money. You may receive back less that your original investment if the value of units has fallen when we receive your cancellation notice. If you are entitled to cancellation rights, you may exercise this right by completing the cancellation form sent to you and returning it by post to SWIP Fund Management Limited, BNY Mellon House, Ingrave Road, Brentwood, Essex CM15 8TG. If you don’t cancel your investment it will continue. Where can I get further information about the trust? You should contact Scottish Widows Investment Partnership Limited, Edinburgh One, Morrison Street, Edinburgh, EH3 8BE for additional information about the Trust. To request a copy of the Prospectus or half yearly reports you can contact us on 0800 33 66 00 or look on our website www.swip.com. If you received advice from a financial adviser, they will also be able to provide you with additional information. How much will any advice cost? If you have an independent financial adviser they will give you details about the cost of their advice. Unless they advise you under a fee-based system, the amount will depend on the size of your investment and will be paid by Scottish Widows Investment Partnership out of the charges detailed previously. Initial commission is normally paid following settlement of the contract. Information concerning commission is also available from us on request and will be included in the information sent to you after you have made your investment. Commission sharing arrangements SWIP has entered into commission sharing arrangements with certain third party brokers, where a broker remunerated out of the assets of the scheme has agreed to split its remuneration with a third party which results in the third party meeting expenses through this commission sharing arrangement that should normally be met out of the assets of the Trust. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 5 SWIP PROPERTY TRUST Aims The Trust will generally invest directly in UK commercial property. The Trust may also invest directly or indirectly in any UK property, US and continental European commercial property. The Manager may, at its discretion, also invest directly or indirectly in other asset classes (unrestricted by geographical location). Indirect exposure to property may be obtained through any or all of the following property related assets: transferable securities (including closed-ended funds and /or warrants), collective investment schemes (including unregulated schemes) and derivatives (including futures, options, swaps, forward contracts and other derivatives) and other vehicles which invest in such assets. Cumulative annualised historic performance of the SWIP Property Trust from launch 17 November 2004 to 31 December 2012 Fund Return* 1 Year -2.05% 3 Years 3.06% 5 Years -2.10% Since launch 1.21% A Accumulation share price movement in GBP at valuation point; Revenue (net of tax) reinvested and net of expenses; Source: Lipper. Historic calendar year performance of the SWIP Property Trust Performance The figures in the chart are revenue (net of tax) reinvested and net of expenses and do not take into account the initial charge an investor would have paid. Past performance is not a guide to future performance. The Trust is less than 10 years old. Accordingly, performance information for this trust has been given since launch. 6 Please note that dealing costs for buying and selling investments are reflected in the unit price so you are not charged for them as part of your annual management charge. Accounting Dates: 31 December (final), 31 March, 30 June and 30 September (interim) Income Distribution Dates: 28 February (final), 31 May, 31 August and 30 November (interim) Your investment* Initial Charge TER Percentage Change in Unit Price 20 Portfolio Turnover Rate 5.0% 1.46% 21.25% Net incom (class A u At the Investmen end of to date the year 1 £1,000 3 £1,000 5 £1,000 10 £1,000 Assumptions: i annual charges 1.46%. The las that over 10 ye total charges a amount to £27 this would have bringing investm 5.25% a year d 15 Income and accumulation units are available. If you select accumulation units, income earned by the Trust is retained by, and reflected in the value of, the Trust. If you select income units, your units may provide an income. If you take an income it will be paid directly to you and won’t be added to the value of your investment. 10 The Trust may also invest in the following assets: money market instruments, cash, near cash, deposits, other derivatives, other collective investment schemes (including unregulated schemes), and government securities (including but not limited to UK government bonds, other sterling denominated government bonds, overseas bonds, and supranational bonds). Fund details* 5 0 -5 -10 -15 -20 2005 2006 2007 2008 2009 2010 2011 2012 Annual Management Charge Share Initial Annual Minimum Minimum Class Charge Management Initial Additional Charge Investment Investment A 5.0% 1.35% £5,000 £1,000 B 0% 0.75% £1,000 £1,000 D 0% 0.67% SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 £150,000,000 £10,000 Units have the same buying and selling price, which is calculated on a daily basis. How will charges and expenses affect my investment? The following figures illustrate the effect of charges and expenses on an investment of £1,000 over period of 1, 3, 5 and 10 years. The amount you get back is not guaranteed and will depend on how your investment grows and on the tax treatment of your investment. The figures are for illustration purposes only. We have assumed a growth rate of 5.25% a year. This is a standard growth rate used by Managers for comparison. However, charges may vary. Net incom (class A u At end of year Investm to da 1 £1,00 3 £1,00 5 £1,00 10 £1,00 Assumptions: i annual charges 1.46%. The las that over 10 ye total charges a amount to £29 this would have bringing investm 5.25% a year d *The figures sh A units only. Sh information on contact us on costs for ments are so you are not of your annual March, 30 June m) tes: y, mber (interim) * 5.0% 1.46% 21.25% n units are cumulation he Trust is in the value income units, n income. will be paid be added to ent. ng and culated on s and my rate the effect on an r period of amount you ed and will stment grows of your re for wth rate of andard growth r comparison. ry. Net income distributed (class A units)* At the Investment Effect of Income What you end of to date deductions to date might to date get back the year 1 £1,000 £66 £27 £957 3 £1,000 £103 £82 £973 5 £1,000 £145 £138 £988 10 £1,000 £272 £283 £1,020 Assumptions: initial charge 5.0% and annual charges and expenses of 1.46%. The last line of the table shows that over 10 years, the effect of the total charges and expenses could amount to £272. Putting it another way, this would have the same effect as bringing investment growth from 5.25% a year down to 3.1% a year. Net income accumulated (class A units)* At end of year Investment to date Effect of deductions to date What you might get back 1 £1,000 £67 £985 3 £1,000 £105 £1,060 5 £1,000 £151 £1,140 10 £1,000 £298 £1,360 Assumptions: initial charge 5.0% and annual charges and expenses of 1.46%. The last line of the table shows that over 10 years, the effect of the total charges and expenses could amount to £298. Putting it another way, this would have the same effect as bringing investment growth from 5.25% a year down to 3.2% a year. *The figures shown apply to class A units only. Should you require information on the other unit classes, contact us on 0800 33 66 00. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 7 OTHER INFORMATION How to complain If you need to complain, firstly contact us at SWIP Fund Management Limited, BNY Mellon House, Ingrave Road, Brentwood, Essex, CM15 8TG Tel: 0800 33 66 00 We will provide you with a copy of our complaints handling pack and we will investigate your complaint and provide you with a substantive response. If you are not satisfied with the response, you have the right to refer your complaint to; The Financial Ombudsman Service South Quay Plaza, 183 Marsh Wall, London, E14 9SR Tel: 0800 023 4567 E-mail: [email protected] Website: www.financial-ombudsman.org.uk Complaining to the Ombudsman will not affect your legal rights. Conflicts of interest SWIP has established and implemented a Conflicts Policy (which may be revised and updated from time to time) pursuant to FCA regulations, which sets out how we must seek to identify and manage all material conflicts of interest. Such conflicts of interest can occur in our day to day business activities, for example, where one of our clients could make a gain at the direct expense of another client, or we might be faced with an opportunity to make a gain but this would be to the direct disadvantage of one or more of our clients. Depending on the exact nature of the conflict of interest involved, we may take certain actions in accordance with the Conflicts Policy to mitigate the potential impact of the conflict. 8 Such actions may include putting in place controls between the opposing sides of the conflict, which may control or prevent the exchange of information, and/or involve the appropriate management of staff activities and segregation of duties. Where such controls would be insufficient to eliminate the potential material risk of damage to clients from specific conflicts, then we will disclose the general nature and/or source of those conflicts of interest to you prior to us undertaking the relevant business. If you wish to have further information on the Conflicts Policy, or on any specific conflict of interest that you think might affect you, please contact us. Money laundering regulations Under these regulations, there is a requirement to prove the identity of people who wish to take out an investment contract. We will require to carry out any searches or you may be asked to supply documents as evidence of you identity and your address. Normally such checks do not result in a delay in dealing. However, we may need to request additional documentation to complete your transactions. Language We will communicate with you in English for the duration of your investment. Terms and conditions These Key Features give a summary of the Scottish Widows Investment Partnership Property Trust. They do not include all definitions, exclusions and terms and conditions. Further details of the benefits, charges and conditions are given in the Prospectus, which is available free of charge from Scottish Widows Investment Partnership Limited, Edinburgh One, Morrison Street, Edinburgh, EH3 8BE. Law For legal purposes, the law of England and Wales will apply to dealings in the units of the SWIP Property Trust. This information represents SWIP Fund Management Limited’s interpretation of the law and HM Revenue & Customs practice as at the date of publication. The contract terms, and the taxation information provided, assume there is no change in tax or other laws affecting SWIP Fund Management Limited, the Trust, or its investors. SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 Compensation If you make a valid claim against us and we are unable to meet our liabilities with you, you may be entitled to compensation under the Financial Services Compensation Scheme (FSCS) established under the Financial Services and Markets Act 2000. The maximum level of compensation you can receive for investment business is £50,000. Further details are available from us or from the FSCS helpline on 0800 678 1100 or on their website at www.fscs.org.uk Parties Manager SWIP Fund Ma 33 Old Broad S Trustee National Westm 135 Bishopgat Investment A Scottish Widow Partnership Lim Morrison Stree Auditor Pricewaterhous House, 68–73 Edinburgh, EH Registrar The Bank of N (International) L House, Ingrave Essex, CM15 8 Standing Inde CB Richard Ell Court, 10 Pate EC4M 7HP g there is e identity of out an will require to you may be nts as nd your hecks do not g. However, additional ete you in English vestment. against us and ur liabilities with to Financial Scheme the Financial 2000. mpensation ment business s are available S helpline on ir website at Parties Manager SWIP Fund Management Limited, 33 Old Broad Street, London, EC2N 1HZ Trustee National Westminster Bank PLC, 135 Bishopgate, London, EC2M 3UR Investment Adviser and Promoter Scottish Widows Investment Partnership Limited, Edinburgh One, Morrison Street, Edinburgh, EH3 8BE Auditor PricewaterhouseCoopers LLP, Erskine House, 68–73 Queen Street, Edinburgh, EH2 4NH Registrar The Bank of New York Mellon (International) Limited, BNY Mellon House, Ingrave Road, Brentwood, Essex, CM15 8TG Solicitors Dundas & Wilson, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN FCA Financial Conduct Authority (FCA), 25 North Colonnade, Canary Wharf, London E14 5HS. How to contact us If you have any questions at any time please contact us by: Telephone: 0800 33 66 00 (Monday to Friday 8:30am and 5:30pm UK time). We may record and monitor calls to help us improve our service. Address: SWIP Fund Management Limited, BNY Mellon House, Ingrave Road, Brentwood, Essex, CM15 8TG. Standing Independent Valuer CB Richard Ellis Limited, St Martin’s Court, 10 Paternoster Row, London, EC4M 7HP SWIP PROPERTY TRUST KEY FEATURES NOVEMBER 2013 9 Scottish Widows Investment Partnership Limited. Registered Office: 33 Old Broad Street, London EC2N 1HZ. Registered in England and Wales, number 794936. Telephone: +44 (0)131 655 8500. Authorised and regulated by the Financial Conduct Authority and entered on their register under number 193707 (www.fca.org.uk). Telephone calls may be monitored or recorded. 43710 11/13 FP5678 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Templeton Global Total Return Bond Fund Class W(acc) • ISIN GB00BBM4VB49 • A sub-fund of Franklin Templeton Funds The management company is Franklin Templeton Fund Management Limited Objectives and Investment Policy Templeton Global Total Return Bond Fund (the “Fund”) aims to maximise total investment return by achieving an increase in the value of its investments, earning income and realising currency gains over the long term. team uses in-depth research about various factors that may affect bond prices and currency values. The Fund invests mainly in: For the accumulation share class shown in this document, dividend income is reinvested in the Fund. · debt securities of any quality (including lower quality) issued by governments, government-related or corporate entities located in any country (including securities in default) For further information on the Objectives and Investment Policy of the Fund, please refer to the “Investment Objectives and Policies of the Funds” section of the current prospectus of Franklin Templeton Funds. Terms to Understand The Fund can invest to a lesser extent in: Debt securities: Securities representing the issuer’s obligation to repay a loan at a specified date and to pay interest. · mortgage- and asset-backed securities · debt securities of supranational entities, such as the European Investment Bank · derivatives for hedging and investment purposes that are used as an active investment management instrument to gain exposure to markets The flexible and opportunistic nature of the strategy allows the investment team to take advantage of different market environments. By using in-depth economic, country and security research, including detailed risk analysis, Franklin Templeton’s large team of fixed income specialists looks to take advantage of these differences by identifying and investing in the strongest sources of income, capital growth and currency gain from fixed income anywhere around the world. In making investment decisions, the investment You may request the sale of your shares on any UK business day. Derivatives: Financial instruments whose characteristics and value depend on the performance of one or more underlying assets, typically securities, indexes, currencies or interest rates. Hedging: A strategy for totally or partially offsetting particular risks such as those arising from fluctuations in share prices, currencies or interest rates. Mortgage-backed securities: Securities whose value and income payments are derived from the ownership of a pool of underlying mortgage debts. Asset-backed securities: Debt securities whose value and income payments are derived from a pool of underlying assets. Securities in default: Debt securities whose issuer condition has become uncertain and whose issuer is failing to make principal or interest payments when due. Risk and Reward Profile 1 2 3 4 5 6 7 government-related or corporate entities worldwide and in derivatives. Such securities have historically been subject to price movements, generally due to interest rates, foreign exchange rates or movements in the bond market. As a result, the performance of the Fund can fluctuate over time. Risks materially relevant not adequately captured by the indicator: Lower risk Potentially lower rewards Higher risk Potentially higher rewards What does this indicator mean and what are its limits? This indicator is designed to provide you with a measure of the price movement of this share class based on historical behavior. Historical data may not be a reliable indication of the future risk profile of the Fund. The category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean risk free. As the share class has no sufficient historical data available, simulated data based on a representative portfolio model or benchmark have been used instead. Why is the Fund in this specific category? Credit risk: the risk of loss arising from default that may occur if an issuer fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, non-investment-grade securities. Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations. Derivatives risk: the risk of loss in an instrument where a small change in the value of the underlying investment may have a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks. Liquidity risk: the risk that arises when adverse market conditions affect the ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets. For a full discussion of all the risks applicable to this Fund, please refer to the “Risk Factors” section of the current prospectus of Franklin Templeton Funds. The Fund invests mainly in debt securities issued by government, 1/2 Templeton Global Total Return Bond Fund Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. *This share class is only available through certain financial advisers which may apply their own charges. You may find more information about charges from your financial adviser. One-off charges taken before or after you invest The ongoing charges shown here are an estimate of the charges. We have used estimated figures as previous figures are no longer reliable given the recent modification in the fee structure of the Fund. The UCITS’ annual report for each financial year will include detail on the exact charges made. Entry charge Not applicable* Exit charge Not applicable This is the maximum that might be taken out of your money before it is invested. For detailed information about charges, please refer to the “Fees and Charges” section of the current prospectus of Franklin Templeton Funds. Charges taken from the Fund over a year Ongoing charges 0.78% Charges taken from the Fund under certain specific conditions Performance fee Not applicable Past Performance Under current legislation, we are not allowed to display performance data for funds with less than a complete full calendar year. 2009 2010 2011 2012 · The Fund was launched in 2008 and the present share class on 15/07/2013. 2013 Practical Information · The Depositary of Franklin Templeton Funds is BNY Mellon Trust & Depositary (UK) Limited. · You can obtain further information about the Fund, copies of its prospectus and the latest annual and semi-annual reports of Franklin Templeton Funds from the website www.franklintempleton.co.uk or free of charge from Franklin Templeton Fund Management Limited, The Adelphi, 1 – 11 John Adam Street, London WC2N 6HT or your financial adviser. These documents are each available in English. · The latest prices and other practical information on the Fund (including information about the other share classes of the Fund) are available from Franklin Templeton Fund Management Limited, The Adelphi, 1 – 11 John Adam Street, London WC2N 6HT or www.franklintempleton.co.uk. · Please note that the United Kingdom taxation regime may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest. · Franklin Templeton Fund Management Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund. · The present Fund is a sub-fund of Franklin Templeton Funds. The prospectus and the annual and semi-annual reports refer to all sub-funds of Franklin Templeton Funds. All Funds of Franklin Templeton Funds have segregated assets and liabilities. As a result, each Fund is operated independently from each other. · You may exchange shares with another sub-fund of Franklin Templeton Funds as further described in the prospectus. This Fund is authorised in the United Kingdom and is regulated by the Financial Conduct Authority. Franklin Templeton Fund Management Limited is authorised in the United Kingdom and is regulated by the Financial Conduct Authority. This key investor information is accurate as at 16/06/2014. KII-GB00BBM4VB49-GB-en-GB-201406160206 2/2 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Pound Sterling Accumulation Shares of Vanguard U.K. Government Bond Index Fund (the “Fund”), a sub-fund of Vanguard Investment Series PLC (ISIN: IE00B1S75374) The Fund is managed by Vanguard Group (Ireland) Limited (“VGIL”), part of the Vanguard group of companies. Objectives and Investment Policy Objective The Fund seeks to provide returns consistent with the performance of the Barclays Global Aggregate U.K. Government Float Adjusted Bond Index (the “Index”). Investment policy • The Index includes UK government bonds denominated in UK pounds sterling with maturities greater than one year that pass screening for size and liquidity. Liquidity means the extent to which a bond may be bought and sold without significantly distorting its price. • The Fund attempts to: 1. Replicate the Index, meaning that it holds a range of bonds that, in aggregate, approximate the full Index in terms of key risk factors and other characteristics. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy. Risk and Reward Profile 1 Higher risk 2 Typically higher rewards 3 4 For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the “Prospectus”) on our website at https://global.vanguard.com. The indicator opposite does not take account of the following risks of investing in the Fund: Lower risk Typically lower rewards • The Fund may use investment techniques, including financial derivative instruments, to help the Fund stay fully invested and to reduce costs. A financial derivative instrument is an investment whose value is based on the price of another investment (such as a stock or index). • This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. • Income from the Fund will be reinvested and reflected in the price of shares in the Fund. • Shares in the Fund can be sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing or by telephone before 12:00 (Irish time) on the relevant dealing day, or, where you hold shares with a platform, by submitting an application seeking the sale of your shares before the dealing cut-off time of the respective platform, provided this is before the dealing cut-off time for the Fund. A full list of the days on which Shares in the Fund cannot be sold is available on https://global.vanguard.com/content/documents/calendar.pdf. 5 6 7 • This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed to remain unchanged and may shift over time. • The lowest category does not mean “risk free”. • This indicator does not measure the risk that you may lose the amount you have invested. • The Fund is rated 4 as it invests in government bonds and is in a middle category as the values of those investments have experienced a moderate rate of change in the past. • No investment guarantee risk. The value of investments may fall as well as rise, and you may not get back the money you invested. • Currency risk. The Fund invests in overseas markets and the value of the Fund may fall or rise as a result of changes in exchange rates. • Index tracking risk. The Fund is not expected to track or replicate the performance of the Index at all times with perfect accuracy. The Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. • Bond risk. The Fund invests in bonds which may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds. For further information on risks please see the “Risk Factors” section of the Prospectus on our website at https://global.vanguard.com. Charges The entry and exit charges shown are maximum figures and in some cases you might pay less. The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. Investors can find out the actual entry and exit charges from their financial adviser. One-off charges taken before or after you invest Entry charge None Exit charge None The ongoing charges figure is based on expenses for the year ended 31 December 2013. This figure may vary from year to year. It excludes portfolio transaction costs. This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. For further information about charges, please see the sections entitled “Buying Shares”, “Redeeming Shares”, “Fees and Expenses” and Appendix 1 of the Prospectus on our website at https://global.vanguard.com. Charges taken from the Fund over a year Ongoing charges 0.15% Charges taken from the Fund under specific conditions Performance fee None Percent (%) Past Performance • Shares in the Fund were first issued on 23 June 2009. • Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in UK pounds sterling. 20 10 0 -10 Fund 2009 2010* 7.4 2011 17.0 2012 2.7 2013 -4.2 Index 7.4 17.0 2.9 -4.1 * The Fund's objective and investment policy changed on 01 July 2010. Practical Information Custodian The Fund’s custodian is J.P. Morgan Bank (Ireland) plc. Documents, prices of shares and further information You can obtain copies of the Prospectus and the latest annual and semi-annual report and accounts for Vanguard Investment Series plc (“VIS”), along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Series plc c/o J.P. Morgan Administration Services (Ireland) Limited, JPMorgan House, International Financial Services Centre, Dublin 1, Ireland (tel. 353-1-612-3226) or from our website at https://global.vanguard.com. These documents are available in English only. VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund of VIS. You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are provided in the Prospectus. Tax Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. VGIL may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the “Central Bank”). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 13 February 2014. Pound Sterling Accumulation Shares of Vanguard U.K. Government Bond Index Fund KIID9148en Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Accumulation Shares of Vanguard U.K. Inflation-Linked Gilt Index Fund (the “Fund”), a sub-fund of Vanguard Investments Funds ICVC (ISIN: GB00B45Q9038) The Fund is managed by Vanguard Investments UK, Limited ("VIUK"), part of the Vanguard group of companies. Objectives and Investment Policy Objective The Fund seeks to track the performance of the Barclays U.K. Government Inflation-Linked Float Adjusted Bond Index (the “Index”). Investment policy • The Index includes UK government inflation-linked bonds with maturities greater than one year that pass screening for size and liquidity. Liquidity means the extent to which a bond may be bought and sold without significantly distorting its price. • The Fund attempts to: 1. Replicate the Index by investing in all of the component securities of the Index, holding each security in approximately the same proportion as its weighting in the Index. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy. Risk and Reward Profile 1 Higher risk 2 Typically higher rewards 3 4 For further information about the objectives and investment policy of the Fund, and Vanguard’s limited relationship with the Index provider, please see Appendix 1 and the “Disclaimers” section of the Vanguard Investments Funds ICVC prospectus (the “Prospectus”) on our website at https://global.vanguard.com. The indicator opposite does not take account of the following risks of investing in the Fund: Lower risk Typically lower rewards • The Fund may use investment techniques, including financial derivative instruments, to help the Fund stay fully invested and to reduce costs. A financial derivative instrument is an investment whose value is based on the price of another investment (such as a stock or index). • This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. • Income from the Fund will be reinvested and reflected in the price of shares in the Fund. • Shares in the Fund can be sold on a daily basis when the London Stock Exchange is open (subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing or by telephone before 12:00 noon (London time) or, where you hold shares with a platform, by submitting an application seeking the sale of your shares before the dealing cut-off time of the respective platform, provided that this is before the dealing cut-off time for the Fund. A full list of the days on which Shares in the Fund cannot be sold is available on https://global.vanguard.com/content/documents/calendar-uk.pdf. 5 6 7 • This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed to remain unchanged and may shift over time. • The lowest category does not mean “risk free”. • This indicator does not measure the risk that you may lose the amount you have invested. • The Fund is rated 4 as it invests in government bonds and is in a middle category as the values of those investments have experienced a moderate rate of change in the past. • No investment guarantee risk. The value of investments may fall as well as rise, and you may not get back the money you invested. • Interest rate risk. The chance that the market values of bonds overall will decline because of rising interest rates. • Income risk. The chance that the Fund’s income will decline because of falling interest rates. • Call risk. The chance that during periods of falling interest rates, issuers of callable bonds may call (repay) securities with higher coupons or interest rates before their maturity dates. • Credit risk. The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. • Index sampling risk. As the Fund uses an index sampling technique whereby a representative sample of securities are selected to represent the Index, there is the risk that the securities selected for the Fund may not, in the aggregate, approximate the full Index. For further information on risks please see the “Risk Factors” section of the Prospectus on our website at https://global.vanguard.com. Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry charge represents a preset dilution levy which covers the transaction costs of the Fund and protects the value of remaining shareholders interests. This charge is paid directly to the Fund and not to VIUK. One-off charges taken before or after you invest Entry charge The entry and exit charges shown are maximum figures and in some cases you might pay less. 0.10% Exit charge Investors can find out the actual entry and exit charges from their financial adviser. None This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. The ongoing charges figure is based on expenses for the year ended 31 December 2013. This figure may vary from year to year. It excludes portfolio transaction costs. Charges taken from the Fund over a year Ongoing charges 0.15% For further information about charges please see the sections entitled “Buying Shares”, “Redeeming Shares”, “Charges and Expenses”, ”Dilution Levy” and Appendix 1 of the Prospectus on our website at https://global.vanguard.com. Charges taken from the Fund under specific conditions Performance fee None Percent (%) Past Performance • Shares in the Fund were first issued on 03 February 2011. • Past performance: 1. Is not a reliable indication of future performance. 2. Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. 3. Has been calculated in UK pounds sterling. 1 0.5 0 Fund 2009 2010 2011 2012 0.9 2013 0.5 Index 0.6 0.6 Practical Information Depositary The Fund’s depositary is State Street Trustees Limited. Documents, prices of shares and further information You can obtain copies of the Prospectus and the latest annual and semi-annual report and accounts for Vanguard Investments Funds ICVC (“VIF”), along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investments UK, Limited, P.O. Box 10315, Chelmsford CM99 2AT (tel. 0800 408 2065) or from our website at https://global.vanguard.com. These documents are available in English only. VIF is an umbrella fund with segregated liability between sub-funds. This means that the assets of the Fund are maintained separately under law from the assets of the other sub-funds of VIF, and each sub-fund is insulated from any liabilities or claims associated with the other sub-funds. The Fund is part of VIF and has both accumulation and income shares. You may switch some or all of your shares of one type, to shares of another type within the same Fund, or between other funds of VIF. An entry charge may apply. Details of switching are provided in the Prospectus. Tax UK tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. VIUK may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. The Fund is authorised in the UK and regulated by the Financial Conduct Authority (“FCA”). VIUK is authorised and regulated in the UK by the FCA. 7KHNH\LQYHVWRULQIRUPDWLRQLVDFFXUDWHDVDW)HEUXDU\ Accumulation Shares of Vanguard U.K. Inflation-Linked Gilt Index Fund KIID9226en