allianz uk & european investment funds - allianz strategic

Key Investor Information

This document provides you with key investor information about this fund. It is not marketing material. The information is required bylaw 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 informeddecision about whether to invest.

Allianz UK & European InvestmentFunds - Allianz Strategic Bond FundShare Class C (Inc) (GBP)

Managed by Allianz Global Investors GmbH, part ofAllianz Global Investors ISIN: GB00B06T9362

Objectives and Investment Policy

The Fund aims to maximise total return primarily throughinvestment directly in debt securities or by gaining exposureindirectly through the use of derivatives. The Fund will investglobally although at least 80% of its assets shall be invested inGBP denominated (or hedged back to GBP) debt securities.Investors should be aware that the Fund’s capital is at risk andthere is no guarantee that the Fund will achieve its investmentobjective over any particular period or at all.We may invest up to 100% of the Fund’s assets into conventionalfixed income securities and indirectly through the use ofderivatives. Up to 50% of the fund’s assets may be in high yieldsecurities and unrated securities of similar credit quality. Morethan 35% of the value of the property of the Fund may beinvested in securities issued or guaranteed by the followingstates; the UK, Australia, Austria, Belgium, Canada, Denmark,Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan,Liechtenstein, Luxembourg, Netherlands, Norway, Portugal,Spain, Sweden, Switzerland and the United States of America.Up to 30% of the fund’s assets may be in China via RMB currency

exposure. We may also invest up to a maximum of 10% of theFund in collective investment schemes. The Fund will makeextensive use of derivatives for investment purposes and forefficient portfolio management (including for hedging).Due to its investment strategy we expect a high volume oftransactions which results in higher transactions costs reducingthe return of the fund.You may redeem shares of the fund usually on each businessday by 12:00.We usually distribute the income of the fund on a semiannualbasis.Recommendation: this fund may not be appropriate for investorswho plan to withdraw their money within 3 years.Derivatives may be used to a large extent to offset exposure toprice fluctuations (hedging), to take advantage of pricedifferences between two or more markets (arbitrage) or tomultiply gains although it may also multiply losses (leverage).

Risk and Reward Profile

¡ Typically lower rewards¡ Typically lower risk

¢Typically higher rewards¢Typically higher risk

1 2 3 4 5 6 7

This risk and reward indicator is based on past performancedata. It may not be a reliable indication of the future risk profileof the fund.The categorisation of the fund is not guaranteed and maychange in the future.Even the lowest category 1 does not mean a risk-free investment.

Why is the fund in this category?

Funds of category 4 have shown in the past a medium volatility.The volatility describes how much the value of the fund went upand down in the past. The units of a fund of category 4 might be

subject to medium price fluctuations based on the historicalvolatilities observed.We may invest directly or indirectly a significant portion of thefund into bonds or money markets instruments. If the issuer mayfall into insolvency or may suffer economical problems theinterest and/or the capital of these assets may not or may not becompletely paid and/or the price of the assets may drop.The fund contains a material proportion of assets which eitherhave a low level of liquidity or which, under certaincircumstances, may have a low level of liquidity. As a result, it ispossible that these assets cannot be sold or can only be sold at asignificant discount. Consequently, a high level of redemptionsmay lead to an increased risk of redemptions being suspended.For this reason we may not be able to pay your money back, ornot immediately, and/or the fund price may fall.

Charges

These charges are used to pay the costs of running the fund,including the costs of marketing and selling. They reduce thepotential growth of your investment.

One-off charges deducted before or after you invest

Entry Charge 0.00%

Exit Charge 0.00%

This is the maximum charge that might be taken out of your moneybefore it is invested or before the proceeds of your investments are paidout.

Charges taken from the fund over a year

Ongoing Charges 0.63%

The entry and exit charges shown are maximum figures. In somecases you might pay less – you can find actual entry and exitcharges from your financial adviser.The ongoing charges shown are based on the fund’s lastfinancial year ending 31.08.2020. It may vary from year to year. Itdoes not include transaction costs incurred when we buy or sellassets for the fund.A dilution levy may be charged on purchases and redemptionsof shares to protect the remaining investors against the costsincurred by the fund in buying or redeeming its investments. Thislevy may be charged where the fund is experiencing large levelsof net purchases/redemptions and on “large deals” (i.e. deals of2% or more of the value of the fund). The amount of any suchdilution levy is calculated by reference to the estimated costs ofdealing in the underlying investments using the rates calculatedfor the preceding quarter.You will find more details about the calculation of the charges inthe prospectus.

Past Performance

n Percentage growth of the fund

0%

10%

20%

30%

40%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

3.8▼

15.9▼

1.3▼ 9.7

▼

0.1▼ 3.8

▼2.0 2.3

11.3

31.0

In those years, the fund had different characteristics. Please consult the Management Company for furtherinformation.

Past performance is not a reliable guide to future performance.The past performance shown here takes account of all chargesand costs with the exception of the entry and exit charge.The fund was launched in 2002.

The performance of the fund is calculated in GBP.In 2016 there was a material change of the fund’s objectives andinvestment policy. The previous performance was achievedunder circumstances that no longer apply.

Practical Information

Allianz UK & European Investment Funds has a number ofdifferent Funds. The assets and liabilities of each Fund aresegregated by law.Depositary: State Street Bank and Trust Company.You may obtain free of charge the prospectus, the latest annualand semi-annual reports in English from Allianz Global InvestorsGmbH, 199 Bishopsgate, London EC2M 3TY, United Kingdom orat https://uk.allianzgi.com.The unit prices as well as further information on the fund(including other shareclasses of the fund) are available online athttps://uk.allianzgi.com.Information on the current remuneration policy, including adescription of the calculation methods for remuneration andbenefits awarded to certain groups of employees, and details ofthe persons responsible for awarding such allocations, isavailable at https://regulatory.allianzgi.com and as a papercopy upon request, without charge.The fund is subject to tax laws and regulations in the UK. Thismight have an impact on your personal tax position. For furtherdetails, please speak to your tax advisor.Allianz Global Investors GmbH may be held liable solely on the

basis of any statement contained in this document that ismisleading, inaccurate or inconsistent with the relevant parts ofthe prospectus for the fund.This fund is authorised in the UK and regulated by The FinancialConduct Authority. Allianz Global Investors GmbH is authorisedin Germany as a UCITS investment management company andas an AIF investment management company, subject to theprovisions of the Investment Code (Kapitalanlagegesetzbuch –KAGB), and is regulated by the Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin). Allianz Global InvestorsGmbH has established a branch in the United Kingdom – AllianzGlobal Investors GmbH, UK branch, which is deemed authorisedand regulated by the Financial Conduct Authority under theTemporary Permissions Regime. Details of the TemporaryPermissions Regime, which allows EEA based firms to operate inthe UK for a limited period while seeking full authorisation areavailable on the Financial Conduct Authority’s website(www.fca.org.uk). Details about the extent of our regulation bythe Financial Conduct Authority are available from us onrequest.The key investor information is accurate as at 22.07.2021.

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 youunderstand 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.

FRAMLINGTON EQUITIES

AXA Framlington Managed Income FundUnit class : AXA Framlington Managed Income Fund Z (G) Accumulation GBP (ISIN: GB00B7H1PG56)This Fund is managed by AXA Investment Managers UK Limited, part of the AXA IM Group

Objective and Investment Policy

Investment ObjectiveThe aim of this Fund is to produce a high income with potential for long-termgrowth of capital.Investment PolicyThe Fund invests primarily (meaning at least 70% of its assets) in bondsissued by companies (principally UK companies) which the fund managerbelieves will provide above-average income. The Fund may also invest inbonds issued by governments and shares of companies. The fund managerselects bonds and shares based upon analysis of a company's financialstatus, quality of its management, expected profitability and prospects forgrowth.This Fund is actively managed without reference to any Benchmark. The IASterling Strategic Bond Sector may be used by investors to compare theFund's performance.IncomeIncome from investments in the Fund will be rolled up into the value of yourunit if you hold accumulation units.

Fund CurrencyThe reference currency of the Fund is Sterling.Investment HorizonThis Fund may not be suitable for investors who plan to withdraw theircontribution within five years.Processing of subscription and redemption ordersYour orders to buy, sell or transfer units in the Fund must be received by theAdministrator by 12 noon on any working day, to receive that days Fund price.Please note that if your order is placed by an intermediary or Financial Adviserthey may require extra processing time.The Net Asset Value of this Fund is calculated on a daily basis.Minimum initial investment: £100,000Minimum subsequent investment: £5,000

Risk and Reward ProfileLower Risk Higher risk

Potentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The risk category is calculated using historical performance data and maynot be a reliable indicator of the Fund's future risk profile.The risk category shown is not guaranteed and may shift over timeThe lowest category does not mean risk free.Why is this Fund in this category?The capital of the Fund is not guaranteed. The Fund is invested in financialmarkets and uses techniques and instruments which are subject to somelevels of variation, which may result in gains or losses.

Additional RisksInterest Rate Risk: fluctuations in interest rates will change the value ofbonds, impacting the value of the Fund. Generally, when interest rates rise,the value of the bonds fall and vice versa. The valuation of bonds will alsochange according to market perceptions of future movements in interestrates.Liquidity Risk: some investments may trade infrequently and in smallvolumes. As a result the Fund manager may not be able to sell at a preferredtime or volume or at a price close to the last quoted valuation. The Fundmanager may be forced to sell a number of such investments as a result ofa large redemption of units in the Fund. Depending on market conditions,this could lead to a significant drop in the Fund's value and in extremecircumstances lead the Fund to be unable to meet its redemptions. Credit Risk: the risk that an issuer of bonds will default on its obligations topay income or repay capital, resulting in a decrease in Fund value. The valueof a bond (and, subsequently, the Fund) is also affected by changes in marketperceptions of the risk of future default. The risk of default for high yieldbonds may be greater than bonds of investment grade issuers.Further explanation of the risks associated with an investment in this Fundcan be found in the prospectus.

KEY INVESTOR INFORMATION

FRAMLINGTON EQUITIES

AXA Framlington Managed Income Fund

ChargesThe charges you pay are used to pay the cost of running the fund, includingthe costs of marketing and distributing it. These charges reduce the potentialgrowth of your investment.

One-off charges taken before or after you invest

Entry charge none

Exit charge none

This is the maximum that might be taken out of your money before it isinvested.


Ongoing charges 0.59%

Charges taken from the fund under certain specific conditions

Performance fee none

The entry and exit charges shown are maximum figures. In some cases, youmight pay less - you can find this out from your Financial Adviser.The ongoing charges figure is based on expenses for the twelve month periodending December 2020. This figure may vary from year to year. It excludes:2 Performance fees2 Portfolio transaction costs, except in the case of an entry/exit charge paid

by the Fund when buying or selling units in another collective investmentundertaking.

For more information about charges, please refer to AXA IM website:https://retail.axa-im.co.uk/fund-charges-and-costs as well as the Fees andExpenses section of the prospectus which is available athttps://www.axa-im.co.uk.

Past performanceAXA Framlington Managed Income Fund Z (G)Accumulation GBP (ISIN: GB00B7H1PG56)

%

Past performance is not a reliable indicator of future results.Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.The Fund was launched on 27/02/1981 and the unit in 1981.Past performance has been calculated in Sterling and is expressed as apercentage change of the Fund's Net Asset Value at each year end.

Practical informationTrustee:HSBC Bank PlcRegistered Office8 Canada SquareLondon, E14 5HQFurther information:More detailed information on this Fund, such as the prospectus as well asthe latest annual and semi-annual report, can be obtained free of chargefrom the Fund's Management Company, the Administrator, the Fund'sdistributors, online at https://www.axa-im.co.uk ,or by calling 0345 7775511. These documents are available in English.The assets and liabilities of the Fund are segregated by UK law and aretherefore protected from any losses suffered by other Sub-Funds in the AXAFRAMLINGTON MANAGED INCOME FUND.More share classes are available for this Fund. For more details about othershare classes, please refer to the prospectus, which is available athttps://www.axa-im.co.uk.Details of the up to date remuneration policy of the Management Companyare published online at https://www.axa-im.com/en/remuneration. Thisincludes the description of how remuneration and benefits are awarded foremployees, and information on the remuneration committee. TheManagement Company provides a paper copy free of charge upon request.A glossary of some of the terms used in this document can be found onlineat https://retail.axa-im.co.uk/glossaryNet Asset Value Publication:The Net Asset Value per share is available at https://www.axa-im.co.uk andat the registered office of the Fund's Management Company.Tax Legislation:The Fund is subject to the tax laws and regulations of the United Kingdom.Depending on your own country of residence this might have an impact onyour investments. For further details, you should consult a tax adviser.Liability Statement:AXA Investment Managers UK Limited may be held liable solely on the basisof any statement contained in this document that is misleading, inaccurate

or inconsistent with the relevant parts of the prospectus for the Fund.

Unitholders may apply for their shares to be converted into shares of anotherFund, provided that the conditions for accessing the target share class arefulfilled. Investment would be at the Net Asset Value of the target fund,calculated at the applicable Valuation Point following receipt of the conversionrequest.The redemption and subscription costs connected with the conversion maybe charged to the shareholder as indicated in the prospectus.For more details about how to switch Fund, please refer to the section in theFund's prospectus entitled "Can I switch shares and what are theimplications?", which is available at https://www.axa-im.co.uk.

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). AXAInvestment Managers UK Limited is authorised in the United Kingdom and regulated by the Financial ConductAuthority (FCA). This key investor information is accurate as at 24/09/2021.

Key Investor InformationThis document provides you with key investor information about this fund. It is notmarketing material. The information is required by law to help you understand thenature and the risks of investing in this fund. You are advised to read it so you canmake an informed decision about whether to invest.

Baillie Gifford American Fund - Class B SharesAccumulation Shares - ISIN GB0006061963 (also representative of Income Shares ISIN GB0006061856)

This Fund is a sub-fund of Baillie Gifford Overseas Growth Funds ICVC which is an Investment Company with Variable Capital. Baillie Gifford & CoLimited is the Authorised Corporate Director of the Fund and is wholly owned by Baillie Gifford & Co.

Objectives and investment policyObjective

• The Fund aims to outperform (after deduction of costs) the S&P 500 Index,as stated in sterling, by at least 1.5% per annum over rolling five-yearperiods.

Policy

• The Fund will invest at least 90% in shares of US companies of any sizeand in any sector.

• US companies are companies which are listed, incorporated, domiciled orconduct a significant portion of their business in the US.

• The Fund will be actively managed and will be concentrated.

Other Information

• You can sell some or all of your shares on any business day in the UnitedKingdom by contacting our Dealing Department by phone or post. Whereproperly completed documentation is received by post, shares will be soldat the next valuation point following receipt of the instruction.

• For Accumulation shares income will be re-invested. No further shareswill be purchased but the reinvestment will be reflected in the price of yourexisting accumulation shares. You are, however, deemed to have receivedthe income for tax purposes.

• For Income shares any income due to you will be paid into your bank orbuilding society account, paid on the dates specified in the Prospectus.

• For further explanation and information see the investment objective andpolicy section of the Prospectus, which is available by contacting us.

• Recommendation: this Fund may not be appropriate for investors whoplan to withdraw their money within five years.

Risk and reward profileThe Risk and Reward Indicator table demonstrates where the Fund ranks interms of its potential risk and reward. The higher the rank the greater thepotential reward but the greater the risk of losing money. It is based on pastdata, may change over time and may not be a reliable indication of the futurerisk profile of the Fund. The shaded area in the table below shows the Fund’sranking on the Risk and Reward Indicator.

Typically lower rewards,lower risk

Typically higher rewards,higher risk

1 2 3 4 5 6 7

• Please note that even the lowest risk class can lose you money and that extremeadverse market circumstances can mean you suffer severe losses in all cases.

• The Fund is classified in the category above because it invests in companyshares which generally provide higher rewards and higher risks than otherinvestments such as bonds or cash.

• The indicator does not take into account the following relevant material risks:

• Investment markets can go down as well as up and market conditions canchange rapidly. The value of an investment in the Fund, and any income fromit, can fall as well as rise and you may not get back the amount invested.

• The Fund has exposure to a foreign currency and changes in the rates ofexchange will cause the value of any investment, and income from it, to fallas well as rise and you may not get back the amount invested.

• Custody of assets involves a risk of loss if the custodian becomes insolvent orbreaches duties of care.

• The Fund’s concentrated portfolio relative to similar funds may result in largemovements in the share price in the short term.

• The Fund's exposure to a single market and currency may increase share pricemovements.

• Where possible, charges are taken from the Fund's revenue. Where there isinsufficient revenue, the remainder will be taken from capital. This will reducethe capital value of the Fund.

• Infectious viruses may pose significant threats to human health and may behighly disruptive to global economies and markets. The economic and marketdisruptions caused by infectious viruses could impact the value of theinvestments of the Fund.

Page 1 of 2.

ChargesThe charges you pay are used to pay the costs of running the Fund, includingthe costs of marketing and distributing it. These charges reduce the potentialgrowth of your investment.

One-off charges taken before or after you investEntry charge 0.00%Exit charge 0.00%

These are the maximum charges that we might take out of your money beforeit 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 financialadviser about this.

Charges taken from the Fund over a yearOngoing charges 0.51%

Charges taken from the Fund under specific conditionsPerformance fee NONE

• The ongoing charges figure is based on the last year’s expenses and mayvary from year to year. It excludes the costs of buying or selling assets forthe Fund (unless these assets are shares of another fund).

• For the ongoing charges, the figure is for Accumulation shares and is at30/04/2021.

• Portfolio transaction costs, which are not included in the calculation of theongoing charges figure but are incurred by the Fund when buying or sellinginvestments, may have an impact on performance and are paid from theassets of the Fund.

• The Fund's annual report for each financial year will include detail on theexact charges made.

• You can find further details about the charges in Part 5 of the Prospectus.

Past performance

0 10 20 30 40 50 60 70 80 90

100 110 120 130

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund 2.0 5.3 26.2 17.6 13.5 27.3 23.6 13.3 26.9 121.8

Benchmark 1* 2.9 10.9 29.9 20.8 7.3 33.5 11.3 1.6 26.4 14.7

Benchmark 2 * 4.4 12.4 31.4 22.3 8.8 35.0 12.8 3.1 27.9 16.2

Source: FE fundinfo 2021

• You should be aware that past performance is not a guide to futureperformance.

• Fund launch date: 31/07/1997.• Share/unit class launch date: 28/03/2002.• Performance is calculated in GBP.• Performance is for Accumulation shares.• Performance reflects the annual charge but excludes any initial charge

paid.• Performance figures are to 31 December each year.• The Fund does not track the index.• Source: FE and the relevant underlying index provider(s). For our legal

notices and disclosures please visit www.bailliegifford.com/disclaimers• * Benchmark 1 - S&P 500• * Benchmark 2 - S&P 500 +1.5%

Practical information• The Fund’s Depositary is NatWest Trustee & Depositary Services Limited.• This document describes only one share class and other share classes are available. Further information on the Fund, the Prospectus and the latest annual

and interim reports are available from Baillie Gifford or by visiting the website at www.bailliegifford.com. The remuneration policy, which includesdetails of (a) how remuneration and benefits are calculated and (b) the committee responsible for approving all remuneration policies within the firm, isalso at the website address noted. All such documents are available in English, on paper and are free of charge on request.

• This Key Investor Information Document describes the Baillie Gifford American Fund only. The Prospectus and the annual and interim reports andaccounts are prepared for the whole ICVC.

• The Baillie Gifford American Fund is a sub-fund of Baillie Gifford Overseas Growth Funds ICVC. The assets of the Fund are segregated from other sub-funds in the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.

• You can also find other information, including the Fund’s latest prices, on our website.• Tax laws in the United Kingdom may have an impact on your own tax position.• You may at any time switch all or some of your shares in the Fund for shares in any fund of any of the Baillie Gifford ICVC(s).• Baillie Gifford & Co 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.• To contact us please call Client Relations on 0800 917 2113 (fax 0131 275 3955), visit our website at www.bailliegifford.com or email us at

[email protected].• Your call may be recorded for training or monitoring purposes.

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority.This Key Investor Information is accurate as at 25/08/2021.

BQ69

Page 2 of 2.


Baillie Gifford Emerging Markets Growth Fund - Class B SharesAccumulation Shares - ISIN GB0006020647 (also representative of Income Shares ISIN GB0006020530)



• The Fund aims to outperform (after deduction of costs) the MSCI EmergingMarkets Index, as stated in sterling by at least 2% per annum over rollingfive-year periods.

Policy

• The Fund will invest at least 90% in shares of emerging market companies.

• Emerging markets companies are companies which are listed,incorporated, domiciled or conducting a significant portion of their businessin emerging markets and the Fund may invest in companies of any size orin any sector.

• Emerging markets will be determined by the investment manager at itssole discretion.

• The Fund may also invest in other transferable securities of emergingmarket companies.

• The Fund will be actively managed.

Other Information









1 2 3 4 5 6 7





• The Fund has exposure to foreign currencies and changes in the rates ofexchange will cause the value of any investment, and income from it, to fallas well as rise and you may not get back the amount invested.

• Custody of assets, particularly in emerging markets, involves a risk of loss ifthe custodian becomes insolvent or breaches duties of care.

• The Fund invests in emerging markets where difficulties in trading could arise,resulting in a negative impact on the value of your investment.



• Infectious viruses may pose significant threats to human health and may behighly disruptive to global economies and markets. The economic and marketdisruptions caused by infectious viruses could impact the value of theinvestments of a Fund.

Page 1 of 2.











Past performance

-25 -20 -15 -10

-5 0 5

10 15 20 25 30 35 40

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund -20.2 8.9 2.3 7.1 -3.4 23.4 39.8 -10.3 23.7 26.6

Benchmark 1* -17.6 13.4 -4.1 4.3 -9.7 33.1 25.8 -8.9 14.3 15.0

Benchmark 2 * -15.9 15.7 -2.2 6.4 -7.8 35.8 28.3 -7.1 16.6 17.3





notices and disclosures please visit www.bailliegifford.com/disclaimers• * Benchmark 1 - MSCI Emerging Markets• * Benchmark 2 - MSCI Emerging Markets + 2%



• This Key Investor Information Document describes the Baillie Gifford Emerging Markets Growth Fund only. The Prospectus and the annual and interimreports and accounts are prepared for the whole ICVC.

• The Baillie Gifford Emerging Markets Growth Fund is a sub-fund of Baillie Gifford Overseas Growth Funds ICVC. The assets of the Fund are segregatedfrom other sub-funds in the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.





BG89

Page 2 of 2.


Baillie Gifford European Fund - Class B SharesAccumulation Shares - ISIN GB0006058258 (also representative of Income Shares ISIN GB0006057391)



• The Fund aims to outperform (after deduction of costs) the MSCI Europeex UK Index, as stated in sterling, by at least 1.5% per annum over rollingfive-year periods.

Policy

• The Fund will invest at least 90% in shares of European companies of anysize and in any sector.

• European companies are companies which are listed, incorporated,domiciled or conducting a significant portion of their business in Europe(including Turkey and excluding the UK).


Other Information









1 2 3 4 5 6 7










Page 1 of 2.











Past performance

-15 -10

-5 0 5

10 15 20 25 30 35 40 45

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund -11.0 21.5 28.2 -1.3 11.1 23.7 23.4 -12.4 32.9 43.2

Benchmark 1* -13.9 17.2 26.3 0.0 5.9 19.7 16.7 -9.1 21.0 8.2

Benchmark 2 * -12.6 18.9 28.2 1.5 7.5 21.4 18.5 -7.7 22.9 9.8





notices and disclosures please visit www.bailliegifford.com/disclaimers• * Benchmark 1 - MSCI Europe ex UK• * Benchmark 2 - MSCI Europe ex UK + 1.5%



• This Key Investor Information Document describes the Baillie Gifford European Fund only. The Prospectus and the annual and interim reports andaccounts are prepared for the whole ICVC.

• The Baillie Gifford European Fund is a sub-fund of Baillie Gifford Overseas Growth Funds ICVC. The assets of the Fund are segregated from other sub-funds in the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.





BG90

Page 2 of 2.


Baillie Gifford Pacific Fund - Class B SharesAccumulation Shares - ISIN GB0006063233 (also representative of Income Shares ISIN GB0006063340)



• The Fund aims to outperform (after deduction of costs) the MSCI AC Asiaex Japan Index, as stated in sterling, by at least 2% per annum over rollingfive-year periods.

Policy

• The Fund will invest at least 90% directly or indirectly in shares ofcompanies of any size and in any sector in Asia (excluding Japan) andAustralasia.

• The Fund will invest in companies which are listed, incorporated,domiciled or conducting a significant portion of their business in Asia(excluding Japan) and Australasia.

• The indirect investment will be through collective investment schemes.

• The Fund will be actively managed.

Other Information









1 2 3 4 5 6 7







• The Fund invests in emerging markets where difficulties in trading could arise,resulting in a negative impact on the value of your investment. The Fund’sinvestment in frontier markets may increase this risk.



Page 1 of 2.











Past performance

-20

-10

0

10

20

30

40

50

60

70

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund -10.7 19.9 8.3 16.5 -3.5 18.7 42.4 -12.9 25.0 60.4

Benchmark 1* -16.5 17.3 1.4 11.7 -3.6 26.2 29.8 -8.8 13.9 21.5

Benchmark 2 * -14.8 19.7 3.4 13.9 -1.7 28.7 32.4 -6.9 16.2 23.9





notices and disclosures please visit www.bailliegifford.com/disclaimers• * Benchmark 1 - MSCI AC Asia ex Japan• * Benchmark 2 - MSCI AC Asia ex Japan + 2%



• This Key Investor Information Document describes the Baillie Gifford Pacific Fund only. The Prospectus and the annual and interim reports and accountsare prepared for the whole ICVC.

• The Baillie Gifford Pacific Fund is a sub-fund of Baillie Gifford Overseas Growth Funds ICVC. The assets of the Fund are segregated from other sub-funds in the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.





BE80

Page 2 of 2.

Non-UCITS retail scheme KeyInvestor InformationThis document provides you with key investor information about this fund. It is notmarketing material. The information is required by law to help you understand thenature and the risks of investing in this fund. You are advised to read it so you canmake an informed decision about whether to invest.

Baillie Gifford Positive Change Fund - Class B SharesAccumulation Shares - ISIN GB00BYVGKV59 (also representative of Income Shares - ISIN GB00BYVGKX73)

This Fund is a sub-fund of Baillie Gifford Investment Funds ICVC which is an Investment Company with Variable Capital. Baillie Gifford & CoLimited is the Authorised Corporate Director of the Fund and is wholly owned by Baillie Gifford & Co.


• The Fund aims to outperform (after deduction of costs) the MSCI ACWIIndex, as stated in sterling, by at least 2% per annum over rolling five-yearperiods.

Policy

• The Fund will invest at least 90% in shares of companies of any size, anycountry and in any sector, whose products or behaviour make a positiveimpact on society and / or the environment in the investment managersopinion. • The Fund will invest in companies addressing critical challenges in areassuch as, but not limited to; education, social inclusion, healthcare and theenvironment.


Other Information









1 2 3 4 5 6 7


• The Fund is classified in the category above because it invests in companyshares which generally provide higher rewards and higher risks than otherinvestments such as bonds or cash. Where no share price history is availablefor any part of the last five years (and thus no returns), the returns of the Fund’ssector are used in its place to calculate the Risk and Reward Indicator




• The Fund invests in emerging markets where difficulties in trading could arise,resulting in a negative impact on the value of your investment.



• The Fund invests in companies whose products or behaviour make a positiveimpact on society and/or the environment. This means the Fund will not investin certain sectors and companies and the universe of investments available tothe Fund will be more limited than other funds that do not apply such criteria.The Fund therefore may have different returns than a fund which has no suchrestrictions.


• Infectious viruses may pose significant threats to human health and may behighly disruptive to global economies and markets. The economic and marketdisruptions caused by infectious viruses could impact the value of theinvestments of the Fund.

Page 1 of 2.











Past performance

-10

0

10

20

30

40

50

60

70

80

90

2016

2017

2018

2019

2020

%

2016 2017 2018 2019 2020

Fund 5.4 25.9 80.1

Benchmark 1* -3.3 22.4 13.2

Benchmark 2 * -1.3 24.8 15.5





notices and disclosures please visit www.bailliegifford.com/disclaimers• * Benchmark 1 - MSCI ACWI• * Benchmark 2 - MSCI ACWI + 2%



• This Non-UCITS retail scheme Key Investor Information Document describes the Baillie Gifford Positive Change Fund only. The Prospectus and theannual and interim reports and accounts are prepared for the whole ICVC.

• The Baillie Gifford Positive Change Fund is a sub-fund of Baillie Gifford Investment Funds ICVC. The assets of the Fund are segregated from other sub-funds in the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.

• You can also find the Fund’s latest share prices on our website at www.bailliegifford.com.• Tax laws in the United Kingdom may have an impact on your own tax position.• You may at any time switch all or some of your shares in the Fund for shares in any fund of any of the Baillie Gifford ICVC(s).• To contact us please call Client Relations on 0800 917 2113 (fax 0131 275 3955) or email us at [email protected].• Your call may be recorded for training or monitoring purposes.


NGPB

Page 2 of 2.


Baillie Gifford Strategic Bond Fund - Class B SharesIncome Shares - ISIN GB0005947741 (also representative of Accumulation Shares ISIN GB0005947857)

This Fund is a sub-fund of Baillie Gifford Bond Funds ICVC which is an Investment Company with Variable Capital. Baillie Gifford & Co Limited isthe Authorised Corporate Director of the Fund and is wholly owned by Baillie Gifford & Co.


• The Fund aims to produce monthly income. Opportunities for capitalgrowth are also sought, subject to prevailing market conditions.

Policy

• The Fund will invest at least 80% in a diversified portfolio of (1) investmentgrade and (2) sub-investment grade bonds, issued by corporate issuers,public bodies and supranationals, and (3) developed market governmentbonds.

• The fund may also invest in other bonds.

• The bonds in which the Fund invests will be denominated in sterling ordenominated in other currencies and hedged back to sterling.

• Currency forwards and derivatives, which are types of financial contracts,are used for both investment purposes and in the management of risk.

• The Fund will be actively managed through bond selection and strategicasset allocation.

Other Information

• Bonds are a type of investment which can be issued by governments,companies and other organisations when they want to borrow money. Theissuer of the bond owes the holder a debt. The issuer is obliged to pay interestand/or repay the debt at a later date.

• Sub-investment grade bonds typically mean the risk of non-payment ishigh.





• Recommendation: this Fund may not be appropriate for investors whoplan to withdraw their money within three years.




1 2 3 4 5 6 7

• Please note that even the lowest risk class can lose you money and that extremeadverse market circumstances can mean you suffer severe losses in all cases.The Fund is classified in the category above because it invests in corporatebonds which generally provide higher rewards and higher risks than otherinvestments such as government bonds and cash. The indicator does not takeinto account the following relevant material risks:



• Bonds issued by companies and governments may be adversely affected bychanges in interest rates, expectations of inflation and a decline in thecreditworthiness of the bond issuer. The issuers of bonds in which the Fundinvests may not be able to pay the bond income as promised or could fail torepay the capital amount.


• Derivatives may be used to obtain, increase or reduce exposure to assets andmay result in the Fund being leveraged. This may result in greater movements(down or up) in the price of shares in the Fund. It is not our intention that theuse of derivatives will significantly alter the overall risk profile of the Fund.

• In certain circumstances it can be difficult to buy or sell the Fund's holdingsand even small purchases or sales can cause their prices to move significantly,affecting the value of the Fund and the price of shares in the Fund.

• Market values for securities which are difficult to trade may not be readilyavailable, and there can be no assurance that any value assigned to them willreflect the price the Fund might receive upon their sale. Expenses are takenfrom the Fund’s capital. This will reduce the capital value of the Fund. Thefigure for the current financial period has not yet been determined.

• Infectious viruses may pose significant threats to human health and may behighly disruptive to global economies and markets. The economic and marketdisruptions caused by infectious viruses could impact the value of theinvestments of the Fund and the distributions paid by the Fund to shareholders.

Page 1 of 2.







• For the ongoing charges, the figure is for Income Shares and is at 31/03/2021.• Portfolio transaction costs, which are not included in the calculation of the

ongoing charges figure but are incurred by the Fund when buying or sellinginvestments, may have an impact on performance and are paid from theassets of the Fund.



Past performance

-4 -2 0 2 4 6 8

10 12 14 16 18 20

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund 7.3 18.9 3.2 10.2 -0.8 10.1 8.1 -1.7 11.5 6.2

Index* 3.6 14.3 3.5 6.7 0.4 7.9 5.4 -2.5 9.2 6.6



• Fund launch date: 26/02/1999.• Share/unit class launch date: 26/02/1999.• Performance is calculated in GBP.• The Fund’s objective changed on 17/08/2009 and performance before this

date was achieved under different investment circumstances.• Performance is for Income shares.• Performance reflects the annual charge but excludes any initial charge

paid.• Performance figures are to 31 December each year.• * IA Sterling Strategic Bond



• This Key Investor Information Document describes the Baillie Gifford Strategic Bond Fund only. The Prospectus and the annual and interim reports andaccounts are prepared for the whole ICVC.

• The Baillie Gifford Strategic Bond Fund is a sub-fund of Baillie Gifford Bond Funds ICVC. The assets of the Fund are segregated from other sub-fundsin the ICVC. This means that the assets of one sub-fund should not be used to meet the liabilities of another sub-fund.





BG73

Page 2 of 2.

TM Test job for missing branding - Defensive Capital Fund Class C© 2021 Transmission Media Inc.

Template Name undefined Medium web

Doc Id undefined Locale en-GB

Render Timestamp 2021-10-04T10:41:27.045Z

Key Investor InformationThis document provides you with key investor information about this fund. It is not marketing material. The informationis required by law to help you understand the nature and the risks of investing in this fund. You are advised to read itso you can make an informed decision about whether to invest.

Defensive Capital Fund Class CA Sub-fund of IFSL Brooks Macdonald Fund (ISIN Income: GB00BFX1KF98) (ISIN Accumulation: GB00B62HCL52)

This Fund is managed by Investment Fund Services Limited (IFSL)


The aim of the Fund is to achieve capital growth, which is profit on investmentsheld, over a minimum of 5 years. The Fund will also aim to produce a positivereturn over any rolling 3 year period, in both rising and falling markets. However,there is no guarantee that the Fund will achieve its objectives over any time period.

• The Fund will be actively managed, which means the Investment Managerdecides which investments to buy or sell and when.

• The Fund will invest in a diversified spread of assets. This will include: • Up to20% in shares of companies; • Up to 60% in investment companies (includingproperty investment companies) and exchange traded funds; • Up to 50% instructured products (which are securities whose returns are linked to underlyingassets or markets); • Up to 20% in preference shares; • Up to 50% in bonds(which are debt instruments typically issued by companies, governments andother institutions) and may also include convertibles, which are bonds that can beconverted into shares. • Up to 10% in funds

• The Investment Manager aims to identify assets which: • have a defined payoutwhere the risk/reward balance looks attractive; or • have an attractive coupon(annual interest paid on a bond) or yield (earnings generated on an investmentover a period of time) relative to the risk; or • can be purchased at a discount to itsnet asset value (the value of assets minus total liabilities); or • provide expose tonon-standard investments such as renewable energy or private equity.

• These assets may be held directly, or indirectly via holdings including thoughinvestment companies and funds.

• The Fund may invest in other funds managed by the Authorised CorporateDirector or the Investment Manager.

• The Fund may also hold up to 30% in cash to enable the ready settlement ofliabilities, for the efficient management of the portfolio and in pursuit of the Fund’sinvestment objective.

• The Fund may use derivatives (instruments whose returns are linked to anotherasset, market or variable factor) in order to meet the Fund’s objectives (alsoknown as investment purposes) and for efficient portfolio management.

• Investment companies, exchange traded funds and funds purchased may havethe ability to use derivatives to varying degrees.

The Investment Association (IA), the trade body for UK investment managers,publishes figures each month showing how many times the Fund failed to providereturns greater than zero for all available rolling 12 month periods over thepreceding three years on its website https://www.theia.org/industry-data/fund-sectors/tar-monitoring. As the Fund does not have a benchmark, investors maywish to use this information in order to measure the success of the Fund.

The Fund pays income. If you wish to receive this please tell us. If you do not wantto receive income you will be given accumulation shares which means income isinvested back into the Fund and reflected in the price of your shares.

You can buy or sell all or part of your investment on any business day subject tothe minimum holding requirements.


Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7

This indicator aims to give you a measure of the price movement of this shareclass based on past data. It uses historic returns over the last five years. If fiveyears' data is not available, simulated data based on a representative portfolio isused.

Past data may not be a reliable indication of the future risk profile of the Fund. Therisk category may change in the future and is not guaranteed. The lowest categorydoes not mean risk free. The value of investments and the income from them mayfall as well as rise and you may not get back the amount you originally invested.

This Fund has been measured as 4 because its investments have experiencedmoderate volatility in the past. The Fund's volatility is affected by various risks,including:

Stock market prices can move irrationally and can be affected unpredictably bydiverse factors including political and economic events.

- The Fund has exposure to bonds, the prices of which will be impacted by factorsincluding; changes in interest rates, inflation expectations and perceived creditquality. When interest rates rise, bond values generally fall. This risk is generallygreater for longer term bonds and for bonds with perceived lower credit quality.

The Fund invests in securities which are subject to the risk that the issuer may

default on its interest or capital payments.

The Fund could lose money if a counterparty with which it does businessbecomes unable to honour its obligations to the Fund.

- In certain market conditions some assets may be less predictable than usual.This may make it harder to sell at a desired price and/or in a timely manner.

- In extreme market conditions redemptions in the underlying funds or the Funditself may be deferred or suspended.

The Fund may use financial contracts (known as derivatives) in an attempt toreduce risk (hedging) or for investment purposes. It may be that the use ofderivatives causes share prices to fluctuate which may in turn result in loss to theFund.

The assets in which the Fund invests may be denominated in a currency otherthan the currency of the shares in the Fund and/or the currency of yourinvestment. Currency fluctuations may strongly affect the value of your investment.

Future legal or regulatory change could have a substantial effect on the Fund andyour investment.

A more detailed description of the risks that apply to this Fund can be found in theFund's prospectus.

TM Test job for missing branding - Defensive Capital Fund Class C© 2021 Transmission Media Inc.

Template Name undefined Medium web

Doc Id undefined Locale en-GB

Render Timestamp 2021-10-04T10:41:27.045Z

Charges

The charges you pay are used to pay the costs of running the Fund, including thecosts of marketing and distributing it. These charges reduce the potential growthof your investment. The entry and exit charges shown are maximum figures. Insome cases you may pay less - you can find this out from your financial adviser.

The ongoing charges figure is based on expenses for the year ending 31/05/2021.From 30 April 2021, the Ongoing Charge calculation has been extended toinclude, where relevant, charges incurred by closed-ended vehicles such asinvestment trusts. This figure may vary from year to year. It excludes:

• Portfolio transaction costs, except in the case of an entry/exit charge paid bythe UCITS when buying or selling units in another collective investmentundertaking.

For more information about charges, please see Sections 23 - 25 of the Fund’sFor more information about charges, please see Sections 23 - 25 of the Fund’sFor more information about charges, please see Sections 23 - 25 of the Fund’sFor more information about charges, please see Sections 23 - 25 of the Fund’sProspectus, which is available at www.ifslfunds.com.Prospectus, which is available at www.ifslfunds.com.Prospectus, which is available at www.ifslfunds.com.Prospectus, which is available at www.ifslfunds.com.


Entry Charge 0.00%

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 each year

Ongoing Charges 1.21%

Charges taken from the fund under certain conditions

Performance Fee None

Past Performance

Historic performance to 31 December 2020

-2

0

2

4

6

8

(%) 10

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund 1.2 8.6 8.3 3.9 2.7 9.5 5.0 -1.2 8.0 3.5

Past performance is not a reliable indicator offuture performance; the value of your investmentand any income from it can go down as well asup

Performance returns are based on the net assetvalue with distributable income reinvested andtakes account of all ongoing charges, but notentry and exit charges. The past performance ofthis share class is calculated in GBP.

The Fund was launched in December 2006.

This share class was launched in December2006.


If you wish to sell all or part of your investment please write to us at InvestmentFund Services Limited, Marlborough House, 59 Chorley New Road, Bolton, BL14QP or telephone 0808 178 9321. Your deal will be placed at the next valuationpoint after we receive your instruction.

The Prospectus, Annual and Half-Yearly Report and Accounts for the Fund areavailable free of charge at www.ifslfunds.com or by calling 0808 178 9321. Thedocuments are available in English only.

For further details including how to invest please see the SupplementaryInformation Document which is available at www.ifslfunds.com or call 0808 1789321

Other share classes of the Fund are available. For further details please see theFund’s Prospectus which is available at www.ifslfunds.com. The Prospectus,Annual and Half-Yearly Reports cover all the Funds within the OEIC.

You may switch to any Fund in the range on request, subject to a switchingcharge.

The Depositary for the Fund is NatWest Trustee & Depositary Services Limited.

UK taxation may have an impact on your personal tax position.

Fund prices are available on our website www.ifslfunds.com. Some priceinformation is also published in the Financial Times.

The Sub-funds of the OEIC are segregated by law. In the unlikely event of oneSub-fund having debts, the assets of the other funds may not be used to settlethese.

Investment Fund Services Limited may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate orinconsistent with the relevant parts of the Prospectus for the UCITS.

The Remuneration Policy of Investment Fund Services Limited is available fromwww.ifslfunds.com. This Policy describes how remuneration and benefits arecalculated and the governance arrangements in place around these payments. Apaper copy of this Policy is also available free of charge upon request.

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority.Investment Fund Services Limited (IFSL) is authorised in the United Kingdom and regulated by the Financial Conduct Authority.This key investor information is accurate as at 04.10.2021




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 Global Property Fund

a sub-fund of Fidelity Investment Funds

W Accumulation Shares (ISIN: GB00B7K2NZ09)

This fund is managed by FIL Investment Services (UK) Limited

n The fund aims to pay you an income and increase the value of your investment over a period of 5 years or more.

n The fund will invest at least 70% in companies in the real estate industry globally. This region includes countries considered to be emerging markets as determined by the Investment Manager at its sole discretion.

n Emerging markets are countries progressing toward becoming advanced, usually shown by some development in financial markets, the existence of some form of stock exchange and a regulatory body.

n The remainder will be invested in other investment types such as cash and derivatives.

n Derivatives are investments whose value is linked to another investment, or to the performance of a stock exchange or to some other variable factor, such as interest rates and used to reduce risk or transaction costs and/or to generate extra income or further increase the value of your investment.

n The fund aims to hold a concentrated portfolio, investing in 30-50 companies or other types of investment.

n The fund is actively managed without reference to a benchmark.

n The fund has full discretion in its choices of investments within its objectives and policies.

n Income earned by the fund is paid into the fund and reflected by an increase in the value of each share.

n Shares can usually be bought and sold each business day of the fund.



1 2 3 4 5 6 7

n Historical data may not be a reliable indication for the future.

n The risk category shown is not guaranteed and may change over time.

n The lowest category does not mean a "risk free" investment.

n 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.

n The value of your investment may fall as well as rise and you may get back less than you originally invested.

n The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.

n Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.

n Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.

Key Investor Information Fidelity Global Property Fund

Charges for this fund (ISIN: GB00B7K2NZ09)

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.


n The depositary is J.P.Morgan Europe Limited.

n 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.

n Details of the summary Remuneration Policy are available via https://www.fil.com. A paper copy can be obtained free of charge in English from the Fund Manager.

n The Net Asset Values per Share are available at the registered office of the Fund Manager. They are also published online at www.fidelityinternational.com where other information is available.

n The tax legislation in United Kingdom may have an impact on your personal tax position. For further details you should consult a tax advisor.

n This document describes a sub-fund and share class of Fidelity Investment Funds (the 'investment company'). The Prospectus and Reports and Accounts are prepared for the entire investment company.

n FIL Investment Services (UK) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the investment company.

n The assets and liabilities of each sub-fund of Fidelity Investment Funds are segregated by law and with that assets of this sub-fund will not be used to pay liabilities of other sub-funds.

n More share classes are available for this investment company. Details can be found in the Prospectus.

n You have the right to switch from this share class into the same or possibly other share class types of this or another sub-fund. Details on switching rules can be found in the Prospectus.

Past performance is not a guide to future performance results. If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges. The fund was launched on 05/09/2006. This class was launched on 15/10/2012. Past performance has been calculated in GBP.

n Class Y

If applicable, events in the fund's life which may have affected the performance history are highlighted as an ‘*’; in the chart, which may include changes to the fund's objective and details of such events can be found on our website or by requesting it from your appointed representative or your usual Fidelity contact. If applicable, the Objectives and Investment Policy section shall refer to a benchmark and information on previous benchmarks may be found in the annual report and accounts.

1.7

26.3

4.1

20.2

2.7 0.8

17.3

-7.3-10%

0%

10%

20%

30%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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 28/02/2021. 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, including the possibility that swing pricing may apply, please consult the most recent Prospectus.


Entry charge N/A

Exit charge N/A

This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out.



Charges taken from the fund under certain specific

conditions Performance fee N/A

Past Performance

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 16/06/2021.

/2

First Sentier Global Property Securities Fund Class A (Accumulation) GBP

a sub-fund of First Sentier Investors ICVC (the Company) ISIN GB00B1F76L55

First Sentier Investors (UK) Funds Limited, the authorised corporate director of the Company


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.

Objectives and investment policy

Objective: The Fund aims to achieve an investment return from income and capital growth over the long term (at least five years).

Policy: The Fund invests at least 70% in shares of companies that are involved in property around the world and are listed on exchanges worldwide.

The Fund does not invest directly in property.

The Fund may invest up to 10% in other funds.

The Fund may use derivatives to reduce risk or to manage the Fund more efficiently.

Strategy: The Manager’s strategy is to focus on quality companies that it would expect to outperform over the long-term (at least 5 years) especially in down markets. The Fund strategy is to invest in real estate investment trusts or companies that own, develop or manage real property across different geographic markets.

Benchmark: The Fund’s performance is compared against the value of the FTSE EPRA Nareit Developed Index and the Fund is included in the Investment Association’s Property Other Sector.

The Fund's manager may use its discretion when deciding which investments should be held by the Fund.

The Fund is actively managed; investment of the Fund’s assets is not constrained by the benchmark composition or sector requirements and the Fund’s manager has discretion within the Fund’s investment policy to invest in assets without regard to the benchmark.

Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years.

You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.

You can buy and sell shares in the Fund on any business day. As long as we receive your instruction before 12 noon (UK time), shares will be bought at that day's price.

Risk and reward profile

Lower Risk Higher Risk

Potentially Lower Rewards Potentially Higher Rewards

1 2 3 4 5 6 7

The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Share Class has gone up and down in the past. Where a Share Class has not yet launched, the SRRI is calculated using representative data. The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Share Class. We cannot guarantee that the rating of the Share Class will remain the same; it may change over time. Even the lowest rating 1 does not mean a risk free investment. On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level, and 6-7 a high level. Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss.

The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back significantly less than you originally invested.

Material risks not adequately captured by the SRRI: Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities. Property securities risk: the Fund invests in the shares of companies that are involved in property (such as real estate investment trusts) rather than in property itself. The value of these investments may fluctuate more than the underlying property assets. Single sector risk: investing in a single economic sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps to spread risk. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund's investments and could cause the Fund to defer or suspend redemptions of its shares.

For further information on risks, please refer to the Risk Factors section in the Company's prospectus.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. First Sentier Investors (UK) Funds Limited is authorised and regulated in the UK by the Financial Conduct Authority. Prior to 22 September 2020 the Company’s name was First State Investments ICVC. This key investor information is accurate as at 07 October 2021.

Page 2/2

Charges for this Fund

The charges 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.


Entry charge 4.00%

Exit charge N/A



Ongoing charge 1.61%


Performance fee N/A

The entry and exit charges shown are the maximum you will need to pay. In some cases you might pay less - you can find out the actual entry and exit charges from your financial adviser.

The ongoing charge is based on expenses for the year ending July 2020. It may vary from year to year. It excludes portfolio transaction costs which are paid from assets of the Fund and performance fees, if any.

There are fees for switching between sub-funds. The fee for switching into the Fund is 0.5%.

The fees and expenses are charged against the capital of the Fund. Deducting expenses from capital reduces the potential for capital growth.

Further information can be found in the Buying, Selling and Switching Shares section of the Company's prospectus.

Past performance

First Sentier Global Property Securities Fund

FTSE EPRA Nareit Developed Index Property Other Investment Association Sector

Past performance is not a reliable guide to future performance. The past performance shown here includes fees, any reinvested income and tax.

The Fund launched on 12 September 2006.

The Share Class launched on 12 September 2006. The past performance of the Share Class is calculated in GBP.

Practical information

Depositary: The Bank of New York Mellon (International) Limited

Further information: The prospectus, annual and semi-annual reports of the Company are available free of charge on www.firstsentierinvestors.com or by contacting First Sentier Investors, PO Box 404, Darlington, DL1 9UZ. All documents are available in English. You can also obtain any of these documents from the representative or paying agent in your country.

Other practical information: The Fund's share price and other information about the Fund is available at www.firstsentierinvestors.com. The prospectus, annual and semi-annual reports contain information about all of the sub-funds and share classes of the Company. Please note that not all sub-funds and share classes may be registered for distribution in your jurisdiction.

Tax legislation: The Fund is subject to UK tax laws. This may have an impact on your personal tax position. For further details, please speak to your tax adviser.

Liability statement: First Sentier Investors (UK) Funds Limited (as management company) 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.

Fund information: Each sub-fund of the Company is responsible for meeting its own debts. The sub-funds are segregated by law. This means that investments of the Fund cannot be used to pay the debts of the other sub-funds.

You can exchange shares in the Fund for shares in another sub-fund, which is called switching. There may be a charge for switching, as indicated above in 'Charges'.

Remuneration: Information on the current remuneration policy of First Sentier Investors (UK) Funds Limited, including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available at www.firstsentierinvestors.com. A paper copy of this information is available free of charge upon request from First Sentier Investors, PO Box 404, Darlington, DL1 9UZ .

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-0.8% 17.1% 0.1% 23.8% 4.4% 17.4% 1.4% -4.8% 24.8% -6.6%

0.7% 19.4% 2.9% 23.1% 5.8% 24.7% 0.8% 0.2% 17.2% -11.8%

-5.7% 21.6% 5.7% 16.5% 6.2% 11.1% 7.7% -2.5% 19.4% -7.0%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Key Investor InformationThis 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.

FP Octopus UK Micro Cap Growth Fund, a sub-fund of FP Octopus Investments UCITS Funds

Class P Accumulation (ISIN GB00BYQ7HN43)

The Fund is managed by FundRock Partners Limited.

Objective and investment policy

Objective:The investment objective of the Fund is to achieve capital growth (the increase in the value of investments), net of fees, over a period of 5 years or more.

Policy:The Fund will focus on areas of the UK market where the Investment Manageridentifies capital growth opportunities.The Fund will invest at least 80% in the shares of companies, which at the point of investment, are micro-caps (i.e. has a market capitalization of less than £250 million). However, the companies in which the Fund invests may grow beyond the size of a micro-cap and, consequently, the portfolio of the Fund may hold less than 80% in micro-cap shares at any given time. Where a company has grown beyond the size of a micro-cap, shares in that company may continue to be held by the Fund until such time as the investment manager considers selling the shares to be in the best interests of the Fund. Itis expected that opportunities will be focused on UK incorporated smaller companies with a full market listing, AIM listing or listed on ISDX. The Fund can invest in a limited amount of bonds (which is a loan, usually to acompany or government that pays interest) and/or real estate investment trusts and investment companies.Use may also be made of derivatives (investments whose value is linked to another investment, or the performance of a stock exchange or to some other variable factor, such as interest rates) for efficient portfolio management. Efficient portfolio management is where the Fund is managed in a way to reduce risk or cost and or generate extra income or growth.On giving Shareholders 60 days’ notice, the Funds will be able to also use derivatives for investment purposes.The Fund will be managed in a manner that maintains eligibility for ISAs.

Benchmark:•The Fund is actively managed.• For the purpose of providing comparable indicative returns only, investors

Other information: • You can buy and sell shares between 9am and 5pm on most business days when the London Stock Exchange is open for a full range of services.• The Fund’s base currency is Pounds Sterling.• We carry out investors’ requests, to buy, sell or switch, at midday on each business day (which excludes UK public holidays). If we receive a request after midday, we deal with it on the next business day.• If you hold accumulation shares, income from investments in the Fund will be rolled up into the value of your shares.• Investors should note that while the investment objective of the Fund is to achieve capital growth there may be situations in which an income return is also achieved.• The Fund will be managed in a manner that maintains eligibility for ISAs.• Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within five years.• There can be no guarantee that the objective of the Fund will be achieved.• On encashment, particularly in the short-term, you may receive less than theoriginal amount invested.• Charges applicable to the Fund accrue daily, therefore an equivalent rise in the value of shares is required before the original investment can be recovered.

should refer to the Numis Smaller Companies plus AIM ex Investment Trusts and IA UK Smaller Companies sector (“Comparator Benchmarks”).• The Comparator Benchmarks have been chosen by the ACD as they reflect the composition of the Fund and its bias towards investment in UK smaller companies with a primary objective of achieving capital growth.• The Comparator Benchmarks do not represent, or act as, a constraint in the selection of individual investments in the Fund or the management of the Fund’s portfolio.• The performance of the Fund may deviate materially from the performance of the Comparator Benchmarks.


◄ Lower Risk Higher Risk ►Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7

• This indicator above is not a measure of the risk of capital loss, but an estimated measure of the Fund's price movement over time. It is based on historical data, and thus may not be a reliable indication for the future.• The risk category shown is not guaranteed to remain unchanged and may shift over time.• The lowest category does not mean ‘risk free’.• The Fund appears as a “5” on the scale. This is because the Fund by its nature invests in the shares of companies, whose values tend to vary more widely.• The Fund does not provide its investors with any guarantee on performance,nor on monies invested in it.• In addition to the risk captured by the indicator, the overall Fund value may be considerably affected by the following risks:• The Fund invests in shares and the value of these investments may go up and down. Investors may not get back the original amount invested.

• The Fund invests in small company securities which may be less liquid than the securities of larger companies. Securities in smaller companies may also involve risks, such as limited product lines, markets and financial or managerial resouces and trading such securities may be subject to abrupt price movements than trading in the securities of larger companies.• Certain securities could become hard to value, sell at a desired time and place, or cease to trade altogether.• There is a risk that third parties that the Fund enters into investment contracts with will fail to meet their obligations and the Fund may suffer a loss.• Changes in exchange rates may mean the value of investment goes up and down.• The Fund may make use of efficient portfolio management techniques to reduce risk and/or costs in the Fund and to produce additional capital or income in the Fund. It is not intended that using derivatives for efficient portfolio management will increase the volatility of the Fund.• For full details of the Fund's risks please see Section 5 of the Fund’s Prospectus, which is available at www.FundRock.com. Alternatively, you can obtain a copy by contacting the Fund's Administrator at FundRock Partners Limited - Octopus, PO Box 10359, Chelmsford, CM99 2AW or, during normal business hours on 01268 44 8634.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority ("FCA"). The ACD/Manager is authorised and regulated in the UK by the FCA. This key investor information is accurate as at 25 June 2021.

Charges for this fund

The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.

One-off charges taken before or after you invest Class P Acc Entry charge 0.00% Exit charge 0.00% This is the maximum that might be taken out of your money before it is invested (Entry charge) or before the proceeds of your investment are paid out(Exit charge). Charges taken from the fund over a yearOngoing charge 1.25%

Charges taken from the fund under certain specific conditionsPerformance fee -N/A-

The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds) you might pay less – you can find out actual entry and exit charges from your financial adviser.

The ongoing charges figure is based expenses for the period ending 31 August 2020 and may vary from year to year. The ongoing charges figure includes any portfolio transaction costs which the Fund pays to its service providers (e.g. to the Fund’s custodian) and any entry/exit charges the Fund pays when buying/ selling units in another fund. In general, however, the figure excludes other portfolio transaction costs. The ongoing charges are taken from investments and not the income these investments produce. Investments in the Fund may be sold to meet ongoing charges and the value of your units would be reduced.Fee CapThe ACD currently pays all fees and expenses chargeable to the Fund (other than the Annual Management Charge) so that the ongoing charges figure does not exceed 1.25% for Class P Shares(the "Fee Cap"). Subject to providing 60 days' prior notice to Shareholders, the ACD reserve theright to remove the Fee Cap and if the ACD does so, all costs, charges,fees or expenses payable out of the scheme property of the Fund will be charged to the Fund without reference to the Fee Cap.For more information about charges please see Section 7 of the Fund’s Prospectus, which is available from the administration office of the ACD at FundRock Partners Limited - Octopus PO Box 10359 Chelmsford CM99 2AW or, during normal business hours on 01268 44 8634. For more details please see the Supplementary Information Document (SID) which is available at www.FundRock.com or on the above number.

Past performance

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020-20

-10

0

10

20

30

40

IA UK Smaller Companies Benchmark 1* Class P Acc (GBP)

%

Class P Acc 4.4% 14.9% 32.2% -4.2% 5.2% 10.8% 34.9% -2.9% 19.7% 34.7%*Numis Smaller Companies plus AIM ex Investment Trusts

-13.1% 22.5% 30.9% -4.8% 8.6% 12.0% 21.9% -15.8% 22.2% 4.9%

IA UK Smaller Companies -8.9% 22.7% 37.6% -1.6% 14.9% 8.5% 27.1% -11.8% 25.4% 7.0%

Source: Morningstar Direct.

Past performance is not a guide to future performance.

The Fund launched on 28 November 2016.

The chart shows the past performance of the CFIC Octopus UK Micro Cap Growth Fund (which merged with the Fund on 25 November 2016).

The past performance shown in the chart takes into account all charges except entry and exit charges.

Performance for the share class is calculated in Pounds Sterling.


Depositary: Societe Generale S.A, London Branch

Documents and remuneration policy: Paper copies of the Fund's Prospectus, the Instrument of Incorporation, the Key Investor Information Documents, the latest annual and semi-annual reports for the Fund and an up-to-date version of the ACD’s remuneration policy, including, but not limited to: (i) a description of how remuneration and benefits are calculated; and (ii) the identities of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, may be obtained free of charge from the ACD at FundRock Partners Limited, 52-54 Gracechurch Street, London EC3V 0EH or, during normal business hours on 01268 44 8634. The report, accounts and up-to-date remuneration policy can also be obtained from the ACD’s website at www.FundRock.com.These documents are available in English.

Liability statement: FundRock Partners 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.

Prices of shares and further information: The last published prices of shares in the Fund and other information on the Fund, including how to buy and sell shares are available at www.fundlistings.com or, during normal business hours, from FundRock Partners Limited - Octopus PO Box 10359 Chelmsford CM99 2AW or by telephone on 01268 44 8634. You may switchbetween other funds of FP Octopus Investments UCITS Funds. An entry charge may apply. Details on switching are provided in the SID and the Fund’s Prospectus. The assets of the Fund belong exclusively to it and are not available to meet the liabilities of any other fund or sub-fund.

Tax: UK tax legislation may have an impact on your personal tax position. Under current UK revenue law and practice, UK resident shareholders may be subject to income tax for income distributions received or capital gains tax on disposal of their shares. Shareholders are advised to consult their professional advisers as to their tax position. Further information on the subject of tax is available in the Prospectus.

/2

FSSA Japan Focus Fund Class B (Accumulation) GBP

a sub-fund of First Sentier Investors ICVC (the Company) ISIN GB00BWNGX432

First Sentier Investors (UK) Funds Limited (trading as FSSA Investment Managers), the authorised corporate director of the Company


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.


Objective: The Fund aims to achieve capital growth over the medium to long term (at least three years).

Policy: The Fund invests at least 80% in shares of large and mid-sized companies based in or where the majority of their activities take place in Japan. These companies generally have a total stock market value of at least US$1 billion.

The Fund may invest up to 10% in other funds.

The Fund may use derivatives to reduce risk or to manage the Fund more efficiently.

Strategy: The Fund’s investment strategy is centred on identifying quality companies, buying them at a sensible price and holding for the medium to long-term (at least three years). The Manager looks for founders and management teams that act with integrity and risk awareness, and companies with a dominant market position that have the potential to deliver continual and predictable returns over the medium to long-term.

Benchmark: The Fund’s performance is compared against the value of the MSCI Japan Index and the Fund is included in the Investment Association’s Japan Sector.

The Fund's manager may use its discretion when deciding which investments should be held by the Fund.

The Fund is actively managed; investment of the Fund’s assets is not constrained by the benchmark composition or sector requirements and the Fund’s manager has discretion within the Fund’s investment policy to invest in assets without regard to the benchmark.

Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years.

You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.

You can buy and sell shares in the Fund on any business day. As long as we receive your instruction before 12 noon (UK time), shares will be bought at that day's price.


Lower Risk Higher Risk

Potentially Lower Rewards Potentially Higher Rewards

1 2 3 4 5 6 7

The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Share Class has gone up and down in the past. Where a Share Class has not yet launched, the SRRI is calculated using representative data. The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Share Class. We cannot guarantee that the rating of the Share Class will remain the same; it may change over time. Even the lowest rating 1 does not mean a risk free investment. On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the

nature of its investments. Categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level, and 6-7 a high level. Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back significantly less than you originally invested.

Material risks not adequately captured by the SRRI: Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund's investments and could cause the Fund to defer or suspend redemptions of its shares. Single country / specific region risk: investing in a single country or specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.

For further information on risks, please refer to the Risk Factors section in the Company's prospectus.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. First Sentier Investors (UK) Funds Limited (trading as FSSA Investment Managers) is authorised and regulated in the UK by the Financial Conduct Authority. Prior to 22 September 2020 the Company’s name was First State Investments ICVC. This key investor information is accurate as at 07 October 2021.

Page 2/2

Charges for this Fund

The charges 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.


Entry charge 4.00%

Exit charge N/A





Performance fee N/A

The entry and exit charges shown are the maximum you will need to pay. In some cases you might pay less - you can find out the actual entry and exit charges from your financial adviser.

The ongoing charges figure shown here is an estimate of the charges. An estimate is being used as some expenses payable by the share class were reduced by the investment manager with effect from 1 November 2020. It excludes portfolio transaction costs which are paid from assets of the Fund and performance fees, if any. The next Company annual report for the financial year will include detail on the exact charges made.

There are fees for switching between sub-funds. The fee for switching into the Fund is 0.5%.

Further information can be found in the Buying, Selling and Switching Shares section of the Company's prospectus.

Past performance

FSSA Japan Focus Fund

MSCI Japan Net Index Japan Investment Association Sector

Past performance is not a reliable guide to future performance. The past performance shown here includes fees, any reinvested income and tax.

The Fund launched on 26 October 2015.

The Share Class launched on 26 October 2015. The past performance of the Share Class is calculated in GBP.


Depositary: The Bank of New York Mellon (International) Limited

Further information: The prospectus, annual and semi-annual reports of the Company are available free of charge on www.firstsentierinvestors.com or by contacting First Sentier Investors, PO Box 404, Darlington, DL1 9UZ. All documents are available in English. You can also obtain any of these documents from the representative or paying agent in your country.

Other practical information: The Fund's share price and other information about the Fund is available at www.firstsentierinvestors.com. The prospectus, annual and semi-annual reports contain information about all of the sub-funds and share classes of the Company. Please note that not all sub-funds and share classes may be registered for distribution in your jurisdiction.

Tax legislation: The Fund is subject to UK tax laws. This may have an impact on your personal tax position. For further details, please speak to your tax adviser.

Liability statement: First Sentier Investors (UK) Funds Limited (as management company) 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.

Fund information: Each sub-fund of the Company is responsible for meeting its own debts. The sub-funds are segregated by law. This means that investments of the Fund cannot be used to pay the debts of the other sub-funds.

You can exchange shares in the Fund for shares in another sub-fund, which is called switching. There may be a charge for switching, as indicated above in 'Charges'.

Remuneration: Information on the current remuneration policy of First Sentier Investors (UK) Funds Limited, including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available at www.firstsentierinvestors.com. A paper copy of this information is available free of charge upon request from First Sentier Investors, PO Box 404, Darlington, DL1 9UZ .

2016 2017 2018 2019 2020

23.7% 32.4% -10.0% 32.0% 35.9%

22.1% 13.3% -7.5% 15.0% 11.0%

22.6% 18.1% -11.5% 17.4% 14.2%

-20%

-10%

0%

10%

20%

30%

40%

KEY INVESTOR INFORMATIONThis document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help youunderstand 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.

JPMorgan Fund II ICVC ISIN: GB00B8H99P30

JPM US Small Cap Growth Fund C - Net Accumulationa Share Class of JPMorgan Fund II ICVC – JPM US Small Cap Growth Fund. The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited

Objectives, Process and PoliciesINVESTMENT OBJECTIVE

To provide capital growth over the long-term (5-10 years) by investing atleast 80% of the Fund’s assets in a growth style biased portfolio of smallcapitalisation US companies.

INVESTMENT PROCESS

Investment approachB Uses a fundamental, bottom-up stock selection process.B Targets companies with strong fundamentals that have the ability to

deliver higher earnings growth than market expectations.

Benchmark Russell 2000 Growth (Net of 15% withholding tax)

Benchmark uses and resemblanceB The Fund is actively managed. The Benchmark is a Performance

Comparator and the Fund may bear little resemblance to itsBenchmark. The Benchmark has been chosen as it reflects the maininvestment universe and strategy for the Fund.

POLICIES

Main investment exposure At least 80% of assets invested in a growthstyle biased portfolio of equities of small capitalisation companies that are

domiciled, or carrying out the main part of their economic activity, in theUS.

Other investment exposures Canadian companies. Cash and near cash onan ancillary basis.

Derivatives Used for: efficient portfolio management; hedging. Types: seeFund Derivative Usage table under How the Funds Use Derivatives,Instruments and Techniques in the Prospectus. TRS including CFD: none.Global exposure calculation method: commitment.

Currencies Fund Base Currency: GBP. Currencies of asset denomination:typically USD. Hedging approach: typically unhedged.

Redemption and Dealing Shares of the Fund may be redeemed ondemand, with dealing normally on a daily basis.

Distribution Policy This Share Class will reinvest income.

For an explanation of some of the terms used in this document, please visitthe glossary on our website at www.jpmorgan.co.uk/kiid-glossary.

Risk and Reward ProfileLower risk Higher risk

Potentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The above rating is based on the historic volatility of the Net Asset Value ofthe Share Class over the last five years and may not be a reliable indicationof the future risk profile of the Share Class.

The risk and reward category shown above is not guaranteed to remainunchanged and may change over time.

A Share Class with the lowest risk rating does not mean a risk-freeinvestment.

Why is this Share Class in this category? This Share Class is classified incategory 6 because its Net Asset Value has shown high fluctuationshistorically.

OTHER MATERIAL RISKS:

The Fund is subject to Investment risks and Other associated risks fromthe techniques and securities it uses to seek to achieve its objective.

The table on the right explains how these risks relate to each other and theOutcomes to the Shareholder that could affect an investment in the Fund.

Investors should also read Risk Descriptions in the Prospectus for a fulldescription of each risk.

Investment risks Risks from the Fund's techniques and securities

TechniquesHedgingStyle bias

SecuritiesEquitiesSmaller companies

S

Other associated risks Further risks the Fund is exposed to from its use ofthe techniques and securities above

Currency Liquidity MarketS

Outcomes to the Shareholder Potential impact of the risks above

Loss Shareholderscould lose some or allof their money.

Volatility Shares of theFund will fluctuate invalue.

Failure to meet theFund's objective.

ChargesOne-off charges taken before or after you invest

Entry charge None This is the maximum that might betaken out of your money before it isinvested or before the proceeds ofyour investment are paid out.

Exit charge None

Charges taken from this Share Class over a year


The ongoing charge is based on thelast year's expenses toDecember 2020 and may vary fromyear to year.

Charges taken from this Share Class under certain specific conditions

Performance fee None

B The actual entry and exit charges paid may be less. Information oncharges can be obtained from the investor's financial adviser.

B The Prospectus permits a fee to be charged for switching betweenFunds but this fee is currently waived by the Authorised CorporateDirector.

B Charges are used to pay the costs of running this Share Class. Thesecharges reduce the potential growth of the investment.

B Further information about charges can be found in the "Share Classesand Costs" section of the Prospectus.

Past Performance

%Q JPM US Small Cap Growth Fund C - Net Accumulation (GB00B8H99P30)Q Benchmark

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Q -4.8 3.5 43.8 5.1 3.0 27.8 28.3 -2.2 33.0 50.5

Q -2.4 9.3 40.4 12.1 4.2 32.6 11.5 -3.8 23.4 30.41

B Past performance is not a guide to futureperformance.

B Performance data has been calculatedincluding tax, ongoing charges andportfolio transaction costs and excludingentry and exit charges, in GBP.

B Fund launch date: 1987.B Share Class launch date: 2012.

1 The performance shown prior the launch dateof this share class relates to the A share class.The A share class performance has not beenamended or simulated to adjust for the lowerongoing fees of the C share class.

Practical InformationDepositary The fund depositary is NatWest Trustee and Depositary ServicesLimited

Further Information A copy of the Prospectus and latest annual and semi-annual financial report in English can be downloaded or ordered onlinefrom www.jpmorgan.co.uk/investor or are available free of charge uponrequest from our UK-based Investor Services Team on 0800 20 40 20 (or+44 1268 44 44 70 if calling from outside the UK) or by writing to J.P.Morgan Asset Management, Client Administration Centre, PO Box 12272,Chelmsford, CM99 2EL.

Share prices can be obtained online at www.jpmorgan.co.uk/investor or bytelephoning 0800 20 40 20 (or +44 1268 44 44 70 if calling from outsidethe UK).

Please note if you call J.P. Morgan Asset Management, calls may berecorded and monitored for security and training purposes.

Remuneration Policy The ACD's Remuneration Policy can be found onhttps://am.jpmorgan.com/gb/en/asset-management/gim/awm/legal/emea-remuneration-policy. This policy includes details of how remuneration andbenefits are calculated, including responsibilities and composition of thecommittee which oversees and controls the policy. A copy of this policy canbe requested free of charge from the ACD.

Tax The Fund is subject to UK tax regulations. This may have an impact onan investor's personal tax position.

Legal Information JPMorgan Funds Limited may be held liable solely onthe basis of any statement contained in this document that is misleading,inaccurate or inconsistent with the relevant parts of the Prospectus.

JPMorgan Fund II ICVC consists of separate Funds, each of which issues oneor more Share Classes. This document is prepared for a specific ShareClass. The Prospectus and annual and semi-annual financial reports areprepared for JPMorgan Fund II ICVC.

The Fund is part of JPMorgan Fund II ICVC. The assets and liabilities of eachfund in JPMorgan Fund II ICVC are segregated by law. This means that theassets of the Fund belong exclusively to the Fund and will not be used topay the liabilities of any other person or body, including JPMorgan Fund IIICVC or any other Fund within JPMorgan Fund II ICVC.

Switching and Conversion Investors may switch into Shares of anotherFund of JPMorgan Fund II ICVC or convert Shares in one Class in a Fund toShares of another Class in the same Fund subject to meeting any relevanteligibility requirements and minimum holding amounts. Furtherinformation can be found in "section 4.3.10 - Switching and Conversion ofShares" of the Prospectus.

Privacy Policy You should note that, if you contact J.P. Morgan AssetManagement by telephone, those lines may be recorded and monitored forlegal, security and training purposes. You should also take note thatinformation and data from communications with you may be processed byJ.P. Morgan Asset Management, acting as a data controller, in accordancewith applicable data protection laws. Further information about processingactivities of J.P. Morgan Asset Management can be found in the EMEAPrivacy Policy, which is available at www.jpmorgan.com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available onrequest.

-10

0

10

20

30

40

50

60

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA).JPMorgan Funds Limited is authorised in the United Kingdom and regulated by the FCA.This Key Investor Information is accurate as at 04/06/2021.

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 Multi-Asset Target Return Fund

Class I Accumulation - ISIN: GB00BD97XY71 The authorised fund manager of the Fund is Legal & General (Unit Trust Managers) Limited.

OBJECTIVES AND INVESTMENT POLICY

The objective of the Fund is to provide a combination of income and growth. The Fund aims to achieve a total return of both income and capital of the Bank of

England base rate +5% per annum, (the “Benchmark”). This objective is before the deduction of any charges and measured over rolling three year periods.

There is no guarantee that the manager will achieve the above objective in any period and capital invested in the Fund is at risk.

The Fund is actively managed and uses a range of investment strategies and techniques to actively gain exposure to a broad range of asset classes, on a global basis, including emerging markets. This may include shares in companies, corporate and government bonds (both investment grade and sub-investment grade), cash, deposits, money market instruments (such as treasury bills) and indirectly to commodities, infrastructure and property.

To obtain this exposure, the Manager may invest directly and/or indirectly through the use of derivatives, investing in transferable securities and collective investment schemes (both active and index tracker) including those which are operated by the Manager or an associate of the Manager.

The bonds the Fund may invest in may have a fixed or variable rate of income. The bonds that the Fund invests in may be investment grade (rated as lower risk) or sub-investment grade (rated as higher risk). Investment and sub-investment grade bonds are bonds that have been given a credit rating by a rating agency. Credit ratings give an indication of how likely it is that the issuer of a bond will be able to pay back interest and the loan on time. The bonds held may be issued by companies or governments and may be issued in the UK or overseas.

The investment strategies and techniques employed by the Manager may mean that, at any one time, the Fund is largely invested in derivatives. The derivatives used may include futures, options, swaps, swaptions and forward contracts. These derivatives may be linked to interest rates, inflation rates, bonds, credit, company shares, financial indices, volatility and currencies.

At times the Fund may be largely invested in derivatives and/or cash. The Manager will aim to achieve the Fund’s objective as described above whilst

also aiming to: • manage the overall volatility of the Fund to be between 6% and 10% annualised over rolling three year periods; • limit the average sensitivity of the Fund’s performance with that of the global share markets. The average sensitivity of the Fund’s performance aims to be less than 40% of that of the

global share markets over rolling three year periods; and • limit the potential losses of the Fund due to large falls in global share markets. A large fall is regarded as a loss of 10% or more within any 6 month period. The Fund aims to restrict losses to 40% of the global share market loss in any such period.

The Fund may use derivatives (contracts which have a value linked to the price of another asset) to: • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk.

The Fund may also use derivatives for investment purposes to enhance the performance of the Fund. This may include using derivatives to create the effect of a short sale. Short selling is used where a fund manager believes that the asset is currently overvalued in the market and will fall in price.

Other information: This is an actively managed Fund where the Manager will use his expertise to

select the investments to achieve the objective of the Fund. Your units will be accumulation units. Income from the Fund's investments

(interest) will be reinvested back into the value of your units. The Fund's objective is before the deduction of any charges and assumes any

income is reinvested. You can buy or sell units in this Fund on any business 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 business day's price.

The Fund's base currency is denominated in sterling (British pounds). This Fund is designed for investors looking for income and growth through

exposure to a diverse portfolio of investments with anticipated lower volatility than would be expected from a typical equity portfolio.

Although investors can take their money out at any time, this Fund may not be appropriate for those who plan to withdraw their money within five years.

This Fund is not designed for investors who cannot afford more than a minimal loss of their investment.

If you do not understand this document we recommend you seek additional information to help you decide if this Fund is right for you.

RISK AND REWARD PROFILE

The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is not guaranteed to remain the same and may change over time. It is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table above shows the Fund’s ranking on the Risk and Reward Indicator.

The Fund is in category 4 because the mix of different asset types in which the Fund invests has a balancing effect on the rate at which the Fund share price moves up and down. This type of fund is generally considered to be higher risk than one investing only in bonds and lower risk than one existing only in company shares.

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 invest. Further information on the risks of investing in this fund is contained in the

Prospectus available at www.legalandgeneral.com/reports. The risk and reward indicator may not take account of the following risks of

investing in the Fund: The Fund could lose money if any institutions providing services such as

acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the Fund.

This Fund holds bonds that are traded through agents, brokers or investment banks matching buyers and sellers. This makes the bonds less easy to buy and sell than investments traded on an exchange. In exceptional circumstances the Fund may not be able to sell bonds and may defer withdrawals, or suspend dealing. The Directors can only delay paying out if it is in the interests of all investors and with the permission of the Fund depositary.

The Fund invests directly or indirectly in bonds which are issued by companies or governments. If these companies or governments 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 the Fund may fall.

Investment returns on bonds are sensitive to trends in interest rate movements. Such changes will affect the value of your investment.

Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

The Fund is a Target Return fund. This type of fund tries to increase the value of your investment over a period of time, in both rising and falling markets. However, there is no guarantee of returns. You may not get back the money you invest. Target Return funds use a range of different types of investment strategies and may use derivatives. It is possible that the value of these funds could go down when the market is rising, or may not rise as quickly.

The Fund may have underlying investments that are valued in currencies that are different from GBP. Exchange rate fluctuations will impact the value of your investment. Currency hedging techniques may be applied to reduce this impact but may not entirely eliminate it.


Potentially lower rewards Potentially higher rewards

1 2 3 4 5 6 7

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Legal & General (Unit Trust Managers) Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 15 February 2021.

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

return from your investment.


Entry charge 0.00%

Exit charge 0.00%


The price for buying and selling units is subject to a Dilution Adjustment See opposite.





There are no entry or exit charges.

The ongoing charges figure is based on the latest available expenses at December 2020. This figure may vary from year to year.

This Fund's ongoing charges include any charges made by any other funds it may invest in. They exclude portfolio transaction costs.

The ongoing charges are taken from the Capital of the Fund. Other costs:

Dilution Adjustment: on any day, the prices for buying or selling units in this Fund are the same. The Fund manager calculates a single price for this Fund based on the mid-point between the buying and selling prices of the Fund's assets. In certain circumstances, the Fund manager can adjust this price to account for whether there is more money going into or coming out of the Fund. This is called a ‘dilution adjustment’. This can vary but as an example for this Fund we estimate 0.12% for purchases and 0.12% for sales at 28 January 2021. The amount of the dilution adjustment may differ in future.

For more information about charges and costs, please see the charges and expenses section in the Fund's Prospectus, or visit our website at legalandgeneral.com/chargesandfees.

PAST PERFORMANCE

Past performance is not a guide to future performance. The figures for the Fund take into account the ongoing charges and

assume income (after any tax) is reinvested. The performance has been calculated in Sterling (British Pounds). The annual return is for a 12 month period ending 31 December. The Fund launched in 2015. This unit class launched in 2016. The Fund aims to achieve a total return of both income and capital of

the Benchmark. This objective is before the deduction of any charges and measured over rolling three year periods.

PRACTICAL INFORMATION

The trustee and depositary is Northern Trust Global Services SE, UK Branch.

You can obtain further information about the Fund including copies of its prospectus and the latest annual and semi-annual reports at www.legalandgeneral.com/reports. Paper copies of these documents are also available free of charge in English from Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB.

Investors can get other practical information, including the latest prices, dilution adjustment 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. Call charges will vary.

This Fund is subject to the tax legislation of the United Kingdom, which may have an impact on each investor’s 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.

Details of our Remuneration Policy including our Remuneration Committee and how remuneration and benefits are calculated can be accessed from www.lgim.com/remuneration. A paper copy is also available free of charge upon request.

2016 2017 2018 2019 2020

Fund 5.9 -0.5 7.5 3.9

Benchmark 5.3 5.6 5.8 5.2

-1

0

1

2

3

4

5

6

7

8

(re

turn

%)

Key Investor InformationThis 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 thisFund. You are advised to read it so you can make an informed decision about whether to invest.

M&G Emerging Markets Bond Funda sub-fund of M&G Investment Funds (3)Sterling Class R – Income shares ISIN no. GB00B74C4S61Managed by M&G Securities Limited

Objective and investment policyThe fund aims to provide a combination of capital growth and income, net of theOngoing Charge Figure, higher than that of a composite index over any five-yearperiod.The composite index is 1/3 JPM EMBI Global Diversified Index, 1/3 JPM CEMBIBroad Diversified Index and 1/3 JPM GBI-EM Global Diversified Index.Core investment: At least 80% of the fund is invested, directly or throughderivatives, in bonds issued by the governments, government-related institutionsor companies of emerging markets. These bonds can be denominated in anycurrency, including emerging market currencies. The fund invests in bonds of anycredit quality and may invest up to 100% in high yield bonds.Other investments: The fund may invest in asset-backed securities, other funds(including funds managed by M&G) and cash or assets that can be turned intocash quickly.Derivatives: The fund may invest via derivatives and use derivatives to reduce therisks and costs of managing the fund.Strategy in brief: The fund manager selects investments based on anassessment of global, regional, and country-specific macroeconomic factors,followed by in-depth analysis of individual bond issuers. The fund is diversified byinvesting in a range of bonds across emerging markets.Benchmark: A composite index comprising:• 1/3 JPM EMBI Global Diversified Index• 1/3 JPM CEMBI Broad Diversified Index• 1/3 JPM GBI-EM Global Diversified IndexThe benchmark is a target which the fund seeks to outperform. The compositeindex has been chosen as the benchmark as it best reflects the scope of thefund’s investment policy. The benchmark does not constrain portfolioconstruction.The fund is actively managed. The fund manager has complete freedom inchoosing which investments to buy, hold and sell in the fund. The fund’s holdingsmay deviate significantly from the benchmark’s constituents.The benchmark is shown in the share class currency.The following information can be found on the M&G website:￭ an explanation of some terms used in this document: https://docs.mandg.com/docs/glossary-master-en.pdf￭ the Prospectus including the fund’s objective and investment policy.Other informationThe fund may invest more than 35% in securities issued or guaranteed by amember state of the European Economic Area or other countries listed in thefund's Prospectus. This investment may be combined with the use of derivativesin pursuit of the fund's investment objective.You can buy and sell shares in the fund on any business day. Instructions receivedbefore 12 noon will be dealt at that day’s price.Any income from the fund may be paid out to you semi-annually.In addition to the charges set out in the charges section, the fund will incurportfolio transaction costs which are paid from the assets of the fund. These canbe higher when investing outside Europe.

Recommendation: This fund may not be appropriate for investors who plan towithdraw their money within 3 years.

Risk and reward profileLow risk High risk


1 2 3 4 5 6 7￭ The above risk and reward indicator is based on historical data and may not be areliable indication of the future risk profile of this share class. This Share Class iscategorised in risk class 4 because its Net Asset Value has shown medium risesand falls in value historically.￭ The risk number shown is not guaranteed and may change over time.￭ The lowest risk number does not mean risk free.The main risks that could affect performance are set out below:￭ The value and income from the fund's assets will go down as well as up. Thiswill cause the value of your investment to fall as well as rise. There is noguarantee that the fund will achieve its objective and you may get back less thanyou originally invested.￭ Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks, among other factors. There may be difficulties in buying, selling, safekeeping or valuing investments in such countries. ￭ Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund. ￭ The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment. ￭ The fund may use derivatives to profit from an expected rise or fall in the value of an asset. Should the asset’s value vary in an unexpected way, the fund will incur a loss. The fund’s use of derivatives may be extensive and exceed the value of its assets (leverage). This has the effect of magnifying the size of losses and gains, resulting in greater fluctuations in the value of the fund. ￭ In exceptional circumstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors. ￭ The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund. ￭ Operational risks arising from errors in transactions, valuation, accounting, and financial reporting, among other things, may also affect the value of your investments. Further details of the risks that apply to the fund can be found in the fund's Prospectus at www.mandg.co.uk/literature

2107

2111

0944

UK

K1 E

MBO

GB

P R

EN U

K 00

02 0

000

ChargesThe 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 thepotential growth of your investment.


Entry charge 0.00%

Exit charge 0.00%

This is the maximum that might be taken out of your money before it isinvested or before the proceeds of your investment are paid out.





The entry and exit charges shown are the maximum figures and, in some cases,you may pay less. You can find out the exact charges which apply to yourinvestment by contacting your financial adviser or distributor or, if you haveinvested directly with us, you can contact us using the details given in thepractical information section.The above ongoing charge figure is an estimate of the charges because of achange to the charging structure with effect from 15 February 2021. The ongoing charge figure may vary from year to year and excludes portfoliotransaction costs. The charges are mostly, if not exclusively, the Annual Chargewhich may be discounted depending on the size of the fund. The Annual Chargewithout any discount is 0.95%. The fund's annual report for each financial yearwill include details on the exact charges made.For Income shares, the ongoing charge is taken from investments held in thefund’s portfolio and not from the income these investments produce. Thededuction of this charge will reduce the potential growth of your investment.For more information on charges, please see the relevant sections of theProspectus at www.mandg.co.uk/literature

Past performance%

0.9

8.7

-3.2

10.7

3.4

31.7

3.1

0.2

11.6

2.18.

5

1.2

31.3

1.5 2.0

9.5

1.9

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

M&G Emerging Markets Bond FundComparative Index

￭ Past performance is not a guide to future performance.￭ Performance calculation excludes UK taxes from 01 January 2017. It does nottake into account the entry and exit charges but does take into account theongoing charge, as shown in the charges section.￭ The fund launched on 15 October 1999 and the Sterling Class R Income shareclass launched on 03 August 2012.￭ Sterling Class R - Income shares do not have 10 complete years of pastperformance information available as they launched on 03 August 2012.Therefore, past performance information for Sterling Class X shares has beenused for the period.

19 April 2012. The fund changed its objective. The past performance shownbefore this change was therefore achieved under circumstances that nolonger apply. For more information about this change, visitwww.mandg.co.uk/objectivechange

￭ Benchmark performance has been calculated in GBP.Benchmark:12 February 2013 to 31 December 2020 - 1/3 JPM EMBI Global Diversified Index,1/3 JPM CEMBI Broad Diversified Index, 1/3 JPM GBI-EM Global Diversified Index

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulatedby the Financial Conduct Authority.This key investor information is accurate as at 26 July 2021.21

0721

1109

44 U

K K1

EM

BO G

BP

R EN

UK

0002

000

0

Practical informationThe depositary is NatWest Trustee and Depositary Services Limited.For more information about this fund, please visit www.mandg.co.uk/literature where you will find a copy of the Prospectus, Instrument of Incorporation and thelatest annual or interim Investment Report and Financial Statements. These documents are in English and are available free of charge. Our website also providesother information such as share prices.UK tax laws apply to the fund, and this may affect your personal tax position. Please speak to an adviser for more information.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 therelevant parts of the Prospectus for the fund.The fund is a sub-fund of M&G Investment Funds (3), an umbrella Open Ended Investment Company (OEIC). The Prospectus, and annual or interim InvestmentReport and Financial Statements contain information about all of the sub-funds in M&G Investment Funds (3).The assets of each sub-fund within the umbrella OEIC are segregated by law. This means that the assets belong exclusively to that sub-fund and shall not be usedor made available to pay the debts of any other sub-fund or the umbrella OEIC.You may switch between other sub-funds of M&G Investment Funds (3). An entry charge may apply. Details on switching are provided in the Important Informationfor Investors document and the fund’s Prospectus, or by calling M&G Customer Relations on 0800 390 390.Other share classes may exist for the fund as set out in the relevant Prospectus.For up-to-date details of the staff remuneration policy that applies to M&G Securities Limited, including a description of how remuneration and benefits arecalculated, the make-up of the remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visitwww.mandg.co.uk/remuneration. We will provide a paper copy of this information, free of charge, if you require one.

Key Investor InformationThis 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 thisFund. You are advised to read it so you can make an informed decision about whether to invest.

M&G Global Convertibles Funda sub-fund of M&G Investment Funds (7)Sterling Class A – Accumulation shares ISIN no. GB00B1Z68163Managed by M&G Securities Limited

Objective and investment policyThe fund aims to provide a combination of capital growth and income, net of theongoing charge figure, that is higher than the Refinitiv Global Focus ConvertibleBond Index over any five-year period.Core investment: At least 70% of the fund is invested in convertibles issued bycompanies, across any sector and of any size, from anywhere in the world,including emerging markets. The fund also holds company shares in combinationwith bonds to replicate the exposure to convertibles when a direct holding is notavailable. Company shares are also held to adjust the technical characteristics ofindividual convertibles, such as making them more sensitive to changes in theprice of the shares into which they convert.Other investments: The fund may invest in other funds (including fundsmanaged by M&G) and cash or assets that can be turned into cash quickly.Derivatives: The fund may invest via derivatives and use derivatives to reduce therisks and costs of managing the fund.Strategy in brief: The fund employs a disciplined approach to select eachconvertible. The strategy is based on the analysis of individual companies, andthe characteristics of the bonds and shares of these companies. The fundmanager seeks to identify convertibles that, in their opinion, provide the best risk-return profile. For these convertibles, the fund manager expects that the potentialgain from the option on the underlying share price exceeds the potential lossfrom the share price falling.Benchmark: Refinitiv Global Focus Convertible Bond IndexThe benchmark is a target which the fund seeks to outperform. The index hasbeen chosen as the fund’s benchmark as it best reflects the scope of the fund’sinvestment policy. The benchmark is used solely to measure the fund’sperformance and does not constrain the fund's portfolio construction.The fund is actively managed. The fund manager has complete freedom inchoosing which investments to buy, hold and sell in the fund. The fund’s holdingsmay deviate significantly from the benchmark’s constituents.For unhedged share classes, the benchmark is shown in the share class currency.For currency hedged share classes, the benchmark is hedged to the share classcurrency.The following information can be found on the M&G website:￭ an explanation of some terms used in this document: https://docs.mandg.com/docs/glossary-master-en.pdf￭ the Prospectus including the fund’s objective and investment policy.Other informationYou can buy and sell shares in the fund on any business day. Instructions receivedbefore 12 noon will be dealt at that day’s price.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 incurportfolio transaction costs which are paid from the assets of the fund. These canbe higher when investing outside Europe.

Recommendation: This fund may not be appropriate for investors who plan towithdraw their money within 5 years.

Risk and reward profileLow risk High risk


1 2 3 4 5 6 7￭ The above risk and reward indicator is based on historical data and may not be areliable indication of the future risk profile of this share class. This Share Class iscategorised in risk class 4 because its Net Asset Value has shown medium risesand falls in value historically.￭ The risk number shown is not guaranteed and may change over time.￭ The lowest risk number does not mean risk free.The main risks that could affect performance are set out below:￭ The value and income from the fund's assets will go down as well as up. Thiswill cause the value of your investment to fall as well as rise. There is noguarantee that the fund will achieve its objective and you may get back less thanyou originally invested.￭ Convertibles are subject to the risks associated with both bonds and company shares, and to risks specific to the asset class. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer and the performance of the underlying company shares. In addition, issuers of convertibles may fail to meet payment obligations and their credit ratings may be downgraded. Convertibles may also be harder to sell than the underlying company shares. ￭ The fund may use derivatives to profit from an expected rise or fall in the value of an asset. Should the asset’s value vary in an unexpected way, the fund will incur a loss. The fund’s use of derivatives may be extensive and exceed the value of its assets (leverage). This has the effect of magnifying the size of losses and gains, resulting in greater fluctuations in the value of the fund. ￭ Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks, among other factors. There may be difficulties in buying, selling, safekeeping or valuing investments in such countries. ￭ The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment. ￭ In exceptional circumstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors. ￭ The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund. ￭ Operational risks arising from errors in transactions, valuation, accounting, and financial reporting, among other things, may also affect the value of your investments. Further details of the risks that apply to the fund can be found in the fund's Prospectus at www.mandg.co.uk/literature

2102

2217

5053

UK

K1 G

CO

N G

BP

A E

N U

K 00

02 0

000

ChargesThe 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 thepotential growth of your investment.


Entry charge 0.00%

Exit charge 0.00%






The entry and exit charges shown are the maximum figures and, in some cases,you may pay less. You can find out the exact charges which apply to yourinvestment by contacting your financial adviser or distributor or, if you haveinvested directly with us, you can contact us using the details given in thepractical information section.The above ongoing charge figure is an estimate of the charges because of achange to the charging structure with effect from 15 February 2021. The ongoing charge figure may vary from year to year and excludes portfoliotransaction costs. The charges are mostly, if not exclusively, the Annual Chargewhich may be discounted depending on the size of the fund. The Annual Chargewithout any discount is 1.25%. The fund's annual report for each financial year willinclude details on the exact charges made.For more information on charges, please see the relevant sections of theProspectus at www.mandg.co.uk/literature

Past performance%

-8.6

6.1

12.7

5.2

4.5

21.8

-1.7

-5.0

6.5

17.7

-4.3

5.9 10

.7

5.1

5.5

19.6

0.2 1.1

7.7

21.5

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

M&G Global Convertibles FundRefinitiv Global Focus Convertible Bond Index

￭ Past performance is not a guide to future performance.￭ Performance calculation includes UK taxes. It does not take into account theentry and exit charges but does take into account the ongoing charge and thePerformance fee, as shown in the charges section.￭ The fund launched on 13 July 2007 and the Sterling Class A Accumulation shareclass launched on 13 July 2007.￭ Performance is calculated using Sterling Class A Accumulation shares.￭ Until 24 February 2020 the name of the benchmark was Thomson ReutersGlobal Focus Convertible Bond Index.￭ Benchmark performance has been calculated in GBP.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulatedby the Financial Conduct Authority.This key investor information is accurate as at 26 February 2021.21

0222

1750

53 U

K K1

GC

ON

GB

P A

EN

UK

0002

000

0

Practical informationThe depositary is NatWest Trustee and Depositary Services Limited.For more information about this fund, please visit www.mandg.co.uk/literature where you will find a copy of the Prospectus, Instrument of Incorporation and thelatest annual or interim Investment Report and Financial Statements. These documents are in English and are available free of charge. Our website also providesother information such as share prices.UK tax laws apply to the fund, and this may affect your personal tax position. Please speak to an adviser for more information.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 therelevant parts of the Prospectus for the fund.The fund is a sub-fund of M&G Investment Funds (7), an umbrella Open Ended Investment Company (OEIC). The Prospectus, and annual or interim InvestmentReport and Financial Statements contain information about all of the sub-funds in M&G Investment Funds (7).The assets of each sub-fund within the umbrella OEIC are segregated by law. This means that the assets belong exclusively to that sub-fund and shall not be usedor made available to pay the debts of any other sub-fund or the umbrella OEIC.You may switch between other sub-funds of M&G Investment Funds (7). An entry charge may apply. Details on switching are provided in the Important Informationfor Investors document and the fund’s Prospectus, or by calling M&G Customer Relations on 0800 390 390.Other share classes may exist for the fund as set out in the relevant Prospectus.For up-to-date details of the staff remuneration policy that applies to M&G Securities Limited, including a description of how remuneration and benefits arecalculated, the make-up of the remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visitwww.mandg.co.uk/remuneration. We will provide a paper copy of this information, free of charge, if you require one.

Key Investor InformationThis document provides you with key investor information about this fund. Itis not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this fund. You are advisedto read it so you can make an informed decision about whether to invest.

MI Chelverton UK Equity Growth Fund ("the Fund")B Accumulation SharesThis is a sub fund of MI Chelverton Equity Fund. The Fund is an Open Ended Investment Company. ISIN: GB00BP855B75.Maitland Institutional Services Ltd is the Authorised Corporate Director of the Fund.

Objectives and investment policyThe Fund aims to provide long term capital growth.

The Fund will invest in UK small and medium sized market capitalisedcompanies that aim to provide capital growth. These shares will eitherbe fully listed on the London Stock Exchange or listed on AIM (TheLondon Stock Exchange’s international market for smaller, growingcompanies).

The Fund may also invest in money market instruments and cashdeposits.

Any income this share class generates will be reinvested to grow thevalue of your investment.

You can buy and sell shares on any business day in London.

Recommendation: this Fund may not be appropriate for investorswho plan to withdraw their money within 5 years.

For full investment objectives and policy details please refer to theprospectus.

Risk and reward profileThe Risk and Reward Indicator table demonstrates where the Fundranks in terms of its potential risk and reward. The higher the rank thegreater the potential reward but the greater the risk of losing money. Itis based on past data, may change over time and may not be a reliableindication of the future risk profile of the Fund. The shaded area in thetable below shows the Fund’s ranking on the Risk and Reward Indicator.



1 2 3 4 5 6 7

• This Fund is ranked at 5 because funds of this type have experiencedmedium to high rises and falls in value in the past. Please note that eventhe lowest risk class can lose you money and that extreme marketcircumstances can mean you suffer severe losses in all cases. Theindicator does not take into account the following risks of investing inthis Fund:

• Smaller company shares can be more difficult to buy and sell as theymay trade infrequently, in small volumes and their share price mayfluctuate more than that of a larger company.

• In difficult market conditions, the value of some investments may beless predictable than normal and the Fund may not be able to buy andsell these investments at the best time or at a fair price. This could affectthe Fund’s performance, potentially reducing your returns.

• The level of targeted income is not guaranteed and may not be achieved.

• For further risk information please see the prospectus.

Page 1 of 2.

ChargesThe charges you pay are used to pay the costs of running the Fund,including the costs of marketing and distributing it. These chargesreduce the potential growth of your investment.


These are the maximum charges that we might take out of your moneybefore it is invested and before we pay out the sale proceeds of yourinvestment. In some cases, you might pay less and you should speakto your financial adviser about this.



• The ongoing charges figure is based on the last year’s expenses andmay vary from year to year. It excludes the costs of buying or sellingassets for the Fund (unless these assets are shares of another fund).

• For the ongoing charge, the figure is as at 30 June 2021.• You may also be charged a dilution levy on entry to or exit from the

Fund, this is to cover costs associated with your transaction.• No entry charge is currently levied by the ACD, however, an entry

charge of up to 5% based on the value of your investment may beapplied on the value of the shares purchased, at the discretion of theACD.

• For more information about charges, please see the prospectus.

Past performance

-10 -5 0 5

10 15 20 25 30 35 40 45

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fund 26.7 19.1 33.3 -8.9 40.6 15.9



• Fund launch date: 20/10/2014.• Share/unit class launch date: 20/10/2014.• Performance is calculated in GBP.

Practical information• This document is issued by Maitland Institutional Services Ltd and contains information on the B Accumulation Shares only.• Each fund of the Company has its own pool of assets and liabilities, segregated by law. If one fund were unable to pay for its liabilities the

assets of the other funds could not be used to pay for those liabilities.• You can get further detailed information regarding the Fund, including details of the investment manager and how to switch, buy and sell

shares and other share classes available, within the prospectus, the supplementary information document and the annual and half yearlymanagers' reports You can get these free of charge from Maitland Institutional Services Ltd, Hamilton Centre, Rodney Way, Chelmsford,Essex CM1 3BY or from our website: www.maitlandgroup.com. These are available in English only. You can also call us on 0345 305 4217,or look on our website for the latest share prices.

• Details of the ACD’s remuneration policy (including a description of how remuneration and benefits are calculated, the composition of theremuneration committee and the identities of persons responsible for awarding remuneration and benefits) are available at www.maitlandgroup.com/uk-fund-administration/mi-fund-data/ or by requesting a paper copy free of charge (see above for contact details).

• The Depositary of the Fund is Northern Trust Global Services SE (UK Branch).• Please note that the tax laws of the United Kingdom may impact your own tax position.• Maitland Institutional Services Ltd may be held liable solely on the basis of any statement contained in this document that is misleading,

inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.

This Fund is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Maitland Institutional Services Ltd isauthorised in the United Kingdom and regulated by the Financial Conduct Authority.This Key Investor Information is accurate as at 31/08/2021. KN1B

Page 2 of 2.

Page | 1 of 2


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.

Premier Miton European Opportunities Fund – Class B Shares A sub-fund of Premier Miton Investment Funds 3

Class B Accumulation Shares, ISIN no.GB00BZ2K2M84 Authorised Corporate Director - Premier Portfolio Managers Ltd.


To provide total returns, comprised of income and capital growth, over the long-term, being five years or more. Five years is also the minimum recommended period for holding shares in this fund. This does not mean that the fund will achieve the objective over this, or any other, specific time period and there is a risk of loss to the original capital invested.

A minimum of 80% of the fund's assets will be invested in shares of companies listed in Europe, excluding the UK.

The fund is actively managed which means that the fund manager will manage and adapt the portfolio depending on their assessment of the broad economic environment and market conditions.

The fund manager may invest in large, medium and smaller sized companies across all industry sectors although it is expected that there will be a bias towards medium sized companies, which the fund manager considers to be of a market value of between £2 billion and £15 billion. The exposure to different sized companies may change over time according to economic and stock market conditions.

The fund may also hold other investments such as companies in other geographical jurisdictions such as the UK and the USA, government and corporate (company) bonds, convertible bonds (bonds that can convert into

company shares), collective investment schemes and cash and cash-like investments.

The fund may invest in derivatives and forward transactions (these are contracts whose value is based on the change in price of an underlying investment) for the purposes of efficient portfolio management, including hedging (hedging is designed to offset the risk of another investment falling in price).

The full investment objective and policy, which outline all the eligible investments, are available in the Fund’s prospectus.

You can buy, sell and switch shares in the fund on any UK business day. We will need to receive your instruction before 12 noon to buy shares at that day’s price.

Terms explained:

Accumulation shares: any income made by the Fund will be reinvested to grow the value of your investment.

Funds: a general term used to describe collective investment schemes, such as unit trusts, open-ended investment companies and closed-ended investment companies.

Derivatives: this is a financial contract whose value is related to the value of an underlying asset or index, often used with the aim of managing risk or enhancing returns.


The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator.

Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

The Fund is ranked as 6 because it has experienced relatively high rises and falls in value over the past five years.

Please note that even the lowest ranking does not mean a risk-free investment.

The Fund holds a wide range of capitalisations in equities concentrated by geography across Europe and can include the UK. Equities, as an asset class, tend to experience higher volatility than many other asset types such as bonds or money market instruments. Funds concentrated in one geographic area can be vulnerable to market sentiment in that specific area and can carry a higher risk including foreign currency. The Fund may not be appropriate for investors who plan to withdraw their money within 5 years. The indicator may not take fully into account the following risks of investing in this Fund:

Liquidity risk: during difficult market conditions some securities, such as equities issued by smaller capitalisation companies, may become more difficult to sell at a desired price.

Legal or tax risk: arising from a change in legal regulations, tax rules or the application of them.

A more detailed description of the risks identified as being applicable to the Fund are set out in the ‘Risk Factors’ section of the Prospectus.

The Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority.

Issued by Premier Portfolio Managers Ltd, which is authorised and regulated by the Financial Conduct Authority, registered in England no. 01235867 and is a subsidiary of

Premier Miton Group plc, registered in England no. 06306664. Both companies are members of the ‘Premier Miton Investors’ marketing group.

This Key Investor Information is accurate as at 30/09/2021. Page | 2 of 2

Charges

The charges you pay are used to pay the costs of running the fund. These charges reduce the potential growth of your investment.

Switching charge (for switching into the Fund from another fund) 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 units/shares of another fund).

For more information about charges, please refer to the Fund's prospectus.

For the Ongoing Charge, the figure was calculated as at 31/05/2021.


Entry charge 7.00%

Exit charge 0.00%

These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this.

Charges taken from the Fund over a year


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: 01/12/2015

Share/unit class launch date: 01/12/2015.

Performance is calculated in GBP.

Performance is net of charges (excluding entry charge) and net of tax.

Performance allows for distributions having been reinvested.


The Authorised Corporate Director (ACD) for the Fund changed from Link Fund Solutions Limited to Premier Portfolio Managers Limited on 27.11.2020 and at the same time, the fund name was changed to that now stated. Prior to this date, the Fund was known as the LF Miton European Opportunities Fund.

This document should be read in conjunction with the Supplementary Information Document (SID).

For further information about the Fund, including the SID, a free English language copy of the full Prospectus, half-yearly and annual reports and accounts (which are prepared in relation to Premier Miton Investment Funds 3 of which the Fund is a sub-fund), please visit www.premiermiton.com, call us on 0333 456 6363 or email us at [email protected]

You can also obtain other practical information including the current price of shares in the Fund on the website.

You can exchange your shares for shares in other sub-funds of the Company, as and when they are available.

For more information on how to switch to another sub-fund, please call us on 0333 456 6363 or see the Prospectus on the website.

The Fund’s Depositary is Northern Trust Global Services SE.

UK tax legislation may have an impact on your personal tax position.

The Fund has its own portfolio of assets and liabilities and its assets shall not be available to satisfy debts that have arisen in other sub-funds of the Company (this concept is known as "segregated liability").

Premier Portfolio 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.

Information about the share classes available can be found in the Prospectus.

A copy of the Remuneration Policy, which includes a description of how remuneration and benefits are calculated and the identity of those who make up the Remuneration Committee, which is responsible for awarding remuneration and benefits, is available on the website (www.premiermiton.com). A paper copy will be made available free of charge, upon request.

2016 2017 2018 2019 2020

Fund 22.3 28.3 -4.2 33.9 38.2

-10

-5

0

5

10

15

20

25

30

35

40

45

%

Key Investor InformationThis document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.

Schroder High Yield Opportunities Fundan Authorised Unit Trust of Schroder Unit Trusts LimitedClass Z Accumulation GBP (GB00B83RDY83)This fund is managed by Schroder Unit Trusts Limited, which is a member of the Schroders Group.

Objectives and investment policyObjectivesThe fund aims to provide income and capital growth of between 4.5% and6.5% per annum (after fees have been deducted) over a 3 to 5 year period byinvesting in bonds worldwide. This cannot be guaranteed and your capital is atrisk.Investment policyThe fund is actively managed and invests at least 80% of its assets in bonds(denominated in or hedged back into Sterling) issued by governments,government agencies, supra-nationals and companies worldwide.The fund invests at least 50% of its assets in Pan-European bonds.The fund invests at least 80% of its assets in below investment gradesecurities (as measured by Standard & Poor's or any other equivalent creditrating agencies) or in unrated securitiesThe fund may also invest directly or indirectly in other securities (including inother asset classes), countries, regions, industries or currencies, collective

investment schemes (including Schroder funds), warrants and money marketinstruments, and hold cash.The fund may use derivatives with the aim of achieving investment gains,reducing risk or managing the fund more efficiently . The fund may useleverage and take short positions.BenchmarkThe fund's performance should be assessed against the income and capitalgrowth target of between 4.5% and 6.5% per year, and compared against theInvestment Association High Yield Investment sector average return.Dealing frequencyYou may redeem your investment upon demand. This fund deals daily.Distribution policyThis unit class accumulates income received from the fund's investments,meaning it is kept in the fund and its value is reflected in the price of the unitclass.

Risk and reward profileLower risk Higher riskPotentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The risk and reward indicatorThe risk category is based upon the fund's risk target and there is noguarantee that the fund will achieve it.The fund's risk category is not guaranteed to remain fixed and may changeover time.A fund in the lowest category does not mean a risk-free investment.The fund is in this category because it can take higher risks in search of higherrewards and its price may rise and fall accordingly.Risk factorsABS and MBS risk: The underlying borrowers of these securities may not beable to pay back the full amount that they owe, which may result in losses tothe fund.Credit risk: A decline in the financial health of an issuer could cause the valueof its bonds to fall or become worthless.Currency risk: The fund may lose value as a result of movements in foreignexchange rates.Event risk: The fund will take significant positions on companies involved inmergers, acquisitions, reorganisations and other corporate events. These maynot turn out as expected and may result in losses to the fund.

High yield bond risk: High yield bonds (normally lower rated or unrated)generally carry greater market, credit and liquidity risk.Interest rate risk: The fund may lose value as a direct result of interest ratechanges.Liquidity risk: In difficult market conditions, the fund may not be able to sell asecurity for full value or at all. This could affect performance and could causethe fund to defer or suspend redemptions of its shares.Operational risk: Operational processes, including those related to thesafekeeping of assets, may fail. This may result in losses to the fund.Performance risk: Investment objectives express an intended result but there isno guarantee that such a result will be achieved. Depending on marketconditions and the macro economic environment, investment objectives maybecome more difficult to achieve.IBOR: The transition of the financial markets away from the use of interbankoffered rates (IBORs) to alternative reference rates may impact the valuation ofcertain holdings and disrupt liquidity in certain instruments. This may impactthe investment performance of the fund.Derivatives risk: A derivative may not perform as expected, may create lossesgreater than the cost of the derivative and may result in losses to the fund. Thefund may also materially invest in derivatives including using short selling andleverage techniques with the aim of making a return. When the value of anasset changes, the value of a derivative based on that asset may change to amuch greater extent. This may result in greater losses than investing in theunderlying asset.

ChargesOne-off charges taken before or after you invest

Entry charge None

Exit charge None





Performance fee

None

The charges you pay are used to pay the costs of running the fund, includingthe costs of marketing and distributing it. These charges reduce the potentialgrowth of your investment.The entry and exit charges shown are maximum figures and in some casesyou might pay less. You can find out the actual entry and exit charges fromyour financial advisor.The ongoing charges figure is based on the last year's expenses for the yearending December 2020 and may vary from year to year. The ongoing chargefigure excludes portfolio transaction costs. The charges are mostly, if notexclusively, the Schroders Annual Charge (as may be discounted for retail unitclasses depending on the size of the fund) but certain additional expenses maybe charged as set out in the prospectus. The Schroders Annual Charge(without any discount) for this unit class of the fund is 0.72%. The fund's annualreport for each financial year will include details on the exact charges madeincluding any discounts.Please see the prospectus for more details about the charges.

Past performance%

Investment Association High Yield Investment sector averageZ Accumulation GBP (GB00B83RDY83)

Past performance is not a guide to future performance and may not berepeated. The value of investments may go down as well as up and you maynot get back the amount you originally invested.The chart shows performance in British pound after the ongoing charges andthe portfolio transaction costs have been paid.The fund was launched on 14 February 2000.The shareclass was launched on 28 May 2012. Performance figures are only available since the launch of the respectiveshare class.

Practical informationTrustee: J. P. Morgan Europe Ltd.Further information: You can get further information about this fund,including the prospectus, latest annual report, any subsequent half-yearlyreports and the latest price of units from www.schroders.com/ukinvestor and from Schroders, PO Box 1402, Sunderland, SR43 4AF, England,telephone 0800 182 2399. They are in English, free of charge.Tax legislation: The fund is subject to UK tax legislation which may have animpact on your personal tax position.Liability: Schroder Unit Trusts Ltd may be held liable solely on the basis ofany statement contained in this document that is misleading, inaccurate orinconsistent with the relevant parts of the fund's prospectus.Switches: Subject to conditions, you may apply to switch your investment intoanother unit class within this fund or in another Schroder fund. Please see theprospectus for more details.

Remuneration policy: A summary of Schroders' remuneration policy andrelated disclosures is at www.schroders.com/remuneration-disclosures. A paper copy is available free of charge upon request.The policy includes a description of how remuneration and benefits arecalculated & the identities of persons responsible for awarding theremuneration and benefits.Glossary: You can find an explanation of some of the terms used in thisdocument at www.schroders.com/ukinvestor/glossary.Benchmark: The income and capital growth target has been selectedbecause the investment manager deploys strategies that aim to deliver thelevel of income stated in the investment objective.The comparator benchmark has been selected because the investmentmanager and the manager believes that the benchmark is a suitablecomparison for performance purposes given the fund's investment objectiveand policy.

This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at18/08/2021.