MKT

1895

_WEB

08/

2013

CIS UK Growth Trust

A focused, stockpicking FTSE All-Share fund with strong performance since inception.

Product profile as at 30/06/2013

On August 1st 2013, following the acquisition by Royal London, The Co-operative Asset Management Limited changed its legal name to Royal London Asset Management (CIS) Limited.

This document is intended for investment professionals and professional clients. It is not intended for retail clients, who should not rely upon its contents when making investment decisions.

Why recommend this Fund to your clients?

• AnestablishedstockpickingFTSEAll-Sharefund.

• Industry-leadingsocialresponsibilityexpertise,integratingenvironmental, social and governance issues into our investment decision making process.

• Closeanalysisofglobalmacroandindustrialtrendsthatarekeyforidentifying long-term stock opportunities.

Performance (to 30/06/2013)

Percentage Growth to latest quarter end, total return, bid to bid price, Net income reinvested. Source: Lipper

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Cumulative performance (% change to 30/06/2013)

Percentage Growth to latest quarter end, total return, bid to bid price, Net income reinvested. Source: Lipper Measured against UK All Companies sector.

Discrete performance (% change)

Percentage Growth for discrete one-year periods, total return, bid to bid price, Net income reinvested. Source: Lipper Measured against UK All Companies sector.

30/06/2008 - 30/06/2009

30/06/2009 - 30/06/2010

30/06/2010 - 30/06/2011

30/06/2011 - 30/06/2012

30/06/2012 - 30/06/2013

Fund -21.9 19.0 19.6 -2.8 20.7

Sector Median -19.7 19.3 23.7 -3.8 20.8

Sector Performance Fund Performance

500

400

300

200

100

0

-100%

cha

nge

1 year 3 years 5 years Since launch(25/09/1989)

1 year 3 years 5 years Since launch(25/09/1989)

Fund 20.7 40.3 30.2 562.5

Sector Median 20.8 43.5 36.0 403.9

Quartile Ranking 3rd 3rd 3rd 1st

CIS UK Growth Trust

A closer look at the Fund

What is the Fund’s aim?

The Fund aims to deliver top quartile performance over a rolling three-year period measured against the UK All Companies Sector.

TheFundalsoaimstooutperformtheFTSEAll-ShareIndex.

What does the Fund invest in?

TheFundhastheabilitytoinvestacrosstheFTSEAll-ShareIndex,althoughessentiallyitfocusesuponamixtureofFTSE100andMidCapstocks. This universe consists of all the sectors of the UK equity market.

Who it’s suited to

The Fund is suitable for investors looking for:

• long-termcapitalgrowththroughinvestinginanactivelymanagedfund featuring high quality UK stocks

• afundthatwillconsidersocialresponsibilityaspartofitsoverallinvestment process.

Investment philosophy

Our investment philosophy and style is best described as follows:

• Focused – The portfolio will typically have around 55 holdings and over 30% of assets in the top 10 holdings.

• Long term – Investment holding periods of three to four years.

• Stockpicking – We construct portfolios on a bottom-up basis.

• Responsible – Embedded environmental, social and governance (ESG) analysis provides a broader perspective and represents the views of our customers in the investment process.

Our investment approach is structured to consider companies at three levels to identify stocks which are mis-priced.

• Investment themes – The increasingly short-term nature of the investment industry, evidenced by declining stock holding periods, results in long-term opportunities being overlooked. We have adopted a long-term investment philosophy and evaluate the effect of long-term investment themes.

• Industry trends – The increasingly narrow focus of most investors has resulted in our broadening the scope of inputs beyond traditional investment research to identify wider industry trends or linkages between industries.

• Company specific – We believe that the market can inefficiently discount company specific events such as management change. Therefore we devote a large amount of analytical resource to changing company situations.

The portfolio is focused on undervalued stocks which have been identified by our clear and differentiated investment process.

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Sector breakdown (as at 30/06/2013)

Top 10 holdings (as at 30/06/2013)

% of fund

Lloyds Banking Group 4.0

HSBC Holdings 3.6

Vodafone Group 3.4

GlaxoSmithKline 3.3

BT Group 3.3

Unilever 3.0

Prudential 3.0

British American Tobacco 2.9

Shaftesbury 2.7

Royal Dutch Shell 2.6

Total 31.8

Stock example – Prudential

Prudential is a supplier of life, saving and insurance products in markets in the UK, North America and Asia. The group is well managed and is well positioned for greater penetration of financial products in Far Eastern markets, where consumer spend remains in early development. Prudential enjoys a strong and long history within these markets and should produce above average returns, relative to European and UK life assurance groups, who confront more static end markets.

Stock example – Shaftesbury

Shaftesbury operates in the West End property market with particular interests around Covent Garden and Carnaby Street. The group is conservatively managed and enjoys strongly entrenched interests within these prime property markets. Shaftesbury is particularly adept at adding toandupdatingitspropertyportfolioandremainsahighlyexperiencedoperator given its singular focus to these markets. The West End of London remains a key real estate location given the lack of new supply and demand for property from well capitalised investors such as sovereign wealth funds.

Strategy and outlookFollowing a long period of rising Equities the UK stock market fell by 1.7% during the last three months as the stock market reacted badly to a number of events. The Federal Reserve intimated a potential tightening of monetary policy through a slowdown in its Quantitative Easing programme due to economic improvement. In addition, Chinese authorities have restricted access to credit with the aim of reigning in infrastructure spend. Both events have proved disruptive to markets that historically benefitted from ‘easy money’ with particularly negative effects in riskier Emerging Markets.

Over the last three months, the Trust outperformed the stock market and the sector median and was ranked in the second quartile. At the sector level, the largest positive contributor to quarterly performance has been the underweight position in the Mining sector. The sector has suffered from China’s bias away from capital investment and a rally in the US dollar that has undermined the demand for commodities. Overweight positions in Banks and media sectors also gave positive attribution. The main sectoral negative has been Travel & Leisure due to some underperformance of overweight stocks such as InterContinental Hotels Group.

On the quarter, strong stock performance was seen in Lloyds Banking Group. The stock benefitted from improving perceptions regarding the UK economy and growing Government rhetoric that a share placing would be a gradual rather than disruptive process. Positive performances came from Barratt Developments following positive government legislation designed to improve the housing industry, Ashtead, due to its strong results and Cobham, given a growing perception of earnings recovery. The main negative was Hunting which has been adversely affected by a poor commodities outlookandexpectationsthatoilrigcountinthegroup’skeyNorthAmericanmarketsareexpectedtoshowlittlegrowthintheshortterm.Associated British Foods also detracted from performance following a downgrade on the group’s sugar operations.

OveroneyeartheTrustisrankedaheadoftheFTSEAll-ShareIndexand is broadly in line with sector median. Over three years Trust is ranked in third quartile.

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11.9%Consumer Services

2.4% Technology1.9% Utilities 21.1% Financials

4.3%Health Care

18.1% Industrials

1.8% Cash

9.5% Oil & Gas 16.7%

Consumer Goods

6.6% Telecommunications

5.7%Basic Materials

Investment process summary

Initial screening:

• theinvestmentuniverseconsistsoftheFTSEAll-ShareIndex

• companiesarefilteredforthoselookingattractivefroma theme/industry/company perspective

• detailedresearchandanalysisisthenundertakenonthe stocks identified.

Security selection:

• stocksareassessedagainstanumberofkeycriteria,such as valuation, management quality, environmental, social and governance performance

• valuationsarepredominantlycash-based.

Portfolio construction:

• stock positions are determined primarily by the risk/reward potential of a particular investment

• the portfolio is focused in nature, and will typically hold 50 holdings.

Risk management:

• risk is assessed prior to investment in the research process by considering the potential for capital loss

• risk is then assessed across the portfolio by considering sector andfactorrisk(forexampleinterestratesensitivity)

• weekly risk and performance monitoring occurs with independent review by the Head of Equities.

Fund Manager and Investment Team

Andrew has been managing the UK Growth Trust since February 2011, having previously managed the UK Income with Growth Trust for 11 years. He was nominated for Income Manager of the Year (Investment Week 2006, Income sector) and in 2005 achieved 2nd place for investment performance in Citywire’s UK retail industry awards.

Andrewdrawsontheexpertiseofover50investmentprofessionals at The Co-operative Asset Management, all based in Manchester, including:

• equities,fixedincomeandESG(environmental,socialandgovernance) research analysts dedicated to researching UK companies

• fundmanagersfocusedonstockselectionandconstructingdiversified portfolios which balance performance with risk and volatility

• quantitative,operationsandotherexpertssupportingthe investment process

• riskanalysts,responsibleforensuringappropriateriskistakenwithin the portfolio.

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Andrew Moffat, Fund Manager

Years in industry 24

Years at The Co-operative Asset Management 20

“ The Fund benefits from the rigorous research conducted by both our financial and social responsibility analysts”

Andrew Moffat, Fund Manager

Why choose The Co-operative Asset Management?

The Co-operative Asset Management, (TCAM), which is now part of Royal London Group following the acquisition in the summer of 2013, specialises in socially responsible active fund management with a particular focus on equities and bonds. Our distinctive approach integrates the consideration of environmental, social and governance (ESG) issues, alongside financial analysis, throughout the investment process. We also actively engage with the companies in which we invest to champion best practice on behalf of our investors, challenging on issues such as environmental policy and corporate governance standards.

We offer a range of unit trusts including whole of market funds and sustainable funds, which focus on companies that are likely to benefit from key social and environmental themes managing around £20 billion through collective funds and portfolios for a range of clients, from intermediaries to charities, pension funds and other institutions.

Our distinctive approach is reflected in a number of unique investment credentials. We are the only UK fund manager to:

• applyacommoncoreapproachtoresponsibleinvestment across all the funds we manage

• applyactiveengagementacrossallthefundswemanage

• feedvaluablebusinessinsightsgainedfromourengagementprocess back in to company analysis performed for investment purposes.

The Co-operative Asset Management was also the first UK investor to publish its Company AGM voting record on its website in 2002†, a practice now increasingly adopted by fund management groups offering SRI.

In advocating The Co-operative Asset Management to clients, advisers can be assured that they are recommending:

• aresponsibleinvestmentapproachwhichfullyintegrates financial and ESG criteria in stock selection

• aninvestmentprocesscharacterisedbyclearandinformed views on why companies are undervalued and offer good long-term prospects

• aninvestmentresourcecomprisingexperiencedandcommittedindividuals working to deliver outperformance while effecting positive change in the companies they invest in.

Fund Facts

Manager name & location

Andrew Moffat, Manchester

Fund type Unit Trust

Launch date 25th September 1989

Index/benchmark FTSE All-Share

Sector UK All Companies

No. of stocks (as at 30/06/2013)

56

Fund size (as at 30/06/2013)

£1,117.60 million

Distribution paid dates

31st March, 30th September

Pricesco-operativeassetmanagement.co.uk or the Financial Times

Sedol Code 159797

Lipper Id 60009200

PTR (as at 30/06/2013) 66.89%

Ongoing costs (as at 30/06/2013)

1.53%

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†The Co-operative Asset Management has been independently authorised and regulated since August 2009 and was previously part of Co-operative Insurance Society Limited and its subsidiary companies.

CIS UK Growth Trust

The Co-operative Asset Management has signed up to the internationally recognised UN Principles for Responsible Investment. They reflect the increasing relevance of environmental, social and corporate governance issues to investment practices and in signing the Principles, the organisation publicly commits to adopting and implementing them.

MKT

1895

_WEB

08/

2013

Contact broker services

0845 603 9986 www.co-operativeassetmanagement.co.uktcam@cfs.coop

Please call 08457 46 46 46 if you would like to receive this information in an alternative format such as large print, audio or Braille.

This document is intended for investment professionals and professional clients. It is not intended for retail clients, who should not rely upon its contents when making investment decisions.

Past performance is not a reliable indicator of future results. As a result of market fluctuations, investments and income from them may fall as well as rise and investors may not get back the original amount they invested.

The Co-operative Asset Management is a brand name used by Royal London Asset Management (CIS) Limited.

Royal London Asset Management (CIS) Limited (previously The Co-operative Asset Management Limited) is authorised and regulated by the Financial Conduct Authority and is a subsidiary of The Royal London Mutual Insurance Society Limited. Registered in England and Wales number 03858994.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority,provides life assurance and pensions and is a member of the Association of British Insurers and the Association of Financial Mutuals. Registered in England and Wales number 99064.

The registered office of Royal London Asset Management (CIS) Limited and The Royal London Mutual Insurance Society Limited is 55 Gracechurch Street, London, EC3V 0RL, United Kingdom.

Royal London Asset Management (CIS) Limited (previously The Co-operative Asset Management Limited provides asset management services to RLUM (CIS) Limited (previously CIS Unit Managers Limited) which is the authorised Manager of the CIS UK Growth Trust.

If you require any further information about our unit trusts (including a Key Investor Information Document or the full Prospectus), or information about any other products and services we offer, please contact us.