Fidelity American Special Situations Fund · profile of the fund, is not guaranteed and may change...

Risk and Reward Profile

Objectives and Investment Policy

Key Investor Information

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

Fidelity American Special Situations Fund

a sub-fund of Fidelity Investment Funds

W Accumulation Shares (ISIN: GB00B89ST706)

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

� Aims to provide long-term capital growth.

� Invests primarily in the shares of US companies.

� Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes.

� Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile.

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

� Income is accumulated in the share price.

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

� This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.

Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7

� The risk category was calculated using historical performance data.

� The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time.

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

� The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.

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

� Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful.

� The use of financial derivative instruments may result in increased gains or losses within the fund.

Key Investor Information Fidelity American Special Situations Fund

Charges for this fund (ISIN: GB00B89ST706)

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.

Practical Information

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

� 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.

� 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.

� 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.

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

� This document describes a 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.

� 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.

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

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

� 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 10/11/1980. This class was launched on 15/10/2012. Past performance has been calculated in GBP.

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

32.5

27.6

8.7

34.2

0%

10%

20%

30%

40%

2012 2013 2014 2015 2016

Class

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 29/02/2016. This figure may vary from year to year. It excludes:

� performance fees (where applicable);

� portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking.

For more information about charges, please consult the charges section in the most recent Prospectus.

One-off charges taken before or after you invest

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 over a year

Ongoing charges 0.95%

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 24/01/2017.





Emerging Markets Fund

a sub-fund of Fidelity Institutional Funds

W Accumulation Shares (ISIN: GB00B9SMK778)

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

� Aims to provide long-term capital growth with the level of income expected to be low.

� Invests primarily in company shares in countries experiencing rapid economic growth including those in Africa, the Indian sub-continent, Latin America, South East Asia, Europe and the Middle East.

� Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes.

� Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile.

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

� Income is accumulated in the share price.

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

� This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.



1 2 3 4 5 6 7

� The risk category was calculated using historical performance data.

� The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time.

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

� The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.

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

� Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful.

� The use of financial derivative instruments may result in increased gains or losses within the fund.

� Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.

� Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well-defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.

� In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.

Key Investor Information Emerging Markets Fund

Charges for this fund (ISIN: GB00B9SMK778)

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


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

� 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.

� 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.

� 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.

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

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

� 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.

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

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

� 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 28/07/1997. This class was launched on 13/05/2013. Past performance has been calculated in GBP.

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

5.9

-1.1

19.7

-5%

0%

5%

10%

15%

20%

25%

2012 2013 2014 2015 2016

Class

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 30/06/2016. This figure may vary from year to year. It excludes:

� performance fees (where applicable);

� portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking.

For more information about charges, please consult the charges section in 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 13/03/2017.

I Class Shares in Fundsmith Equity FundAccumulation Shares (ISIN: GB00B41YBW71)

Income Shares (ISIN: GB00B4MR8G82)

The fund is managed by Fundsmith LLP

Objectives and investment policy

The fund’s objective is to achieve long-term growth in value, investing in shares of companies on a global basis. The fund’s approach is to be a

long-term investor in its chosen stocks and it will not adopt short-term trading strategies. The fund aims to invest in businesses:

• that can sustain a high return on operating capital employed;

• whoseadvantagesaredifficulttoreplicate;

• whichdonotrequiresignificantborrowingtogeneratereturns;

• withahighdegreeofcertaintyofgrowthfromreinvestmentoftheircashflowsathighratesofreturn;

• that are resilient to change, particularly technological innovation;

• whose valuation is considered to be attractive;

The fund will not invest in derivatives nor hedge any currency exposure. The fund will not borrow money, except in unusual circumstances.

The fund does not track a particular benchmark.

An investor, or prospective investor, may buy or sell their shares on demand each business day in the UK. Instructions to buy or sell received before

noon will be implemented that day; instructions received after noon or on a non-business day will be implemented at noon on the next business day.

For the Accumulation Shares, the dividends are reinvested in the fund. For the Income Shares, the dividends are paid out to you from the fund.

Recommendation: This fund invests for the long-term and may not be appropriate for investors who plan to withdraw their money within 5 years.

Typically lower rewards

Lower risk

Typically higher rewards

Higher risk

Risk and reward profile

1 2 3 4 5 6 7

Theriskcategoryreflectsthesignificanceofthefund’ssharepricefluctuationsbasedonhistoricaldata.Historicaldatamaynotbeareliable indicationofthefutureriskprofileofthefund.Theriskcategoryofthefundisnotguaranteedandmaychangeovertime.Further,thelowestcategoryof risk does not mean risk free.

Generally, the higher the risk category, the greater the potential for higher returns but also the higher the risk of losing money. The fund is in Category

5reflectingtherisksinherentinthefund’sinvestmentportfolio,includingthatofcapitallosses.Theunderlyinginvestmentsare,however, in large companies with shares that are, in most cases, highly liquid.

There are a number of other risks that are not covered by the indicator above. A full description is contained in the prospectus under the heading

“Risk Factors”. The most material are:

Currency risk: The fund’s portfolio is a global share portfolio and many of the investments are not denominated in Sterling. There is no currency

hedging in place and the price of shares in the fund may therefore rise or fall purely on account of exchange rate movements.

Concentration risk:Theinvestmentcriteriaadoptedbythefundsignificantlylimitsthenumberofpotentialinvestments.Thefundgenerallyholds 20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance of a single stock within the portfolio has a

greater effect on the price of the shares of the fund.

Operational risk: Failures or delays in operational processes may negatively affect the fund. There is a risk that any company responsible for the

safekeeping of the assets of the fund may fail to do so properly or may become insolvent, which could cause loss to the fund.

Lower risk


Higher risk

Typically higher rewards


This document provides you with key investor information about this fund. It is not marketing material.

The information is required by law to help you understand the nature and risks of investing in this

fund. You are advised to read it so you can make an informed decision about whether to invest.

Past performance

35%

30%

25%

20%

15%

10%

5%

0%

2015 2016201420132012

12.6%

25.4%

23.5%

15.8%

28.3%

This performance is calculated based on the net asset value per

class (which includes all charges) and assuming the income has

been re-invested in the fund.

Past performance is not necessarily a guide to future performance.

The performance is shown in Pounds Sterling.

The fund was established in November 2010.

Charges

Thechargesforthefundareshownbelow.Theongoingchargesfigureisbasedonthefund’sexpensesfortheyearended31December2016. This includes all costs borne by the fund except for portfolio transaction costs but, because the portfolio turnover is relatively low, these charges

should equally be low.

The ongoing charges are used to pay the costs of running the fund, including the fee payable to Fundsmith LLP, which is 0.90% per annum, and

certain other costs including marketing and distributing the fund. These ongoing charges reduce the potential growth of the investment. The overall

ongoing charges may vary from year to year.


Entry charge Not charged

Exit charge Not charged

Charges taken from the fund over the year


Charges taken under certain conditions

Performance fee Not charged

Practical information

I Class Shares in Fundsmith Equity Fund


Further information on the fund is available from the website –

www.fundsmith.co.uk. You can also obtain it by calling us on

0330 1231 815 or by writing to Fundsmith LLP, PO Box 10846,

Chelmsford, Essex CM99 2BW.

ThisincludestheSupplementaryInformationDocument,theProspectus, the latest price of shares of the fund, and the latest

annual or semi-annual reports as and when they are published.

These documents are available free of charge and in English.

ThisKeyInvestorInformationDocumentdescribestheGBPIClassshares. The equivalent document for other share classes is available

from the website and address above.

The depositary of the fund is State Street Trustees Limited.

DetailsofFundsmithLLP’suptodateremunerationpolicyareavailable from the website - www.fundsmith.co.uk and include a

descriptionofhowremunerationandbenefitsarecalculatedandtheidentities of the persons responsible for awarding remuneration and

benefits.Apapercopyofthisinformationwillbemadeavailablefreeof charge on request.

The tax legislation of the United Kingdom may have an impact on the

personal tax position of the investor.

Wearerequired,underMoneyLaunderingregulations,toconfirmyouridentity. In the majority of cases, we do this electronically, but we may

require additional documents from you if we cannot do this.

Fundsmith LLP 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 and Fundsmith LLP are authorised in the United Kingdom and regulated by the Financial Conduct Authority.

This key investor information is accurate as at 31 January 2017.

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. Unless otherwise defined in this document, all words and expressions defined in the Fund’s current Prospectus shall have the same meaning herein.

GAM Star Credit Opportunities (GBP) (the “Fund”) a sub-fund of GAM Star Fund plc.

Class Ordinary GBP Income (the “Share Class”) ISIN: IE00B5870639

Manager: GAM Fund Management Limited part of GAM Group AG.


� The investment objective of the Fund is to achieve capital gain

in Sterling.

� The Fund seeks to achieve this objective through investment

principally on a worldwide basis (up to 10% of net assets may

be in Emerging Markets) in income bearing or accruing

securities with fixed principal amounts including government

bonds, corporate bonds, junior debt securities, preferred

shares, convertible securities and contingent capital notes.

� The securities in which the Fund invests will include fixed and

floating interest instruments and there are no maturity

restrictions. At least 40% of net assets will be invested in

investment grade securities.

� The fund manager adopts a flexible approach seeking

opportunities globally across the whole credit spectrum,

regardless of index weights but with a strong emphasis on the

financial sector.

� Shares in the Fund can be bought and sold daily (every

Business Day of the Fund).

� Any income arising from this Share Class will be distributed.

Other share classes of the Fund may accumulate income.

� The fund manager has discretion in managing the investments

of the Fund.

� The Fund may use a limited number of simple derivative

instruments for efficient portfolio management purposes.

Further information on the Fund’s use of derivatives can be

found under the Derivatives section within the Fund’s

Supplement. Although the use of derivatives may give rise to

an additional exposure any such additional exposure will not

exceed the Fund's Net Asset Value.

� The Fund may also use the following techniques and

instruments for efficient portfolio management purposes;

Repurchase and Reverse Repurchase Agreements and

Stocklending Agreements.

� Recommendation: this Fund may not be appropriate for

investors who plan to withdraw their money within 5 years.


� Credit Risk / Non-Investment Grade: non-investment grade

securities, which will generally pay higher yields than more

highly rated securities, will be subject to greater market and

credit risk, affecting the performance of the Fund.

� Interest Rate Risk: a rise or fall in interest rates causes

fluctuations in the value of fixed income securities, which may

result in a decline or an increase in the value of such

investments.

� Liquidity Risk: some investments can be difficult to sell quickly

which may affect the value of the Fund and, in extreme market

conditions, its ability to meet redemption requests.

� Concentration Risk: concentration in a limited number of

securities and industry sectors may result in more volatility than

investing in broadly diversified funds.

The “Risk Factor” section of the Prospectus and the “Risk Factor” section of the Fund Supplement for this Fund give you more details about all the risks for the Fund – see under “Practical Information” for how to obtain a copy.

The risk indicator is based on the volatility of the Fund’s performance over the last 5 years. Where 5 years’ performance history is not available the data is supplemented by proxy fund, benchmark data or a simulated historical series as appropriate.

� This profile is determined using historical data, as such may not

be a reliable indication for the future risk profile. It is not

guaranteed and may shift over time.

� The lowest category does not mean ‘risk free’.

� The Fund does not offer any capital guarantee or assurance

that the investor will receive a fixed amount when redeeming.

Further risks that may have a significant effect on the net asset value of the Fund include:

� Credit Risk / Debt Securities: bonds may be subject to

significant fluctuations in value. Bonds are subject to credit risk

and interest rate risk.

Charges for this Share Class

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

One-off charges taken before or after you invest Entry charge Up to 5%

Exit charge Nil

Switching charge Up to 1%

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

Charges taken from the Class over a year Ongoing charges 1.55%

Charges taken from the Class under certain specific conditions Performance fee None

The entry, exit and switching charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial adviser.

You may be charged a dilution levy of up to 1% of the value of the Shares (representing the cost of buying or selling investments) on entry to or exit from the Fund.

The ongoing charges figure is based on expenses for the year ending 30 June 2016. This figure may vary from year to year. It excludes bank interest, portfolio transaction costs and any performance fees if applicable.

For more information about charges, please see the “Fees and Expenses” section of the Prospectus and the “Fees” section of the Fund Supplement, which are available at www.gam.com

Past Performance

� Please note that past performance is not necessarily a guide to

the future performance of the Fund.

� The data is net of tax and charges and is exclusive of

subscription and redemption fees, as any subscription and

redemption fees are not received by the Fund.

� The Fund launched in 2011. Performance shown relates to the

Share Class and is calculated in GBP.


� The custodian of the Fund is State Street Custodial Services

(Ireland) Limited.

� Should you require further information on this Fund, the Share

Class or other share classes of the Fund, you may visit GAM’s

website (www.gam.com) to obtain the current Prospectus and

Fund Supplement and the most recent annual and any

subsequent half-yearly reports and accounts. The documents

referred to shall be provided free of charge in English on

request.

� This Key Investor Information Document is specific to the Share

Class but is considered representative of all other Ordinary,

Ordinary Distribution, Non UK RFS Shares, U, W, and Z share

classes for this Fund. Information relating to these share

classes is available in the “Description of Shares” section of the

Prospectus.

� The Net Asset Value of the Fund is calculated in GBP and is

available from GAM Fund Management Limited, on

www.gam.com and the Irish Stock Exchange.

� The Fund is subject to the tax laws and regulations of Ireland.

Depending on your home country of residence, this might have

an impact on your investment. For further details, please speak

to an adviser.

� The Directors of GAM Star Fund plc 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 and Fund Supplement.

� Details of the up-to-date remuneration policy of the Manager

(including, but not limited to, a description of how remuneration

and benefits are calculated and the identity of persons

responsible for awarding the remuneration and benefits) are

available on www.gam.com. A paper copy will be made

available upon request and free of charge by the Manager.

� Subject to the conditions set down in the Prospectus, you are

entitled to switch from one share class to another, either in the

Fund or in another sub-fund of GAM Star Fund plc. Please refer

to the “How to Switch Shares” section of the Prospectus for

further information on how to switch.

� This Fund is a sub-fund of GAM Star Fund plc, an umbrella

fund with segregated liability between sub-funds. You can find

out more information about the umbrella fund in the

Prospectus. The Prospectus and periodic reports are prepared

in the name of GAM Star Fund plc.

This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. GAM Fund Management Limited is authorised in Ireland and is also regulated by the Central Bank of Ireland.

This key investor information is accurate as at 13 February 2017. SESSI/15-01-2017/EN

A sub-fund of Henderson Investment Funds Series I, an OEIC managed by Henderson Investment Funds Limited.


Objective

The Fund aims to provide an absolute (more than zero) return, typicallyover a 12-month period. An absolute return performance is notguaranteed over this specific, or any other, time period and consequentlyyour capital is in fact at risk.

The Fund will typically invest at least 60% in:

▪ Shares of or derivatives of shares of UK companies (as defined in theprospectus). The Fund takes long positions on shares it believes arepromising (meaning that the Fund will gain to the extent these shareprices rise) and takes short positions in shares it believes are likely todecline in price (meaning the Fund will gain to the extent these shareprices fall).

A substantial proportion of the Fund’s assets may at any time consist ofcash and near cash securities.

The Fund may also invest in:

▪ Up to 40% in shares or derivatives of shares of companies outside ofthe UK

In choosing investments, the investment manager looks for companieswhich have the potential to increase or decrease in price more over thelong term than is currently reflected in market prices.

The Fund makes extensive use of investment techniques, particularlythose that involve derivatives, to obtain both its long and shortinvestment exposure.

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

This Fund is designed to be used only as one component in several in adiversified investment portfolio. Investors should consider carefully theproportion of their portfolio invested into this Fund.

Fund currency GBP Share class currency GBP

Terms to understand

Collective Investment Schemes Funds that invest in shares and othersecurities from the UK and elsewhere.

Derivatives Financial instruments whose value is linked to the priceof an underlying asset (eg indices, rates, share prices).

Money market instruments A short term debt instrument, issued bya government or company as a way to raise money. Generally considereda cash equivalent.

Shares / Equities Securities that represent fractional ownership in acompany.

Short Position Taking a negative view on a security to profit from afall in its price.

Volatility How sharply the Fund’s share price has gone up and downover a period, generally several years.

You can buy, sell or switch shares in the Fund on any business day, asdefined within the “Definitions” Section of the Fund’s prospectus.

The Fund offers accumulation shares (shares in which net income isretained within the price).


Typically Lower potential risk/reward Typically Higher potential risk/reward

Lower Risk Higher Risk

1 2 3 4 5 6 7

The value of an investment in the Fund can go up or down. When yousell your shares they may be worth less than you paid for them.

The risk/reward rating above is based on medium-term volatility. In thefuture, the Fund’s actual volatility could be higher or lower and its ratedrisk/reward level could change.

The share class appears at 4 out of 7. Share classes in highercategories have shown greater and/or more frequent variations in shareprice in the past 5 years than those in lower categories. The lowestcategory does not mean risk free.

The rating does not reflect the possible effects of unusual marketconditions or large unpredictable events. Under normal marketconditions the following risks may apply:

Active management risk Active management techniques that haveworked well in normal market conditions could prove ineffective ordetrimental at other times.

Counterparty risk The Fund could lose money if a counterparty withwhich it trades becomes unwilling or unable to meet its obligations tothe Fund.

Derivatives risk Derivatives use exposes the Fund to risks differentfrom, and potentially greater than, the risks associated with investingdirectly in securities and may therefore result in additional loss, whichcould be significantly greater than the cost of the derivative.

Equities risk Shares can lose value rapidly, and typically involvehigher risks than bonds or money market instruments. The value ofyour investment may fall as a result.

Exchange rate risk Changes in currency exchange rates may causethe value of your investment and any income from it to rise or fall.

Hedging risk Measures designed to reduce the impact of certainrisks may not be available or may be ineffective.

Leverage risk Leverage arises from entering into contracts orderivatives whose terms have the effect of magnifying an outcome,meaning profits and losses from investment can be greater.

Liquidity risk Any security could become hard to value or to sell at adesired time and price, increasing the risk of investment losses.

The full list of the Fund’s risks are contained in the “Risk Factors”section of the Fund’s prospectus.

Henderson

KEY INVESTOR INFORMATION This document provides you with Key InvestorInformation 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 makean informed decision about whether to invest.

UK ABSOLUTE RETURN FUNDClass I Acc ISIN: GB00B5KKCX12

Charges

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

If you invest through a third party provider you are advised to consultthem directly as charges, performance and terms and conditions maydiffer materially to those shown in this document.

One-off charges taken before or after you invest*

Entry Charge 5.00%

Exit Charge 0.00%**

* The charges shown are maximum figures. In some cases you may payless.** Subject to a charge of up to 3.00% where the Manager suspectsexcessive trading by an investor (and specifically on subscriptions heldfor less than 90 days).

Charges taken from the Fund over a year

Ongoing Charges 1.06%

The ongoing charges are based on last year’s expenses for the yearending 31 May 2016. Ongoing charges may vary from year to year.

The figure for ongoing charges excludes portfolio transaction costs,except in the case of an initial charge paid by the Fund when buyingshares or units in another fund.

Charges taken from the Fund under certain specific conditions

Performance fee 20.00%

In the Fund’s last financial year the performance fee was 0.98% of thevalue of the share class.

For more information about charges, please see the “Charges” sectionof the Fund’s prospectus.

Past performance

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Per

form

ance

(%

)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

4.1

0.1

4.8

17.6

5.2

7.7

1.6

YearThe Fund

The past performance is calculated in GBP.

The Fund and the share class were launched in April 2009.

Past performance is not a guide to future performance.

The past performance shown in the chart takes into account allcharges except entry charges.


Depositary: National Westminster Bank Plc

To obtain more information: This Key Investor InformationDocument may not contain all the information you need.

For the last published price of shares in the Fund, or to obtain theannual/semi-annual report, please visit www.henderson.com.Documents are available free of charge in English. For a free copy ofthe Fund’s prospectus please contact the registered office of theFund at 201 Bishopsgate, London EC2M 3AE, UK.

Tax: Investors should note that the tax legislation that applies to theFund may have an impact on the personal tax position of theirinvestment in the Fund.

Contact your adviser to discuss tax treatment, suitability of thisinvestment, and other questions.

Notices: Henderson Investment Funds Limited may be held liablesolely on the basis of any statement contained in this document thatis misleading, inaccurate or inconsistent with the relevant parts ofthe prospectus for the Fund.

The assets of each sub-fund are segregated, meaning that each sub-fund is insulated from any losses or claims associated with the othersub-funds.

To place transaction orders: You can place orders to buy, sell orswitch shares of this Fund by contacting your adviser or distributor,or us directly at Henderson Global Investors, PO BOX 9023,Chelmsford CM99 2WB or by calling our Investor Services team on0800 832 832.

Further information about dealing, other share classes of this Fund orother funds in this OEIC may be obtained by visitingwww.henderson.com or found in the Fund’s prospectus.

The Fund is authorised in the UK and regulated by the FinancialConduct Authority (“FCA”). Henderson Investment Funds Limited isauthorised in the UK and regulated by the FCA.

The details of the up-to-date remuneration policy of the Manager areavailable at www.henderson.com. A paper copy of the remunerationpolicy will be made available free of charge upon request. Theseinclude a description of how pay and benefits are worked out and thepeople or committee members responsible for awarding them.

This Key Investor Information is accurate as at 13 February 2017.

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.

Invesco Perpetual Global Targeted Returns Fund (the “Fund”)A sub-fund of Invesco Perpetual Diversified Returns Investment Series ICVC (the“Company”)Z Accumulation share class (ISIN: GB00B8CHD613) (the “Share Class”)

The Fund is managed by Invesco Fund Managers Limited, part of the Invesco Group.

- The Fund aims to achieve a positive total return, through capital growth and income, in all market conditions over a rolling 3 yearperiod.

- The Fund targets a gross return of 5% p.a. above UK 3 month LIBOR (or an equivalent reference rate) and aims to achieve this with lessthan half the volatility of global equities, over the same rolling 3 year period. There is no guarantee that the Fund will achieve a positivereturn or its target and an investor may not get back the full amount invested.

- The Fund uses a range of investment strategies and techniques to meet its objective.- The strategies invest in a broad range of traditional assets globally including shares of companies, fixed interest and other debt securities

(both corporate and government), cash and gain an indirect exposure to commodities through the use of derivatives and otherinstruments such as exchange traded funds.

- The strategies and techniques make significant use of derivatives (complex instruments) and other financially linked instruments in orderto meet the Fund’s investment objectives and to reduce risk, minimise cost and/or generate additional capital or income.

- The Fund is actively managed within its objectives and is not constrained by a benchmark.- You can buy, sell and switch shares in the Fund on any UK business day.- Any income from your investment will be reinvested.- Recommendation: The Fund may not be appropriate if you plan to withdraw your money within 5 years.


n The Share Class is in risk category 3 due to the rises andfalls of its price or simulated data in the past.

n As the Share Class' risk category has been calculated usinghistorical data, it may not be a reliable indication of theShare Class' future risk profile.

n The risk category may change in the future and is notguaranteed.

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

n The value of investments and any income will fluctuate (this maypartly be the result of exchange rate fluctuations) and you may notget back the full amount invested. Over time, inflation may erode thevalue of investments.

n The Fund makes significant use of financial derivatives (complexinstruments) which will result in the Fund being leveraged and mayresult in large fluctuations in the value of the Fund. Leverage oncertain types of transactions including derivatives may impair theFund’s liquidity, cause it to liquidate positions at unfavourable times orotherwise cause the Fund not to achieve its intended objective.Leverage occurs when the economic exposure created by the use ofderivatives is greater than the amount invested resulting in the Fundbeing exposed to a greater loss than the initial investment.

n The Fund may be exposed to counterparty risk should an entity withwhich the Fund does business become insolvent resulting in financialloss. This counterparty risk is reduced by the Manager, through theuse of collateral management.

n The securities that the Fund invests in may not always make interestand other payments nor is the solvency of the issuers guaranteed.Market conditions, such as a decrease in market liquidity for thesecurities in which the Fund invests, may mean that the Fund may notbe able to sell those securities at their true value. These risks increasewhere the Fund invests in high yield or lower credit quality bonds andwhere we use derivatives.

n Although the Fund invests mainly in established markets, it can investin emerging and developing markets, where there is potential for adecrease in market liquidity, which may mean that it is not easy to buyor sell securities. There may also be difficulties in dealing andsettlement, and custody problems could arise.

n A more detailed description of risk factors that apply to this Fund isset out in Section 17 of the Prospectus.

1 2 3 4 5 6 73



Other Risks


The 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.

- The entry charge shown is a maximum figure. In some cases youmight pay less - you can find this out from your financial adviser ordistributor.

- The ongoing charge figure is based on a fixed, all-inclusive fee. Thefigure excludes portfolio transaction costs.

- If you switch funds within the Invesco Perpetual ICVC fund range youwill pay a maximum 1% switching charge on your new fund.

- For more information about charges please see Appendix 5 of theProspectus.

Charges

One-off charges taken before or after you investEntry charge 5.00%Exit charge NoneAny charges shown above are the maximum that might betaken out of your money before it is invested.

Charges taken from the Share Class over a yearOngoing charge 0.87%

Charges taken from the Share Class under certain specificconditionsPerformance fee None

- Fund launch date: 09 September 2013.- Share Class launch date: 09 September 2013.- The base currency of the Fund is Sterling.- Performance figures are calculated in Sterling.- Performance figures are calculated inclusive of reinvested income and

net of the ongoing charge and portfolio transaction costs. The figuresdo not reflect the entry charge paid by individual investors.

- Past performance is not a guide to future returns.

Past Performance

% growth

0

2

4

6

8

10

2012 2013 2014 2015 2016

Share Class 8.6 1.5 3.5

- Depositary: Citibank Europe plc, UK Branch.- The UK tax regime may have an impact on your personal tax position.- Invesco Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading,

inaccurate or inconsistent with the relevant parts of the Prospectus.- The Company is structured by having different sub-funds. The assets and liabilities of each sub-fund are segregated by UK Law. As a

consequence the assets of the Fund will not be available to meet the liabilities of another sub-fund within the Company.- You are entitled to switch from this Fund to another fund within the Invesco Perpetual ICVC fund range on request, subject to a

switching charge.- More share classes are available for this Fund. You can find more information on our website.- You can check the latest price for this Share Class on our website.- Information on our remuneration policy is available on our website and can be obtained, free of charge, upon request.- Further details can be found in the Prospectus and the Annual and Interim Short Reports, which can be obtained in English, free of

charge, from www.invescoperpetual.co.uk or by calling us on 0800 085 8677.


This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority.Invesco Fund 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 2017.

1174352_3/PDF/150217

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

JPM Global Macro Opportunities Fund B - Net Accumulationa Share Class of JPM Global Macro Opportunities Funda Fund of JPMorgan Fund ICVC ISIN GB00B4S5QZ11

The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited

Objective and Investment Policy

Investment Objective: The Fund aims to provide positive investmentreturns over a rolling 3 year period in all market conditions by investing insecurities globally, using financial derivative instruments whereappropriate. A positive return is not guaranteed over this or any timeperiod and a capital loss may occur.

Investment Policy: The Investment Adviser uses an investment processbased on macroeconomic research to identify global investment themesand opportunities. The Investment Adviser uses a flexible asset allocationapproach, using a broad range of asset classes, instruments andtechniques. Allocations may vary significantly and exposure to certainasset classes, markets, sectors or currencies may be concentrated fromtime to time, in response to market conditions and opportunities.

The Investment Adviser will invest, directly or through the use of FinancialDerivative Instruments (derivatives), in global Equity securities (includingsmaller capitalisation companies), Bonds, (including up to 100% ingovernment and public securities, below investment grade and unrateddebt securities), Commodity Index Instruments, currencies, ConvertibleSecurities, collective investment schemes and cash and cashequivalents. Issuers of securities may be located in any country,including Emerging Markets.

The Investment Adviser may have net Long or net Short Positionexposure to asset classes, industry sectors, markets and /or currenciesdepending upon market conditions and opportunities. This may result ina net short position at the overall Fund level. Long Positions will beachieved directly or through the use of Financial Derivative Instruments,and Short Positions will be achieved via the use of Financial DerivativeInstruments only.

The Fund may use Financial Derivative Instruments (derivatives) forinvestment purposes or Efficient Portfolio Management includinghedging, where appropriate.

Although most of the non-Sterling securities will be hedged back intoSterling, the Investment Adviser will also use opportunities in the foreignexchange market to maximise returns.

The Fund may invest in China A-Shares via the China-Hong Kong StockConnect Programmes.

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

Management Discretion: The Investment Adviser has the discretion tobuy and sell investments on behalf of the Fund within the limits of theObjective and Investment Policy.

Benchmark: The benchmark of the Fund is ICE 1 Month GBP LIBOR.The benchmark is a point of reference against which the performance ofthe Fund may be measured. The Fund will be managed without referenceto its benchmark.

Distribution Policy: This Share Class will reinvest income.

Portfolio Transaction Costs: The investment strategy used to managethis Fund aims to generate higher returns. A consequence of thisinvestment strategy is that the volume of transactions and, therefore,transaction costs, are material. Portfolio transaction costs are paid fromthe assets of the fund. They are additional to the charges set out in theCharges section. The chart in the Past Performance section shows theFund's performance including portfolio transaction costs.

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



Potentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The above rating is based on the historic volatility of the simulated NetAsset Value of the Share Class over the last five years and the volatilitywhich is consistent with the risk limit of the Sub-Fund.

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 classifiedin category 5 because its simulated Net Asset Value has shown mediumto high fluctuations historically and this category is consistent with therisk limit of the Sub-Fund.

Other material risks:D The value of your investment may fall as well as rise and you may getback less than you originally invested.

D The Fund aims to provide a positive return in any market conditionsover a rolling 3 year period, although this is not guaranteed.

D The Fund can use sophisticated investment techniques that differ fromthose used in traditional equity funds.

D The Fund should not be used as a substitute for liquidity funds or cashaccounts.

D The Sub-Fund uses financial derivative instruments for investmentpurposes. The value of financial derivative instruments can be volatileand may result in gains or losses in excess of the amount requiredinitially to establish a position in the derivative. The ACD is required to

disclose in Appendix A of the Prospectus the sum of the grossnotional exposure of the financial derivative instruments used(including those used for hedging or efficient portfolio management)as the expected level of leverage. However, this figure does not takeinto account whether the instrument increases or decreasesinvestment risk and so may not be representative of the overall levelof investment risk in the Sub-Fund.

D Some financial derivative instruments (derivatives) traded on anexchange may be illiquid, and as a result, may need to be held untilthe derivative contract position expires. This may have an adverseimpact on the return of the Fund.

D The value of equity and equity-linked securities may fluctuate inresponse to the performance of individual companies and generalmarket conditions.

D The value of bonds and other debt securities may change significantlydepending on market, economic and interest rate conditions as wellas the creditworthiness of the issuer. Issuers of bonds and other debtsecurities may fail to meet payment obligations (default) or the creditrating of bonds and other debt securities may be downgraded. Theserisks are typically increased for below investment grade and certainunrated securities, which may also be subject to higher volatility andbe more difficult to sell than investment grade securities.

D The Fund invests opportunistically and exposure to the markets mayvary substantially over a short period of time depending on marketconditions. Therefore the Fund may not be fully invested in risingmarkets; conversely the Fund could be more than fully invested in afalling market. In both circumstances the performance of the Fundwould suffer.

D To the extent that any underlying assets of the Fund are denominatedin a currency other than Sterling and are not hedged back to Sterling,movements in currency exchange rates can adversely affect thereturn of your investment. The currency hedging that may be used tominimise the effect of currency fluctuations may not always besuccessful.

D The value of securities in which the Fund invests may be influenced bymovements in commodity prices which can be very volatile.

D Emerging markets may be subject to increased political, regulatoryand economic instability, less developed custody and settlementpractices, poor transparency and greater financial risks. Emergingmarket currencies may be subject to volatile price movements.Emerging market securities may also be subject to higher volatilityand be more difficult to sell than non-emerging market securities.

D The Fund may invest in China A-Shares through the China-Hong KongStock Connect Programmes which are subject to regulatory change,

quota limitations and also operational constraints which may result inincreased counterparty risk.

D The Fund invests in securities of smaller companies which may bemore difficult to sell, more volatile and tend to carry greater financialrisk than securities of larger companies.

D The possible loss from taking a short position on a security (usingfinancial derivative instruments) may be unlimited as there is norestriction on the price to which a security may rise. The short sellingof investments may be subject to changes in regulations, which couldadversely impact returns to investors.

D The Fund may be concentrated in a limited number of securities,industry sectors or countries and as a result, may be more volatilethan more broadly diversified funds.

D Further information about risks can be found in "Part 11: RiskWarnings" of the Prospectus.

Charges


Entry charge None

Exit charge None

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.

Charges taken from this Share Class over a year

Ongoing charge 0.78%

Charges taken from this Share Class under certain specificconditions

Performance fee: None

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

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

D The ongoing charge is based on the last year's expenses (excludingperformance fees) ending 31 December 2016.

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

D Further information about charges can be found in "Part 5: Chargesand Expenses" section of the Prospectus.

Past Performance

%

Q JPM Global Macro Opportunities Fund B - Net Accumulation(GB00B4S5QZ11)

Q Benchmark

2012 2013 2014 2015 2016

10.1 11.6 -3.2

0.5 0.5 0.4

D Past performance is not a guide to future performance.D Performance data has been calculated including tax, ongoingcharges and portfolio transaction costs and excluding entry and exitcharges, in GBP.

D Fund launch date: 2013.D Share Class launch date: 2013.


Depositary: The fund depositary is National Westminster Bank Plc.

Further Information: A copy of the Prospectus and latest annual andsemi-annual financial report in English can be downloaded or orderedonline from www.jpmorgan.co.uk/investor or are available free of chargeupon request from our UK-based Investor Services Team on 0800 20 4020 (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 Box12272, Chelmsford, CM99 2EL.

Share prices can be obtained online at www.jpmorgan.co.uk/investor orby telephoning 0800 20 40 20 (or +44 1268 44 44 70 if calling fromoutside the 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 howremuneration and benefits are calculated, including responsibilities andcomposition of the committee which oversees and controls the policy. Acopy of this policy can be requested free of charge from the ACD.

Tax: The Fund is subject to UK tax regulations. This may have an impacton an 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 ICVC consists of separate Funds, each of which issuesone or more Share Classes. This document is prepared for a specificShare Class. The Prospectus and annual and semi-annual financialreports are prepared for JPMorgan Fund ICVC.

The Fund is part of JPMorgan Fund ICVC. The assets and liabilities ofeach fund in JPMorgan Fund ICVC are segregated by law. This meansthat the assets of the Fund belong exclusively to the Fund and will not beused to pay the liabilities of any other person or body, includingJPMorgan Fund ICVC or any other Fund within JPMorgan Fund ICVC.

Switching and Conversion: Investors may switch into Shares of anotherFund of JPMorgan Fund 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 Conversionof Shares" of the Prospectus.

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 01/02/2017.

-10

-5

0

5

10

15

20

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

JPM US Equity Income Fund C - Net Incomea Share Class of JPM US Equity Income Funda Fund of JPMorgan Fund ICVC ISIN GB00B3FJQ599

The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited

Objective and Investment Policy

Investment Objective: To provide a portfolio designed toachieve income by investing primarily in US Equities in anyeconomic sector whilst participating in long term capital growth.

Investment Policy: US Equities are securities issued bycompanies that are incorporated under the laws of, and havetheir registered office in, the US, or that derive the predominantpart of their economic activity from the US, even if listedelsewhere.Financial Derivative Instruments (derivatives) may be used for thepurpose of Efficient Portfolio Management, including hedging,where appropriate. Subject to at least 60 days notice toshareholders, the Fund may use derivatives for investmentpurposes which may change the risk profile of the Fund.The Fund will invest predominantly in assets denominated in USDollar. However, assets may be denominated in other currenciesand non-Sterling currency exposure will not normally be hedgedback to Sterling.

Redemption and Dealing: Shares of the Fund may beredeemed on demand, with dealing normally on a daily basis.

Management Discretion: The Investment Adviser has thediscretion to buy and sell investments on behalf of the Fundwithin the limits of the Objective and Investment Policy.

Benchmark: The benchmark of the Fund is S&P 500 Index (Netof 15% withholding tax).

The benchmark is a point of reference against which theperformance of the Fund may be measured. The Fund may bearlittle resemblance to its benchmark.

Distribution Policy: This Share Class will distribute income.

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



Potentially lower reward Potentially higher reward

1 2 3 4 5 6 7

The above rating is based on the historic volatility of the NetAsset Value of the Share Class over the last five years and maynot be a reliable indication of the future risk profile of the ShareClass.

The risk and reward category shown above is not guaranteed toremain unchanged and may change over time.

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

Why is this Share Class in this category? This Share Class isclassified in category 5 because its Net Asset Value hasshown medium to high fluctuations historically.

Other material risks:D The value of your investment may fall as well as rise and youmay get back less than you originally invested.

D The value of equity and equity-linked securities may fluctuatein response to the performance of individual companies andgeneral market conditions.

D As the portfolio of the Fund is primarily focused on generatingincome, it may bear little resemblance to the composition of itsbenchmark.

D The single market in which the Fund primarily invests, in thiscase the US, may be subject to particular political andeconomic risks and, as a result, the Fund may be morevolatile than more broadly diversified funds.

D For investors in Share Classes which are not hedged toSterling, movements in currency exchange rates canadversely affect the return of your investment.

D This Fund charges the annual fee of the Authorised CorporateDirector (ACD) against capital, which will increase the amountof income available for distribution to Shareholders, but mayconstrain capital growth. It may also have tax implications forcertain investors.

D Further information about risks can be found in "Part 11: RiskWarnings" of the Prospectus.

Charges


Entry charge None

Exit charge None

This is the maximum that might be taken out of your moneybefore it is invested or before the proceeds of your investmentare paid out.

Charges taken from this Share Class over a year


Charges taken from this Share Class under certain specificconditions

Performance fee: None

D The actual entry and exit charges paid may be less.Information on charges can be obtained from the investor'sfinancial adviser.

D The Prospectus permits a fee to be charged for switchingbetween Funds but this fee is currently waived by theAuthorised Corporate Director.

D The ongoing charge is based on the last year's expenses(excluding performance fees) ending 31 December 2016.

D Charges are used to pay the costs of running this Share Class.These charges reduce the potential growth of the investment.

D Further information about charges can be found in "Part 5:Charges and Expenses" section of the Prospectus.

Past Performance

%Q JPM US Equity Income Fund C - Net Income (GB00B3FJQ599)Q Benchmark

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

21.3 8.7 5.8 29.6 21.4 2.3 36.7

18.3 2.5 10.5 29.5 20.4 6.9 33.1

D Past performance is not a guide tofuture performance.

D Performance data has beencalculated including tax, ongoingcharges and portfolio transactioncosts and excluding entry and exitcharges, in GBP.

D Fund launch date: 2008.D Share Class launch date: 2009.


Depositary: The fund depositary is National Westminster BankPlc.

Further Information: A copy of the Prospectus and latest annualand semi-annual financial report in English can be downloadedor ordered online from www.jpmorgan.co.uk/investor or areavailable free of charge upon request from our UK-basedInvestor Services Team on 0800 20 40 20 (or +44 1268 44 4470 if calling from outside the UK) or by writing to J.P. MorganAsset Management, Client Administration Centre, PO Box 12272,Chelmsford, CM99 2EL.

Share prices can be obtained online at www.jpmorgan.co.uk/investor or by telephoning 0800 20 40 20 (or +44 1268 44 44 70 ifcalling from outside the UK).

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

Remuneration Policy: The ACD's Remuneration Policy can befound on https://am.jpmorgan.com/gb/en/asset-management/gim/awm/legal/emea-remuneration-policy. This policy includesdetails of how remuneration and benefits are calculated,including responsibilities and composition of the committeewhich oversees and controls the policy. A copy of this policycan be requested free of charge from the ACD.

Tax: The Fund is subject to UK tax regulations. This may have animpact on an investor's personal tax position.

Legal Information: JPMorgan Funds Limited may be held liablesolely on the basis of any statement contained in this documentthat is misleading, inaccurate or inconsistent with the relevantparts of the Prospectus.

JPMorgan Fund ICVC consists of separate Funds, each of whichissues one or more Share Classes. This document is prepared fora specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Fund ICVC.

The Fund is part of JPMorgan Fund ICVC. The assets andliabilities of each fund in JPMorgan Fund ICVC are segregatedby law. This means that the assets of the Fund belong exclusivelyto the Fund and will not be used to pay the liabilities of any otherperson or body, including JPMorgan Fund ICVC or any otherFund within JPMorgan Fund ICVC.

Switching and Conversion: Investors may switch into Shares ofanother Fund of JPMorgan Fund ICVC or convert Shares in oneClass in a Fund to Shares of another Class in the same Fundsubject to meeting any relevant eligibility requirements andminimum holding amounts. Further information can be found in"section 4.3.10 - Switching and Conversion of Shares" of theProspectus.

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 01/01/2017.

0

10

20

30

40

of 2.



Jupiter European Fund I-Class

I-Class Income Units, ISIN: GB00B4NVSH01, (also representative of I-Class Accumulation Units, ISIN: GB00B5STJW84). The Manager is Jupiter Unit Trust Managers Limited.


The Fund objective is to grow the money invested in the Fund over the long term.

The Fund will invest in the shares of companies listed on European Stock Exchanges.

The Fund Manager is able to make their own investment decisions, is not constrained by any geographical or sector limits and is not guided by any particular benchmark.

If you select I-Class Accumulation Units any income payable by the Fund will be automatically reinvested and reflected in the price of the units. If you select I-Class Income Units any income payable by the Fund will be distributed to investors on a regular basis.

Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day.


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.

The lowest category does not mean ‘no risk’. The Fund is in this category due to the nature of its investments and

previous levels of volatility (how much the value of the Fund rises and falls).

Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested.

The Fund tends to invest in fewer companies and may be more volatile than a broadly diversified one.

Typically lower rewards,

lower risk

Typically higher rewards,

higher risk

1 2 3 4 5 6 7

4884

This Key Investor Information is accurate as at 10/02/2017.

Page 2 of 2.

Charges

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


Entry charge 5.25%

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 under specific conditions

Performance fee NONE

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

The ongoing charges figure quoted in this document is based on fees and expenses for the year to 30/06/2016.

Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request.

Jupiter reserves the right to levy an entry charge of 5.25%, although we do not currently include this in the price of the units.

Past performance

Source: FE2016

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

Fund launch date: 03/08/1987

Share/unit class launch date: 19/09/2011

Performance is calculated in GBP.

Performance is shown after the effect of ongoing charges but does not include any entry fees.

Performance is calculated on a bid to bid basis, with income reinvested net of basic rate tax.


Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on 0800 561 4000. These documents are available in English and are free of charge.

Jupiter operates a Group-wide remuneration policy, overseen by an independent Remuneration Committee. Details of this policy, including an overview of remuneration elements and associated governance processes, are set out on our website http://www.jupiteram.com/en/Jupiter-Fund-Management-plc/Governance/Risk-management from 18 March 2016. A paper copy of these Remuneration Disclosures is available free of charge, upon request.

Unit prices can be found by visiting the Jupiter website, www.jupiteram.com.

The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company.

Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary.

Jupiter Unit Trust Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Scheme Particulars of the Fund.

Other unit classes are available. Further information is available from Jupiter on request.

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

Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK.

2012 2013 2014 2015 2016

Fund 24.1 25.7 5.9 22.9 5.2

0

5

10

15

20

25

30

%

of 2.



Jupiter Strategic Bond Fund I-Class

I-Class Income Units, ISIN: GB00B544HM32, (also representative of I-Class Accumulation Units, ISIN: GB00B4T6SD53). The Manager is Jupiter Unit Trust Managers Limited.


The objective of the Fund is to pay investors a high income with the prospect for capital growth. The Fund will invest in high yield bonds, investment grade bonds, government bonds, convertible bonds and other bonds.

The Fund may also invest in derivatives - these allow the Fund Manager to track changes in the price of an asset, or ‘basket’ of assets, for example a corporate bond or an index, without actually owning it. Derivatives can be used with the aim of benefiting from the price of an investment falling. The Fund Manager can use derivatives to gain exposure to a number of different asset classes, including company shares, financial indices, commodities and currency exchange rates.

The Fund Manager is able to make their own investment decisions, is not constrained by any geographical or sector limits and is not guided by any particular benchmark.

If you select I-Class Accumulation Units any income payable by the Fund will be automatically reinvested and reflected in the price of the units. If you select I-Class Income Units any income payable by the Fund will be distributed to investors on a regular basis.

Investors are able to buy and sell units during any business day between 9am and 5.30pm. If you tell us to buy or sell units before 12pm on any business day we will make the transaction on the same day. If you tell us to buy or sell units after 12pm we will make the transaction on the following business day.



The lowest category does not mean ‘no risk’. The Fund is in this category due to the nature of its investments and

previous levels of volatility (how much the value of the Fund rises and falls).

Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested.

There is a risk that companies providing services such as safe keeping of assets or acting as counterparty to derivatives may become insolvent, which may cause losses to the Fund.

Bonds are very sensitive to interest rate changes and it is possible that bond issuers will not pay interest or return the capital promised. Bonds can also be 'downgraded' by ratings agencies. All of these events can reduce the value of bonds held by the Fund and therefore impact performance.

The Fund can invest a significant portion of the portfolio in high yield bonds and bonds which are not rated by a credit rating agency. While such bonds may offer a higher income, the interest paid on them and their capital value is at greater risk of not being repaid, particularly during periods of changing market conditions. The value of income payments will fluctuate.

In difficult market conditions, reduced liquidity in bond markets may make it harder for the manager to sell assets at the quoted price. This could have a negative impact on the value of your investment. In extreme market conditions, certain assets may become hard to sell in a timely manner or at a fair price. This could affect the Fund’s ability to meet investors’ redemption requests upon demand.

This Fund may use derivatives for investment purposes which may cause large fluctuations in the value of the Fund. Investments in financial derivative instruments can introduce leverage risks which can amplify gains or losses in the Fund.

Typically lower rewards,

lower risk

Typically higher rewards,

higher risk

1 2 3 4 5 6 7

4899

This Key Investor Information is accurate as at 10/02/2017.

Page 2 of 2.

Charges

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


Entry charge 5.25%

Exit charge 0.00%







The ongoing charges figure quoted in this document is based on fees and expenses for the year to 30/04/2016.

Further information about charges is available in sections 18 and 19 of the Scheme Particulars which are available from Jupiter on request.

Jupiter reserves the right to levy an entry charge of 5.25%, although we do not currently include this in the price of the units.

Past performance

Source: FE2016


Fund launch date: 02/06/2008

Share/unit class launch date: 19/09/2011


Performance is shown after the effect of ongoing charges but does not include any entry fees.

Performance is calculated on a bid to bid basis, with income reinvested net of basic rate tax.


Further information can be found by requesting the Scheme Particulars or annual and half-yearly report and accounts which are available from Jupiter on request by contacting our Customer Services Team on 0800 561 4000. These documents are available in English and are free of charge.

Jupiter operates a Group-wide remuneration policy, overseen by an independent Remuneration Committee. Details of this policy, including an overview of remuneration elements and associated governance processes, are set out on our website http://www.jupiteram.com/en/Jupiter-Fund-Management-plc/Governance/Risk-management from 18 March 2016. A paper copy of these Remuneration Disclosures is available free of charge, upon request.

Unit prices can be found by visiting the Jupiter website, www.jupiteram.com.

The name of the trustee is National Westminster Bank plc. The trustee has delegated the function of custodian to Northern Trust Company.

Tax law may have an impact on your own tax position. We advise you to take tax advice where necessary.

Jupiter Unit Trust Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Scheme Particulars of the Fund.

Other unit classes are available. Further information is available from Jupiter on request.

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

Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority in the UK.

2012 2013 2014 2015 2016

Fund 17.0 6.7 4.4 1.2 7.4

0

2

4

6

8

10

12

14

16

18

%

NON-UCITS RETAIL SCHEME 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 UK Property Fund I Class Accumulation ISIN: GB00BK35DV33 This fund is managed by Legal & General (Unit Trust Managers) Limited.

OBJECTIVE AND INVESTMENT POLICY

Objective The fund will be a Property Authorised Investment Fund for tax purposes at all times. Its objective is to provide a combination of income and growth through investing generally in commercial property. Investment policy: The fund will typically invest at least 80% in a range of UK commercial

properties (but this can be as low as 60% where the fund manager deems it to be in the interests of the fund and its shareholders).

The fund may invest in all types of commercial property. It may occasionally invest in residential property and may also develop properties. The fund may also invest from time to time in commercial properties in the Isle of Man and the Channel Islands.

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 invest in other property-related assets (including property-related UK shares and UK property-related authorised investment funds), money market instruments, deposits, money market-related authorised investment funds and government bonds.

Other information: If you hold accumulation shares, income from investments held by the

fund (a mixture of rental income, interest and dividends) will be reinvested into the value of your shares.

You can buy or sell shares in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate share prices for this fund. If you contact us after 12 noon, the shares will be bought or sold at the next working day's price.

This fund incurs transaction costs relating to buying and selling properties and other assets which are likely to impact returns from your investment. These costs are paid from the fund's assets and are in addition to the entry or ongoing fund charges shown overleaf.

This fund is designed for investors looking to grow their money in a specialised investment which can form part of their existing savings 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.

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 value of your investment may fall as well as rise and is not guaranteed. You might get back less than you invest.

If any of the markets in which you invest falls, the value of your investment in those markets will probably fall as well. In times of market uncertainty it may become less easy for your fund to buy and sell investments. If this happens, the value of your fund may fall and in extreme circumstances this may also force a delay in buying and selling your investment in the fund, which may mean you have to wait for your money to be invested or returned. The fund can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary.

The fund manager runs a fund to meet its objective and you should expect a fund's investments to change over time. The fund's level of risk may also change in the future, for example because of: - global economic conditions; - investment choices made by the fund manager; or - change in the riskiness of the market(s) invested in.

At times it may be difficult for the fund to make investments or sell assets to meet investors’ requests to buy/sell shares. Where this occurs the fund may experience reduced investment performance for a period or have difficulty paying proceeds to investors who wish to sell shares.

Property can be difficult to buy or sell. This could mean: - cash builds up waiting to be invested, so the fund will underperform when property returns are greater than the interest earned; and/or - property may have to be sold for less than expected.

If an exceptional amount of withdrawals are requested, the fund manager may be forced to sell properties quickly. This could mean that properties are sold for less than expected which would reduce the value of your investment.

If total requested withdrawals exceed 10% of the value of the fund, the Manager may defer withdrawals until the next working day.

If the size of the fund falls significantly, the fund may have to invest in fewer properties. This may lead to an increase in risk.

Rental growth is not guaranteed and unpaid rent could affect the performance of your investment.

The value of property is generally a matter of valuer’s opinion rather than fact and the true value of a property may not be recognised until the property is sold. In certain circumstances we may not be able to obtain a valuer's opinion and will apply our own valuation.

The fund will undertake development of properties where the full benefits of any increases in the value of the property or the income earned from it are not received until completion. While any development is taking place, the fund is at risk from delays, increased costs or not achieving the predicted improvement in increasing the value of the property or rent received.

The fund may have a considerable amount of money on deposit with companies such as banks or other financial institutions and invests in money market securities which may be issued by governments, companies, banks and other financial institutions. If any of these experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. The value of money market securities may fall due to changes in interest rates, inflation, creditworthiness, wider credit events or extensions to the anticipated term of investments. If any of these events happens, the value of your fund may fall.

The fund could lose money if any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.

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.

If you use your right to cancel your investment, you may not get a full refund if the value of your investment falls before we carry out your instruction.

This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 1 March 2017.

CHARGES FOR THIS FUND

The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the

potential return from your investment.


Entry charge 0.00%*

Exit charge 0.00%*

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

*The fund also incurs transaction costs. See opposite.



Charges taken from the fund under certain specific conditions

Performance fee None

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

The ongoing charges figure is based on the latest available expenses at December 2016. This figure may change in the future.

This fund's ongoing charges include any charges made by any other funds it may invest in.

Other costs:

Transaction costs: each day there are two prices for this fund: a higher price you pay to buy shares and a lower price you receive when you sell shares. The fund manager sets these prices. The difference between these prices is called the 'spread'. The spread is separate to the entry, exit and ongoing charges shown in this section. This fund's spread reflects the high transaction costs of buying and selling commercial property, and other assets. The spread can change at any time and by any amount. As an example, the buying price for shares in this fund was 4.99% higher than the selling price at 31 December 2016. Please note that the spread will be incurred on transfers between the UK Property Feeder Fund and the UK Property Fund, except on certain dates.

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

Property expense ratio: this fund has other costs in addition to the ongoing charges shown above and to its transaction costs. They include costs such as maintenance and repair fees, property management fees, letting costs and legal fees related to running properties. Full details are in the fund’s Prospectus. These additional costs are represented by the property expense ratio (PER). For this share class the PER is 0.37% (at December 2016).

PAST PERFORMANCE


The figures take into account all charges except any entry charge, 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 2006.

This share class launched in 2006.

We have shown continuous performance back to 2007 however please note that the fund changed its structure on 24 May 2014. On this date the Legal & General UK Property Trust merged into the newly created Legal & General UK Property Fund. We have shown the available performance of the I class of the Legal & General UK Property Trust before this date. Performance after this date is that of the I class of the Legal & General UK Property Fund.

PRACTICAL INFORMATION

The depositary is Northern Trust Global Services Limited.

You can find further information about the fund in its Prospectus and latest annual and half-yearly reports at www.legalandgeneral.com/reports. A Guide to Investing with Us at www.legalandgeneral.com/guide gives further information about investing generally. These documents are also available from: Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB. We will provide documents free of charge and in English.

You can get other practical information, including the latest buying and selling prices, spreads and details of any other share classes that are available, by calling us on 0370 050 0955 Monday to Friday between 8.30am and 6.00pm. Call charges will vary. You can also find details of how we price shares in A Guide to Investing with Us.

The fund is a sub-fund of Legal & General Investment Funds ICVC (the “Company”), an umbrella open ended investment company. The Prospectus, annual and half-yearly reports contain information about the Company. The fund is segregated by law which means that the assets of the fund may not be used to pay the debts of other funds of the Company.

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

You can find details of our Remuneration Policy at www.lgim.com/remuneration. You can also request a paper copy free of charge. The Policy includes details of our Remuneration Committee and how remuneration and benefits are calculated.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fund -2.9 -17.6 5.8 10.4 3.3 2.2 7.9 13.6 10.5 1.9

-20

-15

-10

-5

0

5

10

15

20

(re

turn

%)

SPECIAL SITUATIONS FUND


Lower Risk


Higher Risk

Typically higher rewards any company which has high overseas earnings may

carry a higher currency risk;

The Fund may encounter liquidity constraints from time to

time. In addition the spread between the price you buy and

sell units will reflect the less liquid nature of the underlying

holdings.

The Fund may invest in companies listed on the Alternative

Investment Market (AIM) which is primarily for emerging or

smaller companies. The rules are less demanding than those

of the official List of the London Stock Exchange and

therefore companies listed on AIM may carry a greater risk

than a company with a full listing.

The Fund may, under certain circumstances, make use of

derivative instruments but it is not intended that their use

will materially affect volatility.

Counterparty risk: any derivative contract, including FX

hedging, may be at risk if the counterparty fails.

For full details of the Fu d s risks, please see the prospe tus which may be obtained from Liontrust (address overleaf) or

online at www.liontrust.co.uk.

The Synthetic Risk and Reward Indicator (SRRI) is based on

historical data and may not be relied upon to gauge the

future risk profile of the Fund.

The SRRI shown is not guaranteed to remain the same and

may shift over time.

The lo est ategor 1 does ot ea risk free . The Fu d s risk a d re ard ategor has ee al ulated

using the methodology set by the European Commission. It is

based upon the rate by which the Fund or a representative

fu d or I de s alue has o ed up a d do i the past. The Fund is categorised 4 primarily for its exposure to UK

companies.

The SRRI may not fully take into account the following risks:

that a company may fail thus reducing its value within

the Fund;

Objective

To provide long-term capital growth by investing in mainly

UK equities using the Economic Advantage investment

process.

Policy

The Fund invests at least 80% in companies traded on the UK

and Irish stock exchanges.

The Fund is not restricted in choice of investment in terms of

company size or sector.

I o e fro the Fu d s i est e ts a either e paid to you or reinvested in the Fund.

Recommendation

This Fund may not be appropriate for investors who plan to

withdraw their money within 5 years.

How to buy

You may buy or sell units on a daily basis (but not weekends

or Bank Holidays). Orders must be received by 12.00 midday

for execution at 12.00 midday valuation point on the same

day. Further details can be found at

www.liontrust.co.uk/Howtoinvest.

Investment process

The Fund can invest in any companies in the UK and Ireland

regardless of their size or sector, enabling the managers to

find the best opportunities wherever they are across the UK

stock market.

A fundamental principle of competitive markets is that

profits regress to the mean. The fund managers believe the

secret to successful investing is to identify those few

companies that have a durable Economic Advantage which

allows them to defy this principle and sustain a higher than

average level of profitability for longer than expected. This

surprises the market and can lead to strong share price

appreciation.

Economic Advantage is the collection of distinctive

characteristics of a company that competitors struggle to

reproduce even if those competitors have understood the

benefits arising from those characteristics.

I the fu d a agers e perie e, the hardest characteristics for competitors to replicate are three classes

of intangible assets: intellectual property, strong

distribution channels and significant recurring business.

The Fund measures the universe of Economic Advantage

o pa ies for the arket s appre iatio of their pote tial earnings growth. Under-appreciated companies have the

strongest potential for share price growth.

Every smaller company held in the Economic Advantage

funds has at least 3% of its equity held by main board

directors. Companies are also assessed for employee

ownership below the board and changes in equity

ownership are monitored.

Further details may be found in the prospectus and

information on the investment process may be found at

www.liontrust.co.uk.

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.

Liontrust Special Situations Fund is an Authorised Unit Trust and categorised as a UCITS scheme. This document is

based upon retail class units (R Class) (ISIN: GB00B0N6YF70). This Fund is managed by Liontrust Fund Partners LLP,

a subsidiary of Liontrust Asset Management PLC.

KEY INVESTOR

INFORMATION

DOCUMENT

1 2 3 4 5 6 7

SPECIAL SITUATIONS FUND


Authorisation This Fund is authorised in the UK and regulated by the Financial Conduct Authority.

Trustee The Fu d s Trustee is State Street Trustees Li ited.

Further information Copies of the prospectus and the latest annual and half-yearly reports, which are the primary source of

additional information, are available, without charge, from Liontrust Investment Partners LLP, 2 Savoy Court,

London, WC2R 0EZ. They are also available electronically at www.liontrust.co.uk/Literature/

DownloadLiterature.

Taxation UK tax legislation may have an impact upon your own personal tax position.

Fund prices and other information The Fu d s last pu lished pri e is a aila le fro Lio trust Fu d Part ers LLP at .lio trust. o.uk/Produ ts/ FundPrices or by writing to us at 2 Savoy Court, London, WC2R 0EZ , or by telephoning 020 7412 1777 during

business hours (9.00am - 5.30pm).

The R Retail Class is the represe tati e u it lass. I I stitutio al a d A Ad ised Classes of u it are also available as described in the prospectus.

Remuneration Information on the current remuneration policy of the Fund, 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.liontrust.co.uk. A paper copy of this information is available free of charge upon request from

Liontrust Fund Partners LLP at 2 Savoy Court, London, WC2R 0EZ.

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.

The entry and exit charges shown are maximum figures. In some

cases you might pay less – you can find this out from your financial

adviser.

The ongoing charges figure is based on expenses for the year

ending 31 December 2016. This figure may vary from year to year. It

excludes:

portfolio transaction costs, except in the case of an entry/exit

charge paid by the UCITS when buying or selling shares in

another collective investment undertaking.

For more information about charges, please see clause 25 of the

Fu d s prospe tus, hi h is a aila le ele tro i all at ww.liontrust.co.uk/Literature/DownloadLiterature.


Entry charge (R) 5% (I) 0% (A) 2%

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 the year

Ongoing charges (R) 1.87% (I) 0.87% (A) 1.12%

Charges taken from the Fund under certain specific circumstances


Past performance


Past performance has been calculated on the basis that any

distributable income of the Fund has been reinvested.

All charges, except the entry charge, have been included in the

performance calculations.

The Fund launched on 10 November 2005.

The base currency of the Fund is pounds sterling.

0.2%

-25.9%

41.2%

36.1%

7.5%

22.4%20.0%

0.9%

12.7% 14.6%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Liontrust Special Situations Fund (R)

Liontrust Fund Partners LLP 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 Key Investor Information is accurate as at 13 February 2017.

Non-UCITS retail scheme 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.

17

01

13

15

14

03

UK

K1

FO

PP

GB

P I

EN

UK

00

02

00

00

Objective and investment policyObjective

To provide income and capital growth over the long term (five years or more) solely

through investment in the M&G Property Portfolio.

Investment policy

The fund is close to 100% invested in the M&G Property Portfolio, a Property

Authorised Investment fund.

The objective of the M&G Property Portfolio is to provide income and capital growth

over the long term (five years or more) and its investment policy is to invest at least

70% in UK commercial property.

Other information

The investment returns of the fund and the M&G Property Portfolio may differ

because the fund may hold cash for operational reasons.

The fund manager has the freedom to decide which investments should be held in the

fund.

You can buy and sell shares in the fund on any business day. Provided we receive your

instructions before 12 noon, shares will be bought at that day’s price.

If you hold Income shares, any income from the fund may be paid out to you quarterly.

If you hold Accumulation shares, any income from the fund will be rolled up into the

value of your investment.

In addition to the charges set out in the charges section, the fund will incur portfolio

transaction costs which are paid from the assets of the fund.

M&G Feeder of Property PortfolioSterling Class I – Income shares ISIN no. GB00B842HT59Sterling Class I – Accumulation shares ISIN no. GB00B7SX7S61Managed by M&G Securities Limited, which is part of the Prudential Group

Risk and reward profile• The value of investments and the income from them will rise and fall. This will cause

the fund price to fall as well as rise. These changes may be more extreme in periods

of market disruption and other exceptional events. There is no guarantee the fund will

achieve its objective, and you may not get back the amount you originally invested.

• As mentioned below in the risks of the M&G Property Portfolio, the price of shares

in M&G Property Portfolio may be subject to significant ‘swings’ in value. As the

price of units in the M&G Feeder of Property Portfolio is largely based on the price

of shares in M&G Property Portfolio, a swing in the price of shares in M&G Property

Portfolio will therefore result in a similar swing in the price of units of M&G Feeder

of Property Portfolio.

• For large deals, the dealing price investors receive may be different from the

published price. If investors are buying units, they may receive a price that is higher

than the quoted offer price. If investors are selling units, they may receive a price

that is lower than the quoted bid price.

• The following are extra risks that apply to the M&G Property Portfolio:

• The fund invests mainly in one type of asset. It is therefore more vulnerable to

market changes for that specific type of asset. This type of fund can carry a higher

risk and can experience bigger price gains and falls when compared to a fund which

invests in more types of assets.

• The fund is valued daily on both an ‘offer’ basis (how much its assets would cost to

buy) and a ‘bid’ basis (how much the fund would receive if assets were sold). The

difference between the two is known as the ‘spread’, which is currently around 6.25%.

• If significant numbers of investors withdraw their investments from the fund at the

same time, the manager may be forced to dispose of property investments. This

may result in less than favourable prices being obtained in the market for those

investments.

• Property valuations are provided by an independent valuer and are subject to the

judgement of the valuer.

• In difficult market conditions, the value of certain fund investments may be less

predictable than normal and, in some cases, this may make the investments harder

to sell at the last quoted market price, or at a price that is considered to be fair.

Where market conditions make it hard to sell the fund’s investments at a fair price

in order to meet customers’ sale requests, we may temporarily suspend dealing in

the fund’s shares.

• The fund manager will place transactions, hold investments and place cash on

deposit with a range of counterparties (opposite parties). There is a risk that

counterparties or tenants of properties may default (fail to pay) on their obligations

or become insolvent.

• All of the above risks could have an adverse effect on the value of your investment.

• A more detailed description of the risk factors that apply to the fund can be found

in the fund’s Prospectus.

FOPP_GBP_I_UK_K1_EN_UK 13/01/2017 15:19 Page 1

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 the potential growth

of your investment.


Entry charge 2.00%

Exit charge 0.00%

The entry charge is the maximum that might be taken out of your money before it

is invested.





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 your investment by

contacting your financial adviser or distributor or, if you have invested directly with us,

you can contact us using the details given in the practical information section.

The ongoing charge is based on expenses for the year ending 30 September 2016.

This figure may change from year to year. It excludes portfolio transaction costs.

For Income shares, the ongoing charge is taken from investments held in the fund’s

portfolio and not from the income these investments produce. The deduction of this

charge will reduce the potential growth of your investment.

For more information on charges, please see the relevant sections of the

Prospectus at www.mandg.co.uk/literature

Past performance

• Past performance is not a guide to future performance.

• The past performance calculation includes UK taxes. It does not take into account

the entry and exit charges, but does take into account the ongoing charge, as shown

in the charges section.

• The Fund launched on 18 January 2013. The Sterling Class I Accumulation share

class and Sterling Class I Income share class launched on 18 January 2013.

• M&G Feeder of Property Portfolio Sterling Class I shares do not have 10 complete

years of past performance information available as they launched on 18 January

2013. Therefore, past performance information for M&G Property Portfolio Sterling

Class S units (a unit trust which commenced termination on 18 January 2013) has

been used for the period shown prior to this date.

Fund

(12.9)

20.0

2007

%

15.010.05.00.0

(5.0)(10.0)(15.0)(20.0)(25.0)

2008 2009 2010 2011 2012 2013 2014 2015 2016

(20.2)

9.06.9

4.21.1

6.2

14.0

8.6

(7.1)

17

01

13

15

14

03

UK

K1

FO

PP

GB

P I

EN

UK

00

02

00

00

Practical informationThe trustee is National Westminster Bank plc.

For more information about this fund, please visit www.mandg.co.uk/literature where you will find a copy of the Prospectus, and latest annual or interim Investment Report and Financial

Statements. These documents are in English and are available free of charge. Our website also provides other 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.

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 are calculated, the make-up of the

remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visit www.mandg.co.uk/remuneration. We will provide a paper copy of this

information, free of charge, if you require one.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority.

This key investor information is accurate as at 10 February 2017.

FOPP_GBP_I_UK_K1_EN_UK 13/01/2017 15:19 Page 2

KEY INVESTOR INFORMATION

This document provides you with key investor information about this fund. It is not marketing material. The information is

required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you

can make an informed decision about whether to invest.§

H2O MultiReturns Fund (N/A (GBP) ISIN: GB00BFNXSH36)

a sub-fund of NGAM Investment Funds U.K. ICVC

Authorised Corporate Director: NGAM S.A., part of the Natixis group of companies


Investment objective:The investment objective of H2O MultiReturns Fund (the “Fund”) is to seek to

outperform 1-month GBP LIBOR rate by 4% p.a. over a recommended investment

horizon of 3 years, less the ongoing charges ratio. The 1-month GBP LIBOR is the

average rate of interbank loans in Pounds Sterling over a one month period. There

can be no guarantee that the investment objective of the Fund will be achieved over

a 3 year period or any other period and your investment is at risk.

Investment policy:The Fund seeks diversification of its assets among global fixed income securities (e.g.

bonds), money market instruments e.g. debt securities with short-term maturities),

equity securities (e.g. shares) and currency markets. The Fund is actively managed

and may use derivatives (e.g. financial contracts that derive their values from the

price of underlying assets) to gain exposure to the permitted assets.

The Fund may invest up to 100% of its assets in fixed income securities and money

market instruments which may be issued or guaranteed by governments and

companies and which may be below investment grade. Investment grade fixed

income securities are securities rated at least BBB- (Standard & Poor’s Ratings

Services), Baa3 (Moody’s Investors services, Inc.), an equivalent rating by Fitch

ratings or if unrated, determined by H2O Asset Management L.L.P., the Investment

Manager to be of equivalent quality. The Funds investment in fixed income securities

may include zero coupons bonds (i.e. bonds which make no periodic interest

payments but are traded at a discount to the face value), certificates of deposit (i.e. a

certificate with a fixed maturity date and interest rate that is issued by a bank in

exchange for the deposit of cash) and commercial paper (i.e. a short term unsecured

debt instrument issued .by a company in exchange for a loan of cash).

The Fund may invest no more than 20% of its assets in investment grade

collateralized bonds (e.g. an investment grade security backed by a pool of

bonds, loans or other assets) including asset-backed securities and mortgage-

backed securities (e.g. debt securities whose value and income payments are

derived from and secured by a specified pool of assets or mortgage loans,

respectively). The Investment Manager may use derivatives to hedge the credit risk

arising from the Fund’s investments and to adjust the interest rate sensitivity (i.e.

the extent to which a fixed income security will fluctuate in price as a result of

changes in interest rates) of the Fund’s portfolio.

The Fund may invest up to 30% of its assets in global equity securities. The

Investment Manager may take short equity positions (i.e. sale of a borrowed

security with the expectation that the security will fall in value) through the use of

derivatives. The Fund may invest up to 30% of its assets in taking short equity

positions.

The Fund may invest up to 10% of its net assets in other funds. The Fund may

invest in issuers from any country and may be exposed to any currency including

currencies of non-OECD countries (i.e. countries that are not members of the

Organisation for Economic Co-operation and Development). Under normal market

conditions, it is expected that the actual annualised volatility of the Fund (i.e. the

measure of how much the value of the Fund has gone up or down over a given time

period) will typically be between 5-10% over a three year investment horizon.

However, the Fund’s actual annualised volatility may be outside of this expected

range over rolling investment horizons as a consequence of volatile market

conditions or due to inherent volatility of certain investments held by the Fund.

The base currency of the Fund is the British Pound Sterling. Shares in the Fund may

be purchased, sold or exchanged on any business day in the U.K. Income derived

from the Fund is distributed for Distribution Shares and reinvested for Accumulation

Shares. Please refer to the section entitled “Distribution and Accumulation Shares;

Net and Gross Shares” of the Prospectus for additional information.

Recommendation: this Fund may not be appropriate for investors who plan to

withdraw their money within the investment horizon of 3 years.



Typically Lower Rewards Typically Higher Rewards

1 2 3 4 5 6 7

This ranking on the synthetic risk and reward indicator scale is due to the Fund’s

allocation to fixed income, equity and currency markets. Historical data may not

be a reliable indication for the future. The risk category shown is not guaranteed

and may shift over time. There is no capital guarantee or protection on the value

of the Fund. The lowest category does not mean “risk free”.

The risks of the Fund are managed through the use of the “absolute Value-

at-Risk” method due to its extensive use of derivatives.

The following risks are materially relevant to the Fund but are not adequately

captured by the synthetic indicator:

Derivatives and Counterparty risks: Funds may enter into listed and unlisted

derivative contracts to indirectly invest on an underlying asset or to secure their

assets. The payment on these contracts varies with changes of the value of the

underlying assets.*

These instruments are traded on a borrowing mechanism (leverage).

For the fund, the result is a higher market exposure than they could basically have.

It may, in some cases, multiply losses. An unlisted contract is directly signed with a

specific counterparty which means that in the event of insolvency of the

counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these

contracts are difficult to price.

Below Investment Grade securities risk: If Funds invest in higher risk securities

issued by company, financial or sovereign issuers, Funds have greater exposure to

and are at a greater risk that this issuer will not be able to reimburse debt holders

(principal and interest payment). In addition, if after acquisition the perceived risk of

failure increases, the value of such securities is likely to decrease. Funds may also

not be able to sell below investment grade securities quickly and easily. Finally,

such securities may be subject to important price fluctuation.

Changing interest rates: The value of fixed income securities held by a fund will

rise or fall inversely with changes in interest rates. When interest rates decline, the

market value of fixed income securities tends to increase. Interest rates typically

vary from one country to the next for reasons including rapid fluctuations of a

country’s money supply, changes in demand by businesses and consumers to

borrow money, and actual or anticipated changes in the rate of inflation.

Please refer to the section entitled “Risk Factors” of the Prospectus for additional

details on risks.


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.

Charges by Share Class-Share Class N

One-Off charges taken before or after you invest

Entry Charge 1.00%

Exit Charge 0.00%

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

invested.


Ongoing Charges: 1.00% p.a.

Charges taken from the Fund under certain specific conditions

Performance Fee: None

The entry and exit charges shown are maximum figures. In some cases you

might pay less – you can find this out from your financial adviser.

The ongoing charges figure shown here is based on expenses for the year

ending December 2016. It excludes the portfolio transaction costs, except in the

case of an entry/exit charge paid by the Fund when buying or selling units in an

underlying Fund. The Fund’s annual report for each financial year will include

detail on the exact charges made.

For more information about charges, please refer to sections “Fees and

Expenses” and “Buying and Selling of Shares” of the Fund’s

prospectus, which is available at the registered office of the Authorised

Corporate Director or at ngam.natixis.com/uk.

Past Performance

12

.17

20

.78

0.1

1

0.5

0

0.5

1

0.4

2

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0%

5%

10%

15%

20%

25%

30%Fund Index Past performance is not a reliable indicator of future performance.

This bar chart shows the performance of the N/A(GBP) Share Class in

its currency of quotation, net of ongoing charges and excluding entry or

exit charges.

The Fund and the share class were launched on 16 October 2013.


Depositary:

State Street Trustees Limited

20 Churchill Place

Canary Wharf, London, E14 5HJ

Authorised Corporate Director:

NGAM S.A.

2 rue Jean Monnet

L-2180 Luxembourg, Grand Duchy of Luxembourg

Cut-off Deadline: 12.00 noon GMT

Additional information about the Company and the Fund (including the full prospectus, reports and accounts for the Company), procedure for

the exchange of Shares from one sub-fund to another sub-fund and the Investment Manager may be obtained free of charge at the registered

office of the Authorised Corporate Director or the Depositary. Prices per Share of the Fund may be obtained at the registered office of the

Authorised Corporate Director or in the Financial Times.

The assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that

sub-fund, unless otherwise provided in the constitutional documents of the Company.

This Fund might be subject to specific tax treatment in the U.K. Depending on your own country of residence, this might have an impact on your investment. For

further details, please contact an adviser.

Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be

accessed from the following website: http://ngam.natixis.com/intl-regulatory-documents. A paper copy of the remuneration policy is also available free of

charge upon request to the Management Company.

Share Class - Additional Information

Share Class ISIN Type of Investors CurrencyMinimum InitialInvestment Minimum Holding Dividend Policy

OngoingCharges

N/A(GBP) GB00BFNXSH36 Retail investors Sterling £50,000 £50,000 Accumulation 1.00%p.a

N/D(GBP) GB00BFNXSJ59 Retail investors Sterling £50,000 £50,000 Distribution 1.00%p.a

NGAM S.A. 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.

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

NGAM S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.*

This key investor information is accurate as at 17 February 2017.

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.

NEWTON REAL RETURN FUNDINSTITUTIONAL SHARES W (ACCUMULATION) (ISIN: GB00B8GG4B61)

A SUB-FUND OF BNY MELLON INVESTMENT FUNDS

THIS FUND IS MANAGED BY BNY MELLON FUND MANAGERS LIMITED

OBJECTIVES AND INVESTMENT POLICY

OBJECTIVE

To achieve significant real rates of return in Sterling termspredominantly from a portfolio of UK and internationalsecurities. The Sub-Fund ismanaged to seek aminimum returnof cash (1 month GBP LIBOR) +4% per annum over 5 yearsbefore fees. In so doing we aim to achieve a positive return on arolling 3 year basis. However, a positive return is not guaranteedand a capital loss may occur.

POLICY

The Fund will:

– invest anywhere in the world;

– follow a broad 'multi-asset' portfolio approach (e.g. companyshares (i.e. equities) and similar investments, bonds andsimilar debt investments and cash);

– invest in bonds, issued by governments and companies, withhigh and low credit ratings (i.e. investment grade and/or sub-investment grade bonds as rated by Standard and Poor's orsimilar agencies);

– gain exposure to currencies, commodities (e.g. gold,agriculture) and property through stock exchange listedinvestments and/or derivatives;

– invest in derivatives (i.e. financial contracts whose value islinked to the expected price movements of an underlyinginvestment) with the aim of generating returns and reducingthe overall costs and/or risks of the Fund; and

– limit investment in other collective investment schemes to10%.

The Fund may:

– invest in emerging markets; and

– invest significantly in cash and cash-like investments.

Recommendation: the Fund may not be appropriate forinvestors who plan to withdraw their money within five years.

Treatment of income: income from investments will beretained within the Fund. This will increase the value of yourshares.

Dealing: you can buy and sell your shares in the Fund between9:00 and 17:00 (UK time) on each working day in the UK.Instructions received before 12:00 will receive the price quotedon that day. Theminimum initial investment for this share classis GBP 10,000,000.

RISK AND REWARD PROFILE

Lower riskPotentially lower reward

Higher riskPotentially higher reward

1 2 3 4 5 6 7

We have calculated the risk and reward category, as shownabove, using a method of calculation derived from EU rules. Asthis Fund has less than five years performancedata available, itis based on simulated volatility and is not a guide to the futurerisk and reward category of the Fund. The category shown is nota target or guarantee and may shift over time. Even the lowestcategory 1 does not mean a risk-free investment.

This Fund is in category 4 because its simulated historical valuehas shown moderate volatility. With a Fund of category 4, youhave a moderate risk of losing money but your chance for gainsis also moderate.

THE FOLLOWING RISKS MAY NOT BE FULLY CAPTURED BYTHE RISK AND REWARD INDICATOR:

–The performance aim is not a guarantee, may not be achievedand a capital loss may occur. Funds which have a higherperformance aim generally take more risk to achieve this andso have a greater potential for the returns to be significantlydifferent than expected.

–This Fund invests in international markets which means it isexposed to changes in currency rates which could affect thevalue of the Fund.

–The Fund will use derivatives to generate returns as well as toreduce costs and/or the overall risk of the Fund. Usingderivatives can involve a higher level of risk. A smallmovement in the price of an underlying investmentmay resultin a disproportionately large movement in the price of thederivative investment.

– Investments in bonds are affected by interest rates andinflation trends which may affect the value of the Fund.

–The Fund holds bonds with a low credit rating that have agreater risk of default. These investments may affect thevalue of the Fund.

–The Fund may invest in emerging markets. These marketshave additional risks due to less developedmarket practices.

–The Fund may invest in investments that are not tradedregularly and are therefore subject to greater fluctuations inprice.

–The Fund takes its charges from the capital of the Fund.Investors should be aware that there is potential for capitalerosion if insufficient capital growth is achieved by the Fundto cover the charges. Capital erosion may have the effect ofreducing the level of income generated.

A complete description of risk factors is set out in theProspectus in the section entitled "Risk Factors".

BNY MELLON INVESTMENT FUNDS

CHARGES

The charges cover the costs of running the Fund, including thecosts of marketing and selling. These charges reduce thepotential growth of your investment.

ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST

Entry charge 0.00%

Exit charge None

This is the maximum that might be taken out of your moneybefore it is invested and before the proceeds of your investmentare paid out.

CHARGES TAKEN FROM THE FUND OVER A YEAR


CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFICCONDITIONS


The ongoing charge is based on expenses calculated on31st December 2016. This may vary from year to year. Itexcludes performance fees and portfolio transaction costs,except in the case of an entry/exit charge paid when buying orselling units in another mutual fund.

More information about charges is available in the Prospectus.

PAST PERFORMANCE

%⬛ Newton Real Return Fund Institutional Shares W

(Accumulation) (GB00B8GG4B61)

2012 2013 2014 2015 2016

Fund% 5.6 3.3 1.2 4.0

The chart includes all charges except entry charges.

Fund launch date - 1 September 1993.

Share class launch date - 5 September 2012.

Performance of this share class is calculated in sterling.


PRACTICAL INFORMATION

Documents: The Fund is a sub-fund of BNY Mellon InvestmentFunds ("BNY MIF"), an umbrella open-ended investmentcompany (OEIC). Copies of the Prospectus, annual and semi-annual reports for BNY MIF may be obtained free of chargefrom www.bnymellonim.com or from BNY Mellon InvestmentManagement EMEA Limited, BNY Mellon Centre,160 QueenVictoria Street, London EC4V 4LA. These documents areavailable in English and certain other languages.

Share price: The latest share price and other information,including how to buy or sell shares, are available from thewebsite and address given above. Other share classes areoffered by the Fund as set out in the Prospectus.

Switching: Investors may switch shares in the Fund for sharesin other sub-funds of BNYMIF provided they satisfy the criteriaapplicable to investment in other sub-funds. Furtherinformation on switching is contained in the Prospectus.

Legal status: The assets of the Fund belong exclusively to thatsub-fund and may not be used to discharge the liabilities of orclaims against any other person or body, including BNY MIF orany other sub-fund within the umbrella.

Liability statement: BNY Mellon Fund Managers Limited maybe held liable solely on the basis of any statement contained inthis document that is misleading, inaccurate or inconsistentwith the relevant parts of the Prospectus for the Fund.

Depositary: National Westminster Bank plc.

Tax: The tax legislation of the Fund's domicile may have animpact on your personal tax position. For further details, pleasespeak to an adviser.

Remuneration Policy: Details of the up-to-date remunerationpolicy of BNY Mellon FundManagers Limited including, but notlimited to, a description of how remuneration and benefits arecalculated and the identity of persons responsible for awardingthe remuneration and benefits are available onwww.bnymellonim.com. A paper copy will be made availablefree of charge upon request.

0

2

4

6

8

10

This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. BNY Mellon Fund ManagersLimited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information isaccurate as at 3 February 2017.

Page | 1 of 2



Premier Defensive Growth Fund – Class C Shares A sub-fund of the Premier Funds

Class C Income Shares, ISIN no.GB00B832BD89 (representative share class) & Class C Accumulation Shares, ISIN no.GB00BTHH0518 Authorised Corporate Director - Premier Portfolio Managers Ltd.


The aim of the fund is to generate positive returns over a rolling 36 month basis. However, there is no guarantee that this objective will be achieved over that specific, or any, time period and there is always a risk of loss to your original capital.

This Fund will invest in a broad range of investments, including zero dividend preference shares, bonds, derivatives and structured investments.

The Fund is actively managed which means that the Fund Manager will choose the investments, currencies and markets held in the Fund but always within the boundaries outlined in the Fund’s objective and policy. 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.

Income Shares: any income made by the Fund will be paid out to you.

Bonds: Issued by companies or governments and similar to a loan in nature, usually paying a fixed or variable interest rate.

Structured investments: a group of financial instruments which frequently combine the potential upside of market performance with limited downside. They may also provide a fixed return in exchange for accepting a degree of risk or may generate gains from market falls. They can also be used within a Fund to help manage the impact of large stockmarket fluctuations.

Zero Dividend Preference Shares: Shares that do not receive an income but instead pay out a return at the end of the investment’s fixed life.

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.



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

1 2 3 4 5 6 7

The Fund is ranked as 2 because it has experienced low rises and falls in value over recent years.

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

The indicator may not take fully into account the following risks of investing in this fund:

Credit risk: if the issuer of a security is unable to make income payments or to repay its debt.

Counterparty risk: arising from securities or financial derivative instruments which require a specific entity, usually a large bank, to honour its obligations to the fund.

Structured Investments: these investments are usually linked to the performance of an underlying index or group of assets and may, if certain criteria are met, experience a swift change in value.

Derivatives: these instruments can be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in larger fluctuations in the value of the Fund.

Liquidity risk: during difficult market conditions some securities, such as corporate bonds, off-exchange financial derivative instruments, money market or structured investments, 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.

Premier Portfolio Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority of 25 the North

Colonnade, Canary Wharf, London, E14 5HS with registered address Eastgate Court, High Street, Guildford, Surrey, GU1 3DE. Premier Portfolio

Managers Ltd is registered in England No. 1235867.

This Key Investor Information is accurate as at 10/03/2017. Page | 2 of 2

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

Switching charge (for switching into the Fund from another fund) 0.00%.


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

For the Ongoing Charge, the figure was calculated as at 31/05/2016.


Entry charge 0.00%

Exit charge 0.00%






Past performance


Fund launch date: 21/12/2010.

Share/unit class launch date: 05/11/2012.


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


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 Funds of which the Fund is a sub-fund), please visit www.premierfunds.co.uk, call us on 0333 456 6363 or write to us at Premier Portfolio Managers Limited, PO Box 3733, Royal Wootton Bassett, Swindon SN4 4BG.

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

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.

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”).

The Class C Income Shares have been used as representative.

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 within the ‘Important Information’ section of the website (www.premierfunds.co.uk). A paper copy will be made available free of charge, upon request.

2012 2013 2014 2015 2016

Fund 4.8 3.3 2.0 2.1

0

1

2

3

4

5

6

%

Page | 1 of 2



Premier Pan European Property Share Fund – Class C Shares A sub-fund of the Premier Funds

Class C Accumulation Shares, ISIN no.GB00B65PFY02 (representative share class) & Class C Income Shares, ISIN no.GB00B65PFX94 Authorised Corporate Director - Premier Portfolio Managers Ltd.


The aim of the Fund is to grow the value of your original investment over the long term and provide an income.

The Fund will invest mainly in UK and Continental European quoted property shares.

The Fund is actively managed which means that the Fund Manager will choose the investments, currencies and markets held in the Fund but always within the boundaries outlined in the Fund’s objective and policy. 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.

Income Shares: any income made by the Fund will be paid out to you.



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

1 2 3 4 5 6 7

The Fund is ranked as 5 because it has experienced medium to 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 shares in companies with exposure to the property sector and concentrated by location in the UK and continental Europe. Equities tend to experience higher volatility than many other asset types such as corporate bonds or money market instruments. Property as an asset class tends to experience cyclicality which increases the volatility of return. Funds concentrated by geographic location are more vulnerable to market sentiment in that specific location and can carry a higher risk than funds holding more diversified assets. The Fund uses derivatives in a controlled manner to reduce currency exposure; this reduces the risk profile of the fund.

The indicator may not take fully into account the following risks of investing in this fund:

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.

Premier Portfolio Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority of 25 the North

Colonnade, Canary Wharf, London, E14 5HS with registered address Eastgate Court, High Street, Guildford, Surrey, GU1 3DE. Premier Portfolio

Managers Ltd is registered in England No. 1235867.

This Key Investor Information is accurate as at 20/02/2017. Page | 2 of 2

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

Switching charge (for switching into the Fund from another fund) 0.00%.


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

For the Ongoing Charge, the figure was calculated as at 31/05/2016.


Entry charge 0.00%

Exit charge 0.00%






Past performance


Fund launch date: 01/06/2001.

Share/unit class launch date: 01/04/2009.


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


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 Funds of which the Fund is a sub-fund), please visit www.premierfunds.co.uk, call us on 0333 456 6363 or write to us at Premier Portfolio Managers Limited, PO Box 3733, Royal Wootton Bassett, Swindon SN4 4BG.

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

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.

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”).

The Class C Accumulation Shares have been used as representative.

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 within the ‘Important Information’ section of the website (www.premierfunds.co.uk). A paper copy will be made available free of charge, upon request.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fund 10.7 -11.3 27.8 21.7 24.2 13.8 -0.6

-15

-10

-5

0

5

10

15

20

25

30

%

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 policyThe fund’s objective is to seek sustainable above-average income,

consistent with the preservation and growth of your investment over

the long term.

Under normal circumstances, the fund invests mainly in shares from

the UK, but may also invest in those from companies around the

world.

The fundmay also invest in other securities permitted by UCITS

regulations. The fundmay use investment techniques and derivatives

for efficient portfolio management (including hedging).

The fund is managed at the fundmanager’s discretion without

reference to any benchmark. The manager uses its own analysis to

identify those individual companies that can offer the best overall

combination of price, risk, income and growth prospects.

Designed for: Investors who understand the fund risks, want an

investment that focuses on income, and intend to invest their money

for at least five years.

You can buy and sell units on each business day of the fund between

9am and 5pm.

The fund offers accumulation units (units in which any income

payable by the fund is reinvested) and income units (units in which

any income received in the fund will be paid to the unitholder).

Terms to understand

Derivatives: Financial instruments whose value is linked to one or

more rates, indices, share prices or other values.

Hedging: Using techniques to partially cancel out risks.

Shares: For the purposes of the investment policy, securities that

represent fractional ownership in a company (as distinct from

portions of this fund).


1 2 3 4 5 6 7

Lower potential risk/reward Higher potential risk/reward

(Not risk-free)

This indicator is a measure of the fund’s past volatility (the extent and

rapidity of up-and-downmovements of the value of an investment). It

may not be a reliable indication of the fund’s future risk. The risk

category shown is not a target or a guarantee andmay change over

time.

The risk indicator for this fund reflects the following:

— Asanasset class, shareshavegreater risk thaneither bondsormoney

market instruments.

The value of investments in the fund and the income from themmay

go down as well as up and youmay not get back your original

investment when you sell your units.

During unusual market conditions, the risks normally experienced by

the fundmay increase significantly, and in addition, the fundmay be

subject to the following risks:

Counterparty risk:The fund could lose money if an entity with which

it does business becomes unwilling or unable to honour its

obligations to the fund.

Currency risk:Changes in currency exchange rates could adversely

affect fund performance.

Liquidity risk:During difficult market conditions, some securities

may become hard to value or sell at a desired price.

Management risk: Investment management techniques that have

worked well in normal market conditions could prove ineffective or

detrimental in extrememarket conditions.


Rathbone Income Fund(I-Class)FundManager: Rathbone Unit Trust Management Limited

Accumulation units ISIN: GB00B3Q9WG18

Income units ISIN: GB00B7FQLQ43

1 of 2

Charges for this fundThe fundmanager receives an annual fee, which is included in the

ongoing charges shown below. Ongoing charges are the same for all

investors in the same class. The charges shown below are based on

actual fees and expenses for the year ending 30 September 2016.

One-off charges taken before or after you invest:

Entry charge none

Exit charge none

Charges taken from the fund over a year:

Ongoing charges 0.79% (Acc units); 0.79% (Inc units)

Charges taken from the fund under specific conditions:

Performance fee none

For more information about charges, please see the ''Charges'' section of

the fund’s Prospectus, available by calling the Information Line or

emailing [email protected].

Past performanceBasis of performance: bid to bid, net income reinvested.

Fund inception: 12 February 1971. I-Class units were launched 1st

March 2012. Performance is based on the prices for R-Class units

adjusted for the appropriate charging structure prior to that date.

Rathbone Income Fund I-Class in GBP

-40%

-30%

-20%

-10%

0%

10%

20%

30%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-2.1%-34.0% 24.4% 19.6% 0.6% 15.0% 24.9% 7.0% 9.4% 8.4%

2.0%-32.8% 25.0% 10.9% -6.7% 12.3% 20.8% 1.2% 1.0% 16.8%

Fund

FTSE All Share Index (no formal benchmarks, used for comparison only)

Source: Financial Express and Rathbones


Trustee: National Westminster Bank Plc.

Additional information: This Key Investor Information

Document (KIID) may not contain all the information you

need. For additional information on the fund (including the

Supplementary Information Document), on other units of this

fund and on other funds, or to obtain a free copy of the fund’s

Prospectus or the annual and semi-annual unitholder reports,

call the Information Line or write to the registered office,

details of which are below. Alternatively, visit rutm.com. The

Prospectus and unitholder reports are in English.

For fund performance andmost recent unit price, go to

rutm.com.

Notices: Rathbone Unit Trust Management Limited may be

held liable solely on the basis of any statement contained in

this document that is misleading, inaccurate or inconsistent

with the relevant parts of the Prospectus for the fund.

The up-to-date remuneration policy of the fundmanager,

including, but not limited to, a description of how remuneration

and benefits are calculated, the identity of persons responsible

for awarding the remuneration and benefits, including the

composition of the remuneration committee, is available free of

charge upon request at the fundmanager’s registered office. A

summary thereof is available on rutm.com/pi/faq.aspx.

Tax: Investors should note that the tax legislation that applies

to the fundmay have an impact on the personal tax position of

their investment in the fund.

Contact your adviser to discuss tax treatment and the

suitability of this investment.

Address: Rathbone Unit Trust Management Limited

8 Finsbury Circus, London EC2M 7AZ

Information line: 020 7399 0399

Telephone: 020 7399 0000

Facsimile: 020 7399 0057

Email: [email protected]

Website: rutm.com

Amember of the Rathbone Group. Registered No. 2376568

Publication date: This Key Investor Information Document is

accurate as at 13 February 2017.

This fund and Rathbone Unit Trust Management Limited are

authorised and regulated by the Financial Conduct Authority

(FCA).

2 of 2

This document provides you with key investor information about this fund. It is not marketing material. Theinformation is required by law to help you understand 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.

Objectives and investment policyObjective To achieve a combination of income and some capitalgrowth.

Policy The Fund invests mainly in the shares of UK companieswhich pay a higher level of income. The Fund may also invest asmall portion in other UK shares. The Fund may use derivatives,but for efficient portfolio management purposes only.

Recommendation The Fund may not be appropriate forinvestors who plan to withdraw their money within 5 years.

Concepts to understand

Derivative A financial instrument whose price is dependent uponor derived from one or more underlying asset.

Efficient Portfolio Management An investment techniquethat allows the use of derivatives for at least one of the followingpurposes: to increase the value of the Fund; to protect the value ofthe Fund or to reduce the risks of certain investments.

UK companies Companies which are established in the UK orwhich carry out a significant part of their business activities in theUK.

You can buy and sell your shares on eachworking day, except publicholidays, at 12:00 noon if you tell us before 12:00 noon that youwant to do so. Instructions received after 12:00 noonwill beprocessed at 12:00 noon on the followingworking day.

The following share classes are available for the Fund: Income A,Income M, Accumulation M, Income Z. All share classes aresubject to a minimum investment. If this is an income share class,any net income will be paid out to you. If this is an accumulationshare class, any net income will be reinvested in the Fund.


1 2 3 4 5 6 7

Lower potential risk/reward Higher potential risk/reward

The risk and reward indicator is not a measure of the expected riseor fall in capital but shows how sharply the Fund’s share price hasgone up and down historically.

A fund whose share price has experienced sharp or large increasesor decreases will sit in a higher risk category, whereas a fundwhose share price has experienced small or gradual increases ordecreases will sit in a lower risk category.

The Fund is ranked in risk category 5 because its unit price hasshown a medium to high level of volatility historically. As aninvestment, bonds are typically more volatile than money marketinstruments but less volatile than shares. Bonds issued bycorporations are typically more volatile than bonds issued bygovernments. The indicator has been calculated using historicaldata and may not be a reliable indication of the future risk profileof the Fund.

The indicator is calculated using a standard methodology that isused by all companies offering such funds in Europe.

The risk/reward indicator is an estimate and not a guarantee.Going forward, the Fund’s actual volatility could be higher orlower, and its rated risk/reward profile could change. The lowestrisk category does not mean the investment is risk free.

The risk indicator does not adequately capture the following risks,which are materially relevant to the Fund:

Concentration Risk Funds which invest in a smaller number ofsecurities can carry more risk than funds spread across a largernumber of companies. To the extent that the Fund has exposure toan issuer, geographical area or type of security that is heavilyaffected by an event, either positive or negative, its value may riseor fall.

Liquidity Risk In difficult market conditions the value of certainfund investments may be less predictable than normal. In somecases this may make such investments harder to sell at the lastquoted market price, or at a price considered to be fair. Suchconditions could result in unpredictable changes in the value ofyour holding.

Formore about fund risks, see the risk factors section in the fullProspectus(http://www.rlam.co.uk/Home/Individual-Investor/Fund-Performance —Prices/)


Royal London UK Equity Income Fund(Accumulation - Class M Shares)A sub-fund of Royal London Equity Funds ICVC ISIN: GB00B8Y4ZB91

Managed by Royal London Unit Trust Managers Limited

1 of 2

ChargesThe charges you pay as an investor in the Fund go to cover fundoperating costs. These charges reduce the performance of yourinvestment.

One-off charges taken before or after you invest:

Entry charge 0.00%

Exit charge 0.00%

Charges taken from the fund over a year:


Charges taken from the fund under specific conditions:

Performance fee none

The entry and exit charge is the maximum that might be taken outof your money before it is invested or before the proceeds of yourinvestment are paid out.

For the entry and exit charges, if you are not eligible for this shareclass you will pay more than the amounts shown. Consult yourfinancial adviser.

The ongoing charges figure is based on expenses for the yearending 31 August 2016. This figure may vary from year to year anddoes not include portfolio transaction costs. Ongoing charges arethe same for all investors.

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

Formore about charges, see the expenses section in the fullProspectus and supplement(www.rlam.co.uk/Home/Individual-Investor/Fund-Performance —Prices/)

Past performanceThe graph shows fund performance over the past 5 years whereavailable. Past performance is no guarantee of future performance.The figure for a given year shows how much the Fund increased ordecreased in value during that year. These results reflect ongoingcharges taken from the Fund, but do not reflect any entry chargesyou might have to pay.

The Fund was launched on 11 April 1984 and the share class on26 November 2012.

The Fund was initially launched as a unit trust but was convertedto an open-ended investment company (OEIC) with effect from5 November 2010.

The Royal London UK Equity Income Fund(Accumulation - Class M Shares)(Class M) in GBP

0%

5%

10%

15%

20%

25%

30%

35%

2012 2013 2014 2015 2016

34.9

7.05.4

11.0

Fund


Depository HSBC Bank plc

Additional Information: This Key Investor Information

Document (KIID) may not contain all the information you

need. For additional information on the Fund (including the

Supplementary Information Document), on other shares of

this Fund and on other funds, or to obtain a free copy of the

Fund’s Prospectus or the annual and semi-annual

shareholder reports, call the Information Line or write to the

registered office, details of which are below. Alternatively,

visit www.rlam.co.uk. The Prospectus and shareholder

reports are in English.

This KIID describes one share class of the Fund. TheProspectus and annual and semi-annual shareholder reportsare prepared for the entire Fund across all share classes.

For fund performance and most recent share price, go towww.rlam.co.uk

Should you wish to switch share classes or funds, please seethe “Switching” section of the Prospectus for details.

Tax: Investors should note that the tax legislation that

applies to the Fund may have an impact on the personal tax

position of their investment in the Fund.

Contact your adviser to discuss tax treatment, suitability ofthis investment, and other questions.

Notices: Royal London Unit Trust Managers may be held

liable solely on the basis of any statement contained in this

document that is misleading, inaccurate or inconsistent with

the relevant parts of the Prospectus for the UCITS.

The Fund is a sub-fund of Royal London Equity Funds ICVC(a UCITS umbrella company). The prospectus and longreports (shareholder reports) are prepared for the entirecompany. The assets and liabilities of each sub-fund aresegregated by law. Therefore, the assets of the fund belongexclusively to it and are not available to meet the liabilities ofany other fund of Royal London Equity Funds ICVC.

This Fund is authorised in the United Kingdom andregulated by the Financial Conduct Authority (FCA).

Details of the Company's remuneration policy are availableat www.rlam.co.uk including: (a) a description of howremuneration and benefits are calculated; and (b) theidentities of persons responsible for awarding remunerationand benefits. A paper copy of these details may be obtained,free of charge, on request from the Company, at the addressbelow.

Address: Royal London Asset Management

55 Gracechurch Street, London EC3V 0RL

Telephone: 03456 04 04 04

Website: www.rlam.co.uk

A member of the Investment Association

Publication Date: This Key Investor Information is

accurate as at 14 February 2017.

Key Investor Information 2 of 2 Royal London UK Equity Income Fund

(Accumulation - Class M Shares)


This document provides you with key investor information about this fund. It is not marketing material. The information isrequired by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you canmake an informed decision about whether to invest.

Schroder Tokyo Fundan Authorised Unit Trust of Schroder Unit Trusts LimitedClass Z Accumulation GBP (GB00B4SZR818)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 capital growth.

Investment PolicyAt least 80% of the fund will be invested in shares of Japanesecompanies. The fund has no bias to any particular industry or sizeof company.

Investment is based on Japan's economic strengths, such as itsmanufacturing industry (in particular those parts that are demon-strating an ability to exploit newly emerging technology) and onsectors benefiting from structural change in the economy. The funduses Tokyo-based in-house research to identify and invest inattractively valued companies - those whose share prices appearlow relative to long-term profit potential.

These opportunities are likely to be found across a broad range ofindustries and are identified by an intensive programme of in-house company contact and analysis.

The fund may also invest in other financial instruments and holdcash on deposit. Derivatives may be used to reduce risk ormanage the fund more effectively.

BenchmarkThis unit class is managed with reference to the Tokyo StockExchange 1st Section Index (TOPIX) (TR) GBP financial index. Themanager invests on a discretionary basis and is not limited toinvesting in accordance with the composition of this benchmark.

Dealing FrequencyYou may redeem your investment upon demand. This fund dealsdaily.

Distribution PolicyThis unit class accumulates income received from the fund'sinvestments, meaning it is kept in the fund and its value is reflectedin the price of the unit class.

Risk and Reward ProfileLower riskPotentially lower reward


1 2 3 4 5 6 7

The risk and reward indicatorThe risk category was calculated using historical performance dataand may not be a reliable indicator of the fund's future risk profile.

The fund's risk category is not guaranteed to remain fixed and maychange over time.

A fund in the lowest category does not mean a risk-free invest-ment.

The fund is in this category because it can take higher risks insearch of higher rewards and its price may rise and fall accordingly.

Risk factorsThe following risks may affect fund performance.

Currency risk: The fund can be exposed to different currencies.Changes in foreign exchange rates could create losses.

Equity risk: Equity prices fluctuate daily, based on many factorsincluding general, economic, industry or company news.

Liquidity risk: In difficult market conditions, the fund may not beable to sell a security for full value or at all. This could affectperformance and could cause the fund to defer or suspendredemptions of its shares.

Operational risk: Failures at service providers could lead to disrup-tions of fund operations or losses.

ChargesOne-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 Charge 0.91%



The 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.

The entry and exit charges shown are maximum figures and insome cases you might pay less. You can find out the actual entryand exit charges from your financial advisor.

The ongoing charges figure is based on the last year's expenses forthe year ending August 2016 and may vary from year to year. Whenbuying back units, the manager may sell them to other investorsand retain the difference between the bid and offer price.

Please see the prospectus for more details about the charges.

Past Performance

%Q Z Accumulation GBP (GB00B4SZR818)Q Tokyo Stock Exchange 1st Section Index (TOPIX) (TR) GBP

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-8.3 2.4 -2.6 21.2 -7.3 4.3 24.4 4.0 16.4 27.2

-6.5 -0.5 -5.3 19.6 -11.9 2.8 24.7 2.7 18.2 23.4

1

1 Performance shown during this period predates the launch of this unit class and hasbeen simulated using the history of a similar unit class within the fund.

Past performance is not a guide to futureperformance and may not be repeated. Thevalue of investments may go down as well asup and you may not get back the amount youoriginally invested.

The chart shows performance in British poundafter the ongoing charges and the portfoliotransaction costs have been paid.

The fund was launched on 1 March 1989.

Practical InformationTrustee: J. P. Morgan Europe Ltd.

Further Information: You can get further information about thisfund, including the prospectus, latest annual report, any subse-quent half-yearly reports and the latest price of units fromwww.schroders.com/ukinvestor and from Schroders, PO Box1102, Chelmsford, Essex, CM99 2XX, England, telephone 0800718 777. They are in English, free of charge.

Tax Legislation: The fund is subject to UK tax legislation whichmay have an impact on your personal tax position.

Liability: Schroder Unit Trusts Ltd may be held liable solely on thebasis of any statement contained in this document that is

misleading, inaccurate or inconsistent with the relevant parts of thefund's prospectus.

Switches: Subject to conditions, you may apply to switch yourinvestment into another unit class within this fund or in anotherSchroder fund. Please see the prospectus for more details.

Remuneration Policy: A summary of Schroders' remunerationpolicy and related disclosures is atwww.schroders.com/remuneration-disclosures. A paper copy isavailable free of charge upon request.

Glossary: You can find an explanation of some of the terms used inthis document at www.schroders.com/ukinvestor/glossary.

-20

-10

0

10

20

30

40

Schroder Unit Trusts Limited Schroder Tokyo Fund

This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information isaccurate as at 17 February 2017.


This document provides you with key investor information about this fund. It is not marketing material. The information isrequired by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you canmake an informed decision about whether to invest.

Schroder UK Dynamic Smaller Companies Funda sub-fund of Schroder Investment Fund CompanyClass Z Accumulation GBP (GB0007220360)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 capital growth.

Investment PolicyAt least 80% of the fund will be invested in shares of UKcompanies that are in the bottom 10% of the UK stock market atthe time the fund purchases them. The fund has no bias to anyparticular industry.

The small cap universe is an extensive, diverse and constantlychanging area of the UK market. Smaller companies offer investorsexposure to some niche growth areas that, often, cannot beaccessed through large companies. They also tend to grow morerapidly than larger firms and can go on to become householdnames. Our investment approach centres on stock selection,which means we focus on each company's ability to create valuefor shareholders, rather than try to predict what will happen in thewider economic environment.

The fund may also invest in other financial instruments and holdcash on deposit. Derivatives may be used to reduce risk ormanage the fund more effectively.

BenchmarkThis unit class is managed with reference to the FTSE Small Capex IT TR GBP financial index. The manager invests on a discre-tionary basis and is not limited to investing in accordance with thecomposition of this benchmark.

Dealing FrequencyYou may redeem your investment upon demand. This fund dealsdaily.

Distribution PolicyThis share class accumulates income received from the fund'sinvestments, meaning it is kept in the fund and its value is reflectedin the price of the share class.

Risk and Reward ProfileLower riskPotentially lower reward


1 2 3 4 5 6 7

The risk and reward indicatorThe risk category was calculated using historical performance dataand may not be a reliable indicator of the fund's future risk profile.

The fund's risk category is not guaranteed to remain fixed and maychange over time.

A fund in the lowest category does not mean a risk-free invest-ment.

The fund is in this category because it can take higher risks insearch of higher rewards and its price may rise and fall accordingly.

Risk factorsThe following risks may affect fund performance.

Counterparty risk: The counterparty to a derivative or othercontractual agreement or synthetic financial product couldbecome unable to honour its commitments to the fund, potentiallycreating a partial or total loss for the fund.

Currency risk: The fund can be exposed to different currencies.Changes in foreign exchange rates could create losses.

Equity risk: Equity prices fluctuate daily, based on many factorsincluding general, economic, industry or company news.

Liquidity risk: In difficult market conditions, the fund may not beable to sell a security for full value or at all. This could affectperformance and could cause the fund to defer or suspendredemptions of its shares.

Operational risk: Failures at service providers could lead to disrup-tions of fund operations or losses.

ChargesOne-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 Charge 0.92%



The 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.

The entry and exit charges shown are maximum figures and insome cases you might pay less. You can find out the actual entryand exit charges from your financial advisor.

The ongoing charges figure is based on the last year's expenses forthe year ending June 2016 and may vary from year to year.

Please see the prospectus for more details about the charges.

Past Performance

%Q Z Accumulation GBP (GB0007220360)Q FTSE Small Cap ex IT TR GBP

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-3.3 -42.1 73.3 34.1 2.0 37.7 48.1 -8.1 13.7 12.0

-17.9 -48.3 57.7 16.9 -15.2 36.3 43.9 -2.7 13.0 12.5

1

1 Performance achieved during this period was achieved under circumstances that nolonger apply. The fund name and charges changed on 24 March 2014.

Past performance is not a guide to futureperformance and may not be repeated. Thevalue of investments may go down as well asup and you may not get back the amount youoriginally invested.

The chart shows performance in British poundafter the ongoing charges and the portfoliotransaction costs have been paid.

The fund was launched on 2 July 1999.

Practical InformationDepository: J. P. Morgan Europe Ltd.

Further Information: You can get further information about thisfund, including the prospectus, latest annual report, any subse-quent half-yearly reports and the latest price of units fromwww.schroders.com/ukinvestor and from Schroders, PO Box1102, Chelmsford, Essex, CM99 2XX, England, telephone +44 (0)800 718 777. They are in English, free of charge.

Tax Legislation: The fund is subject to UK tax legislation whichmay have an impact on your personal tax position.

Liability: Schroder Unit Trusts Ltd may be held liable solely on thebasis of any statement contained in this document that ismisleading, inaccurate or inconsistent with the relevant parts of thefund's prospectus.

Umbrella Fund: This fund is a sub-fund of an umbrella fund, thename of which is at the top of this document. The prospectus andperiodic reports are prepared for the entire umbrella fund. Toprotect investors, the assets and liabilities of each sub-fund aresegregated by law from those of other sub-funds.

Switches: Subject to conditions, you may apply to switch yourinvestment into another share class within this fund or in anotherSchroder fund. Please see the prospectus for more details.

Remuneration Policy: A summary of Schroders' remunerationpolicy and related disclosures is atwww.schroders.com/remuneration-disclosures. A paper copy isavailable free of charge upon request.

Glossary: You can find an explanation of some of the terms used inthis document at www.schroders.com/ukinvestor/glossary.

-60

-40

-20

0

20

40

60

80

Schroder Investment Fund Company Schroder UK Dynamic Smaller Companies Fund

This fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information isaccurate as at 17 February 2017.

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

Stewart Investors Asia Pacific Leaders Fund (Fund)

Class B (Accumulation) GBP (Share Class) ISIN GB0033874768

a sub-fund of First State Investments ICVC (the Company)

First State Investments (UK) Limited (trading as Stewart Investors), the authorised corporate director of the Company


Objective: The Fund aims to grow your investment.

Policy: The Fund invests in shares of companies based in or having significant operations in the Asia Pacific region including Australia and New Zealand excluding Japan.

The Fund invests in shares of large and mid-sized companies in the region. These companies generally have a total stock market value of at least US$1 billion.

Consideration is given to investment in companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate.

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

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.

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

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

In addition to the charges set out in the charges section, the Fund will incur portfolio transaction costs which are paid from the assets of the Fund.

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


◄ 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 therisk of you losing your investment but describes how much the value of theShare Class has gone up and down in the past. Where a Share Class has notyet launched, the SRRI is calculated using representative data.

• The SRRI rating is based on historical data which may not be a reliableindication of the future risks and rewards of the Share Class.

• We cannot guarantee that the rating of the Share Class will remain thesame; 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

5 due to its past performance (or representative data) and the nature of its

investments. Shares with a rating of 5 might have higher risks, but alsohigher returns.

• Risk is taken in order to make a higher potential return; the more risk a fundtakes, 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 wellas rise. You may get back less than you originally invested.

Material risks not adequately captured by the SRRI:• Emerging market risk: emerging markets may not provide the same

level of investor protection as a developed market; they may involve a higher risk than investing in developed markets.

• Currency risk the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund.

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

Page 1/2


The charges are used to pay the costs of running the Fund, including the costsof marketing and distributing it. These charges reduce the potential growthof your investment.One-off charges taken before or after you invest.

Entry charge 4.00%Exit charge N/AThis is the maximum that might be taken out of your money before it isinvested.Charges taken from the fund over a year


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

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

The ongoing charge is based on expenses for the year ending July 2016. It may vary from year to year. It excludes portfolio transaction costs and performance fees, if any.

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

40.7%

-15.8%

35.6%27.5%

-7.4%

19.2%

1.0%

19.9%

1.9%

19.6%

-40

-20

0

20

40

60

%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Year

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

The Fund launched on 01 December 2003.

The Share Class launched on 01 December 2003. The past performance of the Share Class is calculated in GBP.


Depositary: State Street Trustees Limited.

Further information: The prospectus, annual and semi-annual reports of the

Company are available free of charge on www.firststateinvestments.com or by

contacting First State Investments, 23 St. Andrew Square, Edinburgh, EH2 1BB. All

documents are available in English, French, German, Italian and Swiss German. 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.firststateinvestments.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: The 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

can not 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 State

Investments (UK) 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.firststateinvestments.com. A paper copy of this

information is available free of charge upon request from First State Investments, 23

St Andrew Square, Edinburgh, EH2 1BB.

This Fund is authorised in the UK and regulated by the Financial Conduct Authority. First State Investments (UK) Limited (trading as Stewart Investors) is authorised and regulatedin the UK by the Financial Conduct Authority.

This key investor information is accurate as at 25 January 2017. Page 2/2

Fidelity American Special Situations Fund · profile of the fund, is not guaranteed and may change...

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