The investment objective of the Fund is to generate a combination of income and capital growth, with the aim of achieving above inflation (Retail Price Index) investment total return over the longer term (5 to 7 years). Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over the 5 to 7 year investment period or in respect of any other period.

The Fund will achieve its investment exposure by investing predominantly in collective investment schemes including closed ended schemes.

Through these investments, the Fund will seek to have the majority of its exposure to fixed interest investments. Investment will also be made in equities and as appropriate in other asset classes such as property and at times commodities, listed and/or traded on both UK and international stock exchanges, directly or indirectly as appropriate. Exposure to property and commodities will only be through investments in collective investment schemes.

Through these investments the Fund will gain investment exposure across a range of global geographical areas and asset classes, however, investment exposure will be mainly in UK bonds and UK equities. Foreign currency exposure through non-UK investments may be hedged back into £-Sterling.

The underlying asset mix of the Fund will follow a strategic asset allocation framework provided by an external investment and actuarial consultancy.

This diversified portfolio of investments should aid in reducing monthly fluctuations in value i.e. in achieving the Fund's return objective with approximately half the volatility of monthly returns when compared to the general UK stock market as may be represented by an index like the FTSE All Share.

The Fund may also invest, at the ACD's discretion, in other transferable securities, bonds, individual stocks, money market instruments, cash, near cash and deposits. The Fund may use derivatives for the purposes of efficient portfolio management.

Prospectus

Key Investor Information

Application Form

The latest net asset value per share is as follows:

The fund's valuation point is 12.00 every business day.

Past performance is not necessarily an indication of future results