The fund aims to generate growth in capital and income over the longer term. The fund has an annualised target volatility of 5.1%. The fund's primary objective is to control volatility and this could therefore be at the expense of performance. There can be no guarantee that the fund will achieve its objective of managing volatility. Capital is in fact at risk, and there is no guarantee that the investment objective will be achieved.

In order to meet its objective, the fund will be actively managed by investing primarily in collective investment schemes that will have substantial exposure to fixed income and other conservative investments (including, but not limited to, convertible bonds, UCITS Long Short funds, market neutral funds, structured products and both UK and international corporate bond funds) . The fund's exposure to UK and global equities will be limited to shares or funds in companies paying higher than average dividends and will not exceed 35% of the Net Asset Value of the fund. The fund may also invest directly in other transferable securities, money market instruments, cash and near cash. The composition of the portfolio will reflect the Investment Manager's view of the potential future return of different asset classes and specific investments.

Derivatives may be used only for Efficient Portfolio Management (including hedging) in accordance with the FCA Rules.

This fund is expected to achieve higher returns than fixed interest over a period of five years or more. Sustained capital losses from such an approach would not reasonably be expected for investment periods over 5 years.

This fund could suit those investors who are looking for higher potential returns than available through fixed interest exposure alone and who are prepared to remain invested for at least 5 years. The investor would accept the possibility of short term capital fluctuations in search for a higher return in the longer term.

Prospectus

Key Investor Information Class A

Application Form Class A

The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results