AXA Distribution Investment ICVC - AXA Defensive Distribution Fund Z Gross Income

The aim of this Fund is to achieve income with some prospects for capital growth over the long term (being a period of five years or more). The Fund invests in bonds issued by the UK government (gilts), including index-linked gilts, shares of quoted UK companies and cash. The Fund invests at least a minimum of 60% of its Net Asset Value in gilts and cash, with the remainder being invested mostly in shares. The ACD selects shares in companies based upon their prospects for future growth of capital and dividend payments following an in depth analysis of their financial status, quality of business model and corporate governance arrangements. Investments in gilts are diversified across a range of maturities.