Objective and policy changes

View the funds that have changed their investment objectives and/or policies recently. We list the old and the new objective.

Effective date: 23 October 2017

Schroder

Schroder European Alpha Income Fd A Inc (CZEII)
Schroder European Alpha Income Fd Z Acc (CXEIA)
Schroder European Alpha Income Z Inc (CXUII)
Schroder European Alpha Income Hgd Z Inc (CXEII)

Old Objective

The fund's investment objective is to provide high income with some long-term capital growth through investment in equity and equity related securities of European companies. At least 80% of the fund will be invested in a concentrated portfolio (typically between 30 and 50 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. Investment may also be made in other equity related transferable securities issued by these companies, such as preferred shares and convertible securities. The fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

New Objective

The Fund aims to provide income and capital growth by investing in equity and equity related securities of European companies, excluding the UK. The Fund invests at least 80% of its assets in a concentrated range of equity and equity related securities of European countries, excluding the UK. The Fund typically holds 30 to 50 companies. ‘Alpha' funds invest in companies in which the investment manager has a high conviction that the current share price does not reflect the future prospects for that business. The Fund may also invest in other equity and equity related securities including UK companies, collective investment schemes, fixed income securities, warrants, and money market instruments, and hold cash. The Fund may use derivatives with the aim reducing risk or managing the Fund more efficiently.

Schroder European Alpha Plus Fund Acc (SCEAA)
Schroder European Alpha Plus Fund Inc (SCEAI)
Schroder European Alpha Plus Fund Z Acc (SZEPA)
Schroder European Alpha Plus Fund Z Inc (SZEPI)

Old Objective

The fund's investment objective is to provide capital growth through investment in equity and equity related securities of European companies. At least 80% of the fund will be invested in a concentrated portfolio (typically between 35 and 60 holdings) of large or mid-sized companies listed, incorporated or headquartered in European countries or companies that derive a significant proportion of their revenues from their European business. The fund may also invest in collective investment schemes, fixed interest securities, warrants, cash, deposits and money market instruments.

New Objective

The Fund aims to provide capital growth by investing in equity and equity related securities of European companies, excluding the UK. The Fund invests at least 80% of its assets in a concentrated range of equity and equity related securities of European countries, excluding the UK. The Fund typically holds 35 to 60 companies. ‘Alpha' funds invest in companies in which the investment manager has a high conviction that the current share price does not reflect the future prospects for that business. The Fund may also invest in other equity and equity related securities including UK companies, collective investment schemes, fixed income securities, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

Schroder Euro Eq Absolute Rtrn P1 Acc Hd (CZUKA)
Schroder Euro Eq Absolute Rtrn P2 Acc Hd (CZABT)

Old Objective

The Fund aims to achieve an absolute return by investing in equity and equity related securities of European companies. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods in all market conditions, but this cannot be guaranteed and your capital is at risk.

New Objective

The Fund aims to achieve an absolute return by investing in equity and equity related securities of European companies. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods in all market conditions, but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets directly, or indirectly through derivatives, in equity and equity related securities of European companies. The Fund may also invest in other equity and equity related securities, fixed income securities and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may have long and short positions and may be net long or short when long and short positions are combined.

Schroder European Opportunities Fd A Acc (CZEUR)
JSchroder European Opportunities C Fund (CZEUA)
Schroder European Opportunities Fd Z Acc (CXEUA)
Schroder European Opportunities Fd Z Inc (CXEUI)

Old Objective

The fund's investment objective is to achieve long term capital growth by investing in any or all European markets, excluding the UK, and any or all economic sectors. The fund aims to maximise the overall rate of return with capital growth as the primary goal. The ACD seeks to invest in a diversified list of companies. Industry groups exhibiting above average growth prospects, strong financial characteristics and proven management are emphasised. A stock selection process seeks to balance value and growth without imposing restrictions upon the size of market capitalisation. Additional diversification is provided by a flexible country allocation strategy.

New Objective

The Fund aims to provide capital growth by investing in equity and equity related securities of European companies, excluding the UK. The Fund invests at least 80% of its assets in equity and equity related securities of European companies, excluding the UK.  The Fund aims to take advantage of investment opportunities in varying market conditions. The Fund follows an investment approach based around the business cycle, where the Investment Manager attempts to identify turning points in the cycle and then focuses on the types of companies that will benefit from this. The Fund may also invest in other equity and equity related securities including UK companies, collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim reducing risk or managing the Fund more efficiently.

Schroder Income Acc (SCINA)
Schroder Income Inc (SCINI)
Schroder Income Z Acc (SCIAZ)
Schroder Income Z Inc (SCIIZ)

Old Objective

The fund's investment objective is to provide a growing income, predominantly from investment in UK equities. In seeking a yield higher than that offered by the major UK equity indices, the fund will invest primarily in above average yielding equities rather than fixed interest securities. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.

New Objective

The Fund aims to provide income and capital growth by investing in equity and equity related securities of UK companies. The Fund invests at least 80% of its assets in a concentrated range of equity and equity related securities of UK companies. These are companies that are incorporated, headquartered or have their principal business activities in the UK.  The Fund typically holds 30 to 50 companies. The Fund focuses on companies that have certain "Value" characteristics.  Value is assessed by looking at indicators such as cash flows, dividends and earnings to identify securities which the Investment Manager believes have been undervalued by the market. The Fund may also invest in other equity and equity related securities, collective investment schemes, fixed income securities, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

Schroder UK Opportunities Fund A Acc (CZUKE)
Schroder Uk Opportunities C Acc Nav (CZUOC)
Schroder UK Opportunities Fund C (CZUOP)
Schroder UK Opportunities Fund Z Acc (CXUOA)
Schroder UK Opportunities Fund Z Inc (CXUOI)

Old Objective

The fund aims to achieve an income return, together with long term capital growth, by investing in any economic sector of the UK market. The ACD invests predominantly in UK equities.

New Objective

The Fund aims to achieve capital growth and income by investing in equity and equity related securities of companies in the UK. The Fund invests at least 80% of its assets in a concentrated range of equity and equity related securities of UK companies. These are companies that are incorporated, headquartered or have their principal business activities in the UK. The Fund typically holds 40 to 50 companies. The Fund aims to take advantage of investment opportunities in varying market conditions. The Fund follows an investment approach based around the business cycle, where the Investment Manager attempts to identify turning points in the cycle and then focuses on the types of companies that will benefit from this. The Fund may also invest in other equity and equity related securities, collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

Effective date: 23 October 2017

Rathbone

Rathbone Recovery Fund Acc (RASCA)
Rathbone Recovery Fund Inc (RASCI)
Rathbone Recovery Inst Acc (RARVA)
Rathbone Recovery Inst Inc (RARVI)

Old Objective

The fund's objective is to seek 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 in Europe. The fund generally invests in a relatively small number of companies. The fund may also invest in other securities permitted by UCITS regulations. The fund may use investment techniques and derivatives for efficient portfolio management (including hedging) and to seek investment gains. The fund is managed at the fund manager's discretion without reference to any benchmark. The manager uses its own analysis to identify those individual companies that potentially are undervalued and for which a specific reason for a likely increase in value can be identified.

New Objective

The objective of the fund is to achieve capital growth by buying shares in companies whose potential is not appreciated by the market and to sell them when this potential is recognised. The nature of unrecognised potential may be macro, industry, sector or stock specific. Stock selection will involve the identification of a catalyst to drive value creation. The fund has the flexibility to invest in companies of all sizes, primarily companies domiciled, incorporated or having a significant part of their business in the UK, although it may hold up to 20% in shares of European companies. It is benchmarked against the FTSE All-Share index.

Effective date: 29 September 2017

JPM

JPM Asia Fund C - Net Accumulation (SPASA)
JPM Asia Fund C - Net Income (SPAFI)
JPM Asia Fund A Acc (SPASI)

Old Objective

To provide long-term capital growth from investment primarily in the securities of companies quoted or trading in Asia (excluding Japan).

New Objective

To provide long term capital growth by investing primarily in a concentrated portfolio of growth biased companies in Asia (excluding Japan). At least 67% of the Sub-Funds assets (excluding cash and cash equivalents) will be invested in a growth biased portfolio of equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an Asian country (excluding Japan). The Sub-Funds portfolio is concentrated in approximately 40 to 60 companies. Certain countries in Asia may be considered emerging market countries.

Effective date: 20 September 2017

Schroder

Schroder Absolute Return Bond Acc (SCGBA)
Schroder Absolute Return Bond Inc (SCGBI)
Schroder Absolute Return Fund Z Acc (SZARA)
Schroder Absolute Ret Bond Z Inc (SCBIZ)

Old Objective

The Fund aims to provide an absolute return by investing in fixed and floating rate securities issued by governments, government agencies and companies worldwide. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods, in all market conditions but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets directly, or indirectly through derivatives, in fixed and floating rate securities denominated in sterling (or in other currencies and hedged back into sterling) issued by governments, government agencies, supra-national and corporate issuers worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest up to 50% of its assets in below investment grade securities as measured by Standard & Poors or an equivalent credit rating agency, or in unrated securities. The Fund may invest up to 100% of its assets in asset-backed securities and mortgage-backed securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage and take short positions.

New Objective

The Fund aims to provide an absolute return of 3 month LIBOR plus 2% (gross of fees) over rolling 12-month periods by gaining exposure to fixed and floating rate securities issued by governments, government agencies and companies worldwide. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods, in all market conditions but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets directly, or indirectly through derivatives, in fixed and floating rate securities denominated in sterling (or in other currencies and hedged back into sterling) issued by governments, government agencies, supra-national and corporate issuers worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest up to 50% of its assets in below investment grade securities as measured by Standard & Poors or an equivalent credit rating agency, or in unrated securities. The Fund may invest up to 100% of its assets in asset-backed securities and mortgage-backed securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage and take short positions.

Effective date: 18 September 2017

TM Cavendish

TM Cavendish Worldwide Fund B Inc (CAWWI)
TM Cavendish Worldwide Fund C Acc (CAWWA)

Old Objective

The Fund shall invest mainly in equity securities of companies listed on stock exchanges anywhere in the world, that the fund manager determines offer good growth prospects and/or offer reasonable value in the medium term to long term. There will be no restrictions on the countries or industrial sectors invested in. The Fund may also invest in the following types of assets located anywhere in the world; other transferable securities (including, government and public securities, other debt instruments), cash and near cash, deposits and money market instruments. Derivative instruments may be used for efficient portfolio management purposes only.

New Objective

The Fund shall invest mainly in equity securities of companies listed on stock exchanges anywhere in the world. There will be no restrictions on the countries, regions or industrial sectors in which invested. Equally there will be no presumption or expectation that the Fund will maintain asset allocation across all countries, regions or industrial sectors on an ongoing basis. The Fund will be free to invest globally, but there may be a bias towards one or more countries, regions or industrial sectors to the exclusion of other countries, regions or industrial sectors. The Fund may also invest in the following types of assets located anywhere in the world: other transferable securities (such as government and public securities, other debt instruments and exchange traded funds); cash and near cash; deposits; other regulated collective investment schemes, and money market instruments. Derivatives may be used for efficient portfolio management only.

Effective date: 08 September 2017

HSBC

HSBC Japan Index Retail Income (HSJII)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. To invest in companies that makes up the FTSE Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC Japan Index Fund (HSJIN)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. To invest in companies that makes up the FTSE Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC Pacific Index Fund Acc (HSPAC)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Pacific excluding Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. To invest in companies that makes up the FTSE World Asia Pacific excluding Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC Pacific Index Retail Income (HSPII)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Pacific excluding Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Pacific excluding Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. To invest in companies that makes up the FTSE World Asia Pacific excluding Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC American Index Retail Income (HSAII)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. The investment policy of this sub fund is to invest in companies that make up the S&P's 500 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. To invest in companies that make up the S&P’s 500 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC American Index Fund Acc (HSAMI)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. The investment policy of this sub fund is to invest in companies that make up the S&P's 500 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. To invest in companies that make up the S&P’s 500 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC European Index Retail Income (HSEII)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC European Index Fund (HSEUI)

Old Objective

'The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE Developed Europe excluding UK Index. The investment policy of this sub fund is to invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE Allshare Index Institutional A Acc (HSFII)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE 100 Index Acc (HSFTA)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 100 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. To invest in companies that makes up the FTSE 100 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE 250 Index Acc (HSFTC)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 250 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. To invest in companies that makes up the FTSE 250 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE 100 Index Inc (HSFTE)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 100 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. To invest in companies that makes up the FTSE 100 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE 250 Index Inc (HSFTS)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 250 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. To invest in companies that makes up the FTSE 250 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC UK Gilt Index Fund Acc (HSUGA)

Old Objective

To provide income from an underlying portfolio of gilts that matches the return of the FTSE British Government All Stocks Total Return Index before charges and tax are deducted. To invest in gilts that make up the FTSE British Government All Stocks Total Return Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying stocks in the index.

New Objective

To invest in gilts that make up the FTSE Actuaries UK Conventional Gilts All Stocks Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying stocks in the index.

HSBC FTSE All-Share Index Acc (HSUKA)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC FTSE All-Share Index Inc (HSUKI)

Old Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC European Index Fund Acc C (HCEIA)

Old Objective

The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE Developed Europe excluding UK Index. Investment Policy - To invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right the exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

HSBC European Index Fund Inc C (HCEII)

Old Objective

The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE Developed Europe excluding UK Index. Investment Policy - To invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as a nd when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.

New Objective

The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

Effective date: 01 September 2017

Baillie Gifford

Baillie Gifford Managed Fund A Acc (BFMAA)
Baillie Gifford Managed B Acc (BFMGA)
Baillie Gifford Managed B Inc (BFMGI)

Old Objective

The objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.

New Objective

The objective of the Sub-fund is to produce capital growth over the long term. The Sub-fund will invest primarily in a combination of equities, fixed interest securities, and collective investment schemes, cash near cash and deposits. The Sub-fund may invest in derivatives and currency forwards for investment purposes as well as for efficient portfolio management. The Sub-fund is actively managed and the investment manager has the discretion to invest in any combination of these asset classes and also to diversify the portfolio by investing in any country and in any economic sector. The equities in which the Sub-fund invests may be from companies of any size and from anywhere in the world and the fixed interest securities in which the Sub-fund invests may be issued by sovereign, supranational, public sector or corporate issuers in any country. The collective investment schemes in which the Sub-fund invests (which may include those managed or operated by the ACD) may be used to obtain indirect exposure to the asset classes described above or to obtain further diversification, at the investment manager's discretion. The Sub-fund may also invest in other transferable securities and warrants.

Effective date: 18 August 2017

Premier

Premier Corporate Bond Monthly A Inc (CRCBM)
Premier Corp Bond Monthly Inc Fd C Inc (PMCBI)

Old Objective

The aim of the Fund is to give you an income, paid to you each month.

New Objective

The Fund aims to provide an income, paid each month, through investment in a portfolio of predominantly fixed income securities. The Fund aims to achieve its investment objective by investing at least 80% in Sterling denominated, (or hedged back to Sterling), investment grade rated corporate bonds (as measured by a recognised external rating agency). The Fund may also invest in money market, non-investment grade, convertible, hybrid, alternative fixed income and structured investments. The Fund may invest in derivatives and forward transactions for investment purposes as well as for the purposes of efficient portfolio management, including hedging.