select portfolio bond (wealth managers) funds · pdf filethis is an important document. please...

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funds KEY fEATuREs.

sELECT PORTfOLIO bOnd (wEALTh mAnAgERs)

whAT ARE ThE funds KEY fEATuREs?This document is part of the information we provide to help you decide whether our Select Portfolio Bond is right for you.

Like the accompanying Key Features, which explains the basics of the bond itself, the Funds key features explains the basics of investing in funds and the important things you need to know about them. You should read this document carefully and keep it safe together with the Key Features and your Illustration.

All information provided is as accurate and current as we can make it. However, we can’t guarantee that the information for any individual fund hasn’t changed since this document was published in July 2016.

usIng ThE funds KEY fEATuREs.We aim to use language that’s easy to understand. Sometimes however, because of the way investments work and the words some investment fund managers use to describe their funds, we’ve no choice but to use technical terms.

Wherever possible, we’ve tried to explain each point in full. You’ll already be familiar with some of the terms used in this document having read the Key Features, but some may be new to you. If you’re unclear about anything at all, your adviser will be happy to answer any questions you have.

fIndIng OuT mOREIf you need more detailed information about any particular fund, your adviser will be able to help.

SELECT PORTFOLIO BOND (wEaLTh maNagERS) – FUNDS KEY FEATURES 2

COnTEnTs

QuEsTIOns And AnswERs

whAT Is An InVEsTmEnT fund?

whAT hAPPEns whEn I InVEsT In An EXTERnAL fund?

hOw Is mY InVEsTmEnT VALuEd?

whAT Is An AuThORIsEd fund?

whAT ARE InVEsTmEnT AssETs?

whAT ARE EQuITIEs?

whAT ARE fIXEd InTEREsT sECuRITIEs?

whAT Is COmmERCIAL PROPERTY?

whAT Is A CAsh InVEsTmEnT?

whAT ARE dERIVATIVEs?

AbOuT sPECIALIsT InVEsTmEnT funds

AbOuT OVERsEAs InVEsTmEnTs

funds InTROduCTIOn

ThE InfORmATIOn hEAdIngs EXPLAInEd

PuTTIng ThE fund RIsKs InTO COnTEXT

fund sPECIfIC RIsK dEfInITIOns

fund InfORmATIOn

LEgAL & gEnERAL’s Own funds

fund mAnAgERs OThER ThAn LEgAL & gEnERAL

4

4

5

5

6

6

7

7

8

8

8

9

9

10

10

11

12

15

16

26

3SELECT PORTFOLIO BOND (wEaLTh maNagERS) – FUNDS KEY FEATURES

QuEsTIOns And AnswERs.whAT Is An InVEsTmEnT fund?• Whenyouinvestinthebond,weputyourmoneyintooneormorefunds.

• Eachfundisdividedintoanumberofunits.Whenyouinvest,webuyyousomeoftheseunits.

• It’stheriseandfallintheseunitsthatdeterminesthevalueofyourinvestment.

• Thebondoffersover125fundsmanagedbymorethan20differentinvestmentmanagementcompanies.

• Yourbondallowsyoutoinvestinupto50fundsatanyonetime.

• Wemanagesomeofthefunds.Otherinvestmentmanagementcompaniesmanagetherest.

• Werefertothefundsthataren’tmanagedbyusas‘externalfunds’elsewhereinthisdocument.


whAT hAPPEns whEn I InVEsT In An EXTERnAL fund?• When you invest in an external fund, we buy you units in a Legal & General fundthatinvestsinthecorresponding‘authorisedfund’.

• Authorised funds are explained in the What is an authorised fund? section on page 6.

For more information about external funds, please see the Product Guide.

hOw Is mY InVEsTmEnT VALuEd?• It’s the unit price that determines how many units you buy and how much

they’re worth when you sell them.

Internal funds • Eachday,whenwecalculatetheunitprice,wetakeaccountoftheamountof

money going in and out of the fund.

• We use the general principle that if investments into the fund are greater than withdrawals, we need to buy assets. The unit price then takes account of the prices at which assets in the fund might be bought and the costs of dealing in those assets.

• If withdrawals from the fund are greater than investments, we need to sell assets. The unit price then takes account of the prices assets might be sold for, together with the sale costs. Selling prices are generally lower than buying prices.

• The difference between the values determined by each method of calculation isknownasthe‘valuationspread’.Theamountofthevaluationspreadusuallydepends upon the assets the fund invests in. For instance, the cost of dealing in the underlying assets will vary by asset type, country and company size.

• Funds that invest in commercial property, certain corporate bonds, smaller companies or emerging markets tend to have a larger difference.

• A significant change in the amount of money going into or out of the fund on a particular day may lead to a change in the method of calculation for that day’s valuation. This could result in a significant change in the unit price.

• The current spreads applicable to the funds we manage are included in the Fund informationsectionstartingonpage15.

Further details about how we value funds and calculate unit prices are contained in our A guide to how we manage our unit-linked funds, which is available on request from your adviser.

nOTEs

• Youdon’tholdunitsdirectly in the authorised fund.

• Pleasebearinmind we don’t have any influence over how external fund managers manage their funds.


External funds• When calculating the unit price for the Legal & General version of the fund, we

use the price supplied by the external fund manager. We have no control over the method of calculation they use.

• Externalfundmanagerssometimesadjustthevaluationoftheirfundtocover exceptional costs that may arise when people buy or sell units in their authorised fund. We can’t predict when an external fund manager will make such a charge. If and when it happens, we make a deduction when calculating the unit price.

• Your adviser can provide you with details of how an external fund manager calculates the prices for a particular authorised fund.

Further details about managing and valuing external funds are contained in the Product Guide.

whAT Is An AuThORIsEd fund?• There are two types of authorised funds:

− A unit trust. − An Investment Company with Variable Capital, more commonly known asanOpen-EndedInvestmentCompany(OEIC).

About unit trustsThe fund manager sets up a trust and appoints an independent financial institution such as a bank to act as the trustee. The trustee is entrusted to look after the assets that the fund invests in and to monitor the fund manager, on behalf of the beneficiaries. The beneficiaries of a unit trust are the people who invest in it.

About OEICsAnOEICislikeacompany.Thefundmanagerisusuallythedirectorofthecompanyandinvestorsreceivesharesinthecompany.AnOEIChasan independent depositary, usually a financial institution like a bank, who is entrusted with the safekeeping of the assets that the fund invests in. A depositaryissimilartothetrusteeofaunittrust.OEICsusuallyofferanumberofinvestmentchoicesbyusing‘subfunds’thathavedifferentinvestmentaims.

whAT ARE InVEsTmEnT AssETs?• Assets are what your fund invests in.

• The assets that a fund invests in will have a significant impact on the performance of your investment. It’s important that you understand the differences between the main types of assets.

• There are four main types of asset and each has its own characteristics: − Equities. − Fixed interest securities. − Commercial property. − Cash.

• It’s generally a good idea to invest in a number of different assets so you don’t rely on the performance of one individual asset. This strategy, called ‘diversification’,isbasicallywhatfundsofferastheyspreadyourinvestmentacross lots of assets.

• Many funds also invest in more than one type of asset to create even more diversification.

• Investing in a mix of funds is another good way to spread your investment, whichiswhyourbondallowsyoutoinvestinupto50fundsatanyonetime.

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• AnOEICisnotacompanyin the traditional sense but simply an arrangement for investment.

• BecauseanOEIChas a number of sub funds, it may become necessary, in exceptional circumstances, for the liabilities of one sub fund to be met by all the other subfundsintheOEIC.

• Whilethiscouldaffecttheperformance of your fund, you’d never be personally responsible for any debts oftheOEICandwouldn’tbe required to make any further payments after investing.


nOTEs

• Overtheshortterm,thevalue of funds investing in equities can go up and down a lot.

• Companysharepricescanalso change dramatically in response to the activities and financial performance of individual companies, as well as being influenced by general market and economic conditions.

nOTEs

• Becarefulnottoconfusefixed interest securities withthe‘SelectPortfolioBond’. Although both are called bonds, they’re very different.

• Ifafundbuysabondin a company that performs poorly, there’s a risk that company won’t be able to pay back the loan or the interest owed. Some companies offer more risky bonds paying high interest rates, known as ‘high-yield’bondswheretheriskofnon-payment is higher.

• The value of bonds is particularly sensitive to changes in interest rates. As a rule, the value is more likely to fall when interest rates are rising.

• Government bonds generally carry less risk than company bonds but as a result often pay less interest.

whAT ARE EQuITIEs?• Equities(alsoknownas'shares')areashareinacompanythatallowsthe

owner of those shares to participate in any financial success achieved by that company.

• Equitiescanachievegrowthintwoways: − Through increases in share prices. The share price reflects the underlying

value of the company. − Through dividends, which are regular payments made to shareholders

generally based on the company’s annual profits.

• Investing in equities is considered by many investment experts to be one ofthebestwaystoachievelong-termgrowth.

whAT ARE fIXEd InTEREsT sECuRITIEs? • Fixedinterestsecuritiesaremorecommonlyknownas‘bonds’.

• A fixed interest security is essentially a loan, usually to a company, or sometimes a government.

• The company or government pays regular interest on the loan and pays back the original capital in full at a set date in the future.

• Your return from a fund investing in fixed interest securities comes from the interest the company or government pays and the market value of the securities.

• The value of a fund investing in fixed interest securities does go up and down. It tends to go up and down less than the value of funds investing in equities, although the potential returns are often lower.


whAT Is COmmERCIAL PROPERTY? • An investment in commercial property usually means that you’re buying a

share in the ownership of a number of buildings.

• These buildings might be office blocks, shopping units, retail warehouses, industrial units and leisure centres.

• Commercial property investments can provide growth in two ways: − Through rises in the value of the property. − Through rent paid by the tenants of the buildings.

whAT Is A CAsh InVEsTmEnT?• Some funds keep a proportion of your money in cash.

• Cash is useful because it adds flexibility to your asset mix and aids stability.

• The growth potential for cash is low, so if your fund does include a cash element, it tends to account for only a small percentage of the total fund.

whAT ARE dERIVATIVEs?• Derivatives are not a separate asset class but are contracts usually giving a

commitment or right to buy or sell assets on specified conditions, for example on a set date in the future and at a set price.

• The value of a derivative contract can vary. Some derivatives can have large changes in their value over a short period of time, while others may be more stable. The value of some types of derivative can even move in the opposite direction to a particular market.

• Derivatives can generally be used with the aim of enhancing the overall investment returns of a fund by taking on an increased risk, or they can be used with the aim of reducing the amount of risk a fund is exposed to.

nOTEs

• Cashoffersthelowest risk of all asset types but also the lowest potential returns.

• Thevalueofderivativesmay vary more than an investment in shares, fixed interest securities or property.

• Ifoneofthepartiesinaderivative contract suffers financial difficulty, they may not be able to make some of the payments they owe. This can affect the value of a fund invested in derivatives.

nOTEs

• Aspropertyvaluationsare based on a valuer’s opinion rather than fact, they may be revised up or down from time to time. This can affect the value of a fund invested in commercial property.

• Commercialpropertiescan sometimes be difficult to buy and sell quickly. It may be necessary for the fund manager to postpone meeting customer requests to withdraw money from a property fund until they can sell some of the buildings the fund invests in.


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• Specialistfundsarelikelyto be more risky than those holding a very wide spread of assets.

• Becausethevalueoffunds holding overseas investments is converted from local currency into pounds(sterling),thevalue can fall if the pound strengthens against the local currency.

AbOuT sPECIALIsT InVEsTmEnT funds • In addition to the risks and characteristics of the individual asset types,

specialist investments have other features that are unique to where they invest. − Specialist funds usually invest in a particular market, country or region. − Specialist funds allow you to exploit the characteristics of a particular

type of investment. − They tend to aim for high performance compared with more

balanced funds.

AbOuT OVERsEAs InVEsTmEnTs• Overseasinvestmentsallowyoutotakeadvantageofthegrowthpotential

of markets outside the UK.

• Currency changes can affect the value of overseas investments.


funds InTROduCTIOn.We’ve listed the funds in order of investment management company. For easy comparison, an introduction to each company is also included.

Our funds start on page 16. Funds managed by external fund managers start on page 26.

• Pleasenotethecompanyoverviewsareprovidedbytheinvestmentmanagementcompaniesthemselves.Assuch, we cannot endorse or validate any of the information given.

• Theinformationprovidedforeachfundisasaccurateandcurrentaswecanmakeit.

• Forexternalfundswerelyontheinformationprovidedbythecompanymanagingit.Assuch,wecan’tguarantee it’s up to date.

• Theinformationprovidedforeachfundissetoutasshownintheexamplebelow:

LEgAL & gEnERAL EXAmPLE fund

ThE InfORmATIOn hEAdIngs EXPLAInEd • We’vesetoutdescriptionsofalltheheadingsthatmaybeusedandintheordertheywillappear.

• Notallinformationheadingsapplytoallfunds–somehavefewerdependingontheircharacteristics.

A performance fee applies to this fund • A'performancefee'ischargedtoafundifitperformsbetterthanapre-agreedtarget.Ifitapplies,youradvisercan

give you more details.

Natural income option available • Thefundallows'naturalincome',asdescribedintheProduct Guide.

Aim• Thisisageneraldescriptionofwhatthefundaimstoachieve,asstatedbythecompanymanagingthefund.

• There’snoguaranteethefundmanagerwillachievetheaimandit’snotastatementofwhatwillactuallyhappen.

• It’simportanttoconsiderthatwhatyou’llgetbackfromafundmaynotmatchyourexpectation,particularlyintheshort term.

Fund charge• Thecurrentfundchargeapplicabletothefund,asdescribedinyourKey Features.

Fund code• Thecodeweusetoidentifythefundforadministrationpurposes.Youneedtousethiscodewhencompletingthe

Application Form.

A performance fee applies to this fund Naturalincomeoptionavailable

Aim: Toachievelong-termcapitalgrowth.

Fund charge:1.00%(0.90%managementcharge,0.10%additionalexpenses)

Fund code:0999 Fund specific risks:12,13,14,15 Valuation spread: 0.01% Underlying fund type:OEIC


Fund specific risks• Inadditiontothegeneralrisksofinvesting,asdescribedinthe

Key Features, each fund carries some risks specific to the type of assets it invests in.

• Wemakeregularassessmentsofallthefundsweofferandthendecidewhichrisksapplytoeachfund.Ourassessmenttakesaccountof:

– thefund’saim, – theassetsthefundinvestsin,and – thefundmanager’sownopinionoftherisksthatapplytotheirfund.

• Tofindoutwhatthefundspecificrisknumbersappliedtoeachfundmeanplease refer to the Fund specific risk definitions section on page 12.

• For more information about fund specific risks, please see the Putting the fund risks into context section below.

Valuation spread (internal funds only) • Thisisthedifferencebetweenthevalueoftheunitscalculated

assuming that more money is going into the fund than going out and the value based on more money going out of the fund than going in.Thesefiguresarecorrectasat29February2016.Thevaluationspread may change from time to time. We can provide you with the spread applying to a fund at any time on request.

Underlying fund type (external funds only)• Thistellsyouifthefundisinvestedinaunittrustorasubfundofan OEIC,asexplainedinthe What is an authorised fund? section on page 6.

PuTTIng ThE fund RIsKs InTO COnTEXT • Somefundshavemanyfundspecificrisks.Thisdoesn’tnecessarily

mean that investing in that fund is riskier than choosing one with less fund specific risks. A fund often has more fund specific risks because it invests in a wider variety of assets.

• What’simportantisthepercentageofthefundthat’sexposedtoeachrisk. A significant exposure to one risk can lead to a fund rising and falling in value more than one with a low exposure to several risks.

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• Theunderlyingfundtypeis not included for our own funds as they’re not directly invested in unit trustsorOEICs.

fOR EXAmPLE• FundAinvests20%inoverseasequities,30%inUKequitiesand50%in

fixed interest securities. It has six fund specific risks.• FundBinvests100%inoverseasequities.Itonlyhasthreefund

specific risks. Fund B has fewer fund specific risks but because all of your investment is exposed to the equities and exchange rate risks, it’s likely to be a higher risk fund than Fund A, where your investment is divided between a spread of risks.

• Investinginafundwithamixofassetscanreducetheimpactofeachfundspecific risk. Alternatively, you can create an investment portfolio that invests in a mix of funds.

• Your adviser will talk you through your fund selection.


fund sPECIfIC RIsK dEfInITIOns• Listed below are all of the fund specific risks that could potentially apply to a fund.

• You’llnotethattherearesomenumbersmissingfromthelist.Thisisbecauseweusestandarddescriptionsforanumber of different products and some of those numbers don’t apply to the Select Portfolio Bond.

Tofindoutwhichrisksapplytoafundyouneedtocross-referencethenumbersinthefundspecificriskssectionofthe fund information with the corresponding numbered definitions below.

12. Currency changesThefundmayhaveinvestmentsvaluedincurrenciesthatarenotsterling(Britishpounds).

• If the value of these currencies falls compared to sterling, this may mean the value of your investment and the income paid to you will go down.

• Ifarrangementsaremadetoprotectthefundagainstcurrencies'movements(knownas‘hedging’)andthecurrencies rise compared to sterling, your fund will not benefit from those gains.

13. Equities (company shares)Investments in company shares tend to be riskier than for many other types of investment. This is because the value of shares goes up and down, more often and by a larger amount than for many other asset types, especially in the short term.

14. Fixed interest securitiesInvestmentreturnsonfixedinterestsecurities–corporateandgovernmentbondsandothertypesofdebt–areparticularly sensitive to trends in interest rate movements and inflation. Their values are likely to fall when interest rates rise. Such falls may be more pronounced in a low interest rate environment. Longer dated fixed interest securities will fall by more than short dated fixed interest securities.

15. Risk of issuer becoming less secureThefinancialstrengthofacompanyorgovernmentissuingafixedinterestsecurity(suchasabondorothertypesofdebt)determinestheirabilitytomakesomeorallofthepaymentstheyarecommittedto.Iftheirfinancialstrengthweakens, the chances of them not making payments increases.

16. High yield bondsThefundinvestsinhigheryieldingbonds(knownas‘sub-investmentgrade’bonds).Comparedtoloweryieldingbonds(knownas‘investmentgrade’bonds)thereisagreaterriskthatthefundwillnotreceiveback,eitherontimeor at all, some or all of the amount invested or interest that is due to be paid.

17. DerivativesThis fund uses derivatives for investment purposes and so may be higher risk than funds that don’t. Sometimes using derivatives could give lower returns, or cause the value of your fund to fall even though the market is rising.

18. Derivative counterparty riskThe fund may have derivative contracts with companies such as banks or other financial institutions. If these companies experience financial difficulty, they may be unable to pay back some or all of the interest, original capital or other payments that they owe. If this happens, the value of your fund may fall.

19. Smaller companiesThe fund invests in smaller companies. Investments in smaller companies tend to be riskier than investments in larger companies because they can:

• be harder to buy and sell;

• go up and down in value more often, and by larger amounts, especially in the short term.

20. Concentration of investmentsMostfundshavelotsofindividualinvestments,sodon’trelyupontheperformanceofjustafew.Thewholeofthisfund, or a large part of it, has relatively few individual investments. This means that a fall in the value of an individual investmentcanhaveamajorimpactontheoverallperformanceofthefund.

21. Emerging marketsThe fund invests in countries where investment markets are not as well developed as those in the UK. This means that investments are generally riskier than those in the UK because they:

• are not as well regulated

• are more difficult to buy and sell


• have less reliable arrangements for the safekeeping of assets

• are more exposed to political and taxation uncertainties.

The value of the fund can go up and down more often and by larger amounts than funds that invest in developed countries, especially in the short term.

22. Market sectorMost of the fund invests in companies from a particular market sector. Investing like this can be riskier than investing across many market sectors. This is because the value of the fund can go up and down in value more often and by larger amounts than funds that are spread more widely, especially in the short term.

23. Commercial propertyProperty 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 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.

24. DepositThe fund has money on deposit with companies such as banks or other financial institutions. If any of these suffer financial difficulty, they may be unable to pay back some or all of the interest, original amount invested or other payments they owe. If this happens the value of your fund may fall.

25. Unregulated schemesThisfundcaninvestinunregulatedschemes.Eachunregulatedschemecanhaveahigherriskthananauthorisedscheme. This could lead to an increased risk to the value of your investment.

27. Socially responsible or religious investmentsThestandardsusedforthisfundmeanthatitcannotinvestinsomecompanies'sharesorcorporatebondsorincertain market sectors, for example tobacco or mining. Because this fund limits the companies it may invest in, it may be riskier than funds that don’t have such restrictions.

28. Money marketThe fund invests in money market securities which may be issued by governments, companies, banks and other financial institutions. If any of these issuers suffer financial difficulty, they may be unable to pay back some or all of the interest, original amount invested or other payments 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 this happens the value of your fund may fall.

29. Delayed repaymentThis fund is able to delay paying out, which may mean that you have to wait to get your money. A delay may happen when market conditions mean it is difficult for the fund manager to cash in investments to pay out to investors.

For example, a fund with investments in commercial properties may find they may take time to sell. Whilst waiting to complete on the sale of properties, the fund manager may suspend making payments to investors who want to cash in.

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.

30. Few bond issuersThe fund invests almost exclusively in fixed interest bonds from a single or small number of issuers, such as companies or governments. If any of these issuers experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. If this happens, the value of your fund may fall.


REmEmbER, If YOu’RE unsuRE AbOuT AnYThIng, PLEAsE AsK. We’ve made this document as simple to use as possible. However, some of the information is quite technical, so if there’s anything you don’t understand, or if you have a question about any of the funds, please ask your adviser.

31. LiquidityThis fund has investments that, rather than being traded on a stock exchange, are traded through agents, brokers or investment banks matching buyers and sellers. This makes the investments less easy to buy and sell than those that are traded on an exchange and on any particular day there may not be a buyer or a seller for the investments.

In times of market uncertainty or if an exceptional amount of withdrawals are requested it may become less easy for your fund to 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.

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.

32. Private equityThis fund invests in shares of companies that are not listed on a stock exchange, so they can be difficult to buy or sell. This could mean the shares may have to be sold for less than expected, which would reduce the value of your investment.

The value of private company shares is generally a matter of valuer’s opinion rather than fact.

33. Exchange Traded FundsExchangeTradedFundsgenerallytrytomatchtheperformanceofashareindex,suchastheFTSE100,ortotrackthepriceofcommoditiessuchasoilorgold.ExchangeTradedFundscanuseanumberofdifferenttechniquestoachievetheirgoals(includingtheuseofderivatives)andasaconsequencecanbemorecomplexthantraditionalfunds. The value of this investment may go up and down more often and by larger amounts, particularly in the short term.

34. Targeted Absolute Return FundsThe fund is a Targeted Absolute Return Fund. This type of fund tries to increase the value of your investment over a period of time, in both rising and falling markets.

There is no guarantee of returns. The fund’s value may go down as well as up. You may not get back the money you invested.

Targeted Absolute Return Funds use a range of different types of investment strategies, some of which can be high risk, and may use derivatives. As a consequence these funds can be more complex than traditional funds. It ispossiblethatthevalueofthesefundscouldgodownwhenthemarketisrising,ormaynotriseasquickly.EachTargeted Absolute Return Fund is designed to produce a specific outcome, so care should be taken when comparing them with other funds.

35. Stock lendingThe fund manager may lend stock to other parties and it is usual for the borrower to provide collateral. If the borrower fails to return the borrowed stock, the collateral may not be enough to cover the value of the stock, resulting in a reduction in the fund value.

36. Inflation linked bondsThefundinvestsininflation-linkedbonds,whichareparticularlysensitivetochangesininflationrates.Theirvaluesare likely to fall when inflation rates fall.


fund InfORmATIOn.The following pages provide a brief introduction to each investment management company, the individual aim of each fund, the fund charge, the fund specific risks applicable to that fund, the valuation spread for funds managed by Legal & General and the underlying fund type for funds managed by investment management companies other than Legal & General.

All information provided is as accurate and current as we can make it. However, we can’t guarantee that the information for any individual fund hasn’t changed since this document was published in July 2016.

Youcancross-referencethefundspecificrisknumberswiththeexplanations in the Fund specific risk definitions section which starts on page 12.


Risks: 12. Currency changes, 13. Equities (company shares), 14. Fixed interest securities, 15. Risk of issuer becoming less secure, 16. High yield bonds, 17. Derivatives, 18. Derivative counterparty risk, 19. Smaller companies, 20. Concentration of investments, 21. Emerging markets, 22. Market sector, 23. Commercial property, 24. Deposit, 25. Unregulated schemes, 27. Socially responsible or religious investments, 28. Money market, 29. Delayed repayment, 30. Few bond issuers, 31. Liquidity, 32. Private equity, 33. Exchange Traded Funds, 34. Targeted Absolute Return Funds, 35. Stock lending, 36. Inflation linked bonds. Please refer to pages 12 to 14 of this document for the full fund specific risk definitions.

LEGAL & GENERAL ALL STOCKS GILT INDEx FUND

Aim:TotrackthereturnoftheFTSEActuariesGovernmentSecuritiesAllStocksIndex(afteradjustmentforchargesandtax)byinvestinginUKGovernmentSecurities.InordertoaccuratelytrackthisIndexthefundwill invest in a representative sample of holdings.


Fund code:DBY5 Fund specific risks:14,15,20,28,30,31,36 Valuation spread:0.09%

LEGAL & GENERAL ALL STOCKS INDEx-LINKED GILT INDEx FUND

Aim:TotrackthereturnoftheFTSEActuariesBritishGovermentSecuritiesIndex-LinkedAllStocksIndex(afteradjustmentforchargesandtax)byinvestinginUKIndex-LinkedGovernmentSecurities.Inordertoaccuratelytrack this Index the fund will invest in a representative sample of holdings.


Fund code:DXI5 Fund specific risks:14,15,20,28,30,31,36 Valuation spread: 0.07%

LEgAL & gEnERAL’s Own funds.

LEgAL & gEnERAL gROuPTheLegal&GeneralGroup,establishedin1836,isoneoftheUK’sleadingfinancialservicescompanies.Asat31December2015,thetotalvalueofassetsacrossthegroupwas£746.1billion,includingderivativeassets.We also had over nine million customers in the UK for our life assurance, pensions, investments and general insurance plans.

LEGAL & GENERAL CASH FUND

Aim:Toprovidecapitalprotectionwithgrowthatshort-terminterestrates.Thefundinvestsintheshort-termmoney markets such as bank deposits and treasury bills.

Notes:

A. The fund does not invest in any asset types where the capital value can fall, such as fixed interest securities. The value of the fund’s assets would only fall if a deposit holder or the UK Government were unable to meet their obligations.

B. If the interest earned by the fund’s assets is insufficient to cover the fund charge, the unit price will fall.


Fund code:DAB5 Fund specific risks: 24 Valuation spread: 0.02%



LEGAL & GENERAL DISTRIBUTION (GROWTH) FUND

Naturalincomeoptionavailable

Aim: To maximise returns from a well balanced portfolio over the long term. It can also provide some potential forincome.Itinvestsinabroadmixofshares(mainlyUK),fixedinterestsecurities,UKcommercialpropertyand cash.


Fund code:DDE5 Fund specific risks:12,13,14,15,16,23,29,31 Valuation spread: 1.44% (DDF5ifnaturalincomeisrequired)

LEGAL & GENERAL DYNAMIC BOND FUND

Aim: To achieve a total return by investing mainly in a range of fixed and variable rate income securities. The fund may use derivatives to generate returns and manage risk.


Fund code:DKJ5 Fund specific risks:13,14,15,16,17,18,28,31 Valuation spread: 0.74%

LEGAL & GENERAL DISTRIBUTION FUND


Aim: To generate an income that is sustainable over the long term by investing in a broad mix of assets, including company shares, fixed interest securities, commercial property and other investments. The fund also offers the potential for capital growth over the long term.


Fund code:DBA5 Fund specific risks:12,13,14,15,16,23,29 Valuation spread: 1.44% (DAZ5ifnaturalincomeisrequired)

LEGAL & GENERAL ETHICAL FUND

Aim:TotrackthereturnoftheFTSE350Index(afteradjustmentforchargesandtax),notincludingcompanieswhodon'tcomplywitharangeofethicalandenvironmentalguidelines.Inordertoaccuratelytrackthismodified Index the fund will invest in a representative sample of holdings.


Fund code:DBP5 Fund specific risks:13,27,29 Valuation spread: 0.61%

LEGAL & GENERAL EQUITY FUND

Aim: To maximise returns by investing in a broad mix of mainly UK shares.


Fund code:DAC5 Fund specific risks:13,19,29 Valuation spread: 0.67%



Aim: To maximise returns by investing in UK Government stocks and other readily marketable fixed interest securities. The fund may also include stocks of overseas governments and companies.


Fund code:DAD5 Fund specific risks:14,15,29,30 Valuation spread:0.05%

LEGAL & GENERAL FIxED INTEREST FUND

LEGAL & GENERAL GLOBAL EMERGING MARKETS INDEx FUND

Aim:TotrackthereturnoftheFTSEAll-WorldEmergingMarketsIndex(afteradjustmentforchargesandtax)by investing in global emerging market shares. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DXV5 Fund specific risks:12,13,21,24,29 Valuation spread:0.55%

LEGAL & GENERAL GLOBAL 100 EQUITY INDEx FUND

Aim:TotrackthereturnoftheS&PGlobal100Indexconvertedintopoundssterling(afteradjustmentforchargesandtax)byinvestinginglobalshares.InordertoaccuratelytrackthisIndexthefundwillinvestinarepresentative sample of holdings.


Fund code:DNO5 Fund specific risks:12,13,29 Valuation spread: 0.16%

LEGAL & GENERAL EUROPEAN FUND

Aim:Toprovidethepotentialforlong-termgrowthbyinvestinginEuropeanshares,otherthanthoseoftheUK.


Fund code:DAM5 Fund specific risks:12,13,29 Valuation spread:0.45%

LEGAL & GENERAL EUROPEAN (ExCLUDING UK) EQUITY INDEx FUND

Aim:TotrackthereturnoftheFTSEWorldEuropeexUKIndex(afteradjustmentforchargesandtax)byinvestinginEuropeanshares.InordertoaccuratelytrackthisIndexthefundwillinvestinarepresentativesample of holdings.


Fund code:DBS5 Fund specific risks:12,13,29 Valuation spread: 0.14%



LEGAL & GENERAL INTERNATIONAL INDEx FUND

Aim:TotrackthereturnoftheFTSEWorldexUKIndex(afteradjustmentforchargesandtax)byinvestinginglobal shares. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DXJ5 Fund specific risks:12,13,29 Valuation spread: 0.17%

LEGAL & GENERAL INDEx-LINKED GILT FUND

Aim: To maximise returns by investing mainly in index linked securities issued predominantly by the UK Government.


Fund code:DAH5 Fund specific risks:14,15,20,29,30,36 Valuation spread: 0.21%

LEGAL & GENERAL JAPAN EQUITY INDEx FUND

Aim:TotrackthereturnoftheFTSEWorldJapanIndex(afteradjustmentforchargesandtax)byinvestinginJapanese shares. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DBW5 Fund specific risks:12,13,29 Valuation spread: 0.16%

Aim: To provide the potential for growth by investing in a concentrated portfolio of mainly UK shares.


Fund code:DHK5 Fund specific risks:13,20,29 Valuation spread:0.80%

LEGAL & GENERAL GROWTH FUND


Aim:Toprovideahighincomefromaportfolioofsub-investmentgradefixedinterestsecurities,issuedbycompanies in the UK and overseas.


Fund code:DID5 Fund specific risks:12,14,15,16,29,31 Valuation spread:1.18%(DMR5ifnaturalincomeisrequired)

LEGAL & GENERAL HIGH INCOME FUND



LEGAL & GENERAL MIxED MANAGED FUND

Aim:Thisfundisabalancedportfoliothataimstooffergoodmediumtolong-termgrowthprospects.Itinvestsinabroadmixofshares(maximum60%oftotalfund),fixedinterestsecurities,UKcommercialproperty and cash.


Fund code:DBM5 Fund specific risks:12,13,14,15,23,29 Valuation spread: 0.60%

LEGAL & GENERAL MIxED INVESTMENT 20%–60% FUND

Aim:Toprovidelong-termgrowthofbothcapitalandincome.Thefundwillinvestinshares,fixedinterestsecurities and other assets including those giving indirect exposure to commodities and real property. Between 20% and 60% of the fund will be invested in shares.


Fund code:DYE5 Fund specific risks:12,13,14,15,16,20,29,31,33 Valuation spread:0.49%


Aim:Toprovidelong-termgrowthofbothcapitalandincome.Thefundwillinvestbetween40%-85%inabroadrangeofUKandoverseascompanies'shareswiththebalancepredominantlyinfixedinterestsecurities.


Fund code:DPS5 Fund specific risks:12,13,14,15,16,20,29,31,33 Valuation spread:0.45%


Aim:Todeliverlong-termcapitalgrowthwhichexceedstheBankofEngland’sbaseinterestrateassetbytheMonetary Policy Committee or successor bodies.


Fund code:DPU5 Fund specific risks:12,13,14,15,16,20,29,31,33 Valuation spread: 0.40%

LEGAL & GENERAL MANAGED FUND

Aim:Toseeksteadylong-termgrowth,whilstatthesametimesafeguardingthefundagainstexcessiverisks.It invests mainly in UK and international shares, but also has some exposure to fixed interest securities, UK commercial property and cash, thereby offering a more diversified investment than a pure equity fund.


Fund code:DAA5 Fund specific risks:12,13,14,15,23,29 Valuation spread:0.52%

LEGAL & GENERAL MANAGED INCOME FUND

Aim: To provide a high income from a managed portfolio of fixed interest securities, including government and corporate issuers. The fund can invest up to 20% in high yield bonds and investments may be made in stocks traded on overseas markets.


Fund code:5035 Fund specific risks:12,14,15,16,29,31 Valuation spread:0.78%



LEGAL & GENERAL MULTI-INDEx 4 FUND

Aim:Toprovideacombinationofgrowthandincomeandtokeepthefundwithinapre-determinedriskprofile.Potentialgainsandlossesarelikelytobelimitedbytheobjectivetostaywithinitsriskprofile.Thetargetrisk profile for the fund is set by an external agency, Distribution Technology, based on the historic return and volatility of different asset types. We use our experience and research, together with research and asset allocation guidelines from Distribution Technology, to restrict the types of assets held and the allocation of eachassettypetokeepthefundwithinthetargetriskprofile.Atleast75%ofthefundwillbeinvestedinotherauthorisedinvestmentfunds.50%-100%ofthefundsinvestedinwillbeindex-trackingandoperatedby Legal&General.50%-100%ofthefundwillbeinvestedincompanyandgovernmentbonds(70%-100%ofwhich willbeinvestmentgrade),cashandcompanyshares.ThefundwillalsohaveexposuretoUKcommercialproperty, money market instruments and bank deposits. Distribution Technology has set risk profiles from 1 to 10, with 10 being the highest risk. This fund aims to stay within risk profile 4.


Fund code:DXR5 Fund specific risks:12,13,14,15,16,20,23,29,31,33 Valuation spread: 0.72%


Aim:Toprovideacombinationofgrowthandincomeandtokeepthefundwithinapre-determinedriskprofile.Potentialgainsandlossesarelikelytobelimitedbytheobjectivetostaywithinitsriskprofile.Thetargetrisk profile for the fund is set by an external agency, Distribution Technology, based on the historic return and volatility of different asset types. We use our experience and research, together with research and asset allocation guidelines from Distribution Technology, to restrict the types of assets held and the allocation of eachassettypetokeepthefundwithinthetargetriskprofile.Atleast75%ofthefundwillbeinvestedin otherauthorisedinvestmentfunds.50%-100%ofthefundsinvestedinwillbeindex-trackingandoperatedby Legal&General.50%-100%ofthefundwillbeinvestedincompanysharesfromaroundtheworld.Thefundwill also have exposure to company and government bonds, cash, UK commercial property, money market instruments and bank deposits. Distribution Technology has set risk profiles from 1 to 10, with 10 being the highestrisk.Thisfundaimstostaywithinriskprofile5.


Fund code:DXS5 Fund specific risks:12,13,14,15,16,20,23,29,31,33 Valuation spread:0.65%


Aim:Toprovideacombinationofgrowthandincomeandtokeepthefundwithinapre-determinedriskprofile.Potentialgainsandlossesarelikelytobelimitedbytheobjectivetostaywithinitsriskprofile.Thetargetrisk profile for the fund is set by an external agency, Distribution Technology, based on the historic return and volatility of different asset types. We use our experience and research, together with research and asset allocation guidelines from Distribution Technology, to restrict the types of assets held and the allocation of eachassettypetokeepthefundwithinthetargetriskprofile.Atleast75%ofthefundwillbeinvestedin otherauthorisedinvestmentfunds.50%-100%ofthefundsinvestedinwillbeindex-trackingandoperatedby Legal&General.50%-100%ofthefundwillbeinvestedincompanyandgovernmentbonds(70%-100%ofwhich willbeinvestmentgrade)andcash.Thefundwillalsohaveexposuretocompanyshares,UKcommercialproperty, money market instruments and bank deposits. Distribution Technology has set risk profiles from 1 to 10, with 10 being the highest risk. This fund aims to stay within risk profile 3.


Fund code:DXQ5 Fund specific risks:12,13,14,15,16,20,23,29,31,33 Valuation spread: 0.64%




Aim:Toprovideacombinationofgrowthandincomeandtokeepthefundwithinapre-determinedriskprofile.Potentialgainsandlossesarelikelytobelimitedbytheobjectivetostaywithinitsriskprofile.Thetargetrisk profile for the fund is set by an external agency, Distribution Technology, based on the historic return and volatility of different asset types. We use our experience and research, together with research and asset allocation guidelines from Distribution Technology, to restrict the types of assets held and the allocation of eachassettypetokeepthefundwithinthetargetriskprofile.Atleast75%ofthefundwillbeinvestedin otherauthorisedinvestmentfunds.50%-100%ofthefundsinvestedinwillbeindex-trackingandoperatedby Legal&General.70%-100%ofthefundwillbeinvestedincompanysharesfromaroundtheworld.Thefundwill also have minor exposure to company and government bonds, cash, money market instruments and bank deposits. Distribution Technology has set risk profiles from 1 to 10, with 10 being the highest risk. This fund aims to stay within risk profile 7.


Fund code:DXU5 Fund specific risks:12,13,14,15,16,20,23,29,31,33 Valuation spread: 0.62%

LEGAL & GENERAL MULTI-MANAGER BALANCED FUND

A performance fee applies to this fund

Aim:Toprovidelong-termgrowth,whilstatthesametimesafeguardingthefundagainstexcessiverisks. The fund aims to invest in a wide range of collective investment schemes and will pursue an active asset allocation policy across all countries, currencies and sector representations. The fund may also invest directly in transferable securities, money market instruments, near cash, cash and deposits.


Fund code:5603 Fund specific risks:12,13,14,15,29,31 Valuation spread: 0.41%


Aim:Toprovideacombinationofgrowthandincomeandtokeepthefundwithinapre-determinedriskprofile.Potentialgainsandlossesarelikelytobelimitedbytheobjectivetostaywithinitsriskprofile.Thetargetrisk profile for the fund is set by an external agency, Distribution Technology, based on the historic return and volatility of different asset types. We use our experience and research, together with research and asset allocation guidelines from Distribution Technology, to restrict the types of assets held and the allocation of eachassettypetokeepthefundwithinthetargetriskprofile.Atleast75%ofthefundwillbeinvestedin otherauthorisedinvestmentfunds.50%-100%ofthefundsinvestedinwillbeindex-trackingandoperatedby Legal&General.70%-100%ofthefundwillbeinvestedincompanysharesfromaroundtheworld.Thefundwill also have exposure to company and government bonds, cash, UK commercial property, money market instruments and bank deposits. Distribution Technology has set risk profiles from 1 to 10, with 10 being the highest risk. This fund aims to stay within risk profile 6.


Fund code:DXT5 Fund specific risks:12,13,14,15,16,20,23,29,31,33 Valuation spread: 0.66%



LEGAL & GENERAL PACIFIC (ExCLUDING JAPAN) EQUITY INDEx FUND

Aim:TotrackthereturnoftheFTSEWorldAsiaPacificex-JapanIndex(afteradjustmentforchargesandtax)by investing in Asia Pacific shares. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DBZ5 Fund specific risks:12,13,29 Valuation spread: 0.44%

LEGAL & GENERAL PROPERTY FUND


Aim: To maximise the return from a portfolio of first class freehold and leasehold interests in commercial and industrial property. This includes industrial warehouse buildings, shopping units and office blocks. The fund will also invest in indirect property vehicles to diversify the portfolio further and manage liquidity levels efficiently.


Fund code:DAE5 Fund specific risks:23,29,31 Valuation spread:4.96% (DCX5ifnaturalincomeisrequired)

LEGAL & GENERAL NORTH AMERICAN FUND

Aim:Toprovidethepotentialforlong-termgrowthbyinvestinginNorthAmericanshares.


Fund code:DAK5 Fund specific risks:12,13,29 Valuation spread:0.19%


Aim:Toprovidelong-termcapitalgrowthbyinvestinginawiderangeofcollectiveinvestmentschemesandwill pursue an active asset allocation policy across all countries, currencies and sectors. The fund may also invest directly in securities, money market instruments, near cash, cash and deposits.



LEGAL & GENERAL MULTI-MANAGER GROWTH FUND

LEGAL & GENERAL MULTI-MANAGER INCOME FUND


Aim: To provide a high income with some potential for capital growth by investing in a wide range of collective investment schemes and will pursue an active asset allocation policy across all countries, currencies and sectors. The fund may also invest directly in securities, money market instruments, near cash, cash and deposits.





LEGAL & GENERAL UK EQUITY INCOME FUND

Aim:ToprovideanincomeinexcessoftheFTSEAll-ShareIndexyieldcombinedwithlong-termgrowthofcapital. The fund mainly invests in UK shares which, in the manager’s opinion, show potential for sustainable dividend yield, growth and high management quality.


Fund code:DHV5 Fund specific risks:13,29 Valuation spread:0.86%

LEGAL & GENERAL UK EQUITY INDEx FUND

Aim:TotrackthereturnoftheFTSEAll-ShareIndex(afteradjustmentforchargesandtax)byinvestinginUKshares. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DFD5 Fund specific risks:13,29 Valuation spread:0.59%

LEGAL & GENERAL STERLING CORPORATE BOND INDEx FUND

Aim:TotrackthereturnoftheiBoxxSterlingNon-Giltsex-BBBIndex(afteradjustmentforchargesandtax)byinvesting in UK corporate bonds. In order to accurately track this Index the fund will invest in a representative sample of holdings.


Fund code:DXK5 Fund specific risks:12,14,15,16,29,31 Valuation spread:0.65%

LEGAL & GENERAL STERLING INCOME FUND

Aim: To provide a high monthly income from a portfolio of predominantly investment grade bonds issued in theUKandoverseas.Thefundcaninvestupto20%insub-investmentgradebonds.


Fund code:DPT5 Fund specific risks:12,14,15,16,29,31 Valuation spread:0.80%

LEGAL & GENERAL UK ALPHA FUND

Aim:Toprovidethepotentialforlong-termgrowthbyinvestinginaconcentratedportfolioofUKshares,whichformpartoftheFTSEAll-Share,FledglingandAIMindices.


Fund code:DJW5 Fund specific risks:13,29 Valuation spread: 3.42%



Ifyou'reinvestinginanyofourindex-trackingfunds,youshouldnotethefollowinginformationaboutthestockmarket indices these funds track:

AllrightsintheFTSEActuariesBritishGovernmentAllStocksIndex,FTSEActuariesBritishGovernmentIndex-LinkedAllStocksIndex,FTSEAll-WorldEmergingIndex,FTSE350Index,FTSEWorldEuropeexUKIndex,FTSEWorld exUKIndex,FTSEWorldJapanIndex,FTSEWorldAsiaPacificex-JapanIndex,FTSEAll-ShareIndex,FTSEUSAIndex(the’Indices’)vestinFTSEInternationalLimited(’FTSE’).’FTSE®’ is a trade mark of the London Stock ExchangeGroupcompaniesandisusedbyFTSEunderlicence.

TheLegal&GeneralAllStocksGiltIndexFund,Legal&GeneralAllStocksIndex-LinkedGiltIndexFund, Legal&GeneralEthicalFund,Legal&GeneralEuropean(excludingUK)EquityIndexFund,Legal&GeneralGlobalEmergingMarketsIndexFund,Legal&GeneralInternationalIndexFund,Legal&GeneralJapanEquityIndexFund,Legal&GeneralPacific(excludingJapan)EquityIndexFund,Legal&GeneralUKAlphaFund,Legal&GeneralUKEquityIncomeFund,Legal&GeneralUKEquityIndexFund,Legal&GeneralUSEquityIndexFund(the’funds’)have been developed solely by Legal & General.

TheIndicesarecalculatedbyFTSEoritsagent.FTSEanditslicensorsarenotconnectedtoanddonotsponsor,advise, recommend, endorse or promote the funds and do not accept any liability whatsoever to any person arising outof(a)theuseof,relianceonoranyerrorintheIndicesor(b)investmentinoroperationofthefunds.FTSEmakes no claim, prediction, warranty or representation either as to the results to be obtained from the funds or the suitability of the Indices for the purpose to which they are being put by Legal & General.

Aim:TotrackthereturnoftheFTSEUSAIndex(afteradjustmentforchargesandtax)byinvestinginUSshares. In order to accurately track this index the fund will invest in a representative sample of holdings.


Fund code:DBT5 Fund specific risks:13,14,19,29 Valuation spread: 0.07%

LEGAL & GENERAL US EQUITY INDEx FUND

Aim:Toprovidethepotentialforlong-termgrowthbyinvestinginaportfoliopredominatelyofUKshares,consisting mainly of smaller companies. The fund primarily invests in companies which comprise the lowest 10%(bycapitalisation)oftheUKstockmarket.


Fund code:DBU5 Fund specific risks:13,19,29 Valuation spread:1.98%

LEGAL & GENERAL UK SMALLER COMPANIES FUND

Aim:Toprovidegrowth.Thefundwilltypicallyinvestbetween90%and100%incompanyshares.Itmayalso invest in other investment funds. The fund will invest in a broad range of UK company shares. The fund may also hold investments which invest in, or derive income from, overseas operations. The fund may use derivatives(contractswhichhaveavaluelinkedtothepriceofanotherasset)forthefollowingpurposes:Tohelp with efficient day to day management, to reduce some of the risks of the market. The fund may also invest in cash or deposits.


Fund code:DPV5 Fund specific risks:13,29 Valuation spread:0.68%

LEGAL & GENERAL UK SELECT EQUITY FUND



fund mAnAgERs OThER ThAn LEgAL & gEnERAL.

AbERdEEn AssET mAnAgERs LImITEdAberdeen Asset Management PLC is a global investment management group, managing assets for both institutionalandretailclientsfromofficesaroundtheworld.Theycurrentlyhaveover£283.7billiontotalgroupfundsundermanagementandadviceasat30September2015.Theirmissionistodeliverstrongfundperformance across diverse asset classes in which they believe they have a sustainable competitive edge.

LEGAL & GENERAL ABERDEEN WORLD EQUITY FUND

Aim:Toprovidelong-termtotalreturnfromaninternationallydiversifiedportfolioofequities.


Fund code:5710 Fund specific risks:12,13,29 Underlying fund type:OEIC

ARTEmIs fund mAnAgERs LImITEdArtemisFundManagerLtdwasformedin1997andhad£22.9billionundermanagementasat 31December2015.

LEGAL & GENERAL ARTEMIS GLOBAL INCOME FUND

Aim: To achieve a rising income combined with capital growth from a portfolio primarily made up of investmentsglobally.Thefundmanageractivelymanagestheportfolioinordertoachievetheobjectivewithexposure to ordinary shares, preference shares, convertibles and fixed interest securities. The fund manager will not be restricted in respect of choice of investments either by company size or industry, or in terms of the geographical split of the portfolio.


Fund code:5720 Fund specific risks:12,13,19,29 Underlying fund type: Unit trust

LEGAL & GENERAL ARTEMIS INCOME FUND

Aim: To achieve a rising income combined with capital growth from a portfolio primarily made up of investmentsintheUK.Thefundmanageractivelymanagestheportfolioinordertoachievetheobjectivewithexposure to ordinary shares, preference shares, convertibles and fixed interest securities. The fund manager will not be restricted in respect of choice of investments either by company size or industry, or in terms of the geographical split of the portfolio.

Fund charge: 0.72%(0.68%managementcharge,0.04%additionalexpenses)




LEGAL & GENERAL ARTEMIS UK SELECT FUND

Aim:Toprovidelong-termcapitalgrowthbyinvestmentincompanieslisted,quotedand/ortradedintheUKand in companies which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK.


Fund code:5043 Fund specific risks:13,29 Underlying fund type: Unit trust

bLACKROCKBlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As 31 December 2014, the firm managed USD 4.7 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, andtheindustry-leadingiShares®exchange-tradedfunds.

LEGAL & GENERAL BLACKROCK GOLD AND GENERAL FUND

Aim:Toachievelong-termcapitalgrowthprimarilythroughanactivelymanagedportfolioofgoldmining,commodityandprecious-metalrelatedshares.Thefundmayalsoinvestinothertransferablesecuritiesandunits in collective investment schemes. Derivatives may also be used for the purposes of efficient portfolio management.


Fund code:5096 Fund specific risks:12,13,19,21,22,29 Underlying fund type: Unit trust

LEGAL & GENERAL BLACKROCK UK INCOME FUND

Aim:Toprovideanabove-averageandgrowingincomewithoutsacrificingthebenefitsoflong-termcapitalgrowth by investing primarily in the shares of companies incorporated or listed in the UK. The fund may also invest in collective investment schemes.


Fund code:5180 Fund specific risks:13,29,35 Underlying fund type: Unit trust

LEGAL & GENERAL BLACKROCK UK SPECIAL SITUATIONS FUND

Aim:Toachievelong-termcapitalgrowthforinvestors.ThefundinvestsprimarilyinthesharesofcompaniesincorporatedorlistedintheUKandwillnormallyhaveanemphasisonsmallormedium-sizedcompanies.Thefundmayalsoinvestincollectiveinvestmentschemes.Smallandmedium-sizedcompaniesarethosewhosemarketcapitalisationislowerthanthatofcompaniesintheFTSE100Indexatthetimeofthefund’sinvestment.





COLumbIA ThREAdnEEdLE InVEsTmEnTsColumbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients aroundtheworld.Withmorethan2,000peopleincludingover450investmentprofessionalsbasedinNorthAmerica,EuropeandAsia,theymanage£341billionofassetsacrossdevelopedandemergingmarketequities,fixedincome,assetallocationsolutionsandalternatives(asat31March2015).ColumbiaThreadneedleInvestmentsistheglobalassetmanagementgroupofAmeripriseFinancial,Inc.(NYSE:AMP),aleading US-basedfinancialservicesprovider.AspartofAmeriprise,theyaresupportedbyalargeand well-capitaliseddiversifiedfinancialservicesfirm.

LEGAL & GENERAL THREADNEEDLE ABSOLUTE RETURN BOND FUND

You should read the Absolute Return Funds Guidebeforeinvestinginthisfund–acopyisavailablefromyouradviser.Ifyoudon’tunderstand any point, please ask for further information.

Aim: To achieve a total positive return over a 12 month period in all market conditions. The fund invests at leasttwo-thirdsofitsassetsinbondsissuedbycompaniesandgovernmentsworldwide,currencies,and,when appropriate, cash.


Fund code:5646 Fund specific risks:12,14,15,17,18,29,34 Underlying fund type:OEIC

LEGAL & GENERAL THREADNEEDLE EQUITY AND BOND FUND

Aim: To provide a return by way of capital growth and income from defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited.


Fund code:5002 Fund specific risks:12,13,14,15,17,18,19,29 Underlying fund type: Unit trust

LEGAL & GENERAL THREADNEEDLE GLOBAL EQUITY FUND

Aim: To provide above average capital growth from investment in regulated collective investment schemes managed, operated, or advised by Threadneedle Investment Services Limited.



LEGAL & GENERAL THREADNEEDLE GLOBAL EQUITY AND BOND FUND

Aim: To provide capital growth with some income from investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited.





LEGAL & GENERAL THREADNEEDLE GLOBAL EQUITY INCOME FUND

Aim: To achieve a high and growing income over the long term combined with prospects for capital growth.



LEGAL & GENERAL THREADNEEDLE GLOBAL SELECT FUND

Aim: To invest the assets of the fund primarily in equities issued by companies worldwide. The portfolio may be concentrated geographically or with respect to stock and sector positions, which may lead to increased levels of volatility.



LEGAL & GENERAL THREADNEEDLE UK FUND

Aim: To achieve capital growth. The ACD’s investment policy is to invest the assets of the fund principally in equities of companies domiciled in the UK or which have significant UK operations. If the ACD considers it desirable,itmayfurtherinvestinothersecurities(includingfixedinterestsecurities,otherequitiesandmoneymarketsecurities).


Fund code:5716 Fund specific risks:13,29 Underlying fund type:OEIC

LEGAL & GENERAL THREADNEEDLE UK EQUITY INCOME FUND

Aim:Toachieveanabove-averagerateofincomecombinedwithsoundprospectsforcapitalgrowth.



fIL InVEsTmEnT sERVICEs (uK) LImITEdFidelityInternationalisanassetmanagerservingretail,wholesaleandinstitutionalinvestorsin25countriesgloballyoutsideNorthAmerica.WithUSD258.4billionassetsundermanagementasat30September2015,theyareoneoftheworld'slargestprovidersofactiveinvestmentstrategiesandretirementsolutions.

LEGAL & GENERAL FIDELITY ExTRA INCOME FUND

Aim: To achieve a relatively high level of income. The fund will obtain exposure primarily to UK corporate and government bonds and other fixed income and money market securities, preference shares and convertibles.


Fund code:5721 Fund specific risks:12,14,15,16,17,18,29,31 Underlying fund type:OEIC



LEGAL & GENERAL FIDELITY SOUTH EAST ASIA FUND

Aim:Toachievelong-termcapitalgrowthfromaportfoliomadeupofthesharesofcompaniesthroughoutthe Asia Pacific Basin, but excluding Japan. The portfolio is likely to have a bias towards larger companies. However, the Portfolio Manager is not restricted in the choice of company either by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities, rather than the outlook for each market.



LEGAL & GENERAL FIDELITY MULTI-ASSET STRATEGIC FUND

Aim:Toachievelong-termcapitalgrowthbyinvestinginarangeofglobalassetsprovidingexposuretobonds, equities, commodities, property and cash. The fund will invest primarily through other regulatedcollective investment schemes, including schemes managed by Fidelity, and may also invest directly in othertransferable securities, money market instruments, cash and deposits. Derivatives and forward transactionsmay also be used for investment purposes. Please note, it is anticipated that investment shall be madeprimarily in funds managed by Fidelity.


Fund code:5658 Fund specific risks:13,14,15,17,18,29 Underlying fund type:OEIC

LEGAL & GENERAL FIDELITY STRATEGIC BOND FUND

Aim: To achieve a relatively high income with the possibility of capital growth. The fund will obtain exposure primarilytosterling-denominated(orhedgedbacktosterling)fixedinterestsecurities.



fIRsT sTATE InVEsTmEnTs (uK) LTdFirst State Investments is the international operation of Colonial First State Global Asset Management, the asset management business of the Commonwealth Bank of Australia. Colonial First State Global Asset Managementmanages£100.6billiongloballyasat31December2014.

LEGAL & GENERAL FIRST STATE GLOBAL LISTED INFRASTRUCTURE FUND

Aim:Toachieveatotalinvestmentreturnconsistentwithincomeandlong-termcapitalgrowth.Thefundinvests inadiversifiedportfoliooflistedinfrastructureandinfrastructure-relatedsecuritiesfromaroundtheworld.


Fund code:5609 Fund specific risks:12,13,18,19,25,28,29, Underlying fund type:OEIC 30, 31, 32



hEndERsOn gLObAL InVEsTORs LTdEstablishedin1934toadministertheestatesofAlexanderHenderson,thefirstLordFaringdon,HendersonGlobalInvestors(Henderson)isaleadingindependentglobalassetmanagementfirm.Thecompanyprovidesits institutional, retail and high net worth clients access to skilled investment professionals representing a broadrangeofassetclasses,focusingonthefirm’scorecapabilitiesofGlobalEquities,EuropeanEquities,GlobalFixedIncome,Multi-AssetandAlternatives.

Henderson Group is the holding company of the investment management group Henderson Global Investors. HendersonGroup'sprincipalplaceofbusinessisinLondonand,sinceDecember2003,hasbeenlistedontheLondonStockExchangeandAustralianSecuritiesExchange-appearingintheFTSE250andS&P/ASX100indices.WithitsprincipalplaceofbusinessinLondon,Hendersonhas£81.53billionassetsundermanagement(asat30September2015)employingover900peopleworldwide.

LEGAL & GENERAL HENDERSON CAUTIOUS MANAGED FUND

Aim:Toprovideincomeandlong-termcapitalgrowthbyinvestinginacombinationofcompanysharesandarange of bonds in any country. The fund will invest no more than 60% of its value in company shares.



LEGAL & GENERAL HENDERSON CHINA OPPORTUNITIES FUND

Aim:Toprovidelong-termcapitalgrowthbyinvestinginHongKongandChinesecompanyshares.Thefundmay invest indirectly in Hong Kong and Chinese company shares by buying securities such as American depositaryreceipts(ADRs).


Fund code:5459 Fund specific risks:12,13,21,29,35 Underlying fund type:OEIC

LEGAL & GENERAL FIRST STATE GLOBAL RESOURCES FUND

Aim:Toachievelong-termcapitalgrowth.Thefundinvestsinequitiesinthenaturalresourcesandenergysectors worldwide.


Fund code:5130 Fund specific risks:12,13,18,19,21,25,28,29 Underlying fund type:OEIC 30, 31, 32

LEGAL & GENERAL STEWART INVESTORS ASIA PACIFIC LEADERS FUND

Aim:Toachievelong-termcapitalgrowth.Thefundinvestsinlargeandmid-capitalisationequitiesintheAsiaPacificregion(excludingJapan,includingAustralasia).


Fund code:5009 Fund specific risks:12,13,18,19,25,28,29,30, Underlying fund type:OEIC 31, 32



LEGAL & GENERAL HENDERSON EUROPEAN GROWTH FUND

Aim:Toseeklong-termcapitalgrowthprincipallythroughinvestmentinthesecuritiesofEuropeancompaniesexcluding the UK.


Fund code:5027 Fund specific risks:12,13,29,35 Underlying fund type:OEIC

LEGAL & GENERAL HENDERSON MULTI-MANAGER ACTIVE FUND

Aim: To achieve capital growth by investing in markets in both the UK and overseas.



LEGAL & GENERAL HENDERSON MULTI-MANAGER DISTRIBUTION FUND

Aim:Toprovideasustainablelevelofincomewiththepotentialforsomelong-termcapitalgrowth.Thefundwillinvest in a spread of authorised unit trusts and/or authorised companies which may be selected from those available in the whole market. The fund may invest in funds investing outside the UK, while maintaining a core exposure to funds investing in the UK. The fund may also invest in transferable securities including investment trusts, money market instruments, deposits, derivatives and forward transactions and unregulated collective investment schemes.


Fund code:5659 Fund specific risks:12,13,14,15,16,17,21, Underlying fund type: Unit trust 25,29,35

LEGAL & GENERAL HENDERSON MULTI-MANAGER INCOME AND GROWTH FUND

Aim:Toprovidelong-termcapitalgrowthwiththepotentialforsomeincomegeneration.Thefundwillinvestina spread of authorised unit trusts and/or authorised companies which may be selected from those available in the whole market. The fund will not be restricted to any particular economic sectors and the investment policy willtakealong-termbalancedviewofstockmarketsworldwidewhilemaintainingacoreholdingintheUK.


Fund code:5634 Fund specific risks:12,13,14,15,16,17, Underlying fund type: Unit trust 25,29,

LEGAL & GENERAL HENDERSON MULTI-MANAGER MANAGED FUND

Aim: To achieve capital growth through exposure to UK and overseas equities and fixed interest securities.


Fund code:5186 Fund specific risks:12,13,14,15,16,25,29, Underlying fund type:OEIC



LEGAL & GENERAL HENDERSON PREFERENCE AND BOND FUND

Aim:Toprovideareturnbyinvestingprimarilyinsterling-denominatedpreferenceshares,governmentsecurities,corporatebonds,Eurobondsandotherbonds.Thefundmayinvestinothertransferablesecurities,money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes.



LEGAL & GENERAL HENDERSON STERLING BOND FUND

Aim:Toachieveahighandstableincome.Thefundwillinvestprincipallyinsterling-denominatedfixedinterest securities including preference shares, concentrating on investment grade corporate bonds.



LEGAL & GENERAL HENDERSON UK PROPERTY FUND

Aim: To achieve a high income together with some growth of both income and capital through investment primarilyincommercialpropertyandproperty-relatedassets.Otherinvestmentsmayincludemoneymarketinstruments, derivatives and forward foreign exchange contracts.



InVEsCO fund mAnAgERs LImITEdInvescoPerpetualisabusinessnameofInvescoFundManagersLimitedmanaging£85.37billioninassets(assetsmanagedbyInvescoPerpetual’sHenley-basedinvestmentcentreasat30November2015)throughabroad product range. At the heart of their approach is a belief in active fund management; building portfolios based on thorough research and analysis to identify the investment opportunities they consider most likely to providethestrongestlong-termreturns.

LEGAL & GENERAL INVESCO PERPETUAL CORPORATE BOND FUND

Aim: To achieve a combination of income and capital growth over the medium to long term. The fund seeks to achievethisobjectivebyinvestingprimarilyininvestmentgradecorporatedebtsecurities.Thefundmayalsoinvestingovernment,unratedandsub-investmentgradedebtsecurities,cash,cashequivalents,moneymarketinstruments, collective investment schemes, and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates and credit and can be used to achieve both long and short positions.

Fund charge: 0.66% Invesco Perpetual do not provide separate figures for management charges and additional expenses so we can only provide you with an overall fund charge. If you invest in this fund we’ll write to you if we need to change the overall fund charge. For more information on fund charges, please see the Product Guide.




LEGAL & GENERAL INVESCO PERPETUAL DISTRIBUTION FUND

Aim: To achieve a combination of income and capital growth over the medium to long term. The fund seeks to achieveitsobjectivebyinvestingprimarilyincorporateandgovernmentdebtsecuritiesglobally(whichmaybeunratedorsub-investmentgrade)andequities.Thefundmayalsoinvestincash,cashequivalents,moneymarketinstruments, collective investment schemes and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.

Fund charge:0.85% Invesco Perpetual do not provide separate figures for management charges and additional expenses so we can only provide you with an overall fund charge. If you invest in this fund we’ll write to you if we need to change the overall fund charge. For more information on fund charges, please see the Product Guide.


LEGAL & GENERAL INVESCO PERPETUAL INCOME FUND

Aim: To achieve a reasonable level of income, together with capital growth. The fund intends to invest primarily in companieslistedintheUK,withthebalanceinvestedinternationally.Inpursuingthisobjective,thefundmanagersmay include investments that they consider appropriate which include transferable securities, money market instruments, warrants, collective investment schemes, deposits and other permitted investments and transactions.



LEGAL & GENERAL INVESCO PERPETUAL MONTHLY INCOME PLUS FUND

Aim: To achieve a high level of income together with capital growth over the medium to long term. The fund seeks toachievethisobjectivebyinvestingprimarilyincorporateandgovernmenthigh-yieldingdebtsecuritiesglobally(whichmaybeunratedorsub-investmentgrade),andequities.Thefundmayalsoinvestincash,cashequivalents,money market instruments, collective investment schemes and other transferable securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management. They may include derivatives on currencies, interest rates, credit and equities and can be used to achieve both long and short positions.



InVEsTEC fund mAnAgERs LTdInvestec Asset Management provides investment products and services to institutions, advisory clients and individuals. Their clients include pension funds, central banks, sovereign wealth funds, insurers, foundations, financial advisers and individual investors.

ItallbeganinSouthAfricain1991.Theywereasmallstart-upofferingdomesticstrategiesinanemergingmarket.Overtwodecadesofgrowthlaterandthey'reaninternationalbusinessmanagingapproximately $108billion*forclientsbasedallovertheworld.(*Asat30November2015.)



LEGAL & GENERAL INVESTEC CAUTIOUS MANAGED FUND

Aim: To provide a combination of income and growth in the value of your investment over the long term. The fundseekstoinvestconservativelyinabroadrangeofsharesofcompanies(upto60%ofthefund’svalueatanytime)andbonds(contractstorepayborrowedmoneywhichtypicallypayinterestatfixedtimes)issuedbygovernments, institutions or companies around the world.

Thebondsinvestedinwillpredominantlybeofinvestmentgrade(highquality)asratedbythecreditratingagencies(companiesthatratetheabilityoftheissuersofbondstorepayborrowedmoney)butmayalsobebelowinvestmentgrade.Thefundmayinvestmorethan35%ofitsassetsinsecuritiesissuedorguaranteedbyanEEAstate.Thefundcanalsoinvestinotherassetsincluding(butnotlimitedto)derivatives(financialcontractswhosevalueislinkedtothepriceofanunderlyingasset).



LEGAL & GENERAL INVESTEC GLOBAL STRATEGIC EQUITY FUND

Aim: To grow the value of your investment over the long term. The fund invests around the world primarily in the shares of companies, believed to offer above average opportunities for capital gains, and may invest in related derivatives(financialcontractswhosevalueislinkedtothepriceofanunderlyingasset).Thesharesarethoseissuedbycompaniesthatarebelievedtobeofhighqualityoroffergoodvalue(meaningtheyareundervaluedwithinthemarket),thoseexpectedtobenefitfromincreasesinprofitexpectationsorarecurrentlyorexpectedtoreceiveincreasedinvestordemand.Opportunitiesmayalsobesoughtforinvestmentsincompanieswhichareexpected to see their profits benefit over time from operational and structural improvements.



LEGAL & GENERAL INVESTEC UK SPECIAL SITUATIONS FUND

Aim: To provide an income and to grow the value of your investment over the long term. The fund invests primarilyinthesharesofcompaniesintheUKandinrelatedderivatives(financialcontractswhosevalueislinkedtothepriceofanunderlyingasset).Thefundwilluseacontrarianapproach(investinginawaythatislikelytobedifferenttocurrentgeneralmarketviews)inselectinginvestments.



LEGAL & GENERAL INVESTEC GLOBAL ENERGY FUND

Aim: To grow the value of your investment over the long term. The fund invests around the world primarily in thesharesofcompaniesandinrelatedderivatives(financialcontractswhosevalueislinkedtothepriceofanunderlyingasset).Thecompaniesarethosethatareinvolvedintheexploration,productionordistributionofoil, gas and other energy sources or those that service the energy industry.





JuPITER unIT TRusT mAnAgERs LTdLaunchedin1985asaspecialistboutique,JupiterhasgrowntobeoneoftheUK'smostsuccessfulandrespectedinvestmentmanagementgroups.Theycurrentlymanage£35.7billionworthofassetsasat31December2015,spreadacrossarangeofUKandoffshoremutualfunds,multimanagerproducts,institutionalmandatesandinvestmenttrusts.Jupiter'sprincipalactivityhasbeen,andremains,investmentmanagement.

LEGAL & GENERAL JUPITER DISTRIBUTION FUND

Aim: To provide a sustainable level of income and the prospect of capital growth over the long term by investing in an actively balanced portfolio of fixed interest securities and mainly UK equities.

Inordertoattainitsinvestmentobjectivesthefund'sinvestmentpolicywillinitiallybetoinvestapproximately65%ofitsportfoliointocorporatebonds,convertiblesandotherfixedinterestbearingsecuritieswiththeremainderofitsportfolioinvestedinhigheryieldingequities(principallyissuedbyUKbasedcompanies).Subjecttoaminimumallocationtothebondportfolioof60%ofthefund’sassetsatalltimes,theexactratios of the equity and bond portfolios to one another will be managed dynamically by the Manager’s asset allocation committee so as to respond cautiously but promptly to changing market circumstances.



LEGAL & GENERAL JUPITER MERLIN BALANCED PORTFOLIO FUND

Aim:Toachievelong-termcapitalgrowthwithincomebyinvestingpredominantlyinunittrusts,OEICs,ExchangeTradedFundsandothercollectiveinvestmentschemesacrossseveralmanagementgroups. The underlying funds invest in international equities, fixed interest stocks, commodities and property.


Fund code:5612 Fund specific risks:12,13,14,15,29 Underlying fund type: Unit trust

LEGAL & GENERAL JUPITER FINANCIAL OPPORTUNITIES FUND

Aim: Toachievelong-termcapitalgrowththroughinvestmentinaconcentrated,internationalportfolio.Theportfolio will principally comprise of financial services companies and to a lesser extent property related companies considered by the manager to be undervalued and which exhibit favourable growth prospects arising from characteristics such as proven management or strong products or services. The portfolio will have an emphasis on companies based in the UK.



LEGAL & GENERAL JUPITER MERLIN CONSERVATIVE PORTFOLIO FUND

Aim: To achieve long term capital growth with income by investing predominantly in unit trusts, OEICs,ExchangeTradedFundsandothercollectiveinvestmentschemesacrossseveralmanagementgroups(wheretheunderlyingfundsinvestinfixedintereststocks,equities,commoditiesandpropertyinternationally);anddirectlyininternationalfixedinterestsecurities(includinginvestmentgradebonds, highyieldbonds,governmentbonds,preferencesharesandconvertiblebonds),togetherwithcash deposits and money market instruments.





LEGAL & GENERAL JUPITER MERLIN INCOME PORTFOLIO FUND

Aim: To achieve a high and rising income with some potential for capital growth by investing predominantly inunittrusts,OEICs,ExchangeTradedFundsandothercollectiveinvestmentschemesacrossseveralmanagement groups. The underlying funds invest in equities, fixed interest stocks, commodities and property, principally in the UK.



LEGAL & GENERAL JUPITER MERLIN GROWTH PORTFOLIO FUND

Aim:Toachievelong-termcapitalgrowthbyinvestingpredominantlyinunittrusts,OEICs,ExchangeTradedFunds and other collective investment schemes across several management groups. The underlying funds invest in international equities, fixed interest stocks, commodities and property, with a core in the UK.



LEGAL & GENERAL JUPITER MERLIN WORLDWIDE PORTFOLIO FUND

Aim:Toachievelong-termcapitalgrowthbyinvestingpredominantlyinunittrusts,OEICs,ExchangeTradedFunds and other collective investment schemes across several management groups. The underlying funds invest in equities, fixed interest stocks, commodities and property.



KAmEs CAPITALKamesCapitalisaspecialistinvestmentmanagementbusiness.FromtheirofficesinEdinburghandLondontheymanage£56billion(asat30September2015)onbehalfofUKandinternationalclients–includingwealthmanagers, financial institutions, pension funds, charities and financial advisers.

Investment management is their only business, ensuring they have no competing priorities or distractions. They focus exclusively on the six areas in which they believe they can offer their clients a compelling proposition-fixedincome,equities,property,multi-asset,absolutereturnandethicalinvesting.

LEGAL & GENERAL KAMES ETHICAL CORPORATE BOND FUND

Aim:Tomaximisetotalreturn(incomepluscapital)byinvestinginsterling-denominatedbondsissuedbyacompany or organisation which meets the fund’s predefined ethical criteria. Investments may encompass investmentgradebonds,cashandupto10%ofthefundinhigher-yieldbonds.





LEGAL & GENERAL KAMES ETHICAL EQUITY FUND

Aim:Tomaximisetotalreturnbyinvestmentinequitiesandequity-typesecuritiesincompaniesbasedinthe UK, principally conducting business in the UK or listed on the UK stock market which meets the funds predefined ethical criteria.



LEGAL & GENERAL KAMES HIGH YIELD BOND FUND

Aim:Tomaximisetotalreturn(incomepluscapital)byinvestinginaportfolioofpredominatelyhigh-yield bonds,selectedinvestmentgradebondsandcash.Thefundmayholdsterlingandothercurrency-denominatedbonds hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.



LEGAL & GENERAL KAMES INVESTMENT GRADE BOND FUND

Aim:Tomaximisetotalreturn(incomepluscapital)byinvestingprimarilyininvestmentgradeandgovernmentbonds denominated in sterling and other currencies. The fund may hold a maximum of 20% in high yield bonds andmayalsoholdcash.Aminimumof80%ofthefundwillbehedgedbacktosterling.Thefundmayalsoinvestindeposits, money market instruments, derivative instruments and forward transactions.



LEGAL & GENERAL KAMES STRATEGIC BOND FUND

Aim:Tomaximisetotalreturn(incomepluscapital)byinvestinginglobaldebtinstrumentsdenominatedinanycurrency,rangingfromAAAgovernmentbondsthroughtohigh-yieldandemergingmarketcorporatebonds.Atleast80%ofthefundwillbeinvestedinsterlingandothercurrencydenominatedbondshedgedbacktosterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.





LAzARd AssET mAnAgEmEnT LImITEdLazardAssetManagementhasacompanyhistorydatingbackto1848andhas£108.8billionundermanagementasat30September2015.

LEGAL & GENERAL LAzARD EMERGING MARKETS FUND

Aim:Toachievelong-termcapitalgrowthbyinvestingprimarilyincompanieslocatedin,ordoingsignificantbusiness in, emerging market countries.


Fund code: 5554 Fund specific risks: 12,13,14,15,18,19,20,21, Underlying fund type:OEIC 24,25,27,28,29,31,32,33

LEgg mAsOn gLObAL AssET mAnAgEmEnTSinceitsfoundingin1899,LeggMasonhasevolvedintooneofthelargestassetmanagementfirmsintheworld, serving individual and institutional investors on six continents. Today, Legg Mason is a leading global investmentcompanycommittedtohelpingclientsreachtheirfinancialgoalsthroughlong-term,activelymanagedinvestmentstrategies.Thehaveover$705.7billion(asat31January2015)inassetsinvestedworldwide in a broad mix of equities, fixed income, alternatives and cash strategies.

LEGAL & GENERAL LEGG MASON IF ROYCE US SMALLER COMPANIES FUND

Aim: To achieve capital growth, principally through investment in securities of smaller US companies.



m&g sECuRITIEs LTdM&Gisaleadinginternationalassetmanager,knownforitslong-termandconviction-ledapproachtoinvesting.Theyhavebeenanactivemanagerofinvestmentsforindividualandinstitutionalclientsforover80years.

Todaytheymanageassetsinexcessof£250.4bn(asat30September2015)inequities,multi-asset,fixedincome,realestateandcashforclientsacrossEuropeandAsia.

LEGAL & GENERAL M&G FEEDER OF PROPERTY PORTFOLIO FUND

DuetothestructureoftheM&GPropertyPortfolioFundwecan'tinvestdirectlyintoit.However,M&Gprovidesafeederfundwhichinvests directly into their Property Portfolio.

Aim:TheinvestmentobjectiveoftheM&GPropertyPortfolioistocarryonPropertyInvestmentBusinessandto manage cash raised from investors for investment in the Property Investment Business. In so doing, the M&G PropertyPortfolioaimstomaximiselong-termtotalreturn(thecombinationofincomeandgrowthofcapital)through investment mainly in commercial property.





LEGAL & GENERAL M&G GILT AND FIxED INTEREST INCOME FUND

Aim: To provide a secure income with stability of capital.



LEGAL & GENERAL M&G GLOBAL DIVIDEND FUND

Aim: To deliver a dividend yield above the market average, whilst aiming to increase annual distributions over the long term, by investing in a range of global equities. The fund’s exposure to global equities may be gained through the use of derivatives. The fund may invest across a wide range of geographies, sectors and market capitalisations. The fund may also invest in other assets including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and derivatives.



LEGAL & GENERAL M&G GLOBAL HIGH YIELD BOND FUND

Aim:Tomaximisetotalreturn(thecombinationofincomeandgrowthofcapital)whilegeneratingahighlevelof income.



LEGAL & GENERAL M&G GLOBAL EMERGING MARKETS FUND

Aim:Tomaximiselong-termtotalreturn(thecombinationofcapitalgrowthandincome)byinvestinginemerging market countries.



LEGAL & GENERAL M&G NORTH AMERICAN DIVIDEND FUND

Aim:Thefundaimstomaximisetotalreturn(thecombinationofcapitalgrowthandincome)whilstaimingtogrow distributions over the long term.





LEGAL & GENERAL M&G STRATEGIC CORPORATE BOND FUND

Aim:Tomaximisetotalreturn(thecombinationofincomeandgrowthofcapital)throughinvestmentpredominantly in investment grade corporate bonds, but may invest in other debt instruments, including higher-yieldingcorporatebonds,governmentdebtandconvertibleandpreferencestocks,aswellasmoneymarket instruments and equities.



LEGAL & GENERAL M&G RECOVERY FUND

Aim: The fund primarily invests in a diversified range of companies which are out of favour, in difficulty or whose future prospects are not fully recognised by the market. The sole aim of the fund is capital growth. There is no particular income yield target.



LEGAL & GENERAL M&G OPTIMAL INCOME FUND

Aim: To provide a total return to investors based on exposure to optimal income streams in investment markets.



nEPTunE InVEsTmEnT mAnAgEmEnT LImITEdNeptuneInvestmentManagementLimitedwasformedin2002andhas£4.45bnundermanagementasat 31December2015.

LEGAL & GENERAL NEPTUNE BALANCED FUND

Aim: To provide a combination of capital growth and income by investing conservatively in a mixture of companies’ shares,bonds(issuedbycompaniesand/orgovernments),moneymarketinstrumentsandcashdeposits,selectedat the manager’s discretion.



LEGAL & GENERAL NEPTUNE GLOBAL EQUITY FUND

Aim:Toprovidecapitalgrowthbyinvestingmainlyinafocusedportfolioofapproximately40-60companiesfromaround the world, selected at the manager’s discretion.





nEwTOn (bnY mELLOn fund mAnAgERs LImITEd)BNYMellonInvestmentManagementEMEALimitedistheglobalassetmanagementarmofBNYMellon,oneoftheworld'smajorfinancialservicesgroups.With£1.05trillioninassetsundermanagementasat30September2015,theirmulti-boutiquemodelencompassestheskillsofanumberofworldclassspecialistinvestmentmanagersintheirUKfundrange,includingNewtonInvestmentManagement(Newton),WalterScott and Partners, Insight Investment Management Limited and The Boston Company Asset Management.

LEGAL & GENERAL NEWTON GLOBAL INCOME FUND

Aim:Increasingincomeandcapitalgrowthoverthelongtermbyinvestinginshares(suchasequities)andsimilar investments of companies listed or located throughout the world.


Fund code:5507 Fund specific risks:12,13,14,15,18,19, Underlying fund type:OEIC 21,29,35

LEGAL & GENERAL NEWTON MULTI-ASSET BALANCED FUND

Aim: To achieve a balance between capital growth and income predominantly from a portfolio of UK and international securities.


Fund code:5189 Fund specific risks:12,13,14,15,16,17,18, Underlying fund type:OEIC 21,29,35

LEGAL & GENERAL NEWTON REAL RETURN FUND


Aim:Atotalreturncomprisedoflong-termcapitalgrowthandincomebyinvestinginabroadmulti-assetportfolio.


Fund code:5660 Fund specific risks:12,13,14,15,16,17,18, Underlying fund type:OEIC 21,29,34,35

LEGAL & GENERAL NEWTON MULTI-ASSET GROWTH FUND

Aim: To achieve capital growth and income from a portfolio of UK and international securities.





OLd muTuAL InVEsTmEnT mAnAgEmEnT LImITEdOldMutualGlobalInvestors(OMGI)isaleadingassetmanagementfirm,offeringadistinctiveblendofinvestment prowess and a deep commitment to customer service and transparency. Their aim is to deliver stronginvestmentperformanceandcustomer-focusedinvestmentsolutionsthatresultinpositiveoutcomesfor their clients. In pursuit of this aim, they seek to offer customers and their advisers real choice, from fully-packagedsolutionsforthosewhowanttooutsourcesomeofthebiggestdecisions,tothehighest-qualityinvestmentbuildingblocksforthosewhowishtoretaingreatercontrolandflexibility.OMGIisbotharespectedassetmanagerinitsownright–workingwithmanyoftheworld’slargestbanks,wealthmanagersandotherintermediarypartners–whilealsobeingatthecoreofOldMutualWealth.Inthisway,OMGIunderpins OldMutualWealth’sobjectiveofbeingaleadinginvestmentsbusiness.

LEGAL & GENERAL OLD MUTUAL GLOBAL STRATEGIC BOND FUND

Aim: To seek to produce total returns from income and capital growth through investment in a diversified portfoliooffixedandvariable-ratebondinvestments,includingconvertiblesecurities.Thefundwillvarythecurrenciesinwhichitinveststoenableittoachieveitsobjective.


Fund code:5661 Fund specific risks:12,14,15,16,17,18,28,29,31Underlying fund type:OEIC

LEGAL & GENERAL OLD MUTUAL UK ALPHA FUND

Aim: To maximise capital growth through investment in a portfolio of predominantly UK equities.



ROYAL LOndOn AssET mAnAgEmEnTRoyalLondonAssetManagement(RLAM)wasestablishedin1988andisoneoftheUK’sleadinginvestmentcompanies,withfundsundermanagementof£84.5bnasof31December2015.

RLAMisawholly-ownedsubsidiaryoftheRoyalLondonGroup(theGroup).TheRoyalLondonGroupconsistsoftheRoyalLondonMutualInsuranceSocietyLimited(RLMIS)anditssubsidiaries,andistheUK’slargestmutuallifeinsurer.Foundedin1861,initiallyasaFriendlySociety,RoyalLondonbecameamutuallifeinsurancecompanyin1908.Beingamutualsociety,RoyalLondonGroupisownedbyitspolicyholders.Asamember-ownedorganisation,theGroupisfullycommittedtoachievinglong-termvaluefortheirmembers-includingprovidingexcellentproducts,customerserviceandvalueformoney.TheGroup’sBoardhasexpressedalong-termcommitmenttomutuality.

LEGAL & GENERAL ROYAL LONDON CORPORATE BOND FUND

Aim:Tomaximiseinvestmentreturn(predominantlyincomewithsomecapitalgrowth)overthemediumto long term from a portfolio comprising mainly of fixed interest securities. The fund may hold transferable securities, units in collective investment schemes, cash and derivatives for the purposes of efficient portfolio management.





LEGAL & GENERAL ROYAL LONDON UK EQUITY INCOME FUND

Aim: To achieve a combination of income and some capital growth. The fund invests mainly in the shares of UK companies which pay a higher level of income. The fund may also invest a small portion in other UK shares. The fund may use derivatives, but for efficient portfolio management purposes only.



sChROdER InVEsTmEnT mAnAgEmEnT LImITEdSchrodersmanages£294.8billion(EUR400.0billion/USD446.5billion)*onbehalfofinstitutionalandretailinvestors, financial institutions and high net worth clients from around the world, invested in a broad range of activestrategiesacrossequities,fixedincome,multi-asset,alternativesandrealestate.*Asat30September2015.

LEGAL & GENERAL SCHRODER GLOBAL REAL ESTATE SECURITIES FUND

Aim: To provide a total return primarily through investment in real estate investment trusts, equity and debt securities of other types of property companies worldwide. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, derivatives, cash, deposits, warrants and money market instruments.



LEGAL & GENERAL SCHRODER INCOME FUND

Aim: To provide a growing income, predominantly from investment in UK equities. In seeking a yield higher thanthatofferedbythemajorUKequityindices,thefundwillinvestprimarilyinaboveaverageyieldingequities 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.



LEGAL & GENERAL SCHRODER EUROPEAN OPPORTUNITIES FUND

Aim: 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.





LEGAL & GENERAL SCHRODER INCOME MAxIMISER FUND

Aim: To provide income with potential for capital growth primarily through investment in equity and equity related securities of UK companies. The fund will also use derivative instruments to generate additional income. The manager may selectively sell short dated call options over securities or portfolios of securities held by the fundorindices,inordertogenerateadditionalincomebysettingtarget‘strike’pricesatwhichthosesecuritiesmay be sold in the future. The manager is also permitted to sell put options on securities or portfolios of securities whicharenotheldbythefund,orindices,attargetpricesthatarepre-setbelowthecurrentmarketlevel.Themanager may also, for the purpose of efficient management, use derivative instruments which replicate the performance of a basket of short dated call options or a combination of equity securities and short dated call options. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, derivatives, cash, deposits, warrants and money market instruments.



LEGAL & GENERAL SCHRODER TOKYO FUND

Aim: To achieve capital appreciation through participation in the growth of the Japanese economy. Investment willbebasedprimarilyonJapan’seconomicstrengths,suchasitsmanufacturingindustry(inparticularonthosepartsofitthataredemonstratinganabilitytoexploitnewlyemergingtechnology)andonsectorsbenefitingfrom structural change in the economy. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.



LEGAL & GENERAL SCHRODER MONTHLY HIGH INCOME FUND

Aim: To achieve a high level of income from a diversified portfolio of debt securities. The full spectrum of available securities,includingunratedissuesandthoseofnon-investmentgrade,willbeutilised.Investmentwillbeindirectly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.



LEGAL & GENERAL SCHRODER UK ALPHA INCOME FUND

Aim:Toprovideahighlevelofincometogetherwithlong-termcapitalgrowthbyinvestingpredominantlyinUK equities. Whilst the fund will invest primarily in UK equities it may also invest in fixed interest securities, cash, deposits and money market instruments and in other markets.





LEGAL & GENERAL SCHRODER UK ALPHA PLUS FUND

Aim: To provide capital growth through investment in UK and other companies. In order to achieve the objectivethemanagerwillinvestinafocussedportfolioofsecurities.Theemphasisofthefundwillbeinvestment in UK companies. The fund may also invest in companies headquartered or quoted outside the UK where those companies have material or critical operations within, or derive significant business from, the UK. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.



LEGAL & GENERAL SCHRODER UK MID 250 FUND

Aim:Toachievelong-termcapitalgrowthbyinvestingprincipallyincompanieslistedintheFTSE250 Index.ThefundwillinvestprincipallyinequitiesofcompanieswhosesharesarelistedintheFTSE250 Ex-InvestmentCompaniesIndex.However,thefundmayalsoholdformercomponentsof,orexpectedentrants into, that index if in the opinion of the manager it may be advantageous to do so. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.



LEGAL & GENERAL SCHRODER UK SMALLER COMPANIES FUND

Aim: To achieve capital growth by investing in UK smaller companies. The policy is to invest in smaller companies in the UK which are expected to exhibit superior growth over the long term. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.





sTAndARd LIfE InVEsTmEnTs LImITEdStandardLifeInvestmentCompanywasformedin1998andhas£253.2billionundermanagementasat 31December2015.

LEGAL & GENERAL STANDARD LIFE GLOBAL ABSOLUTE RETURN STRATEGIES FUND


Aim: To provide positive investment returns in all market conditions over the medium to long term. The fund is activelymanaged,withawideinvestmentremittotargetalevelofreturnoverrollingthree-yearperiodsequivalent to cash plus five per cent per year, gross of fees. It exploits market inefficiencies through active allocationtoadiverserangeofmarketpositions.Thefundusesacombinationoftraditionalassets(suchasequitiesandbonds)andinvestmentstrategiesbasedonadvancedderivativetechniques,resultingina highly-diversifiedportfolio.Thefundcantakelongandshortpositionsinmarkets,securitiesandgroupsofsecurities through derivative contracts. The value of investments within the fund can fall as well as rise and is notguaranteed–youmaygetbacklessthanyoupayin.Thefundmayusederivativesforthepurposeofefficientportfoliomanagementandtomeetitsinvestmentobjective.Thesterlingvalueofoverseasassetsheld in the fund may rise and fall as a result of exchange rate fluctuations.



wALTER sCOTT (bnY mELLOn fund mAnAgERs LImITEd)BNYMellonInvestmentManagementEMEALimitedistheglobalassetmanagementarmofBNYMellon,oneoftheworld'smajorfinancialservicesgroups.With£1.05trillioninassetsundermanagementasat30September2015,theirmulti-boutiquemodelencompassestheskillsofanumberofworldclassspecialistinvestmentmanagersintheirUKfundrange,includingNewtonInvestmentManagement(Newton),WalterScott and Partners, Insight Investment Management Limited and The Boston Company Asset Management.

LEGAL & GENERAL BNY MELLON LONG TERM GLOBAL EQUITY FUND

Aim:Toachievelong-termcapitalappreciationthroughinvestmentsinpredominantlyequitysecuritiesofcompanieslocatedthroughouttheworld.Thefundmayalsoinvestincollectiveinvestmentschemes(includingbutnotlimitedtoanotherfundorfundsofthecompany)andwarrants.Derivativesmaybeusedforefficientportfolio management only.





Legal & General Assurance Society Limited RegisteredinEnglandandWalesNo.00166055 Registered office: OneColemanStreet,LondonEC2R5AA

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

W1366707/16H0159461

www.legalandgeneral.com

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