Objectives and Approach

The objective of the Fund is to provide capital growth and income in line with global markets. The Fund invests across different asset classes to provide the opportunity for long term growth. This diversification can help to mitigate the effects of a falling market in any single asset class. The Fund mainly invests in a diversified portfolio of companies in developed and emerging market countries as well as government and corporate bonds, below investment grade high yield bonds (which pay higher rates of income but are not rated in one of the four highest categories by recognised rating agencies and generally face increased default and market risk) and commodity-linked investments. While the Fund may invest globally, it is generally expected that at least 30% will be invested in the U.K. The Fund may invest substantially in other funds, including SEI Funds, whose investment objectives and policies are consistent with the above. No more than 20% will be held in any one fund. The Fund may use derivatives (an instrument that derives its value from another underlying asset) for both investment purposes and in an attempt to reduce risk, reduce costs and to generate additional income. The base currency of the Fund is Sterling. Shareholders may redeem shares on demand on any dealing day. A dealing day for this Fund is any business day for both the London and New York Stock Exchanges and for banks in either Dublin or London except 24 December. Income generated by the Fund is retained within the NAV (net asset value of the Fund) for accumulating classes and distributed from the NAV for distributing classes. The Fund is suitable for investors seeking capital growth and income over the medium to long term. For further details of the investment objectives and policies please refer to the prospectus of the Fund.