Objectives and Approach

The fund will be a Property Authorised Investment Fund for tax purposes at all times. Its objective is to provide a combination of income and growth through investing generally in commercial property. The fund will typically invest at least 80% in a range of UK commercial properties (but this can be as low as 60% where the fund manager deems it to be in the interests of the fund and its shareholders). The fund may invest in all types of commercial property. It may occasionally invest in residential property and may also develop properties. The fund may also invest from time to time in commercial properties in the Isle of Man and the Channel Islands. The fund may use derivatives (contracts which have a value linked to the price of another asset) for the following purposes: • To help with efficient day to day management. • To reduce some of the risks of the market. The fund may also invest in other property-related assets (including property-related UK shares and UK property-related authorised investment funds), money market instruments, deposits, money market-related authorised investment funds and government bonds. Money market instruments are a type of security where cash can be deposited for short periods of time. If you hold accumulation shares, income from investments held by the fund (a mixture of rental income, interest and dividends) will be reinvested into the value of your shares. If you hold distribution shares, income from investments held by the fund will be paid out to you (as a mixture of rental income, interest and dividends). In addition to the charges set out in the charges section overleaf, the fund will incur transaction costs relating to the buying and selling of property. These costs are paid from the assets of the fund. This fund may not be appropriate for investors who plan to withdraw their money within five years. The fund may be appropriate if you would like to add a more specialist investment to an existing portfolio.