Changes to the Investment Objective of R16 FPIL European and J11 FPIL UK Index Tracker

Before 12 November 2018

From 12 November 2018

Mirror Fund Name

FPIL European

FPIL European

Fund Code

R16

R16

Investment objective and policy of the underlying fund

The Fund aims to achieve medium to long term capital growth and a high level of income, through investment primarily in European equities.

The Fund will invest primarily in the main European markets with an emphasis on continental European markets. Investments in the smaller markets may be included.

Although a large proportion will be held in leading stocks there will often be included some investments in smaller companies.

Depending on market conditions, the Fund may use derivatives for investment purposes and for the purposes of efficient portfolio management.

The Fund may also invest in other transferable securities, collective investment schemes, money markets instruments, deposits, warrants and cash and near cash.

The Fund aims to achieve a combination of medium to long term capital growth and income.

The Fund invests primarily in shares of European companies.

These are companies which are listed, quoted or traded in European (which, in the context of the Fund’s primary investment excludes the UK) markets or which have their headquarters or a significant part of their activities in European markets but which are quoted on a regulated market outside of Europe.

The Fund generally invests in large companies and on the main European markets but may, at the investment manager’s discretion, also invest in smaller or medium sized companies and on smaller markets.

The Fund may be invested in any industry sector and in any continental European country.

To the extent that the Fund is not fully invested in equities of continental European companies, the Fund may also invest in other transferable securities (including equities of UK companies), collective investment schemes (which may include schemes managed by BMO Global Asset Management), money markets instruments, deposits, warrants and cash and near cash.

The Fund may use derivatives (an investment contract between the Fund and a counterparty the value of which is derived from one or more underlying equities) for investment purposes as well as for efficient portfolio management.

Before 12 November 2018

From 12 November 2018

Mirror Fund Name

FPIL UK Index Tracker

FPIL UK Index Tracker

Fund Code

J11

J11

Investment objective and policy of the underlying fund

The objective of the Fund is investment in the UK in all economic sectors to match the capital growth of the UK ordinary share market as represented by the FTSE All-Share Index.

It is intended that this will be achieved by statistical sampling of the Index. The Fund may use tracked options and other derivative products in accordance with the relevant regulations.

The Fund may invest indirectly through other permitted investment vehicles in accordance with its investment powers as set out in the Prospectus.

The Fund aims to achieve capital growth with some income, consistent with the performance of the FTSE All-Share Index.

The Fund will invest primarily in equity securities (ordinary shares) that are included in the FTSE All-Share Index by using an optimised portfolio to track the returns of the Index (that is, by purchasing the components that the investment manager believes provide a representative sample in order to replicate the overall performance of the Index).

To the extent that the Fund is not fully invested in securities which are included in the Index, the Fund may be invested in shares of companies which in the investment manager’s opinion are reasonably expected to become part of the Index.

The Fund may also obtain an indirect exposure to these securities by investing in other transferable securities or collective investment schemes (which may include schemes managed by BMO Global Asset Management) as well as investing in cash and near cash, deposits and money market instruments.

The Fund may use derivatives only for the purposes of efficient portfolio management.