Notification of a change in Investment Policy to the underlying fund of J43 Investec GS Global Multi-Asset Income

Before the Effective Date

With Effect From the Effective Date

Investment policy of the underlying fund of J43 Investec GS Global Multi-Asset Income

The underlying fund aims to provide income with the opportunity for long-term capital growth.

The underlying fund will invest primarily in a diversified portfolio of fixed interest instruments, equities and derivatives, the underlying assets of which are fixed interest instruments and equities. Normally, the underlying fund’s maximum equity exposure will be limited to 50% of its assets.

Fixed interest instruments held may be (i) issued by companies, institutions, governments, government agencies or supranational bodies around the world (including but not limited to emerging and frontier type markets), (ii) of any duration, and (iii) of Investment Grade and/or Non-Investment Grade.

The underlying fund’s exposure to Contingent Convertibles (CoCos) will not represent more than 10% of the assets of the underlying fund.

The underlying fund may hold other transferable securities, money market instruments, and cash or near cash, derivatives, deposits and units in collective investment schemes.

The underlying fund may use derivatives for efficient portfolio management, hedging and/or investment purposes.

The underlying fund aims to provide income with the opportunity for long-term capital growth.

The underlying fund will invest primarily in a diversified portfolio of fixed interest instruments, equities and derivatives, the underlying assets of which are fixed interest instruments and equities. Normally, the underlying fund’s maximum equity exposure will be limited to 50% 40% of its assets.

Fixed interest instruments held may be (i) issued by companies, institutions, governments, government agencies or supranational bodies around the world (including but not limited to emerging and frontier type markets), (ii) of any duration, and (iii) of Investment Grade and/or Non-Investment Grade. The underlying fund’s maximum exposure to issuers of emerging and frontier markets fixed interest instruments will be limited to 25% of its assets.

The underlying fund’s exposure to Contingent Convertibles (CoCos) will not represent more than 10% of the assets of the underlying fund.

The underlying fund may hold other transferable securities, money market instruments, cash or near cash, derivatives, deposits and units in collective investment schemes.

The underlying fund may use derivatives for efficient portfolio management, hedging and/or investment purposes.