Halifax Fund of Investment Trusts C

To achieve capital growth by investing almost exclusively in investment trust companies providing a balance of UK and overseas exposure. The benchmark for the Fund is a blend of the FTSE All-Share Index and the FTSE World ex UK Index (the “Indices”). The Fund is actively managed by the Fund Manager who chooses investments with the aim of outperforming the benchmark by 2% per annum on a rolling 3 year basis, before deduction of fees. The Fund Manager selects investment trust companies which it believes are invested in attractive markets and expect to perform better than other investments in the same asset category. Investment trust companies that may benefit from corporate actions* will also be selected. In choosing individual investment trust companies the Fund Manager focuses on the underlying investments of each company, the quality of the manager and the discount to or premium which the value of shares in investment trust companies are trading at to the value of their net assets. The Fund Manager is limited in the extent to which positions can vary to those of the Indices. The limits help to provide a balance between the spread of assets within the Fund and risk management. They also provide a balance between the amount the Fund can vary from the Index and providing the Fund Manager with flexibility to seek to outperform the Indices. As a result the Fund’s performance may differ substantially from the Indices. * A corporate action is an event which brings change to a company and can affect the shares or bonds in that company. The FTSE All-Share Index has been selected as an appropriate benchmark as it provides a representation of the returns of securities in the UK equity market. The FTSE World ex UK Index has been selected as an appropriate benchmark as it provides a representation of developed and emerging markets excluding the UK. Investors should aim to hold their investment in the Fund for the medium to long term (at least five to ten years). Any Income received by the Fund is retained in the Fund and has the effect of increasing the share price. Derivatives and stock lending may be used for the purpose of managing the Fund in a way that is designed to reduce risk or cost and/ or generate extra income or growth (often referred to as efficient portfolio management). Shares can usually be bought and sold on any working day.