Merian UK Equity Income Fund U1 GBP Inc

Objectives and Investment Policy Objective: to achieve income and capital growth. In seeking to achieve its investment objective the fund will aim to deliver an income, net of fees, greater than the yield of the FTSE All-Share Index and a total return (i.e. a combination of income and capital growth), net of fees, greater than the average return of the IA UK Equity Income sector over rolling 3 year periods. Policy: the Fund invests primarily (at least 70%) in UK company shares and similar investments. The Fund will typically invest in the shares of fewer than 55 companies. The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns (i.e. for investment purposes) and reducing the overall costs and/or risks of the Fund. The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities. The Fund will look to invest in companies that produce regular cash flows through dividends (dividends are the proportion of company profits paid out to shareholders) and with good prospects for growth to deliver positive total returns. The IA UK Equity Income sector consists of funds with similar investment objectives and policies to the Fund. The average return of funds in the IA UK Equity Income sector is a point of reference against which the fund's performance may be measured. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index. Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund. Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares. Dealing: you can generally buy and sell shares on any day on which the London Stock Exchange is open for normal business – please refer to the Prospectus for exceptions.