YFS Knox Total Return Fund Class Founder Net Income Shares GBP

Objectives and investment policy The objective of the YFS Knox Total Return Fund is to seek to maximise total return whilst maintaining a balanced return between the provision of income and capital growth over a period of at least 5 years. Capital invested is at risk and there is no guarantee the objective will be achieved over any time period. The investment policy by which the YFS Knox Total Return Fund will seek to achieve its objective is to invest in a diversified global portfolio mainly of equities (40% ­ 80%) and bonds (0% ­ 60%) either directly or indirectly. The Fund may also invest in alternative assets (<5%, directly or indirectly) that may include Collective Investment Schemes (“CIS”) that use absolute return strategies or CIS that invest directly in real estate or indirectly in commodities, warrants, money market instruments, cash, near cash and deposits. Indirect investment in equities and bonds will be achieved by investing in either regulated or unregulated CIS, exchange traded funds and investment trusts or a combination of each. The Fund may invest in CIS which are managed by the AFM, Portfolio Manager, or their associates. Indirect investments will generally be directed toward funds which invest primarily in equities and debt securities. The Fund has, with the exception of the above noted minimum and maximum, no limit to which it can be invested in each sector or asset type, nor is there any particular geographic focus. The Portfolio Manager has full flexibility to adjust the proportion of the property of the Fund depending on their view of market conditions and the assets which it believes are most likely to achieve the Fund's investment objective. It is the ACD's intention that derivatives and forward currency transactions will only be used for the purposes of efficient portfolio management, including hedging. Risk and reward profile 1 2 3 4 5 6 7 Lower potential risk / reward Higher potential risk / reward The share class is ranked in risk category 5 as its price has experienced above average rises and falls historically. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not a target or a guarantee and may change over time. Investors are advised that the lowest category does not mean a risk free investment. The risk indicator for this Fund reflects the following: The value of investments in the Fund and the income from them may go down as well as up and you may not get back your original investment when you sell your shares. During unusual market conditions, the risks normally experienced by the Fund may increase significantly, and in addition, the Fund may be subject to the following risks. Counterparty risk: The Fund could lose money if an entity with which it does business becomes unwilling or unable to honour its obligations to the Fund. Currency risk: Even with the use of hedging techniques, changes in currency exchange rates could adversely affect Fund performance. Default risk: The issuers of certain bonds could become unable to make payments on their bonds. Liquidity risk: During difficult market conditions, some securities may become hard to value or sell at a desired price. Charges to Capital Account: The ACD’s annual management charge is charged to capital. This treatment of the ACD’s fee will increase the amount of income available for distribution to Shareholders but may constrain capital growth. A Glossary of Definitions which provides definitions to some of the technical language used in this document is available from www.yealand.com/policies. Dealing frequency Shares in the Fund may be bought or sold before 10am on any business Tuesday. Distribution policy Any income is paid half­yearly. Target Market The YFS Knox Total Return Fund shall be marketed to professional and institutional investors. A typical investor in the YFS Knox Total Return Fund will be seeking a maximised total return whilst maintaining a balanced return between the provision of income and capital growth, and will have received advice from an appropriately qualified financial adviser. The ACD considers that the YFS Knox Total Return Fund is particularly appropriate for investors who might need to access their capital after 5 years. The YFS Knox Total Return Fund is unlikely to be compatible with the requirements of an investor: looking for a guaranteed return; or seeking full capital protection; or who does not have sufficient resources to bear any loss resulting from the investment; or who is not able to evaluate the risks and merits of the Fund; or with a short­term (less than five years) investment horizon