Barclays Global Markets Defensive Fund R Dis GBP 

The Fund seeks to provide capital growth and income over the long term (a period of at least 5 years). The Fund is classified as risk profile 1 in the range (which includes Funds with risk profiles from 1 to 5). This means its overall exposure to equity securities (shares of companies and other equity related investments) will not be more than 30% of its assets. The Fund invests at least 70% of its assets in other funds (“Second Schemes”). These will be passively managed and can include exchange traded funds (funds listed and traded on a stock exchange). It is intended that at least 70% of the Fund’s assets will be invested in Second Schemes which invest in fixed income securities (tradeable debt that may pay interest, such as bonds) and money-market instruments (“MMIs”, bonds with short term maturities). However, the Fund may also invest in Second Schemes which invest in equity securities, cash, deposits, and derivatives.