The investment objective of the Fund is to achieve total returns (a combination of income and capital growth, net of charges) over any 5-year rolling cycle of 2% in excess of the return that could be expected from long term cash deposits, represented by the Bank of England 1 Year Fixed Rate Bond IUMWTFA. The Fund will seek to achieve its investment objective predominantly by gaining exposure to fixed interest securities, UK and overseas equities, money market instruments, cash and near cash. The Fund’s allocation between these asset classes will be dependent on the Investment Manager’s view on market conditions.