SVS Saltus Moderate Y Income Shares 

The investment objective of the Sub-fund is to generate a combination of income and capital growth over the long term (rolling 7 year periods), with a volatility of returns of no more than 1/2 of the volatility level of MSCI AC World Index (over rolling 3 year periods) “Medium Risk and Volatility Level”. The Sub-fund is actively managed and unconstrained as to asset allocation. The Sub-Fund will hold at least 80% of its portfolio in other collective investment schemes (including openended investment schemes and closed-ended investment schemes) providing exposure to a flexible mix of equities and fixed income securities as well as, currencies, gold, money market instruments, property, warrants, cash, near cash, deposits and derivatives.