The investment objective of Waverton Multi-Asset Cautious Fund is to achieve long term capital
growth through investment of up to 100 per cent. of its assets in a diversified portfolio of
equities, fixed and/or floating rate global government and corporate Debt Securities, Structured
Products, deposits, cash, money market instruments, commodities to the extent that these are
permitted by the UCITS Regulations and collective investment schemes, which may themselves
invest in the foregoing asset classes.