1VT UK Infrastructure Income Fund

The VT UK Infrastructure Income Fund is the only open ended infrastructure fund to invest exclusively in the UK. The fund aims to deliver a regular income, paid quarterly, of 5% per annum1, by investing in Equities, Funds and Bonds all of which are listed on the London Stock Exchange.

Investment objectives • Todeliveraregularincomeexpectedtobe5%perannum1

• Topreserveinvestors’capitalthroughoutmarketcycleswiththepotentialforcapitalgrowthandprotectionfrominflation

• ToprovideinvestorswithexposuretotheUKlistedinfrastructuresector

• ToofferinvestorsexposuretoasectorthatisavitalpartoftheUKeconomyandisincreasinglybecomingakeycomponentinanywell-balancedinvestmentportfolio

Typical InvestmentsThefundidentifiesandinvestsincompanieswhichownassetswhichwillalwaysmattertooureconomysuchas:

• Hospitals,schools,firestations

• Powerandwater,ports&airports

• Solarandwindrenewableenergy

• GPsurgeriesandstudentaccommodation

Thefunddoesn’tgambleonnewtechnologyorexcitingnewventures,itstickstoinvestmentsincompanieswhichareratherdullbuthighlydependable.

Performance chartShareclass:CGBPAcc[25/1/16–30/6/16]

Fund structure UKUCITSVOEIC

Regulatory Status FCAAuthorised

Sector IASpecialist

Share classes IncomeandAccumulation

Currencies GBP,Euro,USD

Charges 0.75%

Minimum investment

£1,000

Suitable for: DirectinvestorsSIPPsISAsCharitiesOffshorebondsCompaniesQROPS

Dividends PaidQuarterly

Fund Volatility 5.9%

MSCI UK3 Volatility 20.6%

Fund size £32.655m2

VT UK Infrastructure Income FundFactsheet

Over the last 20 years the British Government has encouraged the private sector to build new infrastructure projects for the benefit of all who live in the UK. In return, the UK Government is committed to pay for these projects over the long term, similar to a mortgage.

The fund manager identifies the companies which own these assets and collects the dividend payments which accrue. Typically, many of the dividends are linked to inflation, providing some protection for the future.

1–perannumbyreferencetoitslaunchpriceof£1.00perunit,payablequarterly,twomonthsinarrears2–asat30June20163–MSCIUKindexisdesignedtomeasuretheperformanceofthelargeandmid-capsegmentsoftheUKmarket.

With114constituents,theindexcoversapproximately85%ofthefreefloat-adjustedmarketcapitalizationintheUK.

90%Feb 16 Mar 16

C Acc total returnMSCI UK (Net dividends reinvested)

Apr 16 May 16 Jun 16 Jul 16

100%

110%

120%

2VT UK Infrastructure Income Fund

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Portfolio

Sample holdings

PFI/PPP 14%

Electricity & water 24%

Solar 19%

Contractors 8%

Wind 10%

Health 11%

Other 8%

Transport 6%

Sources of income on 30 June 2016

REITs 12%

Funds 68%

Equity 12%

Finxed Income 8%

Allocations on 30 June 2016

Fund AdviserTheFundisadvisedbyStephenWestofGCPLLP.Stephenspent20yearsintheCityworkingintheglobalcreditmarkets,primarilyatUBSwherehewasglobalheadofcredittrading,underwriting,salesandresearch.Inthisrolehewasresponsibleforover$400billioninassets.GCPmanageinfrastructureassetswithacombinedvalueofover£1bn.

Press comment“ Every so often I come across an idea so smart, yet so simple, that it makes me wonder why no one has had it before. The VT UK Infrastructure Income fund is one such idea. It enables you to invest across the whole infrastructure arena via just one fund.”

DavidStevenson,MoneyWeek,January2016

VT UK Infrastructure Income FundFactsheet