OEIC/SICAV European Equities Investor Guide

THREADNEEDLE

EUROPEAN EQUITY FUND RANGE

nn European Fund nn European Select Fund nn Pan European Fund nn Pan European Focus Fund

threadneedle.com

Please read this important information. You cannot predict future performance by looking at past performance. The value of investments, and the income from them, can go down as well as up, and you may not get back what you put in. Threadneedle is unable to provide financial advice and you should not interpret anything in this guide as advice. If you are unsure about anything you should speak to a financial adviser. For details of one in your area please go to www.unbiased.co.uk. The material in this brochure is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any fund.

CONTENTS 01 02 03 04 05 06 07 08 09 10

About Threadneedle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Why Threadneedle for European equities? . . . . . . . . . . . . . . . . . . . . . . 4 The investment case for European equities. . . . . . . . . . . . . . . . . . . . . . 6 Our European investment process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Our experienced team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Our European equity fund range. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Investor profiles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Ratings explained. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 How to contact us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

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ABOUT THREADNEEDLE Here at Threadneedle Investments we believe that there is a better way to manage money. By bringing together a diverse and disciplined team of European equity investment professionals in one location, we believe we have created an environment for the very best investment ideas.

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European Equities Investor Guide

We have also found that by rewarding contribution and encouraging a culture that challenges conventional thinking, we quickly accelerate these ideas into powerful investment strategies. This means our clients can be sure that we are constantly striving to out-think our peers. This brochure outlines our outlook on the opportunities offered by the European equity market and highlights our European equity range of funds, each offering a different route to access the investment potential of the European market. We have also included a glossary on page 10 to help explain some of the terms used in this brochure.

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WHY THREADNEEDLE FOR EUROPEAN EQUITIES? Investing in European equities offers access to a diverse range of countries and sectors. From the industrial heartland of Germany to Norway’s oil sector to developing European markets such as Poland and the Czech Republic, the opportunity set in Europe is hard to match anywhere else on the globe. To access these opportunities investors need an experienced team of fund managers.

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European Equities Investor Guide

Key points nnThreadneedle is an established nnOur culture of regular interaction across international asset manager. Our European investment teams and ideas exchange equities team manages over €45.1 billion* draws on the expertise of our unified of European including UK assets. investment thinking which benefits our European equity portfolios. nnThis multi-disciplinary team has broad experience of all market conditions nnComprehensive European equity range and consists of 23 UK and continental provides investment choice for investors European investment professionals. with differing objectives and risk profiles, from core funds to more concentrated nnThe funds are actively managed, high alpha funds. with a research driven approach seeking the best investment ideas from across European markets.

*As at 28 February 2014.

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THE INVESTMENT CASE FOR EUROPEAN EQUITIES The macroeconomic* environment in Europe remains challenging – aside from concerns over the euro project, many European governments are grappling with low or no GDP growth and large fiscal deficits. This picture is unlikely to change in the short term, although we expect the region as a whole to muddle through the crisis.

*For a full explanation of this term, please see the glossary on page 23.

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European Equities Investor Guide

The macroeconomic picture is however only part of the story and ignores perhaps the most important consideration for equity investors – valuation. Indeed, for investors who are able to look beyond the macro data, there are a number of compelling reasons that support the investment case for Europe: nnValuations are attractive and the nnEnergy sustainability asset class is out of favour As one of the world’s largest importers Compared to their own history and in of oil, Europe is at the forefront of the absolute terms, European equities are drive towards energy efficiency and cheaply valued. European equities are out energy sustainability. Cleaner, sustainable of favour with global investors – a shortenergy is a long-term growth area and its term negative in terms of flows but a clear development will reduce Europe’s reliance positive in terms of long-term investment on oil and its vulnerability to unfavourable and stock picking opportunities. geopolitical developments. nnEurope is home to a number of world leaders Europe is home to a number of globally respected and world-leading businesses in sectors such as luxury goods, autos, healthcare, industrials, oil & gas services, consumer goods and support services. nnMore forcible policy support from the European Central Bank Since Mario Draghi’s appointment as ECB President, the Central Bank has shown more intent in seeking to resolve the eurozone crisis. However, strong political leadership will still be needed to ensure the survival of the euro project.

nnMergers & Acquisitions (M&A) activity and share buybacks In a low return, low interest rate world, we expect good quality businesses to put cash to work by buying competitors and peers. In sectors which have already seen consolidation, we expect cash generative companies to return cash to shareholders and buy back their own shares. nnSecular growth stocks should re-rate It is clear that developed world growth is likely to be below trend for some time. In this environment, stocks exhibiting stable and reliable growth are likely to re-rate. Europe scores well in this regard as it is home to a number of stable growth companies which benefit from global reach and strong pricing power.

For investors who are able to look beyond the macro data, there are a number of compelling reasons that support the investment case for Europe.

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OUR EUROPEAN INVESTMENT PROCESS

We have a clear way of managing money that is based on a culture of communication and idea sharing. The European investment team can draw directly upon the expertise of Threadneedle’s wider team of more than 150 investment professionals*.

*As at 31 March 2014.

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European Equities Investor Guide

The fixed income team and our economists, for example, can provide an insight into the factors driving monetary policy and the trends sweeping the major global and European economies. If we are considering investing in a European automobile maker, the insights from our US equities team can help to gauge the competitive threat from US automobile companies. Additionally, we can also draw on our commodities team to understand what is likely to happen to steel prices (a vital component in car manufacturing) or to the price of oil, (a key determinant of trends in the autos market).

How do we identify potential companies to invest in? Quite simply, through hard work and rigorous research. Meeting companies is at the core of our approach. The one-to-one discussions with company leaders allows us to examine how a business may develop over the medium term and provides an insight into competitors, suppliers and the wider industry. We also rely on internal research from our portfolio managers, who analyse balance sheets, brokers’ reports and other research to produce stock ideas, which are vigorously debated by the European team.

In their pursuit of excellent performance, our portfolio managers are not tied to a set way of thinking. This means that our funds can exploit opportunities wherever they appear in the European market.

Long-term thinkers In their pursuit of excellent performance, our portfolio managers are not tied to a set way of thinking. This means that our funds can exploit opportunities wherever they appear in the European market. Identifying key themes early, finding the companies that will benefit and backing those companies with conviction is central to the team’s approach. Moreover, these themes can change and the team seeks to incorporate holdings benefiting from several different themes in the portfolios at all times. This diversity is an important risk control in the funds, aiming to protect performance if themes do not develop as anticipated.

Portfolio construction The fund managers are then responsible for constructing a balanced portfolio from the investable universe of European equities for their individual funds. The managers have strong buy and sell disciplines in place. For example; a stock will be sold when we find a more attractive alternative, there is a change in our view of the outlook for the business, the stock reaches its target price or is affecting the portfolio’s overall risk exposure. An independent risk team perform in-depth analysis on each of the European Funds to highlight any potential investments which could result in an undue concentration of risk within the funds.

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OUR EXPERIENCED TEAM

At Threadneedle we have a specific team of fund managers and analysts dedicated to managing European equities. The team is headed by Philip Dicken, who has over 17 years’ industry experience, and comprises of 23 investment professionals with an average of more than 16 years’ experience.* The team includes specialists focusing on continental Europe, UK and smaller companies.

*As at 28 February 2014.

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European Equities Investor Guide

Nick Davis  Nick joined Threadneedle in 2010 and has analytical responsibility for the pharmaceuticals, insurance and beverages sectors.

Dan Ison  Dan joined Threadneedle in 2007 as Head of Pan European Equities and manages the Threadneedle Pan European Focus Fund.

Philip Dicken  Philip joined Threadneedle in 2004 and is Head of the European equities team.

Fred Jeanmarie  Fred joined Threadneedle in 2011 and manages several institutional mandates.

Paul Doyle  Paul joined Threadneedle in 1995 and is a pan European equity fund manager with responsibility for both retail and institutional portfolios.

Ben Needham  Ben joined Threadneedle in 2012 as an Analyst and specialises in electrical engineers.

David Dudding  David joined Threadneedle in 1999 as an analyst. He manages the Threadneedle European Select Fund.

Caroline Duong  Caroline joined Threadneedle Investments in July 2012 and is an equity research analyst in Threadneedle’ s European equity team.

Mark Heslop  Mark joined Threadneedle in 2008 as a smaller companies analyst in the European equity team. He is deputy manager of the Threadneedle Pan European Smaller Companies Fund.

Ann Steele  Ann joined Threadneedle in 2009 as a Senior Fund Manager in the European equity team. She manages the Threadneedle Pan European Fund and various segregated mandates, and is also responsible for developing Threadneedle’s European equity institutional offering.

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OUR EUROPEAN EQUITY FUND RANGE Threadneedle European Fund

Threadneedle European Select Fund

Fund objective and policy The aim of the Fund is to grow the amount you invested. The Fund invests at least twothirds of its assets in shares of companies with good growth prospects in Continental Europe or companies that have significant operations there. The Fund makes active investment decisions.

Fund objective and policy The aim of the Fund is to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of companies in Continental Europe or companies that have significant operations there and that have growth prospects. The Fund’s investment approach means it can invest significantly in particular companies, industries and countries. This means it will typically hold fewer investments than other funds. The Fund makes active investment decisions.

Fund characteristics nn Typically invests in 50-70 European ex UK stocks nn Manager: Nick Davis nn Index: FTSE World Europe ex UK nn Launched: September 1985 nn Retail Ongoing Charges Figure (OCF): 1.73% (as at 07.03.2013) nn Minimum Investment: GBP2,000, EUR2,500, US$3,000

Fund characteristics nn Typically invests in 45-65 European ex UK stocks nn Manager: David Dudding nn Index: FTSE World Europe ex UK nn Launched: October 1986 nn Retail Ongoing Charges Figure (OCF): 1.71% (as at 07.03.2012) nn Minimum Investment: GBP2,000, EUR2,500, US$3,000

About the Fund A diversified portfolio of continental European equities.

About the Fund A relatively concentrated portfolio of continental European equities.

Ratings and Awards

Ratings and Awards David Dudding

Key Risks Investment risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Investor currency risk: Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. High volatility risk: The fund typically carries a risk of high volatility due to its portfolio composition or the portfolio management techniques used. This means that the fund’s value is likely to fall and rise more frequently and pronounced than with other funds.

Key Risks Investment risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Investor currency risk: Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. Effect of portfolio concentration: The Fund has a concentrated portfolio (holds a limited number of investments and/or has a restricted investment universe) and if one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the fund’s value. Currency risk: Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the investments. High volatility risk: The fund typically carries a risk of high volatility due to its portfolio composition or the portfolio management techniques used. This means that the fund’s value is likely to fall and rise more frequently and pronounced than with other funds.

The on-going charges figure (OCF) is based on the last year’s expenses and may vary from year to year. It includes charges such as the fund’s annual management charge, registration fee, custody fees and distribution cost but excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). For a more detailed breakdown please visit www.threadneedle.com/fees

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Threadneedle European Fund

Threadneedle European Select Fund

Fund objective and policy The aim of the Fund is to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of large companies in Continental Europe and the UK or companies that have significant operations there. The Fund permanently invests a minimum of 75% of its assets in European Economic Area (excluding Liechtenstein) equities, and is therefore PEA (Plan d’Epargne en Actions) eligible in France.

Fund objective and policy The aim of the Fund is to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of companies in Europe, including the UK, and those that have significant operations there. The Fund’s investment approach means it can invest significantly in particular companies, industries and countries. This means it will typically hold fewer investments than other funds. The Fund makes active investment decisions.

Fund characteristics nn Typically invests in 50-70 Pan European stocks nn Manager: Ann Steele nn Index: MSCI Europe (inc. UK) nn Launched: October 1999 nn Retail Ongoing Charges Figure (OCF): 1.73% (as at 07.03.2013) nn Minimum Investment: GBP2,000, EUR2,500, US$3,000

Fund characteristics nn Typically invests in 30-60 Pan European stocks nn Manager: Dan Ison nn Index: MSCI Europe (inc. UK) nn Launched: July 2004 nn Retail Ongoing Charges Figure (OCF): 1.69% (as at 30.04.2013) nn Minimum Investment: GBP2,000, EUR2,500, US$3,000

About the Fund A core Pan European equity offering that provides a broad and diversified exposure.

About the Fund Our most focused European equity portfolio which is a distillation of the team’s best Pan European ideas.

Ratings and Awards

Ratings and Awards

Key Risks Investment risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Currency risk: Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the investments. Investor currency risk: Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. High volatility risk: The fund typically carries a risk of high volatility due to its portfolio composition or the portfolio management techniques used. This means that the fund’s value is likely to fall and rise more frequently and pronounced than with other funds.

Key Risks Investment risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Currency risk: Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the investments. Investor currency risk: Where investments in the fund are in currencies other than your own, changes in exchange rates may affect the value of your investments. High volatility risk: The fund typically carries a risk of high volatility due to its portfolio composition or the portfolio management techniques used. This means that the fund’s value is likely to fall and rise more frequently and pronounced than with other funds. Effect of portfolio concentration: The Fund has a concentrated portfolio (holds a limited number of investments and/or has a restricted investment universe) and if one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the fund’s value.

The on-going charges figure (OCF) is based on the last year’s expenses and may vary from year to year. It includes charges such as the fund’s annual management charge, registration fee, custody fees and distribution cost but excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). For a more detailed breakdown please visit www.threadneedle.com/fees

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INVESTOR PROFILES Please read the investor profiles on the next page which relate to specific funds. If you are uncertain if a fund is suitable for you, please contact your financial adviser.

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European Equities Investor Guide

European Fund

Pan European Fund

The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations.

The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations.

European Select Fund

Pan European Focus Fund

The Fund may be suitable for investors with a long-term investment horizon seeking above average capital growth who are prepared to tolerate large price fluctuations.

The Fund may be suitable for investors with a long-term investment horizon seeking capital growth who are prepared to tolerate large price fluctuations.

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RATINGS EXPLAINED Threadneedle funds and fund managers regularly receive ratings. These ratings are provided by independent rating agencies based on a number of investment criteria. Details of the different ratings are provided on the next page.

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European Equities Investor Guide

Citywire Fund Manager Ratings The Citywire Fund Manager Ratings track the performance of individual fund managers whilst agencies such as OBSR and Standard & Poor’s focus on funds. The ratings given run from + to AAA (AAA being the highest possible rating). Citywire Rating definitions*   In order to be rated, a fund manager will need to beat his or her benchmark over a three-year period. A benchmark is often the relevant stock market index. Fewer than 25% of fund managers that Citywire track actually achieve this, and managers in this select group will either receive a Citywire+, A, AA, or the top AAA rating.

The four ratings bands are assigned in the following way:

The top 10% of managers in this elite group will gain the highest AAA rating. The next 20% will be awarded the AA rating the following 30% will get a single A rating and the remaining 40% will gain a Citywire + rating. Each Citywire rated fund manager will have one universal rating, reflecting the performance on every fund he or she runs across the 35 countries in our database.

*Source: Morningstar OBSR, Citywire and Rayner Spencer Mills.

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European Equities Investor Guide

Morningstar OBSR Rating definitions* Morningstar OBSR is an independent ratings company which gives ratings based on performance and quality of investment process. The ratings given run from Bronze to Gold, (Gold being the highest possible rating).   This is the highest rating awarded. It is given to funds which demonstrate very powerful investment processes and disciplines which they believe will translate into exceptional long-term performance. The Morningstar OBSR Gold Rating is an indication of excellence. This is determined using the same methodology as for the Morningstar OBSR Gold Rating. The Morningstar OBSR Silver Rating is an indication of highly superior quality based on process and track record. This is again determined using a methodology consistent with that applied for both other ratings. A fund which achieves the Morningstar OBSR Bronze Rating status is a highly commendable one. Rayner Spencer Mills – Rated Fund Service*   Rayner Spencer Mills (RSM) are an independent research company. They rate funds using both quantitative and qualitative measures. RSM do not grade their rated funds as they believe that all the funds rated are worthy of recommendation.

*Source: Morningstar OBSR, Citywire and Rayner Spencer Mills.

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European Equities Investor Guide

Morningstar Rating definitions   Morningstar rates mutual funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Within each Morningstar category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods – three, five, and ten years – and these ratings are combined to produce an overall rating. Funds with less than three years’ history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell recommendations.

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HOW TO CONTACT US

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European Equities Investor Guide

For further information please visit threadneedle.com If you are a UK resident, please contact us on: Telephone: 0800 953 0134* Fax: 0845 113 0274 Website: threadneedle.co.uk Email: [email protected] Post: T hreadneedle Investment Services Limited PO Box 10033, Chelmsford, Essex, CM99 2AL If you are a non-UK resident, please contact us on: Telephone: 0035 2464 010 7020 Fax: 0035 2245 29807 Website: threadneedle.com Email: [email protected] Post: T hreadneedle Investment Services Limited International Financial Data Services, 47, avenue JF Kennedy, L-1855, Luxembourg Our team is available from 8am to 6pm (GMT), Monday to Friday. Our website contains information about our products and services, and all fund prices. You can also download the prospectus, Key Investor Information Documents, and the latest annual and interim reports.

Alternatively, these documents are available free of charge on request from: UK: Threadneedle Investment Services Limited, PO Box 10033, Chelmsford, Essex, CM99 2AL; Austria: Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, 1030 Wien (TIF and TSIF), and Erste Bank, Petersplatz 7, 1010 Wien (TFIF); Belgium: J.P. Morgan Chase Bank Brussels, 1, Boulevard du Roi Albert II, 1210 Brussels; France: BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris; Germany: JP Morgan AG, Junghofstr. 14, 60311 Frankfurt; Italy: State Street Bank S.p.A., via Col Moschin 16, 20136 Milano; Luxembourg: State Street Bank Luxembourg S.A., 49 Avenue J. F. Kennedy, 1855 Luxembourg; Netherlands: Fortis Intertrust, Rokin 55, NL 1012 KK Amsterdam; Spain: any appointed distributor listed in the Spanish Financial Regulator website (www.cnmv.es); Switzerland: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich (please note that the instrument of incorporation is also available on request). *Telephone calls may be recorded.

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GLOSSARY

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European Equities Investor Guide

Alpha – the part of a fund’s performance that is attributable to fund manager skill. Actively managed – a client’s money is invested in a portfolio of assets that is selected and managed by a professional fund manager. The manager will continuously monitor the portfolio and (subject to any prescribed guidelines or restrictions) the manager is free to choose those investments he thinks will help achieve a fund’s objective. Beta – the part of a fund’s performance that is attributable to moves in the market. Also, the extent to which a fund is exposed to moves in an underlying market. Capital growth – an investment return generated by changes in the price of the shares and so on. Income – the receipt of dividends or bond interest received from a company into a fund. These can be reinvested back into the fund or paid out to investors.

M&A activity – mergers and acquisitions. A merger is a combination of two companies to form a new company, while an acquisition is the purchase of one company by another in which no new company is formed. Macroeconomic – considering trends pertaining to the whole economy, rather than considering individual elements that make up the economy as a whole, such as consumers and companies. Sector – way of grouping companies according to the industry that they operate in. Valuation – way of assessing the cheapness of company shares. Examples include price to earnings ratio and dividend yield. Volatility – the extent to which the value of an investment fluctuates over time.

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TO FIND OUT MORE visit threadneedle.com or call 0800 953 0134*

* Please note. We record calls for your protection and to improve our standards

Important information. information: All data as at 31.03.2014 unless otherwise shown. Past performance is not a guide to future performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. The dealing price may include a dilution adjustment where the fund experiences large inflows and outflows of investment. Further details are available in the Prospectus. Threadneedle Investment Funds ICVC (“TIF”) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the Financial Conduct Authority (FCA) as a UCITS scheme. TIF is registered for public offer in Austria, Belgium, France, Germany, Hong Kong, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland (some sub-funds only) and the UK. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation. Threadneedle Specialist Investment Funds ICVC (“TSIF”) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the Financial Conduct Authority (FCA) as a UCITS scheme. TSIF is registered for public offer in Austria, Belgium, France, Germany, Hong Kong (some sub-funds only), Italy, Luxembourg, the Netherlands, Spain, Switzerland (some sub-funds only) and the UK. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation. TIF and TSIF are registered with Danish Financial Services Authority for marketing to professional investors only. The Funds may not be offered or sold to retail investors in Denmark. TIF is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV’s Registered with number 482. TSIF is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered with the relevant CNMV’s Registered with number 481. Het compartiment is op grond van artikel 1:107 van de Wet op het financieel toezicht opgenomen in het register dat wordt gehouden door de Autoriteit Financiële Markten. / Pursuant to article 1:107 of the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM. Shares in the Funds may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “U.S. Person”, as defined in Regulation S under the 1933 Act. This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services. Please read the Prospectus before investing. Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports and the applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund. The above documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus) and can be obtained free of charge on request from; in Austria: Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, 1030 Wien (TIF and TSIF), and Erste Bank, Graben 21 A-1010 Wien (TFIF); in Belgium: J.P. Morgan Chase Bank Brussels, 1, Boulevard du Roi Albert II, 1210 Brussels; in France: BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris; in Germany: JP Morgan AG, Junghofstr. 14, 60311 Frankfurt; in Ireland: J.P. Morgan Bank Administration Services (Ireland) Limited, J.P. Morgan House International Financial Services Centre, Dublin 1; in Italy: State Street Bank S.p.A., via Col Moschin 16, 20136 Milano; in Luxembourg: State Street Bank Luxembourg S.A., 49 Avenue J. F. Kennedy, 1855 Luxembourg; in the Netherlands: Fortis Intertrust, Rokin 55, 1012 KK Amsterdam; in Spain: any appointed distributor listed on the Spanish Financial Regulator’s website (www.cnmv.es); in UK; Threadneedle Investments’ Client Services department P.O. Box 10033, Chelmsford, Essex, CM99 2AL. The above documents and the instrument of incorporation are available on request from our representative in Switzerland, BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16,CH-8002 Zurich. The mention of any specific shares or bonds should not be taken as a recommendation to deal. Threadneedle Investments does not give any investment advice. If you are in doubt about the suitability of any investment, you should speak to your financial adviser. The research and analysis included in this document has been produced by Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. Issued by Threadneedle Investment Services Limited. Registered in England and Wales, Registered No. 3701768, St Mary Axe, London EC3A 8JQ, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority. Threadneedle Investments is a brand name and both the Threadneedle Investments name and logo are trademarks or registered trademarks of the Threadneedle group of companies. threadneedle.com Issued 08.14 | Valid to 11.14 | J20952