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Changes to the Standard Life AAA Income fund

26 October 2016

We've been advised by Standard Life that changes will be made to the investment policy of the Standard Life AAA Income fund on 7 November 2016.

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Standard Life has stated:

"The current investment policy of the Fund states that investment will only be made in securities with a credit rating of AAA from major rating agencies, such as Standard & Poor’s, Moody’s and Fitch.

The United Kingdom was recently downgraded from AAA to AA+ by Standard & Poor’s, the last major rating agency to maintain a AAA rating. As a result, UK government bonds would no longer be an eligible investment for the Fund. UK government bonds are an important part of risk and duration management within the Fund. Accordingly, with effect from 7 November 2016, we will change the investment policy as stated in the current prospectus to enable up to 20% of the Fund to be invested in UK government bonds, despite them not having a AAA rating."

Notice of a Change to the AAA Income Fund