Lancaster Developed Markets Fund - LI GBP DIS Fonds

The investment objective of the Fund is long term capital appreciation through investing in equity and equity-related securities which are listed, traded or deriving the majority of their revenue or profit from developed market countries which are listed or traded on one or more recognised exchanges worldwide. The Fund invests predominantly in equity and equity-related securities on a worldwide basis. The Fund may invest up to 10% of its Net Asset Value ('NAV') in fixed and/or floating rated debt and debt-related securities (such as notes, preferred securities, debentures, fixed or floating rate bonds) issued by Governments, municipalities, agencies, supranationals or corporates listed or traded on one or more Recognised Exchanges worldwide with a rating at least A2\P2 from Standard & Poors/ Moodys, respectively. The Fund may also invest up to 10% of its NAV in UCITS and non-UCITS collective investment schemes. The Fund may hold up to 30% of its NAV in cash deposits and/or cash equivalents, in exceptional market conditions, such cash deposit and/or cash equivalents may up to 50% of NAV.