Sustainable, Responsible &/or ESG Policy:

Objectives and Investment Policy

The investment objective of the VT Sorbus Ethics Fund is to provide a total return through a combination of capital growth and income over the long term (5 years +).

The Fund will aim to meet its objectives by investing predominantly (at least 80%) in companies which pass the following two filters:

• No investment will have material revenue exposure (more than 10%) to: the manufacture or supply of weapons; extraction of oil, gas and consumable fuels; metals and minerals; the sale or manufacture of tobacco; casinos and gambling or pornography;
• No investments will be selected unless the Investment Manager considers there to be potential, in the Investment Manager's opinion, for that investment to provide an attractive rate of return (with those which are not considered to offer this being excluded from the investment universe).

When making investment decisions, the Investment Manager will also consider whether, based on the Investment Manager's assessments of a company's own commitments (i.e. in its policies and procedures, such as CSR statements) as confirmed by the Investment Manager's own research and ongoing monitoring through assessment of third party sources such as media statements and journals be considered, through its actions and business to: (i) promote positive change in the spirit of at least two of the United Nations Sustainable Development Goals (SDG); and (ii) otherwise demonstrate positive attributes such as good governance and commitment to diversity.

The Fund may also invest (up to 20%) in other equities, bonds (investment grade and sub-investment grade) and collective investment schemes (including those managed or operated by the ACD) which do not satisfy the commitment noted in the paragraph above. There will also be exposure, indirectly, to various other asset classes including property and alternative assets such as commodities. The Fund may also invest in money market instruments, deposits, cash and near cash.

The Investment Manager undertakes ongoing monitoring, using sources such as reports and accounts, online media, social media and journals to monitor investments on an ongoing basis and if an investment would no longer pass through any of the filters it would be expected to be sold.

The Fund will not have any particular industry or economic sector focus and as such weightings in these may vary as required.

The Fund will be actively managed.

(Source: KIID, as at November 2025)

SDR Labelling:

Unlabelled - promotes sustainable characteristics (has CFD)

SDR Literature:

• Consumer Facing Disclosure