Sustainable, Responsible &/or ESG Policy:

Investment Objective
The aim of this Fund is to: (i) provide long-term capital growth over a period of 5 years or more; and (ii) contribute to the global transition to net zero by investing in shares in companies which demonstrate a clear and credible commitment to achieving net zero carbon emissions by 2050 or are decreasing their carbon emissions intensity to achieve net zero emissions by 2050(2). The fund manager will seek to keep the weighted average carbon intensity (WACI)(1) of the Fund's equity investments lower than its Emissions Benchmark. The Fund's Emissions Benchmark has been calculated by the  fund manager to ensure that the equity investments of the Fund are on a trajectory to reach net zero carbon emissions by 2050 . The initial value of the Emissions Benchmark is calculated as a 30% reduction of the WACI of the MSCI All Country World Index (“MSCI ACWI”) as of 31st December 2021. Thereafter, the Emissions benchmark will be reduced by 7% year on year.
(1)The Weighted Average Carbon Intensity (WACI) of a fund or index is used to show the fund's or the index's exposure to carbon-intensive companies and is calculated by summing each holding's Scope 1 and 2 carbon emissions (measured in tons of carbon dioxide emissions per USD 1 million of their revenue) by its portfolio weight.
(2)The Emissions Benchmark is not a benchmark or an index in the typical sense (i.e. it is not tracking the performance of a particular group of assets), but is being used as a marker

Investment Policy
The Fund invests between 70 – 85% of its Net Asset Value in shares of listed companies of any size and based anywhere in the world (including emerging markets), which the fund manager believes will provide above-average returns, relative to their industry peers; and at least 70% of its Gross Asset Value in companies which are categorised by the fund manager as either Committed to Align (being companies which have communicated long term goals consistent with achieving global net zero by 2050); Aligning (being companies which have communicated quantified and credible net zero targets); or Aligned to a net zero carbon economy (being companies which are on track to meeting their quantified and credible net zero targets). To assess which category a company falls into, the Manager will evaluate, through quantitative and qualitative methods, a company's targets and timeframes to align to Net Zero or its commitment to align with the goal of Net Zero emissions by 2050, as well as, among other things, a company's decarbonization strategy, supportive actions, expenditure, governance and performance in relation to the same. The Fund also invests between 15 –30% of its Net Asset Value in bonds issued by developed market governments and cash. The fund manager invests in such bonds as it seeks to reduce the impact on the Fund of fluctuations in value of equity markets. The Fund will invest its remaining assets as permitted under this investment policy.

The Fund may invest outside of its sustainability objective in other transferable securities, cash, deposits and money market instruments for liquidity and/or for the purpose of pursuing its financial objective. Any investments falling in this category (save cash) will be screened using our exclusion policies (described below). No investments falling in this category will conflict with the Fund's sustainability objective. The Fund may use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other investment techniques permitted in the applicable FCA rules.

When defining the Fund's investment universe, the fund manager will seek to exclude companies which it considers present excessive degrees of environmental, social and governance (“ESG”) risk, by applying (i) AXA IM's sector specific investment guidelines (3), which exclude investment in soft commodity derivatives or exposure to certain companies based on their involvement in specific sectors (such as tobacco production, natural ecosystem conversion and deforestation, controversial weapons and climate risks) and (ii) applying the AXA Investment Managers' ESG Standards policy (4), which excludes investment in companies based on: (a) manufacture of white phosphorus weapons; certain criteria relating to human rights and anticorruption as well as other ESG factors, (b) companies which cause, contribute, or are linked to violations of international norms and standards in a material manner or which are involved in incidents and/or events that pose a severe business or reputational risk to the relevant company due to the impact of its involvement on stakeholders or the environment and (c) companies with the lowest ESG score.

The fund manager will not invest in companies which are not aligned to Net Zero. The fund manager may invest in companies which have insufficient data to show their net zero alignment where, based on available data, there is not a conflict with the sustainability objective.

When selecting shares in accordance with the objectives, the fund manager will also analyse a company's financial status, quality of its management, expected profitability and prospects for growth.

Where the fund manager deems that a company no longer meets the criteria set out in the investment policy, and after unsatisfactory engagement or escalation, the fund manager will divest from such company as soon as practicable, considering the best interests of the Fund's investors and in line with the fund manager's best execution policy.

The fund manager will calculate the Fund's WACI and verify whether it is below the Emissions Benchmark on a monthly basis. If for any reason, the Fund has a higher WACI than the Emissions Benchmark, the fund manager will aim to bring the Fund's WACI back below the Emissions Benchmark as soon as practicable having regard to the best interests of the Fund's investors.

This Fund is actively managed without reference to any benchmark. The IA Mixed Investment 40-85% Shares Sector may be used by investors to compare the Fund's financial performance. The fund manager currently does not consider any available benchmarks as a suitable performance comparator for investors to compare the Fund's performance against its sustainability objective.

(3)All sector specific policies are accessible via the following link: Our Policies and Reports | AXA IM UK (https://www.axa-im.co.uk/responsible-investing/policies) or available on request.
(4)AXA IM's Responsible Investment policy is accessible via the following link: Our Policies and Reports | AXA IM UK (https://www.axa-im.co.uk/responsible-investing/policies) or available on request

(Source: KIID, as at January 2026)