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abrdn Fund Managers Limited

Change Details
Title abrdn Fund Managers Limited
Type Other events
Companies Impacted Quilter Life & Pensions Limited Quilter Investment Platform Limited
Effective Date 02 October 2024
1. Fund details  
Companies impacted Quilter Life & Pensions Limited
Quilter Investment Platform Limited
Fund Group abrdn Fund Managers Limited 
Fund Names abrdn UK Real Estate (PAIF)
abrdn UK Real Estate Feeder 
Type of change Name, AMC & Objective Change
Date change effective from 02/10/2024
Is the event subject to shareholder approval? Yes - Approved 19 September 2024
2. Name change details  
Current Fund Names New Fund Names
abrdn UK Real Estate (PAIF)
abrdn UK Real Estate Feeder 		 abrdn Real Estate (PAIF)
abrdn Real Estate Feeder 
3. Investment objectives  
Previous objective To generate income and some growth over the long term (5 years or more) by investing in UK commercial property. It is intended that the fund will be a PAIF at all times and, as such, its investment objective is to carry on property investment business and to manage cash raised for investment in the property investment business.

Performance Target: To exceed the return of the IA UK Direct Property Sector Average return (after charges) over rolling three year periods. The Performance Target is the level of performance that the management team hopes to achieve for the fund.
 
Portfolio Securities
The fund will invest at least 70% in a diversified portfolio of UK freehold and leasehold commercial property selected from across the retail, office, industrial and other sectors.

The fund may also invest indirectly in commercial property through investment vehicles such as quoted and unquoted property companies or funds (including those managed by abrdn).

The fund may also invest in short term government bonds such as gilts, money-market instruments and cash.

Derivatives and Techniques
The fund may use derivatives to reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the fund.

Where derivatives are used, this would typically be to maintain allocations following a significant inflow into the fund.
New objective To generate income and some growth over the long term (5 years or more) by investing in property and property related investments. It is intended that the fund will be a PAIF at all times and, as such, its investment objective is to carry on property investment business and to manage cash raised for investment in the property investment business.

Performance Target: To achieve a return in excess of the following composite index over rolling five year periods (after charges). 45% MSCI UK Monthly Property Index; 45% FTSE EPRA Nareit Developed Net Total Return Index and 10% SONIA.

Portfolio Securities
• The fund will target an allocation of 45% investment in direct property; 45% investment in indirect property and 10% money-market instruments (including cash) which may vary as a result of factors such as market conditions. The fund will however invest at least 80% of the fund’s assets in property and property related investments.
• Direct property investment will be allocated to a diversified portfolio of UK Freehold and Leasehold property selected from across the retail, office, industrial and other sectors.
• Indirect investment in global (including Emerging Markets) property is achieved through listed closed ended REITs, exchange traded funds and equities (company shares) of companies engaged in property and property related activities.
• The fund may also invest in other funds (including those managed by abrdn), short term government bonds, money-market instruments and cash.

 Derivatives and Techniques
• The fund may use derivatives to reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the fund.
• Where derivatives are used, this would typically be to maintain allocations following a significant inflow into the fund or to manage currency risk.
4. Change to charging structure  
Bundled Fund - abrdn UK Real Estate Feeder  
Previous AMC 1.30%
New AMC 1.15%
Current Trail Commission (Charge Basis 1) 0.35%
New Trail Commission (Charge Basis 1) 0.25%
Previous Reimbursed Amount (Charge Basis 2) 0.35%
New Reimbursed Amount (Charge Basis 2) 0.25%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.65%
New Reimbursed Rebate Rate (Charge Basis 3) 0.55%
Unbundled Fund - abrdn UK Real Estate (PAIF) (Share Class Institutional) -U  
Previous AMC 0.75%
New AMC 0.60%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.10%
New Reimbursed Rebate Rate (Charge Basis 3) 0.00%
Unbundled Fund - abrdn UK Real Estate Feeder (Share Class Platform 1) -U  
Previous AMC 0.75%
New AMC 0.60%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.10%
New Reimbursed Rebate Rate (Charge Basis 3) 0.00%
Unbundled Fund - abrdn UK Real Estate Feeder -U2  
Previous AMC 0.75%
New AMC 0.60%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.10%
New Reimbursed Rebate Rate (Charge Basis 3) 0.00%
Unbundled Fund - abrdn Real Estate Feeder (Share Class Institutional S) -U3  
Previous AMC 0.60%
New AMC 0.60%
Previous Reimbursed Rebate Rate (Charge Basis 3) 0.00%
New Reimbursed Rebate Rate (Charge Basis 3) 0.00%

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