In today’s fast-moving investment markets, many people do not have the time or inclination to actively manage their own investments.

Our Multi-asset Portfolio (MAP) funds are designed to allow you to select from a range of investment objectives and benefit from our expertise in fund research, portfolio construction and investment management.

Whether you are looking for growth, income or a way to protect your investments, we have a strategy that can help you achieve your aims. Once you have invested with us, we will look after your money over the long term and make all the management decisions.

THE KEY BENEFITS OF THE MULTI-ASSET PORTFOLIOS

• Have your investments managed by our experts

• Choose from five investment strategies, each designed to meet different investment needs

• Each portfolio contains a well-diversified mix of extensively researched investments

• Dynamically managed to meet the ever-changing investment environment

• MAP portfolios can sit within your ISA or pension

• Value for money. Invest in MAP from £500

Welcome.AN INVESTMENT SOLUTION TO MATCH YOUR NEEDS

Founded in 1986, Tilney Bestinvest has grown to become a leading private client investment adviser, looking after in excess £9 billion of assets. All of our services are underpinned by rigorous research aimed at identifying those fund managers we believe will deliver long-term superior performance. At

Tilney Bestinvest, we pride ourselves on offering the highest levels of professionalism and expertise with transparent, competitive prices.

Headquartered in Mayfair, London, Tilney Bestinvest have 400 staff across our network of offices, giving us full UK coverage.

ABOUT US

Past performance is not a reliable indicator of future returns.

Best Wealth Manangerfor Investments 2013

Best Wealth Manangerof the Year 2013

Let the experts manage your investments

Multi-asset portfolios

How we build our MAP funds

ACTIVE ASSET ALLOCATION

We believe achieving the correct balance between the range of available asset classes is the key to producing superior risk-adjusted returns. At Tilney Bestinvest we invest a great deal of time and resource in the analysis of global economic and political developments to determine the correct blend for all stages of the economic cycle. Funds constructed in this way achieve the benefit of lowering risk and reducing unwelcome volatility.

Our MAP funds give investors access to six different asset classes: equities, bonds, commercial property, hedge funds, commodities and cash. The blend between them is determined by our Asset Allocation Committee, which is made up of a senior team of investment professionals and chaired by our Chief Investment Officer.

IDENTIFYING AND MONITORING THE BEST FUND MANAGERS IN EACH SECTOR

Rather than selecting individual equities, we prefer to base our portfolios on funds because we believe they have the following advantages:

1. Diversification Funds offer diversification which reduces stock-specific risk. They make it easier to achieve international diversification – crucial in a global economy.

2. Easyaccess Funds allow you to access investment strategies and asset classes that are not always available to private investors, such as hedge funds and emerging markets debt.

3. AccessthebestmanagersAs one of the UK’s leading wealth managers, we have access to the world’s best fund managers, from boutique houses to household names.

4. ValueformoneyWe use our buying power to minimise third party charges for your benefit.

5. Tax-efficientFunds offer significant tax benefits. Unlike a private investor, fund managers can buy and sell shares without incurring Capital Gains Tax, so they can take profits and reinvest without having to worry about the tax implications.

We start our research by screening all the funds available to us and then focus on those that we believe deserve further research. Our analysts examine the full record of each manager in their relevant sector and take a number of factors into account, including career history, relative performance, cumulative performance, risk controls and the amount the manager has invested in their own fund.

The team has more than 400 meetings with managers each year and carries out statistical analysis to check that performance is the result of skill rather than chance. Once a fund has been identified as a potential investment, it is monitored regularly and it will always be reassessed if there is a change in manager.

2 Multi-asset portfolios

AGGRESSIVE GROWTH MULTI-ASSET PORTFOLIO

Thisfundisdesignedtodelivercapitalgrowth.

Howwillthisfundbeinvested? While retaining modest exposure to other asset classes this fund is predominantly invested in equities. With its more aggressive mandate this fund will normally be biased towards emerging rather than developed markets.

DEFENSIVE MULTI-ASSET PORTFOLIO

Thisfundisdesignedtodelivermodestcapitalandincomegrowthwithlowvolatility.

How will this fund be invested? The fund will typically carry a modest bias towards equities with a broad, balanced exposure across all other asset classes. By providing a counterweight to the fund’s equity weighting in this manner the fund will be the least volatile of our MAP range.

INCOME & GROWTH MULTI-ASSET PORTFOLIO

Thisfundisdesignedtodeliverarisinglevelofincomeandmodestcapitalgrowth.

Howwillthisfundbeinvested? This fund typically has a bias to equities but is well diversified across asset classes. The minimum suggested investment timescale for such a portfolio should be five years.

GROWTH MULTI-ASSET PORTFOLIO

Thisfundisdesignedtodelivercapitalgrowthwithonlyamodestincome.

Howwillthisfundbeinvested? This fund aims to provide long-term capital growth through increased exposure to equities. A broad exposure to other asset classes is also included to mitigate some volatility, but this fund should only be considered by investors with a tolerance for risk and a five year plus time horizon.

*Data accurate as at June 2014

INCOME MULTI-ASSET PORTFOLIO

Thisfundisdesignedtodeliverahighandmodestlygrowingincomestream.

Howwillthisfundbeinvested? By investing across global bonds and targeting its equity exposure at higher-yielding markets such as the UK, this fund is designed to provide a consistent and modestly growing income stream.

Choosing your Multi-asset Portfolio

Equities 24% Hedge 21% Quality Bonds 20% Cash 16% Property 9% High Yield Bonds 8% Commodities 2%

Equities 38% Quality Bonds 21% Cash 12% High yield Bonds 12% Hedge 9% Property 6% Commodities 2%

Equities 49% Quality Bonds 14% Hedge 11% High Yield Bonds 10% Cash 9% Property 5% Commodities 2%

We have created five funds that are tailored to different investment needs and risk tolerances. Before you choose which Multi-asset Portfolio is right for you, it is important to consider the level of risk you wish to take as well as your investment time horizon and savings goals.

Equities 73% Cash 10% Hedge 10% High Yield Bonds 3% Quality Bonds 2% Commodities 1% Property 1%

Equities 61% Hedge 12% Cash 8% Quality Bonds 8% High Yield Bonds 7% Commodities 2% Property 2%

Multi-asset portfolios 3

IMPORTANT INFORMATION

Past performance is not a guide to the future. The value of your investment and the income derived from it can go down as well as up and you may get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change. The portfolio is administered by Investment Fund Services Limited (IFSL), a subsidiary of Marlborough, one of Europe’s leading financial groups, who also act as the Authorised Corporate Director (or “ACD”) of the Open Ended Investment Company. This brochure is designed for general information only and should be read in conjunction with the following document: *Simplified Prospectus for the IFSL Bestinvest Multi-asset Portfolio which contains details of full product information, including details of charges and risks associated with investing, copies of which are available on request or online at: www.ifslfunds.com

If you are in doubt about the suitability of this investment, you should consult your Financial Adviser

The Tilney Bestinvest Group of Companies comprises the firms Bestinvest (Brokers) Ltd (Reg. No. 2830297), Tilney Investment Management (Reg. No. 02010520), Bestinvest (Consultants) Ltd (Reg. No. 1550116) and HW Financial Services Ltd (Reg. No. 02030706) all of which are authorised and regulated by the Financial Conduct Authority. Registered office: 6 Chesterfield Gardens, Mayfair, W1J 5BQ. TBIFAMAP 291014-0836