CIS Unit Trusts and the CIS Unit Trust ISA

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                                                                                                                                                                                                                Key Features of the
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                 A full description of CIS Unit Trusts is contained in the full Prospectus, copies of which are available on request.
                 Textphone 08000 684 244 Internet www.cis.co.uk
                 CIS Policyholder Services Ltd is authorised and regulated by the Financial Services Authority, registered in England and Wales,
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Contents
Introduction                                          2
Key Features of CIS Unit Trusts                       3
Questions and answers                                 4
What are the charges?                                 6
Total Expense Ratios                                  7
How will charges and expenses affect my investment?   8
Portfolio Turnover Rates                              10
What about tax?                                       10


CIS Corporate Bond Income Trust                       11
CIS UK Income with Growth Trust                       12
CIS UK Growth Trust                                   14
CIS Sustainable Leaders Trust                         16
CIS European Growth Trust                             18
CIS US Growth Trust                                   19


Information about the CIS Unit Trust ISA              20
Questions and answers                                 20
Maxi and Mini ISAs                                    20
What about tax?                                       22


How to contact us                                     23
Other Information                                     23
Simplified Prospectus                                 23
Full Prospectus                                       23
Law                                                   24
Compensation                                          24
Introduction                                                                                                             Key Features of CIS Unit Trusts
This Key Features document describes the important features of the CIS Unit Trust range, and the CIS Unit Trust          The following sections cover areas such as the general aims of investing in a unit trust, descriptions of the CIS
Individual Savings Account (ISA).                                                                                        Unit Trust, the investment aims of the CIS Unit Trust range, plus details of charges and other product features.
We provide you with a Key Features document to ensure you have a full understanding of the investment choices            All CIS Unit Trusts can be held in a CIS ISA, subject to annual limits. Please refer to page 20 for extra information
you are making. It is important that you fully understand the product you are buying, what the risks of the product      about the Unit Trust ISA.
are, and are clear about your investment fund choice(s).
                                                                                                                         All CIS Unit Trusts are designed for personal investors who wish to participate in the stock market through a
Please read this document in order that you fully understand the details of your investment. You should keep this        professionally managed unit trust investment.
document with the other documents which you receive about your investment.
This document provides information required by our regulator, The Financial Services Authority, to comply with           Its aims
their Simplified Prospectus rules. If you would like a full copy of the Simplified Prospectus relating to a particular
trust, it is available by calling our Customer Contact Centre on 08457 46 46 46.                                         • To allow you to invest in the stock market at a lower risk than you would normally expect if investing directly
                                                                                                                           in shares or fixed-interest securities.
The following information applies to unit trusts including CIS Unit Trust ISAs and CIS Unit Trust overflow. There is
further information specific to CIS ISAs on page 20.                                                                     • To provide you with a choice of six CIS Unit Trusts in which to invest. Your choice of trust(s) will depend on
                                                                                                                           whether you are looking to achieve capital growth, receive an income or both.

Why invest in the stock market?
                                                                                                                         Your investment
You may already have money put away in a savings account. However, the potential to benefit from medium to
long-term investment growth may be greater when invested in the stock market. You should be aware that                   • You can save regularly from £50 a month, invest a lump sum from £1,000 or both.
investments in a stock market are different to savings held in a bank or building society savings account, because       • The minimum lump sum investment for the CIS Corporate Bond Income Trust is £5,000.
the value of your investment can go down as well as up.
                                                                                                                         • There is no fixed investment term. However, you should aim to invest over the medium to long term (5 years
Unit trusts offer a simple way to take that first step into stock market investment. Unit trusts pool money from a         or more).
large number of investors, and these proceeds are invested by professional fund managers in a mix of shares
and/or fixed-interest securities. Therefore you benefit from a broad mix of shares and/or fixed-interest securities
and this spreads the risk compared to direct investment into the stock market.                                           Risk factors
If you already invest in a unit trust, perhaps you are thinking about diversifying your portfolio. The stock market      • What you get back from your investment is not guaranteed. In particular:
and particularly unit trusts have the potential to help make your money grow over the medium to long term (five            - investment growth could be lower than illustrated;
years plus).                                                                                                               - the charges could be higher than illustrated;
                                                                                                                           - past performance is no guarantee of future performance.
Why invest with Co-operative Insurance?
                                                                                                                         • The value of your investment may go down as well as up. We cannot guarantee any capital growth or any
We offer a range of unit trusts to meet your investment needs whether you are looking to achieve capital growth,           income from your investment.
receive an income or both. You can invest a one-off lump sum or invest monthly, or both.
                                                                                                                         • Please note if you intend to make withdrawals from your CIS Unit Trust investment, this will affect the potential
You have the flexibility to switch between CIS Unit Trusts if your investment needs change. You can also take              for investment growth or income.
advantage of investing your chosen unit trust(s) within our tax-efficient ISA.
                                                                                                                         • Some funds include overseas investments which are not held in sterling. Therefore, exchange rate changes
Each fund is professionally managed by an experienced and dedicated fund manager. CIS Unit Managers Limited                may cause the sterling value of these investments to go up or down.
(CISUM) currently manages around £3 billion for more than 310,000 CIS Unit Trust customers.
                                                                                                                         • Should you need to cash in your investment at any time, you might get back less than you have invested.
Investment management of the CIS European Growth Trust and the CIS US Growth Trust is delegated to UBS                     This could be as a result of poor investment performance and/or the effect of exchange rate changes on
Global Asset Management (UK) Ltd. UBS Global Asset Management (UK) Ltd are authorised by the Financial                     your investment.
Services Authority, registration number 119319. Their principal activity is to provide investment and fund
management services to pension funds and other institutional clients. The fees charged by UBS Global Asset               • When we receive your investment we will send you a notice of your right to cancel. On receipt, you will then
Management (Ltd) will be borne by CIS Unit Managers Limited. They will not be paid out of the property of the              have 30 days in which you can change your mind. If you have chosen to invest a monthly contribution into
Trusts. Further information about this outsourcing arrangement can be found in the Full Prospectus, a copy                 your trust(s) you will receive back any contributions you have paid to us. However, if you have invested a lump
of which is available on request.                                                                                          sum and the unit price of your trust(s) has fallen, then you will not get back the full amount of your investment.

Co-operative Insurance is the world's first insurance company to have a customer-led Ethical Engagement Policy           • If you are saving regularly with a specific objective in mind, it is important to keep up your contributions.
and is part of a wider financial services group which includes The Co-operative Bank and smile, the internet bank.         Even then there is no guarantee that the returns will be sufficient for your purpose.
                                                                                                                         • Tax laws may change. The tax information in this document is based on our current understanding.
                                                                                                                         Please also refer to the risk factors specific to each unit trust on pages 11-19.
                                                                                                                         Details of all these risks may also be found in the Full Prospectus which is available on request (see page 23
                                                                                                                         for details).




2                                                                                                                                                                                                                                                3
Questions and answers                                                                                                 Can I change my mind?
                                                                                                                      • When we receive your investment we will send you a notice of your right to cancel. When you receive this, you
                                                                                                                        will then have 30 days in which you can change your mind. If you have chosen to invest a monthly contribution
What is a CIS Unit Trust?                                                                                               into your trust you will receive back any contributions you have paid to us. However, if you have invested a lump
                                                                                                                        sum and the unit price of your trust has fallen, then you will not get the full amount of your investment back.
• It is a collective investment, with no fixed term, where a large number of investors pool their money together.
  These funds are then used to invest in stocks and shares with the aim of making investment profits from capital     • The 30-day cancellation period is more than the 14-day period required by our regulator, the Financial Services
  growth, interest and dividend income.                                                                                 Authority. This gives customers more time to consider the investment they have made with us. However, you
                                                                                                                        should be aware that the extended cancellation period increases the risk that the value of your investment
• Each CIS Unit Trust is divided into a number of equal-sized units. These units can be purchased by investors          could fall should you choose to cancel a lump sum investment.
  at the buying (or ‘offer’) price and sold back to the fund at the selling (or ‘bid’) price. The number of units
  allocated to each investor depends on the amount he or she wishes to invest. The value of the units can go
  up and down depending on the value of the trust’s investments.                                                      Can I take money out?
• CIS Unit Managers Limited (CISUM) will invest your money in line with the investment objective(s) of your           • You can take money out at any time. If you choose to make a partial withdrawal, you must leave a minimum of
  chosen trust(s).                                                                                                      £500 in the trust. You can also make a full withdrawal at any time. All withdrawals will be paid directly to you by
                                                                                                                        cheque. You should remember that making withdrawals will reduce the capital value of your investment, and
                                                                                                                        will also reduce the amount of any income payable to you.
Who can invest?
• Anyone who is aged 18 or over can invest in a CIS Unit Trust. If you want to make a unit trust investment on        How do I sell units?
  behalf of a child, simply add the child’s initials to the application form. When the child reaches the age of 18,
  the ownership of the units can be transferred to the child on request.                                              • If you would like to sell units please contact us – see the section ‘How to contact us’ on page 23.
• A CIS Unit Trust can be held jointly by up to four people.
                                                                                                                      Can I receive an income from my unit trust?
How flexible is it?                                                                                                   • Yes, income is available from a selection of the CIS Unit Trusts as set out in the table below.
• You choose the CIS Unit Trust(s) that you wish to invest in. You can make a lump sum investment, make
  monthly contributions or both.                                                                                       CIS Unit Trust                        Frequency of Income*                 Payment of Income
• Where you have chosen to make monthly contributions, you can increase them at any time provided the                  Corporate Bond Income Trust           Monthly                              Either paid directly to you or
  increase is at least £25.                                                                                                                                                                       automatically reinvested to buy
                                                                                                                       UK Income with Growth Trust           Quarterly                            more units. You decide which
• If you have invested a lump sum you can make additional lump sum investments in the same trust from £500.
                                                                                                                                                                                                  option you would like at the outset.
                                                                                                                       UK Growth Trust                       Half-yearly
• You can reduce your monthly contributions at any time, as long as they do not fall below the £50 minimum.                                                                                       Should you wish to change your
  You can also stop your contributions whenever you wish as long as you keep a minimum amount, which is                Sustainable Leaders Trust             Half-yearly                          mind later, you can.
  currently £500, in each of your chosen trusts.
• Should you need to, you can take a total of two months’ contribution ‘holidays’ in any 12-month period. All you     *The income distribution dates for each trust are shown on the relevant page (see pages 11-19 for details).
  need to do is give us two weeks’ notice.
                                                                                                                      Income is not available from the CIS European Growth Trust or the CIS US Growth Trust. For these Trusts,
• You can choose to receive an income from all CIS Unit Trusts except the CIS European Growth Trust and the           dividends are paid half-yearly and automatically reinvested to buy more units.
  CIS US Growth Trust.
• There is no fixed term. You can cash in your investment or make withdrawals at any time.                            Where are my contributions invested?
• You can switch your investment between different CIS Unit Trusts. This will currently cost you 2% of the value      • You can choose which trust or combination of trusts you wish to invest in. Your choice will depend on whether
  of the investments you switch.                                                                                        you are looking to achieve capital growth, receive an income or both, as well as your attitude to risk. You can
                                                                                                                        find further information about the trusts available on pages 11 to 19.
How do I buy units?
• You can invest at any time by using this application pack. If you would simply like to top-up an existing           Can I change my choice of trust?
  investment – see the section ‘How to contact us’ on page 23.                                                        • You can switch your investment between different CIS Unit Trusts. This will currently cost you 2% of the value
• CISUM revalue each trust’s investments at 12 noon each business day, and may on occasion carry out                    of the investments you switch. Please contact your Co-operative Insurance Financial Adviser or contact us by
  additional valuations at other times. These valuations are used to calculate the buying and selling prices of         phone or mail – see the section ‘How to contact us’ on page 23.
  units. When you buy units with a lump sum investment, and when you sell units, the unit price will be based
  on the next valuation after your instructions are received by CISUM.                                                What might I get back?
• When you buy units through a monthly savings plan the prices will be based on the valuation on the day the          • When you cash in your investment you will receive the value of your investment at that time. The amount you
  Direct Debit is collected – the 6th day of each month if it is a business day, otherwise the next business day.       receive is not guaranteed. The amount you receive will depend on a number of factors including the amount
                                                                                                                        you invested, the length of time you invested for, the performance of the investments held in the Trust(s),
                                                                                                                        charges and any withdrawals you have made – see pages 8 and 9 for examples of what you could get back.




4                                                                                                                                                                                                                                             5
How will I know how my CIS Unit Trust is doing?
                                                                                                                     Total Expense Ratios (TER)
• We will send you half-yearly statements which show how your CIS Unit Trust(s) is/are performing together,
  where appropriate, with the latest Manager’s Report on the Trust(s). Your statement will detail all the
  transactions since the last statement showing the value of your investments held in your CIS Unit Trust.           In simple terms, the TER shows the total charges deducted each year from your investment as a percentage of
                                                                                                                     the value of your funds.
• If you wish, you can request a valuation at any time.
                                                                                                                     These charges are sometimes referred to as the annual operating expenses of the trust. This figure helps when
• The current yield and the buying and selling prices may be published daily in the Financial Times and The          comparing the annual operating expenses of different trusts. It gives an accurate guide to the total cost of having
  Scotsman newspapers at their discretion. The current buying and selling prices are also published on our           your money managed by the fund manager.
  website www.cis.co.uk.
                                                                                                                     The TER includes the annual management charge and the additional costs of managing the trust such as the
                                                                                                                     Trustee’s fees and expenses, and audit fees.
What happens to my investment if I die?
                                                                                                                     The TER excludes transaction costs relating to portfolio transactions, such as brokerage fees.
• The amount payable if you die will be the current value of your units at the date the claim is settled.
                                                                                                                     It is also important to note that the TER does not take into account the initial charge.

What are the charges?                                                                                                To obtain information about later TER rates, please contact us – see the section ‘How to contact us’ on page 23.

• We will deduct an initial charge of 5% of your contributions whenever units are bought. You buy units at
  the buying price and sell them at the selling price. The difference between the two prices is the initial charge   Total Expense Ratios of the CIS Unit Trust range
  of 5%.
• We may reduce this initial charge in certain circumstances, for example when units are bought from the                                                                                                                TER
  reinvestment of all or part of the maturing proceeds of qualifying Co-operative Insurance life policies. Please
  contact us for more information.                                                                                    CIS Corporate Bond Income Trust                                                                 1.07%
• We will deduct a management charge each year based upon the value of your funds. This is 1% for the CIS             CIS UK Income with Growth Trust                                                                 1.49%
  Corporate Bond Income Trust and 1.5% for all other trusts. This will be deducted daily from income earned on
  your investment, except for investments in the CIS UK Income with Growth where it will be deducted daily from       CIS UK Growth Trust                                                                             1.48%
  your investment.
                                                                                                                      CIS Sustainable Leaders Trust                                                                   1.49%
• We will also deduct the additional costs of managing the trust such as the Trustee’s fees and expenses, and
  audit fees. These currently amount to about 0.1% each year of the value of your funds. They will be deducted        CIS European Growth Trust                                                                       1.52%
  from the income earned on your investment, except for investments in the CIS UK Income with Growth Trust
                                                                                                                      CIS US Growth Trust                                                                             1.49%
  where they will be deducted from the capital.
• We aim to keep our charges to the minimum. However, we have the right to increase the initial and annual
  management charges in the future in accordance with the FSA’s sourcebook. We would only increase                   Please note
  charges in certain circumstances, for example to avoid making losses, and would notify you in advance
  of any such changes.                                                                                               These Total Expense Ratios are based on data collected from 01/01/06 to 31/12/06, and allow for actual annual
                                                                                                                     management and other charges over that period (as described above). From 01/03/06, annual management
• In addition, we reserve the right to impose a Stamp Duty Reserve Tax (SDRT) which may arise if you sell units.     charges increased from 1.25% to 1.5% for all trusts shown above, with the exception of the CIS Corporate Bond
  An explanation of SDRT is contained in the Prospectus which is available on request – see the section ‘How to      Income Trust where the annual management charge decreased from 1.25% to 1.0%. The effect of these new
  contact us’ on page 23. This contains technical information about Co-operative Insurance’s Unit Trusts. Our        charges will be shown in future TERs.
  current policy is not to make such a charge but to meet any SDRT liability ourselves. If we decide to change
  this policy we will inform you before the change comes into effect.
• CIS Unit Trusts do not charge subscription or redemption fees.




6                                                                                                                                                                                                                                          7
How will charges and expenses affect my investment?                                                                           Investing for Growth – CIS Corporate Bond Income Trust


Please read this section to get an idea of the effect that the charges can have on a lump sum unit trust                       £5,000 invested with net income reinvested in the CIS Corporate Bond Income Trust
investment. Remember, these tables are purely for guidance and are based on an initial charge of 5% of your
contribution. They do not take into account any possible reduction in the initial charge – see ‘What are the                            At end                       Investment                     Effect of                   What you might
charges’ section on page 6.                                                                                                             of year                        to date                  deductions to date           get back at 4.75% p.a.
                                                                                                                                                                          £                             £                              £
Investing for Growth – CIS UK Income with Growth Trust, CIS UK Growth Trust, CIS Sustainable                                                1                          5,000                           315                          4,920
Leaders Trust, CIS European Growth Trust or CIS US Growth Trust
                                                                                                                                            3                          5,000                           461                          5,280
    £5,000 invested with net income reinvested in the CIS UK Income with Growth Trust, CIS UK Growth Trust, CIS Sustainable                 5                          5,000                           630                          5,670
    Leaders Trust, CIS European Growth Trust or CIS US Growth Trust
                                                                                                                                            10                         5,000                           1,170                        6,780
               At end                    Investment                     Effect of                    What you might
               of year                     to date                  deductions to date             get back at 6.0% p.a.      The effect of charges and expenses on an investment of £5,000 assuming growth of 4.75% a year is set out in the
                                              £                             £                                £                table above. These figures are only examples and are not guaranteed and are included to demonstrate the effect
                                                                                                                              of charges and expenses on the investment.
                   1                        5,000                           343                           4,950
                                                                                                                              The last line of the table above shows that over 10 years the effect of the total charges and expenses could
                   3                        5,000                           558                           5,390               amount to £1,170. Putting it another way, this would have the same effect as bringing investment growth down
                   5                        5,000                           816                           5,870               from 4.75% a year to 3.1% a year.

                 10                         5,000                          1,680                          7,260
                                                                                                                              Investing for Income – CIS Corporate Bond Income Trust
The effect of charges and expenses on an investment of £5,000 assuming growth of 6.0% a year is set out in the
table above. These figures are only examples and are not guaranteed and are included to demonstrate the effect                 £5,000 invested with net income paid to the investor in the CIS Corporate Bond Income Trust
of charges and expenses on the investment.
The last line of the table above shows that over 10 years the effect of the total charges and expenses could                         At end               Investment                  Effect of                Income paid        What you might
amount to £1,680. Putting it another way, this would have the same effect as bringing investment growth down                         of year                to date               deductions to date              to date      get back at 4.75% p.a.
from 6.0% a year to 3.8% a year.                                                                                                                               £                          £                          £                   £

                                                                                                                                        1                    5,000                      314                       156                   4,760
Investing for Income – The CIS UK Income with Growth Trust
                                                                                                                                        3                    5,000                      454                       472                   4,790

    £5,000 invested with net income paid to the investor in the CIS UK Income with Growth Trust                                         5                    5,000                      608                       789                   4,810
                                                                                                                                       10                    5,000                     1,060                     1,580                  4,890
         At end                  Investment               Effect of                Income paid         What you might
         of year                   to date            deductions to date              to date        get back at 6.0% p.a.    The effect of charges and expenses on an investment of £5,000 assuming growth of 4.75% a year is set out in the
                                      £                       £                          £                     £              table above. These figures are only examples and are not guaranteed and are included to demonstrate the effect
                                                                                                                              of charges and expenses on the investment.
           1                       5,000                     342                      207                  4,740
                                                                                                                              The last line of the table above shows that over 10 years the effect of the total charges and expenses could
           3                       5,000                     545                      621                  4,740              amount to £1,060. Putting it another way, this would have the same effect as bringing investment growth down
                                                                                                                              from 4.75% a year to 3.0% a year.
           5                       5,000                     772                     1,030                 4,730
           10                      5,000                    1,470                    2,060                 4,710              How much will the advice cost?
The effect of charges and expenses on an investment of £5,000 assuming growth of 6.0% a year is set out in the                You did not receive any advice from a Co-operative Insurance Financial Adviser and no payments of commission
table above. These figures are only examples and are not guaranteed and are included to demonstrate the effect                or other benefits will be paid to any Co-operative Insurance Financial Adviser for this investment.
of charges and expenses on the investment.
The last line of the table above shows that over 10 years the effect of the total charges and expenses could
amount to £1,470. Putting it another way, this would have the same effect as bringing investment growth down
from 6.0% a year to 3.7% a year.




8                                                                                                                                                                                                                                                       9
Portfolio Turnover Rate (PTR)                                                                                             CIS Corporate Bond Income Trust
This provides an indication of the level of transactions that the fund manager has undertaken during the previous         Launch date: 29th September 2003
year. It shows the percentage of the portfolio that has been bought and sold to exchange for other stocks.
The following formula shows how the Portfolio Turnover Rate was calculated:                                               Investment aims
          (Purchases of securities + Sale of securities) - (Subscriptions of units + Redemptions of units)                To produce a regular income from a portfolio of fixed-interest securities.
                                                                                                               X 100
                                        Average Fund Value over 12 months                                                 Investment strategy
                                                                                                                          In order to produce a high and stable income stream, the trust invests in the UK corporate bond sector, mostly
                                                                                                       PTR
                                                                                                                          issued by blue-chip UK companies. Income can be paid out to the investor, or re-invested to achieve capital
 CIS Corporate Bond Income Trust                                                                      52.92%              growth. The fund manager carefully selects only high quality corporate and government bonds to ensure that
                                                                                                                          the risk to investors’ capital is minimised.
 CIS UK Income with Growth Trust                                                                      81.08%
                                                                                                                          Specific risks
 CIS UK Growth Trust                                                                                  47.29%
                                                                                                                          The overall return (capital and income) from the trust will rise or fall depending on a number of factors, in
 CIS Sustainable Leaders Trust                                                                        49.26%              particular, interest rates and inflation. In addition to these specific risks, please refer to the Risk Factors section
                                                                                                                          on page 3 for details of general risks that also apply to this trust.
 CIS European Growth Trust                                                                            46.33%
                                                                                                                          All the trust’s investments will be in a range of high quality bonds, a limited number of which are subject to a
 CIS US Growth Trust                                                                                  59.98%              greater risk of default leading to capital loss.

(Based on data collected from 01/01/06 to 31/12/06)                                                                       Income
To obtain information about later PTR Rates, please contact us – see the section ‘How to contact us’ on page 23.          Income is available monthly, and can be paid out or reinvested for capital growth.

                                                                                                                          Dividend payment date
What about tax (excluding ISA Unit Trusts)?                                                                               By the last day of every month for ISAs and by the 17th of every month for unit trusts.

                                                                                                                          Past performance
• Income generated by the CIS UK Income with Growth Trust, CIS UK Growth Trust, CIS Sustainable Leaders                   The charts below provide you with the past performance of the CIS Corporate Bond Income Trust, with income
  Trust, CIS European Growth Trust and CIS US Growth Trust is treated as a dividend distribution. Dividend                reinvested.
  distributions will be paid or reinvested net of a 10% tax credit to meet the tax liability of both starting rate and
  basic rate taxpayers. Non-taxpayers will not be able to reclaim this credit. Higher rate taxpayers will have a                     Annual Performance Since Launch                                                       Performance of the CIS Corporate Bond
  further 22.5% tax to pay on gross distributions they receive or reinvest.                                                                                                                                                      Income Trust since launch
                                                                                                                                    12                                                                        117.5
• Income generated by the CIS Corporate Bond Income Trust is treated as an interest distribution. This means
  that income will be paid or reinvested net of 20% income tax to meet the tax liability of basic rate taxpayers.                   10                                                                        115.0
  Non-taxpayers can reclaim all of this credit from the HM Revenue & Customs, whilst starting rate taxpayers
                                                                                                                                                                                                              112.5
  can reclaim 10% of the gross interest distribution. Higher rate taxpayers have an additional liability of 20%                     8




                                                                                                                                                                                    % of Initial Investment
  of the gross interest distribution.                                                                                                                                                                         110.0




                                                                                                                         % change
                                                                                                                                    6                   6.9%
                                                                                                                                           6.5%
• We will issue a tax voucher when income is paid out or, where income is reinvested, with a statement giving                                                                                                 107.5
  details of the extra units purchased.                                                                                             4
                                                                                                                                                                                                              105.0
• Unit holders who sell their units will be liable to capital gains tax if their gains from all sources exceed the                  2
  capital gains tax yearly exemption. This is after taking into account any indexation allowance, offsetting any                                                                                              102.5
  losses available and applying any taper relief.                                                                                   0
                                                                                                                                                                                                               100
                                                                                                                                                                     -1.2%
• If your investment is still in force when you die then your funds will remain invested until we are instructed                    -2
                                                                                                                                                                                                               97.5
                                                                                                                                         31/12/2003   31/12/2004   30/12/2005                                         04               05           06             07
  otherwise by your legal representatives.                                                                                                   to           to           to
                                                                                                                                         31/12/2004   30/12/2005   29/12/2006
• The value of your holding on death may be subject to inheritance tax. You may wish to set up a trust to avoid
  any inheritance tax liability. You may need to seek independent advice about this.                                       The figures are based on a selling to selling             The figures are based on a buying to selling
                                                                                                                           basis (bid to bid basis) with income reinvested.          basis (offer to bid basis) with income reinvested.
• Tax laws in the UK or any other country in which the fund invests may change. The information in this
  document is based on our understanding of the current position.                                                         Source: Lipper
• If you are unclear about your tax position you should seek professional advice or information from local                Past performance is not a guide to future performance and the capital value of this investment and any income
  organisations.                                                                                                          from it can go down as well as up. This is not a guaranteed investment and you may get back less than you
                                                                                                                          have put in.
                                                                                                                          For details of the charges relevant to this trust, please refer to the ‘What are the charges?’ section on page 6.



10                                                                                                                                                                                                                                                                      11
CIS UK Income with Growth Trust
Launch date: 25th September 1989                                                                                                                                                        Performance of the CIS UK
                                                                                                                                                                                   Income with Growth Trust over 10 Years
                                                                                                                                                                             225
Investment aims                                                                                                                                                                                                                   Source: Lipper

To provide an above-average and growing income, together with some capital growth.                                                                                                                                                Past performance is not a guide to future performance
                                                                                                                                                                             200                                                  and the capital value of this investment and any income
                                                                                                                                                                                                                                  from it can go down as well as up. This is not a




                                                                                                                                                   % of Initial Investment
Investment strategy                                                                                                                                                                                                               guaranteed investment and you may get back less than
                                                                                                                                                                             175
The trust invests in blue-chip UK companies as well as government bonds and fixed-interest securities. The fund                                                                                                                   you have put in.
manager invests in a diverse portfolio of UK securities, comprising predominantly higher yielding equities,                                                                                                                       For details of the charges relevant to this trust, please
combined with a lower proportion of fixed-interest securities.                                                                                                               150                                                  refer to the ‘What are the charges?’ section on page 6.

Specific risks                                                                                                                                                               125
The annual management charge and the additional costs of managing the trust are taken from the capital of the
trust rather than from the trust’s income. This will reduce capital growth and may also reduce the capital value of
                                                                                                                                                                             100
your investment. See the section ‘What are the charges?’ on page 6. In addition to these specific risks, please                                                                    98   99   00   01   02     03   04   05   06
refer to the Risk Factors section on page 3 for details of general risks that also apply to this trust.                                                                                                Year


Income                                                                                                                                                    The figures are based on a buying to selling basis (offer to bid basis) with income reinvested.
Income is available quarterly, and can be paid out or reinvested for capital growth.

Dividend payment dates
For unit trusts 13th February, 13th May, 13th August and 13th November. For ISAs by the last day of February,
May, August and November.

Past performance
The charts below provide you with the past performance of the CIS UK Income with Growth Trust, with income
reinvested.

                                                           Annual Performance over 10 Years
            40


            30

                   27.4%
            20
                                                                                                              19.0%       18.8%
% change




                               13.3%                                                             16.2%                                 18.0%
            10
                                             1.0%
             0

                                                         -4.8%         -3.4%
           -10
                                                                                   -15.3%

           -20


           -30
                 31/12/1996   31/12/1997   31/12/1998   31/12/1999   29/12/2000   31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005
                     to           to           to           to           to           to           to           to           to           to
                 31/12/1997   31/12/1998   31/12/1999   29/12/2000   31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005   29/12/2006

           The figures are based on a selling to selling basis (bid to bid basis) with income reinvested.




12                                                                                                                                                                                                                                                                                            13
CIS UK Growth Trust
Launch date: 25th September 1989                                                                                                                                                               Performance of the
                                                                                                                                                                                        CIS UK Growth Trust over 10 Years
                                                                                                                                                                             225                                                    Source: Lipper
Investment aims
                                                                                                                                                                                                                                    Past performance is not a guide to future performance
To provide above-average capital growth over the medium to long term.                                                                                                        200
                                                                                                                                                                                                                                    and the capital value of this investment and any income




                                                                                                                                                   % of Initial Investment
                                                                                                                                                                                                                                    from it can go down as well as up. This is not a
Investment strategy                                                                                                                                                          175                                                    guaranteed investment and you may get back less than
The trust invests in a diverse portfolio of UK equities in any economic sector. The fund manager selects mainly                                                                                                                     you have put in.
                                                                                                                                                                             150
blue-chip companies listed on the UK stock exchange. The emphasis is on good quality UK companies which                                                                                                                             For details of the charges relevant to this trust, please
have excellent prospects for growth.                                                                                                                                                                                                refer to the ‘What are the charges?’ section on page 6.
                                                                                                                                                                             125

Specific risks
                                                                                                                                                                             100
None specific to this particular trust. Refer to the Risk Factors section on page 3 for general risk factors that apply to                                                                                                          The figures are based on a buying to selling
this trust.                                                                                                                                                                                                                         basis (offer to bid basis) with income reinvested.
                                                                                                                                                                              75
                                                                                                                                                                                   98     99   00   01    02    03   04   05   06
                                                                                                                                                                                                         Year
Income
Income is available half-yearly, and can be paid out or reinvested for capital growth.

Dividend payment dates
For unit trusts 13th March and 13th September. For ISAs by the last day of March and September.

Past performance
The charts below provide you with the past performance of the CIS UK Growth Trust, with income reinvested.

                                                           Annual Performance over 10 Years
           40


           30


           20      23.9%                      24.9%
                                                                                                                           20.0%
                                                                                                 18.7%                                   18.1%
           10                   13.7%
                                                                                                               10.8%
% change




            0
                                                          -8.5%

           10                                                          -13.8%


           -20                                                                      -22.2%



           -30
                 31/12/1996   31/12/1997   31/12/1998   31/12/1999   29/12/2000   31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005
                     to           to           to           to           to           to           to           to           to           to
                 31/12/1997   31/12/1998   31/12/1999   29/12/2000   31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005   29/12/2006

 The figures are based on a selling to selling basis (bid to bid basis) with income reinvested.




14                                                                                                                                                                                                                                                                                              15
CIS Sustainable Leaders Trust                                                                                              Past performance
                                                                                                                           The charts below provide you with the past performance of the CIS Sustainable Leaders Trust, with income
(formerly CIS Environ Trust)                                                                                               reinvested.

                                                                                                                                                                                                             Annual Performance over 10 years
Launch date: 29th May 1990
                                                                                                                                                      40


Investment aims                                                                                                                                       30                                                                                                                                   31.4.%
To provide above-average capital growth through investment in companies that have a positive effect on the
environment, human welfare and quality of life.                                                                                                       20                                                                                                                       21.5%
                                                                                                                                                                                                                                                                 19.4%




                                                                                                                                    % change
                                                                                                                                                                                           18.3%                                                    18.8%
                                                                                                                                                             13.7%            15.1%
Investment strategy                                                                                                                                   10

The trust invests predominantly in the UK but with some exposure to the US and Europe. The trust can invest                                            0
in any economic sector with the fund manager carefully selecting companies that meet a rigorous ethical                                                                                                  -4.3%
screening process.
                                                                                                                                                     -10
The core of the investment portfolio consists of shares in companies involved wholly or in part in the manufacture                                                                                                        -19.8%
of products, industrial processes or the provision of services associated with improving the environment and the                                     -20
enhancement of human health and safety.                                                                                                                                                                                                -29.2%
                                                                                                                                                     -30
The fund manager also invests in companies who have made a positive contribution to the environment and those                                               31/12/1996        31/12/1997   31/12/1998   31/12/1999        29/12/2000   31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005
whose management are making above-average efforts in corporate social responsibility.                                                                           to                to           to           to                to           to           to           to           to           to
                                                                                                                                                            31/12/1997        31/12/1998   31/12/1999   29/12/2000        31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005   29/12/2006

All companies are screened on an environmental basis, so as to exclude any whose operations are thought likely                                       The figures are based on a selling to selling basis (bid to bid basis) with income reinvested.
to cause significant damage to the environment.
The trust avoids investment in any company which has a significant amount of its business in countries where                                                            Performance of the
there is substantial disregard for human rights, in tobacco and tobacco-related products, in the manufacture,                                               CIS Sustainable Leaders Trust over 10 Years
distribution or sale of products which have predominantly military applications, or in products which involve                                         200
experiments on animals, except for those conducted for the benefit of human or animal health.
Unless there are exceptional mitigating circumstances, investments in companies involved in the generation of                                         175
nuclear power are avoided.




                                                                                                                           % of Initial Investment
                                                                                                                                                      150
Specific risks
The investment strategy is concentrated upon specific stocks, including some companies based overseas, and as
a consequence, its portfolio is not represented in many areas of industry and commerce. Therefore, the price of                                       125
units cannot be expected to move in a manner similar to that of the broad UK stock market and could be more
volatile. In addition to these specific risks, please refer to the Risk Factors section on page 3 for details of general                              100
risks that also apply to this trust.

Income                                                                                                                                                 75
                                                                                                                                                                98       99     00    01   02      03   04    05     06
Income is available half-yearly, and can be paid out or reinvested for capital growth.                                                                                                     Year

                                                                                                                           The figures are based on a buying to selling basis (offer to bid basis) with income reinvested.
Dividend payment dates
For unit trusts 13th July and 13th January. For ISAs by the last day of July and January.                                  Source: Lipper
                                                                                                                           Past performance is not a guide to future performance and the capital value of this investment and any income from
                                                                                                                           it can go down as well as up. This is not a guaranteed investment and you may get back less than you have put in.
                                                                                                                           For details of the charges relevant to this trust, please refer to the ‘What are the charges?’ section on page 6.




16                                                                                                                                                                                                                                                                                                      17
CIS European Growth Trust                                                                                                                                              CIS US Growth Trust
Launch date: 31st January 2000                                                                                                                                         Launch date: 19th February 2001

Investment aims                                                                                                                                                        Investment aims
To provide above-average capital growth over the medium to long term.                                                                                                  To provide above-average capital growth over the medium to long term through investment in a diverse portfolio
                                                                                                                                                                       of US securities in any economic sector.
Investment strategy
The trust invests in large, well-known European companies. Investments can be made in any European country,                                                            Investment strategy
including Turkey, but excluding the UK. The fund manager selects a balanced portfolio of companies with the aim                                                        The trust invests in a diverse portfolio of securities, the majority of which will be represented within the Standard
of delivering superior performance.                                                                                                                                    & Poor’s Composite 500 Index. This is an index of the largest US quoted companies.

Specific risks                                                                                                                                                         Specific risks
The trust’s overseas investments are not held in sterling. Therefore, exchange rate changes may cause the                                                              The trust’s overseas investments are not held in sterling. Therefore, exchange rate changes may cause the
sterling value of these investments to go down. In addition to these specific risks, please refer to the Risk                                                          sterling value of these investments to go down. In addition to these specific risks, please refer to the Risk Factors
Factors section on page 3 for details of general risks that also apply to this trust.                                                                                  section on page 3 for details of general risks that also apply to this trust.

Income                                                                                                                                                                 Income
Income is not available from this trust. Dividends are paid half-yearly and are automatically reinvested to buy                                                        Income is not available from this trust. Dividends are paid half-yearly and are automatically reinvested to buy
more units.                                                                                                                                                            more units.

Dividend payment dates                                                                                                                                                 Dividend payment dates
For unit trusts 13th June and 13th December. For ISAs by the last day of June and December.                                                                            For unit trusts 13th February and 13th August. For ISAs by the last day of February and August.

Past performance                                                                                                                                                       Past performance
The charts below provide you with the past performance of the CIS European Growth Trust, with income                                                                   The charts below provide you with the past performance of the CIS US Growth Trust, with income reinvested.
reinvested.
                                                                                                                                                                       Investment management of the CIS US Growth Trust was delegated to UBS Global Asset Management (UK) Ltd
Investment management of the CIS European Growth Trust was delegated to UBS Global Asset Management                                                                    with effect from November 2005.
(UK) Ltd with effect from November 2005.
                                                                                                                                                                                                          Annual Performance                                                                    Performance of the
                                       Annual Performance                                                                      Performance of the                                                                                                                                        CIS US Growth Trust since launch
                                                                                                                     CIS European Growth Trust since launch                       30                                                                                               110
           30                                                                                                  105                                                                                                                                                                 105
                                                                                                                                                                                  20
                                                                                                               100
           20                             24.8%                                                                                                                                                                                                                                    100
                                                                20.7%                                                                                                                                                            15.5%
                                                                                                                95                                                                10                   12.4%




                                                                                                                                                                                                                                                         % of Initial Investment
                                                                                                                                                                                                                                                                                    95
           10                                                             13.4%                                 90                                                                                                  0.9%
                                                                                     % of Initial Investment




                                                     9.7%                                                                                                                          0                                                                                                90
                                                                                                                85




                                                                                                                                                                       % change
                                                                                                                                                                                                                                              -0.4%
% change




            0
                                                                                                                80                                                                -10                                                                                               85
           -10                                                                                                  75                                                                                                                                                                  80
                                                                                                                70                                                                -20
                    -21.9%                                                                                                                                                                                                                                                          75
           -20                                                                                                  65
                              -27.3%                                                                                                                                                      -32.2%                                                                                    70
                                                                                                                                                                                  -30
                                                                                                                60
           -30                                                                                                                                                                                                                                                                      65
                                                                                                                55
                                                                                                                                                                                  -40
                                                                                                                50                                                                      31/12/2001   31/12/2002   31/12/2003   31/12/2004   30/12/2005                              60
           -40                                                                                                                                                                              to           to           to           to           to                                       2002   2003   2004    2005   2006
                 29/12/2000 31/12/2001 31/12/2002 31/12/2003 31/12/2004 30/12/2005                              45                                                                      31/12/2002   31/12/2003   31/12/2004   30/12/2005   29/12/2006
                     to         to         to         to         to         to                                        2001   2002   2003          2004   2005   2006                                                                                                                                    Year
                 31/12/2001 31/12/2002 31/12/2003 31/12/2004 30/12/2005 29/12/2006                                                         Year                          The figures are based on a selling to selling basis                                  The figures are based on a buying to selling basis
   The figures are based on a selling to selling basis                                      The figures are based on a buying to selling basis                           (bid to bid basis) with income reinvested.                                           (offer to bid basis) with income reinvested.
   (bid to bid basis) with income reinvested.                                               (offer to bid basis) with income reinvested.
                                                                                                                                                                       Source: Lipper
Source: Lipper
                                                                                                                                                                       Past performance is not a guide to future performance and the capital value of this investment and any income from
Past performance is not a guide to future performance and the capital value of this investment and any income from                                                     it can go down as well as up. This is not a guaranteed investment and you may get back less than you have put in.
it can go down as well as up. This is not a guaranteed investment and you may get back less than you have put in.
                                                                                                                                                                       For details of the charges relevant to this trust, please refer to the ‘What are the charges?’ section on page 6.
For details of the charges relevant to this trust, please refer to the ‘What are the charges?’ section on page 6.




18                                                                                                                                                                                                                                                                                                                           19
Information about the CIS Unit Trust ISA                                                                              What if my contributions exceed the ISA limits in any tax year?
                                                                                                                      • Once your ISA limits have been reached in a tax year, any further contributions you make will continue to be
                                                                                                                        invested in your chosen trust(s). However, these contributions will be held outside your ISA in an overflow
The previous information applies to unit trusts including CIS Unit Trust ISAs and CIS Unit Trust overflow. The          account and will not benefit from the tax advantages of your ISA – see the section ‘What about tax?’ on
following pages (19-21) contain specific details of our CIS Unit Trusts held within an ISA, including the different     page 10 for details of the tax treatment of the overflow account. The overflow account is taxed in the same
types of ISAs and the contributions you can make.                                                                       way as a unit trust which is not held within an Individual Savings Account.
                                                                                                                      • In the case of a CIS Maxi ISA, where you chose to contribute to both the stocks and shares and cash
Questions and answers                                                                                                   components, we will allocate to your ISA as much of each contribution as we can up to the ISA limit.
                                                                                                                      • If you pay a contribution which is greater than your remaining ISA allowance, we will allocate as much of
                                                                                                                        your CIS Unit Trust contribution as we can to your ISA first. We will then allocate any CIS Platinum Plus
What is a CIS Unit Trust ISA?                                                                                           contributions up to the remaining ISA limits and finally any CIS Deposit Account contribution will be allocated
• It is a tax-efficient way of holding your CIS Unit Trust investment, and is available to UK residents aged 18         to your ISA. Any part of your contributions which exceed the ISA limits on this basis will be applied to
  and over.                                                                                                             investments held outside your ISA.

• Holding your CIS Unit Trust within a CIS ISA allows you to receive all proceeds free of income tax and capital      • If you choose to invest in two or more CIS Unit Trusts and the situation arises where we can put only part
  gains tax.                                                                                                            of a particular unit trust contribution into your ISA, the allocation will be done on a proportionate basis.

• Your CIS Unit Trust can be held within a Maxi ISA or a Mini ISA – see the section 'What is the difference
  between a Maxi and Mini ISA?' for further information.                                                              Can I take money out?
• Because of the tax benefits of ISAs, the government has set limits on the amount you can invest in an ISA in        • Yes, you can take an income from certain funds (see below) or ask for one-off withdrawals. This will affect
  each tax year – see the section 'How much can I pay in?' for details of the ISA investment limits.                    what you get back when you cash in your ISA. Once you take money out of a current tax year ISA, you cannot
                                                                                                                        replace it. As such, any further ISA investments in the same tax year will be limited to the difference between
                                                                                                                        the ISA limit and your original investment. If you originally invested the maximum allowable, this will mean that
What is the difference between a Maxi and Mini ISA?                                                                     you can make no further ISA investments in the current tax year.

• A Maxi ISA allows you to invest up to £7,000 with a single ISA manager in up to two different components:           • Income is available from most of the CIS Unit Trust range, as set out in the table below. Income can either be
                                                                                                                        paid to you directly or reinvested to buy more units. You can choose which option you would like at the start,
     - Stocks & Shares; including unit trusts (for example, CIS Unit Trusts) and life assurance savings products        but you can change your mind at any time.
       (for example, CIS Platinum Plus)
     - Cash (for example, CIS Deposit Account).                                                                        CIS Unit Trust ISA                                Frequency of Income        ISA Income Distribution dates* – last day of...
• If you choose to invest in a Maxi ISA you can invest your whole allowance of £7,000 in CIS Unit Trusts, CIS
  Platinum Plus or a combination of the two, less any amount invested (up to £3,000) in a CIS Deposit Account.         CIS Corporate Bond Income Trust                    Monthly                   Each month

• A Mini ISA allows you to choose two separate ISA managers for two individual ISAs. You can invest up to:             CIS UK Income with Growth Trust                    Quarterly                 February, May, August and November
     - £4,000 in a stocks and shares Mini ISA
                                                                                                                       CIS UK Growth Trust                                Half-yearly               March and September
     - £3,000 in a cash Mini ISA.
• You cannot contribute to both a Maxi ISA and a Mini ISA in the same tax year.                                        CIS Sustainable Leaders Trust                      Half-yearly               January and July

• You cannot contribute to two Mini ISAs investing in the same component in the same tax year. For example,            CIS European Growth Trust**                        Half-yearly               June and December
  you cannot contribute to two stocks and shares Mini ISAs in the same tax year.
• You cannot transfer from a Mini ISA to a Maxi ISA (or vice versa) in the same tax year.                              CIS US Growth Trust**                              Half-yearly               February and August

                                                                                                                      *For unit trusts outside of an ISA, income is distributed on the 13th of the respective months shown in the table above, apart from
How much can I pay in?                                                                                                the CIS Corporate Bond Income Trust, where the distribution date is the 17th of each month.

                       Maxi ISA                                             Mini ISAs                                 **For the CIS European Growth Trust and the CIS US Growth Trust, no income distributions are made. Instead, all income payments
                                                                                                                      are automatically reinvested to buy more units.
              Total investment limit £7,000                      Total investment limit £7,000


                                                                                                                      Can I transfer my ISA?
                Stocks                                                                                                You can transfer your CIS Unit Trust ISA to another ISA manager at any time. You will not lose the tax benefits
             and Shares                                                                                               of your ISA by doing this.
           CIS Unit Trusts
            CIS Platinum          Cash                  Stocks and Shares                      Cash
                 Plus         CIS Deposit                CIS Unit Trusts                   CIS Deposit                Can I change my mind about my ISA investment?
            up to £7,000       Account                  CIS Platinum Plus                   Account
              (less any       up to £3,000                 up to £4,000                    up to £3,000
                                                                                                                      If this is the only investment you decide to make in a CIS ISA this tax year, cancelling will have the effect of
               amount                                                                                                 cancelling your ISA for this tax year. If you have made other investments in a CIS ISA this tax year, cancelling
              invested                                                                                                this investment will not affect these existing ISA arrangements. See the section entitled ‘Can I change my mind’
               in cash)                                                                                               on page 5 for further information.


20                                                                                                                                                                                                                                                          21
What about tax?                                                                                                      How to contact us
• For units held in a CIS Unit Trust ISA, there is no personal income or capital gains tax to pay. For investments   If you would like to make additional contributions or make a withdrawal, you can phone our Customer Contact
  in the Corporate Bond Income Trust, the ISA Manager will reclaim on your behalf, the 20% income tax                Centre on the number shown below.
  deducted at source on interest distributions received. For investments in the other trusts, since 6th April 2004   If you have any other questions, you can phone us, or you can write to us:
  the ISA Manager is no longer able to reclaim on your behalf the 10% tax credit on dividends received.
                                                                                                                     Call us on 08457 46 46 46 during the following times:
• Should you receive a tax return, there is no need to declare your ISA investments, but you would need to
  declare any investments held outside your ISA, including those in an overflow account.                                                     •   Monday to Friday 8am - 8pm
• The tax-efficient status of your ISA ends on death.                                                                                        •   Saturday 8am - 5pm.
• If your investment is still in force when you die then your funds will remain invested until we are instructed     Calls may be monitored or recorded for security and training purposes.
  otherwise by your legal representative.
                                                                                                                     Calls to 0845 numbers will cost no more than 4p per minute for BT customers. Call charges from other companies
• The death benefit payable may be subject to inheritance tax. You may wish to set up a trust to avoid any           may vary and you may want to check this with your service provider.
  inheritance tax liability. You may need to seek independent advice about this.
                                                                                                                     Office address:         Co-operative Insurance
• Tax laws in the UK or any other country in which the fund invests may change. In particular the favourable tax                             Miller Street
  treatment of ISAs may not be maintained. The information in this document is based on our understanding of
                                                                                                                                             Manchester
  the current position.
                                                                                                                                             M60 0AL
• If you are unclear about your tax position you should seek professional advice or information from local
  organisations.

                                                                                                                     Other Information
                                                                                                                     How to complain
                                                                                                                     • If you ever need to make a complaint, please contact:
                                                                                                                       Central Customer Relations Unit
                                                                                                                       Co-operative Insurance
                                                                                                                       Miller Street
                                                                                                                       Manchester
                                                                                                                       M60 0AL
                                                                                                                       Tel: 0845 300 0374
                                                                                                                     • If your complaint is not dealt with to your satisfaction, you can then complain to:
                                                                                                                       Financial Ombudsman Service
                                                                                                                       South Quay Plaza
                                                                                                                       183 Marsh Wall
                                                                                                                       London
                                                                                                                       E14 9SR
                                                                                                                       Tel: 0845 080 1800
                                                                                                                     • Making a complaint will not affect your legal rights.


                                                                                                                     An individual Simplified Prospectus of a specific CIS Unit Trust is available on request.
                                                                                                                     If you would like to receive an individual Simplified Prospectus, a copy of the full Prospectus or the annual and
                                                                                                                     half-yearly reports of a specific trust, free of charge, please contact us – see the section ‘How to contact us’ above.




22                                                                                                                                                                                                                                             23
Law
• In legal disputes, the Law of England will apply.
• CIS Unit Trusts are managed by CIS Unit Managers Limited. The Trustee, who looks after the safekeeping of
  the Trusts’ investments, is State Street Trustees Limited. Its Registered Office is at 1 Canada Square, London,
  E14 5AF and its Head Office (the address to write to) is at 50 Lothian Road, Edinburgh EH3 9BD.
• The CIS ISA is managed by CIS Policyholder Services Limited.
• CIS Unit Managers Limited and CIS Policyholder Services Limited are subsidiaries of the Co-operative Insurance
  Society Limited.
• In certain circumstances, described in the application form, your money may be held in a special bank account
  maintained for clients’ money with The Co-operative Bank plc.
• Certificates of title to units are not issued. A contract note will be sent to you each time you make a lump sum
  purchase or sale of units.
• The auditor of the Trust is KPMG LLP, Chartered Accountants and Registered Auditors, 1 The Embankment,
  Neville Street, Leeds, West Yorkshire, LS1 4DW.

• CIS Unit Managers Ltd, CIS Policyholder Services Ltd and Co-operative Insurance Society Ltd are authorised
  and regulated by the Financial Services Authority, the financial services regulator for the United Kingdom.
  The FSA can be contacted at:
     Financial Services Authority
     25 The North Colonade,
     Canary Wharf,
     London
     E14 5HS
     Tel: 0207 066 1000
     Website: www.fsa.gov.uk
Compensation
• We are covered by the Financial Services Compensation Scheme. If you make a valid claim against us for
  a plan which we may arrange for you and we are unable to meet our liabilities in full, you may be entitled to
  compensation from the Financial Services Compensation Scheme. The maximum level of compensation you
  can receive from the scheme for an investment business claim is £48,000 (100% of the first £30,000 and 90%
  for the next £20,000) for each person.
This document complies with the Simplified Prospectus regulations.
Date of publication: March 2007.




24