1. COLUMBIATHREADNEEDLE.CO.UK
INVESTOR UPDATE
MAY 2015

2. On 30 March 2015 Threadneedle Investments and its US-based affiliate Columbia
Management rebranded its business as Columbia Threadneedle Investments.
INTRODUCING
OUR NEW BRAND
Our experienced Portfolio Managers, strong product range and robust processes remain in place, and none of the fund names have
changed. Your account numbers, phone numbers and the Investor Centre address will all be the same. Your investment success is
our priority and our aim is to ensure we deliver the investment outcomes you need.
Some important things aren’t changing though
The new brand represents the combined capabilities,
reach and resource of Threadneedle Investments and Columbia
Management, both are owned by Ameriprise Financial a leading
US-based financial services provider.
Together we are more than 450 investment professionals,
located across 18 countries and responsible for US$506 billion
in assets†
. Our collective perspective and world view gives us
deeper insight into what might affect the financial outcomes
you are seeking.
Putting our views into a global context enables us to build
richer perspectives, create the right solutions and deliver
consistent investment performance, which ultimately
leads to better outcomes.
†
AUM of US$506bn : Includes the combined assets under management of the Columbia
and Threadneedle group of companies as of 31 March 2015. Source: Ameriprise Financial,
Inc. Q1 2015 earnings release..
The world is constantly changing, but our
priority remains the same — successful
investment outcomes for our clients.
Our website columbiathreadneedle.co.uk gives
you access to our latest investor guides and fund
information. You can also view our Your success.
Our priority. video which introduces our new brand.

3. Q1 MARKET REVIEW
OUTLOOK
Investors will have to get to grips with the different approaches
to policy adopted by central banks this year. Europe and
Japan have been loosening monetary policy whereas in
our view, the Fed will increase interest rates, albeit modestly,
this year.
Perhaps the biggest challenge facing policymakers in the
developed world is to decide what to do if economic growth
remains weak. If we ignore the US, there have been few
signs of real economic improvement. The problem is that
there is relatively little policymakers can do to stimulate
growth: interest rates cannot go much lower and most
governments cannot increase spending further due to
already high levels of debt.
Regionally, we believe that Japanese equities should remain
attractive as a weaker yen is helping to boost corporate
earnings, particularly for exporters. Domestic reforms
should also prove positive.
We continue to like UK equities, which produce a relatively
high level of income in the form of dividends. At the time of
writing the outcome of the UK election is looking uncertain
and could mean the markets are volatile for the short term.
However uncertain markets can also create opportunities
for long-term investors.
The ‘search for income theme’ is likely to continue unabated.
Assets with high levels of income will remain in demand and
for that reason we remain positive on the outlook for direct
commercial property. Property also has the benefit of being
a tangible asset, which is important to many investors in the
post-financial-crisis world, and could also provide important
diversification benefits.
Economic slowdown in China
Growth for 2014 was 7.4% - the slowest rate of growth for nearly a quarter of a century.
Chinese authorities have unveiled a range of measures to support growth.
European Central Bank (ECB) announces expanded quantitative easing (QE)
Following the announcement:
ƒƒ European bond yields have fallen (meaning that bond prices have gone up).
ƒƒ German 10-year government bonds now have a lower yield than the equivalent Japanese bond.
Greek elections
Post-election, the Greek financial crisis (which stretches back to 2009) continues. No major
impact outside Greece so far, but concerns are growing that Greece could run out of money.
Moody’s cut Petrobras bonds to junk status
Petrobras, the Brazilian oil company, has its bonds downgraded to junk by Moody’s.
Latin American stock markets, such as those in Brazil, have performed poorly this year.
US Federal Reserve March statement
US Federal Reserve removes the reference to a ‘patient’ policy approach. Markets already
anticipated at least one US interest rate rise this year, but they were buoyed by the fact that
the Fed’s own rate rise projections were less aggressive.
UK Budget
No significant impact, unlike last year when major pension reforms were unveiled.
20January
25January
24February
18March
18March
2015
22January
Read our full Outlook on our website.

4. PENSIONS
INVESTING FOR INCOME
A pensions revolution is happening in the UK, sparked by the
government’s announcement in the March 2014 budget that
from 6 April 2015 it was to relax the rules on what retirees
can do with their pension pots when they retire.
Until this year, the vast majority of defined contribution (DC)
pension savers had no option but to buy an annuity – which
converts a pension fund into an income for life. Only those
with the biggest pensions could leave their funds invested
and draw an income from it, while only those with the very
smallest of funds could take the lot as cash.
But from 6 April 2015, retirees are able to do what
they like with their hard-earned savings. They can:
nn cash their pension in and take the money
nn leave their pension invested and use it to generate
an income
nn buy an annuity
nn mix and match the above to find the right solution for you
It means people have far greater control over their finances
in retirement. However, with those freedoms comes a greater
responsibility to make the right decision to keep you and your
family secure in retirement. This is harder than ever, with so
many options open to every retiree.
During our working lives we get an income from our
salary, however, sometimes individuals and families need to
supplement this income with extra work or from their savings
in order to pay for luxuries or to help with the basic costs of
everyday living.
As we get older and enter retirement, we usually need to
generate an income to replace our salary – either through
a pension, savings or other types of investment.
In retirement, generating an income is crucial for those
with an outstanding mortgage or rent to pay, while all
of us will need some kind of income to cover the cost
of bills, hobbies, travel and all the other essentials of
everyday life.
The questions we all need to ask ourselves are:
nn how much income do I need?
nn what savings or investment products might
help me achieve that level of income?
How seriously you approach tackling your income
needs will also depend on what you need the income for:
whether that’s as a supplement to your salary, to boost
your pension or merely for holidays and treats.
Our Investor Guide to Pensions provides an overview of pensions,
details on saving for retirement and outlines the options available
to you when you retire. You can view the guide on our website.
Our Investor Guide to Investing for Income explains some of
the options available and the reasons why you may wish to
invest for income. You can view the guide on our website.

5. CUSTOMER COUNCIL
We are well aware of how much trust you have placed
in us by choosing us to manage your money.
Your views, feedback and experience are critically important
for us to continue to provide products and services to suit
your future needs. We can only do this by working with you
to develop a deeper understanding of what you expect both
from us, and from investment services generally. This is why
we have created the Customer Council.
As a member of the Council you will be invited to take
part in a limited number of high-level interviews, surveys,
and exclusive events over the next year. We use the
information you provide to us to make real improvements
to our products, services and how we communicate to
our investors.
myThreadneedle
REGULATORY CHANGES – IMPORTANT INFORMATION
myThreadneedle is our online transaction and valuation
service which provides you with instant access to your
investments with us, 24 hours a day, at a time convenient
for you. The site is secure and password-protected so only
you can see your portfolio of investments.
On 1 June 2015 the UK regulator, the Financial Conduct
Authority, will introduce new rules which will provide you with
extra protection in regards to the way we handle your money
when you buy and sell shares in our funds.
A legal notification providing full details of the change has
been sent to you with your April 2015 statements – it is also
available on our website columbiathreadneedle.co.uk/legal.
You are not required to take any action relating to this
change, however, if you have any questions please contact
us on 0800 953 0134* Monday to Friday 8am to 6pm,
or contact a financial adviser.
To create your account, please call us on
0800 953 0134* for an activation code
and then visit mythreadneedle.com
On the site you can:
nn carry out transactions: make a new investment, top-up an
existing investment, sell an investment, switch holdings to
another Threadneedle fund
Please note that customers who deal directly with us and
not via a financial adviser can carry out transactions on
the site
nn view valuations
nn compare Threadneedle funds
nn plan for an investment goal
nn access a range of educational material
If you would like to join the council please email
columbiathreadneedle@thewisdomcouncil.com

6. Importantinformation: Thismaterialisforinformationonlyanddoesnotconstituteanofferorsolicitationofanordertobuyorsellanysecuritiesorotherfinancialinstruments,ortoprovideinvestmentadviceorservices.Pastperformanceis
notaguidetofutureperformance.Thevalueofinvestmentsandanyincomeisnotguaranteedandcangodownaswellasupandmaybeaffectedbyexchangeratefluctuations.Thismeansthataninvestormaynotgetbacktheamountinvested.
Information gained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed.Issued byThreadneedle Investment Services Limited.Registered in England andWales,Registered No.3701768,
CannonPlace,78CannonStreet,LondonEC4N6AG.AuthorisedandregulatedintheUKbytheFinancialConductAuthority.ColumbiaThreadneedleInvestmentsistheglobalbrandnameoftheColumbiaandThreadneedlegroupofcompanies.
columbiathreadneedle.com Issued 05.15 | J22758
CONTACT DETAILS
Phone: 0800 953 0134*
(Monday to Friday, 8am – 6pm)
Email: questions@service.columbiathreadneedle.co.uk
Address: Threadneedle Investment Services
Limited, PO Box 10033, Chelmsford, CM99 2AL
Web: columbiathreadneedle.com
If you need to get in touch with us, please use the details below.
*Calls may be recorded.
SWIM IT.RIDE IT.RUN IT.
As the Global Financial Services Partner we are pleased to
support the ITU World Triathlon Series - the pinnacle of the
sport and a platform to promote a more active lifestyle.
In 2015 the series will visit 10 cities around the globe as
the world’s best athletes battle it out to be crowned World
Champion and seek Olympic qualification. Close to 50,000
Age Group athletes also participate in the Series, 1 million
spectators attend the events and the Series is enjoyed
by a global TV audience of 156 million.
In the UK we are proud to support Access Sport,
a youth development charity which builds community sport
programmes throughout the country. Clients and employees
involved in the triathlon have helped to raise in excess of
£75,000 to support the charity and harness the proven
power of sport to tackle social exclusion, inactivity and
obesity in areas where help is most needed.
Working with Access Sport to encourage children to get
involved in sport.
Find out more about the triathlon
and Access Sport on our website.
INVESTING IN OUR COMMUNITY
In 2013 we set up the Columbia Threadneedle Foundation
with the aim of growing our commitment to investing in the
community by building partnerships that create positive social
impact and engendering social change.
Through the Foundation, we have committed to major
partnerships with national charities The Art Room, Access
Sport and PFEG (Personal Finance Education Group). In addition
to contributing funds, we work with these charities to develop
their fundraising and provide a variety of pro bono skills
and resources.
In April 2014 we launched an employee volunteering
programme – to date over 145 employees have participated
in volunteering activities with local charities.
*Please note we record calls for your protection and to improve our standards.
Employee volunteers support a riverside clear-up day for UK
environmental charity Thames21.