When you invest, the initial charge is the total initial charge you will pay. e.g. if you invest £1,000 and the initial charge is 0.25% then £2.50 will be deducted from your investment and the balance will be invested in the funds that you have selected.

• If you invest in an ISA you will pay the ISA initial charge
• If you invest directly into funds e.g. as a Unit Trust or OEIC not wrapped in an ISA you will pay the fund initial charge

Note: You pay either the fund initial charge or the ISA initial charge you do not pay both of these charges.