Secured Income Fund : 20221231 Secured Income Fund Ordinary Shares KID GB00BYMK5S87

Key Information Document

Secured Income Fund Plc

Purpose

This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.

Product

Name	Secured Income Fund Plc (the "Company") Ordinary Shares
ISIN	GB00BYMK5S87
PRIIP Manufacturer	Secured Income Fund Plc
	Website:www.securedincomefundplc.co.uk
	Telephone: [phone]

This key information document is accurate as at 31 December 2022.

What is this product?

Type	This Company is a closed-ended investment scheme listed on the Main Market of the London
	Stock Exchange (within the Specialist Fund Segment). The Company's Ordinary Shares are
	therefore available to the general public.
Strategy	The Company will be managed with the intention of realising all remaining assets in the
	Portfolio in a prudent manner consistent with the principles of good investment management
	and with a view to returning cash to Shareholders in an orderly manner.
	The Company will pursue its investment objective by effecting an orderly realisation of its
	assets in a manner that seeks to achieve a balance between maximising the value received
	from those assets and making timely returns of capital to Shareholders. This process might
	include sales of individual assets, mainly structured as loans, or running off the Portfolio in
	accordance with the existing terms of the assets, or a combination of both.
Intended retail investor	The Company is designed for investors who are seeking exposure to alternative finance
	investments and related Investor instruments and who are capable themselves of evaluating
	the merits and risks of the investment or other investors who have been professionally advised
	and who have sufficient resources both to invest in potentially illiquid securities and bear any
	loss which may result from such an investment.
Maturity	The Company entered a Managed Wind-Down on 17 September 2020. The Company is
	unlikely to be able to realise the full value of its Portfolio and return the proceeds to
	Shareholders for at least a period of between two and four years, and possibly longer, given
	the illiquid nature of the product's investments.

Secured Income Fund plc © 2023

Key Information Document

Secured Income Fund Plc

What are the risks and what could I get in return?

The summary risk indicator is a guide to the level of risk of this fund compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact our capacity to pay you.

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Lower Risk	Higher Risk
	The risk indicator assumes you keep the product for 3 years. The actual
	risk can vary significantly if you cash in at any early stage and you may get
	back less. You may not be able to sell your product easily or you may have
	to sell at a price that significantly impacts on how much you get back.

The following are some of the other risks materially relevant to the PRIIPs that are not taken into account in the summary risk indicator:

The Product does not include any protection from future market performance so you could lose all or some of your investment.

The Company is exposed to exchange rate volatility as it holds assets denominated in multiple currencies. Capital may be at risk as the value of the investments may go down as well as up and is not guaranteed.

In a Managed Wind-Down, the value of the Portfolio will be reduced as investments are realised and concentrated in fewer holdings, and the mix of asset exposure will be affected accordingly.

Performance scenarios (assumed £10,000 investment)		1 Year		3 Years
		(Recommended
									holding period)
	Stress scenario			What you might get back after costs.		£3,779		£1,589
			Average return each year.		-62.2%		-45.8%
	Unfavourable scenario			What you might get back after costs.		£7,028		£4,885
			Average return each year.		-29.7%		-21.2%
	Moderate Scenario			What you might get back after costs.		£9,235		£7,857
			Average return each year.		-7.7%		-7.7%
	Favourable Scenario			What you might get back after costs.		£12,088		£12,589
			Average return each year.		20.9%		8.0%

Secured Income Fund plc © 2023

Key Information Document

Secured Income Fund Plc

The table on the previous page shows the money you could get back over the next 3 years under different scenarios, assuming you invest £10,000. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.

The scenarios presented are an estimate of future performance based on evidence from the past on how the value of this investment varies and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the product. The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you.

The figures shown include all the costs of the product but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.

What happens if Secured Income Fund plc is unable to pay you?

As the shares are traded on the London Stock Exchange and not directly with the PRIIP Manufacturer. Any default by the PRIIP Manufacturer should not materially affect the value of the underlying investments. A default by the Company or any of the underlying holdings, could affect the value of your investment. As a shareholder in the Company, which is a listed company, you would not be able to make a claim to the Financial Services Compensation Scheme about the Company in the event that the Company is unable to pay out.

What are the costs?

The Reduction in Yield (RIY) shows the impact the total costs you pay will have on the investment return you might get. The total costs consider one-off, recurring and incidental costs (where applicable).

The amounts shown here are the cumulative costs of the Product itself, for two different holding periods. The figures assume you invest £10,000. The figures are estimates and may change in the future.

Table 1: Costs over time

The person selling you or advising you on this Product may charge you other costs. If so, this person will provide you with information about these costs and show you the impact that all costs will have on your investment over time.

	Investment scenarios (£10,000)		If you cash			If you cash
		in after 1 year			in after 3 years
	Total costs	£743		£2,229
	Impact on the return (RIY) per year	7.43%		8.01%
Table 2: Composition of costs
The table on the following page shows:

• The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period.
• The meaning of the different cost categories.

Secured Income Fund plc © 2023

Key Information Document

Secured Income Fund Plc

	One-off		Entry charge	N/A	As a closed ended investment trust, no entry charges apply.
	costs		Exit charge	N/A	As a closed ended investment trust, no exit charges apply.
			Portfolio	0.46%	The impact of costs pertaining to the buying and
	Recurring		transaction costs	selling of the underlying investments for the Product.
	costs		Other ongoing costs	6.97%	All additional ongoing charges applicable to the Product
			including the cost of managing your investments.
	Incidental costs		Performance / other	N/A	This Product does not have any
		incidental fees	performance or other incidental fees.

How long should I hold it and can I take money out early?

Recommended holding period: 3 years.

This product has no required minimum holding period but is designed for medium to long term investment; you should be prepared to stay invested for at least 3 years. The Company has entered into a Managed Wind-Down and is unlikely to be able to realise the full value of its Portfolio and return the proceeds to Shareholders for at least a period of between two and four years, and possibly longer, given the illiquid nature of the product's investments.

The value of the Ordinary Shares and the income derived from them (if any) may go down as well as up. Although the Ordinary Shares are traded on the Main Market, it is possible that there may not be a liquid market in the shares and investors may have difficulty selling them. Accordingly, investors may be unable to realise their shares at the quoted market price (or at the prevailing net asset value per share), or at all. You may sell your investment within the recommended holding period without penalty.

How can I complain?

As a shareholder of the Company you do not have a right to complain to the Financial Ombudsman Service (FOS) about the management of the Company. Any complaints about the Company or the key information document should be directed to:

• Address: Level 13 Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, United Kingdom.

Other relevant information

The prospectus and other information such as the annual and interim reports can be obtained from the Company's website: www.securedincomefundplc.co.uk.

Depending on how you buy the PRIIP you may incur other costs, including platform fees. The distributor will provide you with additional documents where necessary.

Secured Income Fund plc © 2023