Fund update Changes to the Select Risk Profile Portfolios

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 5.5-9.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests mainly in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. It will also invest to a lesser extent in traditionally riskier assets such as equities (shares in companies), including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 20-50% in equities. This is the least risky of the Select Risk Profile Portfolios, so it may not return as much as other funds in the range over the longer term. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 5.25-9.25% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests mainly in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. It will also invest to a lesser extent in traditionally riskier assets such as equities (shares in companies), including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 20-50% in equities. This is the least risky of the Select Risk Profile Portfolios, so it may not return as much as other funds in the range over the longer term. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 7-11% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a balanced mix of traditionally lower risk assets (including investment grade corporate bonds, government bonds (gilts) and cash) and traditionally riskier assets such as equities (shares in companies) including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 35-65% in equities. This is the second least risky of the Select Risk Profile Portfolios, so it may not return as much as other portfolios in the range over the longer term. The underlying assumptions that underpin the volatility and equity ranges are subject to change at the fund manager's discretion.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 7.5-12.0% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a balanced mix of traditionally lower risk assets (including investment grade corporate bonds, government bonds (gilts) and cash) and traditionally riskier assets such as equities (shares in companies) including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 35-65% in equities. This is the second least risky of the Select Risk Profile Portfolios, so it may not return as much as other portfolios in the range over the longer term. The underlying assumptions that underpin the volatility and equity ranges are subject to change at the fund manager's discretion.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8.5-12.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a mix of riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 50-80% in equities. This means it sits towards the lower end of the Select Risk Profile Portfolio range in terms of risk and long-term growth potential. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10.0-14.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a mix of riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 50-80% in equities. This means it sits towards the middle of the Select Risk Profile Portfolio range in terms of risk and long-term growth potential. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10.5-14.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund predominantly invests in riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 65-95% in equities. This means it sits towards the upper end of the Select Risk Profile Portfolio range in terms of risk and long-term growth potential. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 12.5-17.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund predominantly invests in riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 65-95% in equities. This means it sits towards the upper end of the Select Risk Profile Portfolio range in terms of risk and long-term growth potential. The underlying assumptions that support the volatility and equity ranges are at the fund manager’s discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 12-16% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund predominantly invests in riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 75-100% in equities. This makes it our second highest-risk of our Select Risk Profile Portfolios, but with the potential for higher long-term returns. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 14.5-19.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund predominantly invests in riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 75-100% in equities. This makes it our second highest-risk of our Select Risk Profile Portfolios, but with the potential for higher long-term returns. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 13.5-17.5% over a market cycle, which can last three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests almost exclusively in riskier assets, such as equities (shares of companies) including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 85-100% in equities. It’s the highest risk of our Select Risk Profile Portfolios, but has the potential for higher long-term returns. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.

This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 15.5-20.5% over a market cycle, which can last three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests almost exclusively in riskier assets, such as equities (shares of companies). including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 85-100% in equities. It’s the highest risk of our Select Risk Profile Portfolios, but has the potential for higher long-term returns. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change.