Charges to Capital:

Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).

Emerging Markets:

The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.

Concentrated Portfolio:

The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.

Smaller Companies:

The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.

High Yield Bonds:

The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.

Sector Specific:

The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.

Geared Investments:

The fund focuses on geared investments. Funds which focus on geared investments such as warrants or options carry a higher degree of risk than other equity investments because of the risk of the underlying investments. It is possible that the fund may suffer sudden and large falls in value so that the short fall on cancellation, or the loss of the realisation on the investment at any time after the investor has bought the contract, could be very high and could even equal the amount invested, in which case you would get nothing back.

Value of Investments:

The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.

Investments Long Term:

Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.

Property:

The fund invests in Property funds, property shares or direct property. In particular the following risks will apply:- The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement. Property transaction costs are high (typically around 7% due to legal costs, valuations and stamp duty)

Exchange Rate:

This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.

Higher Risk:

This fund is specifically aimed at sophisticated investors and is particularly high risk, because it concentrates on a region that may be exposed to unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining to the fund in question. If you are not familiar with these you should ask us for a copy of the provider's key features and brochure.

Performance Charges:

This fund makes charges that depend on the fund's performance. For full details please refer to the fund prospectus.

Derivative Exposure:

The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.

Offshore:

The fund is not UK domiciled, and investors are not normally entitled to compensation through the UK Financial Services Compensation Scheme.

Income Eroding Capital Growth:

The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.

Umbrella Liabilities:

If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.

New Fund:

The charges and expenses may make up a higher proportion of a newly launched fund than initially estimated.

Solvency of Depository:

The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.

Solvency of Bond Issuers:

If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.

Ethical Restrictions:

The fund is unable to invest in certain sectors and companies due to the ethical criteria used to select investments for the fund.

Liquidity:

This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.

Returns Are Not Guaranteed:

What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.

Inflation:

Inflation will reduce the real value of your investments in future.

Taxation and Tax Relief:

Levels of taxation and tax relief are subject to change.