VT PortfolioMetrix Blended Cautious A GBP Accumulation

The investment objective of the Fund is to generate income and capital growth over the medium to long term (at least 5 years). The Fund will seek to achieve its objectives by investing at least 80% in a blend of passive (that is those investments which aim to track the performance of various financial indices) and active collective investment funds (such as OEICS, exchange traded funds and Investment Trusts, and which may include funds managed and/or operated by the ACD or Investment Manager) which will provide exposure to a diversified portfolio but with a majority (more than 50%) towards exposure (indirectly) to lower risk assets such as fixed interest investments (such as bonds, which may be government or corporate and vary in terms of investment grade credit ratings, including subinvestment grade to a limited extent) and less emphasis on exposure to higher risk assets such as equities (and to an even lesser extent, alternatives such as property, infrastructure and commodities). It is expected that the exposure to higher risk assets such as equities will typically be 15-35%. The Fund may also invest directly in equities, bonds (investment grade and sub-investment grade), money market instruments, cash, near cash and deposits. The Fund may use derivatives for the purposes of efficient portfolio management. Foreign currency exposure through non-UK investments and particularly overseas bonds may be hedged back into £-Sterling. The Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. The Fund is actively managed. You can buy and sell shares in the Fund on any business day. Income from the Fund will be added to the value of your investment (i.e. dividend income will be included in the value of your shares). For full investment objectives and policy details please refer to the prospectus.