Past performance is not a guide to future performance.

The value of your investment and any income from it can go down as well as up and is not guaranteed. This means that you could get back less than you invested.

The funds may have holdings which are denominated in different currencies and may be affected by movements in exchange rates. Consequently, the value of your investment may rise or fall in line with exchange rates.

Direct property investment risks relating to the SWIP Property Trust:

Funds investing in physical property may experience difficulties or delays in selling these assets. As a result, very occasionally there may be constraints on cashing in units.

If the value of the Fund falls significantly, it may not be possible to maintain the same diversification of risk, as there may be fewer properties held.

Commercial property is a less liquid asset than other asset classes such as bond or equities and values could be affected if properties need to be sold at short notice. It is a specialist sector which could be volatile in adverse market conditions.

Property valuation is a matter of judgement by an independent valuer. Valuation is therefore generally a matter of a valuer’s opinion rather than fact. The value of capital and income will fluctuate as property values and rental income rise and fall.

Derivatives transactions will be used for the purposes of efficient portfolio management, hedging and to meet the investment objectives of the Fund. Derivatives may be exchange traded or Over the Counter (OTC) derivatives.

You should refer to the Key Features Document for each fund for more details of fund specific risks.