The investment objective of the VT AJ Bell Passive Adventurous is to achieve long-term capital growth with a high level of exposure to higher risk assets such as equities and a low level of exposure to lower risk assets such as cash and fixed income.

The Fund will seek to achieve its objective by investing primarily in listed securities (ETFs, futures, fixed income securities, money market instruments and equities), but also, particularly in the early stages of the Fund's growth, in other collective investment schemes.

The Fund will invest, wherever practically possible, in 'passive' investments, which are instruments and investment strategies that aim to track the performance of various financial indices.

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 may have exposure to emerging markets through its investments in e.g. collective investment schemes or futures.

Derivatives (that is sophisticated investment instruments linked to the rise and fall of the price of other assets) are held only for efficient portfolio management purposes.

Derivatives:
The Fund may hold derivatives only for efficient portfolio management purposes. It is not intended that the use of derivatives for efficient portfolio management purposes will increase the risk profile of the Fund.

Prospectus

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The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results