Diversified Income Fund

¹ Performance and volatility targets may not necessarily be achieved, losses may be made. The amount of income may rise or fall. The yield target is dependent upon market conditions and consequently may need to be revised. These internal parameters are subject to change not necessarily with prior notification.
² UK Equities defined as FTSE All Share TR.
³ Inception date: 3 September 2012. Prior to this date, the fund was called Managed Distribution, and was managed to a different investment objective.

General risks
The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth. Past performance is not a reliable indicator of future results. Investment objectives and performance targets are subject to change and may not necessarily be achieved, losses may be made.

Specific Risks
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise. Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

Important information
All information is as at 30 June 2020 unless otherwise stated.

Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.
If applicable FTSE data is sourced from FTSE International Limited (‘FTSE’) © FTSE 2020. Please note a disclaimer applies to FTSE data and can be found at www.ftse.com/products/downloads/FTSE_Wholly_Owned_Non-Partner.pdf.

Fund ratings may be provided by independent rating agencies based on a range of investment criteria, and do not constitute investment advice by Ninety One. For a full description of the ratings please see www.ninetyone.com/ratings.
Dynamic Planner® is a registered trademark of Distribution Technology.

Figure 1: Diversified Income Fund average monthly gain and loss as a proportion of UK Equities average gain and loss. UK Equity returns are for FTSE All Share Index, from 1 September 2012 to 31 January 2020.