MI Somerset Emerging Markets Discovery Fund

Objectives and Investment Policy

The Fund aims to grow your investment.

The Fund aims to outperform the MSCI Emerging Markets SMID (Small-Mid Capitalisation) Index (with net dividends reinvested) over a 5 year period.  However, there is no guarantee that this return will be achieved and investors should note that capital is at risk.

The Fund will invest in shares of companies with a value of less than US$15 billion, at the time of investment, that are established or operating in emerging and frontier market countries.  These are countries that are still developing their economies.  The Fund will invest at least 80% (but usually significantly more) in Asia, Eastern Europe, the Middle East, Africa and Latin America.

The Fund can use derivatives (financial instruments whose value is linked to the rise and fall of other assets) for the purposes of efficient portfolio management, with the aim of managing risk and cost.

You can buy and sell shares on any business day in London.

Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.

For full investment objectives and policy details please refer to the prospectus.