OEIC stands for an open-ended investment company which works in a very similar way to a unit trust except that an OEIC is legally constituted as a limited company (Plc). OEICS have been operating outside the UK for some time but only since 1997 has it been possible to operate an OEIC in the UK. OEICS are not trusts and do not therefore have a trustee. However they have a depositary which holds the securities and has similar duties to a unit trust trustee.

When you invest in an OEIC fund, your money is added to that of other investors. This means it can be spread across a far wider range of, for example, equities and/or fixed interest securities helping you to spread the risk to your money.

Remember past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future. Exchange rate fluctuations may cause the value of underlying overseas investments to go down as well as up. Some Funds investing in specialist sectors or areas carry greater risks due to the potential volatility of market sectors into which the funds invest.

You should not invest without consulting a Key Features Document and supporting literature.