To provide a balance of income and capital growth over the medium to long term.

The Fund will seek to achieve its investment objective through investing in a diversified portfolio of collective investment schemes and other permitted investments that have a similarly diversified character such as investment companies and exchange traded funds (ETFs).

The portfolio will be comprised predominantly of cash and near cash, fixed interest securities and equity funds.

The allocation of the portfolio will be approximately balanced between, on the one hand, collective investment schemes investing in growth assets (such as shares) to provide the potential for capital growth and, on the other, collective investment schemes investing in defensive assets (such as fixed interest securities and cash)

The ACD will use an asset allocation model to identify the mix of asset classes most appropriate to achieve the investment objective of this Fund, consistent with a medium risk profile. The ACD will select a range of investments that are suitable to achieve the asset mix recommended.

In order to provide diversification, the portfolio will typically be allocated across funds managed by a number of leading investment managers. While the ACD expects that the Fund's portfolio will be invested largely in other collective investment schemes, the Fund may also invest in other transferable securities, money market instruments, cash and near cash and deposits where appropriate to achieve its investment objective. The ACD may also utilise derivatives for the purposes of efficient portfolio management. Use may also be made of stock lending, borrowing and other investment techniques of efficient portfolio management. Investments in global shares and collective investment schemes will not be hedged back to the pound sterling (£).

The ACD must ensure that the Fund maintains sufficient cash for the purposes of maintaining liquidity. This portion of the Fund's assets must be represented by cash or similarly liquid assets (which may include money market instruments, deposits or units in collective investment schemes) at all times.

The Fund's portfolio and mix of asset classes will be rebalanced from time to time at the absolute discretion of the ACD not less than once each calendar quarter.

Prospectus

Key Investor Information - Class F

Financial Statements

Assessment of value statements are published annually for this fund - These reports are useful to give an overview of how the Fund has performed in comparison to industry comparators.

Questions and Queries

For frequently asked questions or further information about your holdings or this fund please:

Email the Fund Team mismartfund@valu-trac.com or call us on: 01343 880 344 and quote the fund name.