The New Star Heart of Africa Fund offers investors a rare opportunity to invest in the returns potential of sub-Saharan Africa excluding South Africa. Although some of the companies targeted by the fund will be listed on stock exchanges around the world, for example Johannesburg and London, their primary business interests will be in the dynamic emerging economies of the sub-Saharan region.

This fund is high risk and therefore only suitable for investors who are able to bear the loss of all or part of their capital investment. Investors' attention is drawn to the detailed risk warnings in the fund's prospectus and simplified prospectus.

Please contact your financial adviser to discuss the suitability of this investment.

The value of investments and any income from them can fall as well as rise as a result of market and exchange-rate movements, and investors may not get back the amount invested. Past performance is not necessarily a guide to future performance.

Many sub-Saharan African markets are small, have low liquidity and may demonstrate significant price volatility, particularly when compared with more developed markets. As a result, the fund is likely to be more volatile than other funds that invest in more developed regions. Some of these countries may have relatively unstable governments and economies based on only a few industries. Many emerging countries do not have well developed regulatory systems and disclosure standards may be less stringent than those of developed countries.

The risks of expropriation, nationalisation and social, political and economic instability are greater in emerging countries than in more developed countries. The New Star Heart of Africa Fund typically holds a more concentrated portfolio than the average OEIC sub-fund, and invests across a limited geographic region. The fund may invest in smaller companies which can be less liquid than the securities of larger companies as a result of inadequate trading volume or restrictions on trading. Therefore, fund returns may be more volatile. Due to the specialist nature of the fund, in certain circumstances, for example where there are significant redemptions, there may be constraints on the redemption or switching of shares. As a result, at times, we may have to delay acting on instructions to sell investments. The bid-offer spread - the difference between the buying and selling prices of the underlying assets in a fund - is wider for the New Star Heart of Africa Fund than for other less specialist funds and may vary. Changes to the fund's pricing basis will lead to an increase or decrease in what investors will pay or receive when buying or selling shares. The overall impact of these changes should be less for long-term investors and may be either positive or negative.