Before making Your investment choices please make sure You read the following information, which includes details of some of the risks You should be aware of:

• The return on each fund depends on the performance of the assets it invests in and the charges on the fund.
• The price of a unit in a fund depends on the value of the fund’s assets after charges. This can go down as well as up, and Your investment in the fund may be worth less than what You paid.
• Risk/Return ratings are reviewed regularly and they can change over time.
• Some funds invest in overseas assets. This means that exchange rates and the political and economic situation in other countries can significantly affect the value of these funds. The value can go down as well as up, and Your investment in the fund may be worth less than what You paid.
• The asset mix that each fund invests in may be continuously reviewed and may be changed in line with developments in the relevant markets. Part of each fund may also be held in cash and other money market instruments.
• You will probably be one of many investors in each fund You choose. In exceptional circumstances, We may have to wait before We can transfer or switch Your investments. This is to maintain fairness between those remaining in and those leaving the fund.
• If We have to delay a transfer or switch, we will use the fund prices on the day the transaction takes place – these prices could be very different from the prices on the day You made the request.
• You can change the mix of Your investments and of the funds that You choose as it suits You.
• Some of Our Unit-Linked Savings Plans and Retirement Solutions stipulate a minimum investment that has to be invested in each fund that You select. This means that You may be constrained by the number of funds that You can select at any one time.
• Transaction costs may apply when You switch in and out of funds. These will be taken into account in the price used to calculate the value of the funds on the day You switch and will vary depending on the type of fund.
• Some fund managers may look to get a better return by lending some of the assets to certain financial institutions. This involves some risk, and in certain circumstances, the fund could suffer a loss – for example, if the institution encountered financial difficulties and was unable to return the asset. The fund manager will use some controls to manage this risk, such as obtaining security from the borrower and monitoring their credit rating.
• Funds can sometimes use derivatives to improve portfolio management and to help meet investment objectives. A derivative is a financial instrument – its value is derived from the underlying value or movement in other assets, financial commodities or instruments, like equities, bonds, interest rates, etc. There is a risk that a counterparty will fail, or partially fail, to meet their contractual obligations under the arrangement. Where a counterparty fails, the fund could suffer a loss. As part of the management of a fund, a number of controls can be used to reduce the impact of this risk, such as holding collateral and monitoring credit ratings. Depending on how it is used, a derivative can involve little financial outlay but result in large gains or losses. We do not have control over the use of derivatives in the funds that We provide.
• The funds listed in the MAPFRE MSV Life Funds Chartbook were correct when this document is published. We cannot guarantee that all funds will be available when You make an investment.
• There are important differences between the MMSV With Profits Fund and other types of investment funds. If You are thinking of investing in the MMSV With Profits Fund please  read the “MAPFRE MSV Simple Guide to With Profits” which is available on Our Website.

Asset Classes 

Asset classes
An ‘asset class’ is a category of investments, such as equities or bonds. Normally assets in the same class have similar characteristics. However, they can have very different returns and risks. The value of the investments in any asset class can go up or down, and may be worth less than what was paid in – there are no guarantees. Past performance is not a reliable indicator of current or future investment returns.

Equities
What are they? Equities are part ownership in a company, usually known as stocks or shares.
What is the potential return? The return on equities comes from growth in the value of the shares, plus any income from dividends. For overseas equities, changes in the foreign currency exchange rates could also significantly affect returns.
What are the risks? Equities are one of the more volatile asset classes – although they can offer good growth potential, their value can rise or drop sharply at any time. Because of this volatility, equities should normally be viewed as a long term investment.

Bonds
What are they? Bonds are essentially loans to a government or company. These loans are often for a set time period and the bond owner usually receives regular interest payments. What is the potential return? The return is a combination of any interest received and any change in the bond’s value. For overseas bonds, changes in the foreign currency exchange rates could also significantly affect returns.

What are the risks? A bond’s return will be affected if:

• the interest or capital cannot be paid back in full or on time,
• the creditworthiness of the company or government reduces
• interest rates or foreign currency exchange rates change.

Bonds can be traded on the stock market, so their value can go up and down at any time.

Some bonds are riskier than others, e.g. bonds issued for a longer time period or by companies which are viewed as risky.

Money Market Instruments (including Cash)
What are they? Money market instruments generally include deposits with banks, as well as governments and large corporations. They also include other investments that can have more risk and return than standard bank deposits.

There are circumstances where money market instruments can fall in value.

• Diversification (across markets or asset classes) reduces the overall risk of a portfolio.
• Funds with a small cap bias are considered a higher risk than those with a mid-cap bias, which are considered a higher risk than those with a large-cap bias.
• Funds with a more aggressive investment management style are a higher risk than those with a more conservative investment management style.
• Funds invested in markets with lower liquidity are considered to be a higher risk than those invested in more developed and mature markets.
• Currencies with historically high volatility are a higher risk than those with a historically lower volatility.

• MAPFRE MSV Life p.l.c.is authorised by the Malta Financial Services Authority (MFSA) to carry on longterm business under the Insurance Business Act, Cap 403 of the Laws of Malta. MAPFRE MSV Life is regulated by the MFSA.
• This MAPFRE MSV Life Funds Chartbook is intended solely to provide the latest monthly fund fact sheets of the funds included in the Chartbook. Upon request, We can provide more detailed information about any fund, including a copy of the current prospectus and Key Investor Information Document.
• All the investment options that We provide as permitted links to the MMSV Life WorkSave Pension Scheme are externally managed by specialist asset / investment managers. This means that We are not responsible for the performance of these funds and their continued availability.
• All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment cannot be guaranteed.
• The value of Your investment may fall as well as rise and You may get back less than originally invested.
• Past performance is not a reliable indicator of current or future results.
• There are risks involved in relying on the performance of investments with a single asset class, rather than spreading investments over a variety of asset classes.
• The return on each fund depends on the performance of the assets it invests in and the charges of the fund.
• Different funds have different levels of risk. The higher the risk rating, the less stable the fund price is likely to be.
• Some funds invest in overseas assets. This means that movements in exchange rates and the political and economic situation in other countries can adversely affect the value of these funds and the return on investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful.

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You can follow the latest update here:  https://Mapfre.com/en/economic-financial-information