1. GLOBAL DISCOVERY FUND

    IN PRAISE OF SMALL

    Global Discovery aims to produce attractive returns, mainly through capital growth, over the long term. To invest mainly in shares of companies worldwide which we consider offer excellent future growth prospects. Investment may also be in other transferable securities (for example bonds, debentures, loan stock), money market instruments, cash and near cash. The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.