The investment objective of the Smaller Companies Fund is to grow the real value of investors’ capital and income. Investments will primarily be in global smaller companies, which do not form part of the leading market indices. An equal emphasis will be placed on the generation of income and on capital growth. The Smaller Companies Fund may invest in any geographical area and any economic sector. The Smaller Companies Fund invests mainly in securities of smaller companies, quoted on the world’s stockmarkets, which are considered to have above-average long-term growth prospects.