*Net Asset Value - prior charges deducted at Par.

**Premium/(Discount) - prior charges deducted at Par.

Mid share price; and bid NAV and Prem/(Dis).

The following is a brief summary of risk factors which you should consider before making an investment in the fund.

Past performance is not a guide to future returns. The net asset value (NAV), share price and income of an investment can fall as well as rise and you may not get back the full amount originally invested. The share price can fluctuate and may not fully reflect the NAV of the company. Shares may trade at a premium (above NAV) or a discount (below NAV), which may vary continuously.

Please ensure that you understand the investment objective of the fund and its use of gearing (borrowing money). This fund should not be regarded as low risk. In the event of a falling market, losses will be magnified due to the impact of gearing and any outstanding borrowings in the event of liquidation shall rank in priority to the claims of other creditors including shareholders. The aims of the fund and the rights attaching to each class of share are not guaranteed and may not be achieved. Investment in smaller companies offers the possibility of higher returns but may also involve a higher degree of risk.

Fund shares may be purchased through a stockbroker.  We strongly recommend, however, that you receive independent financial advice and obtain a copy of the latest Report and Accounts before making an investment.