Address: Two Galleria Tower, 13455 Noel Road, Suite 1000, Dallas, TX  75240

We pay better than the Banks on our CDs! We no longer write 91-day CDs!!  Call Officer direct on  +1(214)677-5476 for details.

This is a brief description of the fund ...

MAIN INVESTMENT STRATEGIES

Under normal market conditions, the Fund will invest at least 80% of its net assets in investments of large capitalization companies. Large-capitalization companies are those with market capitalization (share price times the number of common stock shares outstanding) of $200million and above. Shareholders will be given 60 days’ advance notice of any change to the 80% policy regarding investment in large-capitalization companies. The Fund will invest in equity securities the Fund’s manager believes are selling below the underlying value of their assets but, in the manager’s opinion, have the potential for significant capital appreciation. Following this strategy, the Fund will invest in companies with, for example:

Stock prices that are low relative to current or historical earnings, book value, cash flow, or sales – all relative to the market, a company’s industry or a company’s earnings growth; recent sharp price declines (fallen angels) but still have significant growth potential in the manager’s opinion

Valuable intangibles not reflected in the stock price such as franchises, distribution networks or market share for particular products or services, underused or understated assets or cash, tax loss carry forwards, or patents and trademarks. The Fund may invest up to 10% of its total assets in foreign securities outside of Africa to hedge against continental market risk.
 

RISKS

The fund invests in common stocks of large quoted companies in Africa. By their nature, Stocks historically have outperformed other types of investments over the long term. Individual stock prices, however, may tend to go up and down more dramatically. These price movements may result from factors affecting individual companies or industries, or the securities market as a whole. A slower-growth or recessionary economic environment could have an adverse effect on the price of various stocks held by the Fund.

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Last modified: 12/28/08