The Bovest BCI Conservative Fund of Funds is a cautious managed fund of funds. The primary investment objective of the portfolio is to provide the investor with a high level of income and stable capital growth. The composition of the portfolio shall reflect the investment structure of a retirement fund with a cautious risk profile and will comply with prudential investment guidelines to the extent allowed for by the Act. To provide a limited level of capital protection, the portfolio's equity exposure, on a look through basis, may be as high as 40% of the portfolio's net asset value.