No fund manager's comment available.

The portfolio will not invest more 30% of its market value in on portfolio. The manager will include, apart from assets in liquid form, participatory interests and other forms of participation of local and global collective investment schemes, or other similar scheme operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that ion South Africa and which is consistent with the portfolio's primary objective and that the Act may allow from time to time. The portfolio will invest in a broad range of participatory interests and other forms of participation in schemes covering a broad range of investment philosophies. The underlying portfolios will invest in a flexible combination of investments in equity securities, property securities, non-equity securities, interest bearing securities, money market instruments, preference shares, listed and unlisted financial instruments, bonds and other interest-bearing instruments and securities.