No fund manager's comment available.

Investments to be included in the portfolio will, apart from assets in liquid form, consist of participatory interests and other forms of participation of collective investment schemes, or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective, investing in amongst others, equity securities, property securities, non-equity securities, money market instruments, preference shares, listed and unlisted financial instruments, bonds and other interest bearing instruments and securities. The portfolio's equity exposure will be limited to maximum 10% of the portfolio's net asset value. The fund complies to Regulation 28.