No fund manager's comment available.

The fund will apart from assets in liquid form, consist solely of participatory interest in collective schemes or exchange traded funds (ETFs) that operate and are registered as collective investment schemes. The underlying collective investment schemes will predominately invest in bonds but can also invest in a diversified mix of global assets, including but not limited to money market, fixed income, exchange traded funds and other instruments. The fund is permitted to include listed and unlisted financial instruments as determined by the Registrar from time to time.
The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.