The underlying fund will primarily invest in real estate securities listed on international stock exchanges and has a total return objective comprising both income return and capital appreciation. The Fund has a medium to long term investment horizon.

The fund is a rand denominated fund investing in the Catalyst Global Real Estate Fund, which invests in Global real estate securities comprising of equity securities and fixed income securities, regulated real estate derivative securities, securities in listed entities that are backed by real estate property, as well as closed ended property companies that are involved in the developing, letting and managing of properties, and cash.

The UBS Global Investors Index recorded a total return of -0.58% in June. The best
performing listed real estate markets were Australia, followed by Asia (excluding Australia)
which recorded total returns of 5.61% and 4.73% respectively. North America was the
poorest performing market in June recording a total return of -2.93%. Year to date the best
performing market is Asia (excluding Australia) which has recorded a total return of 13.01%
over the period. Year to date North America is the poorest performing market with a total
return of -11.22%.
Although there has been a rally over the last four months (where the UBS Global Investors
Index moved from its low of 1,030 on 9 March 2009 to its most recent high of 1,676 on 4
June 2009 - an increase of 62%) it must be remembered that this movement is off a low
base. As at the 30 June 2009 the index (1,602) is still 59% below its high of 3,869 on 20
February 2007.