The investment objective of the portolio aims to provide investors with a returen that tracks the price and yield performance of the South African Yield Selected Bond Index (''the Index'') which consists of a fixed number of South African nominal bonds. The portfolio will attempt to place an investor in substantially the same position, from a capital and income perspective, as if they held the underlying contituents of the Index and in their correct weightings.

In order to achieve the abovementioned objective, the portfolio shall track the Index as closely as possible, by buying only constituent securities in the same weightings in which they are included in the Index and selling only securities which are excluded from the Index from time to time as a result of monthly Index reviews. Under normal circumstances the portfolio will aim to be invested in at leasr 100% of the component securities comprising the index.