The portfolio continues to have a dominant exposure to US and European listed bonds and US dollar cash deposits. The currency exposure currently stands at approximately 67% US dollars and 25% euro, with the remainder in UK pounds sterling and rand.

The June 2008 distribution amounted to 4.0409 cents per unit. The volatility in the distributions over the last five years is a function of the volatility in the domestic currency market. During this time, the fund has produced consistent First World currency income. There is unlikely to be a significant change in the income produced by the fund due to the low risk and predictable nature of the underlying investments. However, any change in the value of the rand will result in fluctuations in the distributions.

The portfolio continues to have a dominant exposure to US and European listed bonds and US dollar cash deposits. The currency exposure currently stands at approximately 80% US dollars and 10% euros with the remainder in UK pounds sterling and rand. The term to maturity is approximately 1.8 years and it is our intention to maintain this level.

The June 2008 distribution amounted to 4.0409 cents per unit. The volatility in the distributions over the last five years is a function of the volatility in the domestic currency market. During this time, the fund has produced consistent First World currency income. There is unlikely to be a significant change in the income produced by the fund due to the low risk and predictable nature of the underlying investments. However, any change in the value of the rand will result in fluctuations in the distributions.

At least 85% of the assets of this fund will be held offshore at all times.

The fund seeks to maximise income, whilst maintaining capital stability in US dollars. To achieve this, the fund will invest in high quality, high yielding, offshore (non rand-denominated) securities, approved securities and liquid assets.

High yielding securities, approved securities and liquid assets.