With effect from 1 Nov 05, the Gryphon All Share Tracker Fund has reduced the maximum initial fee from 4.56% to 0%.

Global economies are currently starting to top out, mainly due to the high oil price and tightening monetary cycle in the US, China and elsewhere. Thanks to a strong Chinese economy, commodity prices are, expected to remain at current levels over the next few months, and emerging markets (especially commodity markets like South Africa) should benefit, especially if the commodity-based currencies start weakening. We foresee the local economy remaining buoyant for 2005, the rand stable and inflation within the range as targeted by the Reserve Bank. However, we expect the Reserve Bank to keep short term interest rates on hold for 2005. Domestic demand should remain strong, driving growth in the local economy to weaken, that is we foresee a positive environment for equities and more so for commodity shares, which should benefit tracker funds due to their higher-than-average equity fund exposure to commodity shares.

The Gryphon All Share Tracker Fund due to its tracker mandate, remains fully invested and only slightly tilted to certain sectors and shares, as to enable the most efficient replication of the All Share Index with an optimum number of shares.

Global economies are currently starting to top-out, mainly due to the high oil price and tightening monetary cycle in the US, China and elsewhere. Thanks to a strong Chinese economy, commodity prices are, however, expected to remain at current levels over the next few months, and emerging markets (especially commodity markets like South Africa) should benefit, especially if the commodity-based currencies start weakening. We foresee the local economy remaining buoyant for 2005, the rand stable and inflation within the range as targeted by the Reserve Bank. However, we expect the Reserve Bank to keep short term interest rates on hold for 2005. Domestic demand should remain strong, driving growth in the local economy, that is we foresee a positive environment for equities and more so for commodity shares, which should benefit tracker funds due to their higher-than-average equity fund's exposure to commodity shares.

The Gryphon All Share Tracker Fund due to its tracker mandate, remains fully invested and only slightly tilted to certain sectors and shares, as to enable the most efficient replication of the All Share Index with an optimum number of shares.