| Investment Objective: 36ONE Target Return |
| "The 36ONE Target Return Fund will be a specialist portfolio, having the primary objective of providing investors with a reasonable level of stable long term capital growth. The portfolio will be investing in financially sound equity securities, property shares, property related securities and participatory interests in collective investment schemes in property listed on exchanges, non-equity securities and assets in liquid form. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective." |