This fund met its objective for the quarter by delivering a return very close to the median of the SA General Equity Unit Trust Sector. In the long term the fund continues to perform well above average, compared to its peer group. Despite the terrible performance of resource shares (Basic Materials delivered -14%), strong performance in Industrials such as Consumer services (9.6%) and Telecoms (11.6%) resulted in an essentially flat return for the quarter. Main positive contributors to performance were Naspers, MTN and Richemont, whereas the largest negative contributors were Anglos, Impala Platinum, Anglogold Ashanti and African Bank. The fund has achieved a 3 year annualised return of over 17%, participating in a period favouring equities. The future near term performance in the South African equity market is likely to be dominated by the direction of the Rand, as well as developments in the somewhat fragile mining sector.