PLEASE NOTE THAT DUE TO EXCHANGE CONTROL REGULATIONS THE FOORD INTERNATIONAL FEEDER FUND HAS BEEN CLOSED FOR NEW INVESTMENT UNTIL FURTHER NOTICE.

The objective of the feeder fund, which was launched on 2 March 2006, is to provide investors with exposure to a portfolio of international equity and fixed interest securities, constructed with the purpose of maximising return with minimum risk.  The manager’s specific aim is to produce an annualised return over time in excess of 10% in US Dollars, thereby expecting to outperform world equity indices.  South African investors are able to diversify their portfolios offshore and to hedge against ZAR depreciation.

A feeder fund portfolio is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a collective investment scheme. The Foord International Feeder Fund invests in the Foord International Trust (refer www.foordinternational.com).  This fund is a diversified, balanced fund offering a conservative, but dynamic, asset allocation policy incorporating equities, bonds and cash.  Its emphasis is on a limited number of high quality investments in developed financial markets and strong currencies. 

The Feeder Fund is suitable for investors:

• Requiring diversification through offshore investment – with exposures to currencies, markets and securities not available in South Africa
  
• Seeking a hedge against ZAR currency depreciation
  
• South African residents who have utilised their maximum personal exchange control allowance
  
• Who desire the fund managers of the Foord International Trust, with their specific and proven long-term performance track record, to manage their offshore investment portfolios

MONTHLY PERFORMANCE

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	TOTAL
2010	1.60%	1.90%	-2.40%	-0.70%	-5.00%	2.70%	-1.00%	1.00%					-2.11%
2009	5.00%	-6.40%	-2.90%	-7.20%	1.30%	-5.20%	5.80%	2.00%	-0.90%	5.10%	-0.90%	-1.10%	-6.31%
2008	5.30%	7.30%	6.40%	-4.20%	-0.80%	0.80%	-8.20%	2.10%	4.80%	-2.40%	1.00%	-0.90%	10.51%
2007	3.63%	2.64%	-0.85%	-0.63%	0.97%	-0.41%	3.76%	-2.22%	0.87%	-1.05%	1.40%	0.02%	8.24%
2006			0.72%	0.62%	6.56%	7.10%	-2.18%	6.17%	7.50%	-2.31%	-0.22%	-2.01%	23.35%

FUND CHARACTERISTICS

Benchmark:	The total return (capital plus income) of the ZAR equivalent of the MSCI World Equities Index.
Significant restrictions:	Portfolio may only invest in one other collective investment scheme, plus assets in liquid form.
Income distributions:	End-February and end-August each year.
Income characteristics:	Nominal income yield.
Portfolio orientation:	Invests in the Foord International Trust.
Risk of loss:	Risk higher than the Balanced Fund, but less than the average foreign equity fund.
Return objective:	To achieve a total return in US Dollars in excess of 10% per annum over time, thereby expecting to outperform world equity indices.
Suitable investors:	Those requiring diversification through offshore investment - with exposures to currencies, markets and securities not available in South Africa; seeking a hedge against ZAR currency depreciation; who have utilised their maximum personal offshore exchange control allowance.
Fee Structure:	0.35% plus VAT.  A 1.35% annual fee is levied in the Foord International Trust.
Fund manager:	Dave Foord (Dave Foord and Bruce Ackerman co-manage the Foord International Trust)

Initial Fees	Switching Fees	Exit Fees	Standard Charge Rate
0.0%	0.0%	0.0%	0.4% (0.35% plus VAT)