Collective investments are generally medium to long-term investments. The value of units may go down as well as up and past performance is not necessarily a guide to the future. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Collective investments are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. Portfolio performance is calculated on a NAV to NAV basis and does not take any initial fees into account. Income is reinvested on the ex-dividend date. The source is Morningstar. Actual investment performance will differ based on the initial fees applicable and the actual investment date. A schedule of fees and charges and maximum commissions is available from the manager/scheme. Commission and incentives may be paid and if so, would be included in the overall costs. Different classes of units apply to these portfolios and are subject to different fees and charges. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. The following charges are levied against the portfolio: Brokerage, auditor’s fees, bank charges and trustee fees. A fund of funds unit trust only invests in other unit trusts, which levy their own charges, which could result in a higher fee structure for these funds. Company scheme: Liberty is a full member of the Association for Savings & Investment SA (ASISA). STANLIB is a member of the Liberty group of companies.