Ann: Notice received from Regal Funds Management Asia Pte Limited, page-6

"The Zambezi Absolute Return Fund aims to achieve high levels of absolute returns by pursuing an aggressive investment approach with an elevated level of risk. The fund utilises a long/short strategy and is able to vary its exposure to markets and sectors over time, though will generally have a significant positive exposure to markets over the cycle. It is managed using Regal’s fundamental investment process with the majority of companies listed in Australia and other Asian markets. The fund may also have exposure to emerging markets. It is suitable for investors who have a longer term investment horizon (three to five years)."