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ASSET ALLOCATION

May 2021 VAM CAUTIOUS FUND – A LOWER RISK PORTFOLIO 2 Corporate Bonds 23.76% Phoenix Group Holdings Plc 4.125% 20/07/2022 1.31% Bp Capital Markets Plc 4.25% Perp 2.01% Daimler International Finance Bv 1.25% Cautious Asset Allocation 1.55% Pension Insurance Corp Plc 7.375% Perp 2.05% 05/09/2022 Ltd 2% 14/12/2022 1.10% Koninklijke Kpn Nv 5.75% 17/09/2029 1.14% Tesco Plc 3.322% 05/11/2025 1.98% 8.125% 26/10/2029 2.20% Intercontinental Hotels Group Plc 3.75% 1.02% Natwest Group Plc 3.622% 14/08/2030 0.67% 14/08/2025 Corporate Bonds, 23.76% Whitbread Group Plc 3.375% 16/10/2025 1.48% Aviva Plc 5.125% 04/06/2050 0.94% Just Group Plc 9% 26/10/2026 0.82% Legal & General Group Plc 5.625% Perp 1.53% Rothesay Life Plc 3.375% 12/07/2026 1.17% M&G Plc 5.625% 20/10/2051 1.82% High Yield Bonds, 15.31% Sse Plc 3.74% Perp 0.97% High Yield Bonds 15.31% Fce Bank Plc 2.727% 03/06/2022 1.55% Barclays Plc 6.375% Perp 2.41% Permanent Tsb Group Holdings Plc 2.125% 1.26% Rolls-Royce Plc 3.375% 18/06/2026 1.41% Global Equity, 30.92% 26/09/2024 Mpt Operating Partnership Lp / Mpt Finance Sainsbury'S Bank Plc 6% 23/11/2027 1.60% 1.00% Corp 3.692% 05/06/2028 Aa Bond Co Ltd 6.5% 31/01/2026 1.78% Marks & Spencer Plc 4.5% 10/07/2027 2.03% UK Equity, 12.19% Jerrold Finco Plc 5.25% 15/01/2027 1.61% Gkn Holdings Ltd 4.625% 12/05/2032 0.66% Global Equity 30.92% Heineken Nv 1.23% Facebook Inc 1.78% Anheuser-Busch Inbev Sa/Nv 1.19% Microsoft Corp 1.52% Listed Property, 4.08% Bayer Ag 1.39% Akamai Technologies Inc 2.23% Koninklijke Philips Nv 1.39% Oracle Corp 1.16% Roche Holding Ag 1.45% Electronic Arts Inc 1.44% Novartis Ag 1.30% Booking Holdings Inc 1.22% Listed Infrastructure, 4.46% Johnson & Johnson 1.45% Yum! Brands Inc 1.72% Medtronic Plc 1.44% Kao Corp 1.10% Becton Dickinson And Co 1.87% Alibaba Group Holding Ltd 2.25% Alphabet Inc 1.34% Tencent Holdings Ltd 2.45% Gold, 5.53% UK Equity 12.19% Relx Plc 1.81% Prudential Plc 0.92% Howden Joinery Group Plc 1.65% Intercontinental Hotels Group 1.53% Taylor Wimpey Plc 1.78% Integrafin Holdings Plc 1.13% Cash, 3.75% Rightmove Plc 1.31% Unilever Plc 2.06% Listed Property 4.08% 2.18% Mapletree Logistics Trust 0.66% Unite Group Plc/The 0.62% Digital Realty Trust Inc 0.62% Source: Sanlam Private Wealth Listed Infrastructure 4.46% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd. Brookfield Infrastructure Part 1.29% Infrastructure Plc 1.63% Data as at 31 May 2021 Hicl Infrastructure Plc 1.54% Gold 5.53% Royal Mint Physical Gold Etc S 5.53% Cash 3.75% British Pound 3.75% VAM BALANCED FUND – A MEDIUM RISK PORTFOLIO 3 Corporate Bonds 13.13% Phoenix Group Holdings Plc 4.125% 20/07/2022 0.84% Bp Capital Markets Plc 4.25% Perp 1.12% Daimler International Finance Bv 1.25% 1.00% Pension Insurance Corp Plc 7.375% Perp 1.25% 05/09/2022 Hiscox Ltd 2% 14/12/2022 0.50% Koninklijke Kpn Nv 5.75% 17/09/2029 0.72% Balanced Asset Allocation Tesco Plc 3.322% 05/11/2025 1.17% Just Group Plc 8.125% 26/10/2029 1.28% Intercontinental Hotels Group Plc 3.75% 0.50% Natwest Group Plc 3.622% 14/08/2030 0.29% 14/08/2025 Whitbread Group Plc 3.375% 16/10/2025 0.67% Aviva Plc 5.125% 04/06/2050 0.49% Corporate Bonds, 13.13% Just Group Plc 9% 26/10/2026 0.36% Legal & General Group Plc 5.625% Perp 0.70% Rothesay Life Plc 3.375% 12/07/2026 0.49% M&G Plc 5.625% 20/10/2051 1.28% Sse Plc 3.74% Perp 0.47% High Yield Bonds 8.91% High Yield Bonds, 8.91% Fce Bank Plc 2.727% 03/06/2022 0.95% Barclays Plc 6.375% Perp 1.15% Permanent Tsb Group Holdings Plc 2.125% 0.88% Rolls-Royce Plc 3.375% 18/06/2026 0.69% 26/09/2024 Mpt Operating Partnership Lp / Mpt Finance Corp Sainsbury'S Bank Plc 6% 23/11/2027 1.07% 0.54% Global Equity, 42.61% 3.692% 05/06/2028 Aa Bond Co Ltd 6.5% 31/01/2026 1.13% Marks & Spencer Plc 4.5% 10/07/2027 1.18% Jerrold Finco Plc 5.25% 15/01/2027 1.03% Gkn Holdings Ltd 4.625% 12/05/2032 0.29% Global Equity 42.61% UK Equity, 16.26% Heineken Nv 1.81% Facebook Inc 2.47% Anheuser-Busch Inbev Sa/Nv 1.69% Microsoft Corp 2.09% Bayer Ag 2.01% Akamai Technologies Inc 3.05% Koninklijke Philips Nv 1.87% Oracle Corp 1.64% Listed Property, 3.25% Roche Holding Ag 1.94% Electronic Arts Inc 1.96% Novartis Ag 1.74% Booking Holdings Inc 1.65% Johnson & Johnson 2.08% Yum! Brands Inc 2.36% Listed Infrastructure, 4.72% Medtronic Plc 1.96% Kao Corp 1.63% Becton Dickinson And Co 2.60% Alibaba Group Holding Ltd 2.99% Alphabet Inc 1.92% Tencent Holdings Ltd 3.15% UK Equity 16.26% Gold, 4.38% Relx Plc 2.50% Prudential Plc 1.22% Howden Joinery Group Plc 2.25% Intercontinental Hotels Group 2.07% Taylor Wimpey Plc 2.29% Integrafin Holdings Plc 1.47% Rightmove Plc 1.87% Unilever Plc 2.59% Cash, 6.74% Listed Property 3.25% Grainger Plc 1.95% Mapletree Logistics Trust 0.44% Unite Group Plc/The 0.43% Digital Realty Trust Inc 0.43% Source: Sanlam Private Wealth Listed Infrastructure 4.72% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd. Brookfield Infrastructure Part 1.27% 3I Infrastructure Plc 1.74% Data as at 31 May 2021 Hicl Infrastructure Plc 1.71% Gold 4.38% Royal Mint Physical Gold Etc S 4.38% Cash 6.74% British Pound 6.74% VAM GROWTH FUND – A H I G H E R RISK PORTFOLIO 4

Corporate Bonds 3.99% Phoenix Group Holdings Plc 4.125% 0.56% Pension Insurance Corp Plc 7.375% Perp 0.86% 20/07/2022 Growth Asset Allocation Daimler International Finance Bv 1.25% 0.36% Just Group Plc 8.125% 26/10/2029 0.69% 05/09/2022 Tesco Plc 3.322% 05/11/2025 0.51% M&G Plc 5.625% 20/10/2051 0.63% Bp Capital Markets Plc 4.25% Perp 0.38% Corporate Bonds, 3.99% High Yield Bonds 3.57% Fce Bank Plc 2.727% 03/06/2022 0.36% Jerrold Finco Plc 5.25% 15/01/2027 0.55% Permanent Tsb Group Holdings Plc 2.125% 0.36% Barclays Plc 6.375% Perp 0.79% 26/09/2024 High Yield Bonds, 3.57% Sainsbury'S Bank Plc 6% 23/11/2027 0.37% Marks & Spencer Plc 4.5% 10/07/2027 0.58% Aa Bond Co Ltd 6.5% 31/01/2026 0.56% Global Equity 54.81% Global Equity, 54.81% Heineken Nv 2.23% Facebook Inc 3.22% Anheuser-Busch Inbev Sa/Nv 2.21% Microsoft Corp 2.67% Bayer Ag 2.62% Akamai Technologies Inc 3.93% Koninklijke Philips Nv 2.45% Oracle Corp 2.02% UK Equity, 20.76% Roche Holding Ag 2.51% Electronic Arts Inc 2.50% Novartis Ag 2.30% Booking Holdings Inc 2.09% Johnson & Johnson 2.75% Yum! Brands Inc 2.98% Listed Property, 2.46% Medtronic Plc 2.59% Kao Corp 2.15% Becton Dickinson And Co 3.45% Alibaba Group Holding Ltd 3.74% Alphabet Inc 2.49% Tencent Holdings Ltd 3.91% Listed Infrastructure, 5.10% UK Equity 20.76% Relx Plc 3.22% Prudential Plc 1.65% Howden Joinery Group Plc 2.88% Intercontinental Hotels Group 2.70% Taylor Wimpey Plc 2.82% Integrafin Holdings Plc 1.82% Gold, 3.01% Rightmove Plc 2.42% Unilever Plc 3.25% Listed Property 2.46% Grainger Plc 1.71% Mapletree Logistics Trust 0.25% Cash, 6.30% Unite Group Plc/The 0.24% Digital Realty Trust Inc 0.26% Listed Infrastructure 5.10% Source: Sanlam Private Wealth Brookfield Infrastructure Part 1.29% 3I Infrastructure Plc 1.91% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd. Hicl Infrastructure Plc 1.90% Data as at 31 May 2021 Gold 3.01% Royal Mint Physical Gold Etc S 3.01% Cash 6.30% British Pound 6.30% V A M F U N D S DISCLAIMER 5

Issued by VAM Managed Funds (Lux), an open-ended SICAV with IMPORTANT NOTICE VAM Managed Funds (Lux) is not a financial services provider in multiple compartments, organised in accordance with Part 1 of the South Africa and nothing in this document should be construed as Luxembourg Investment Fund Law dated 17th December 2010 The distribution of this document and the offering of the shares constituting the canvassing for, or marketing or advertising of, (UCITS V). may be restricted in certain jurisdictions. It is the responsibility of financial services by VAM Managed Funds (Lux) in South Africa. any person in possession of this document to inform themselves of, VAM Funds refers to either or both of VAM Funds (Lux) and VAM and to observe, all applicable laws and regulations of any relevant Financial services providers to whom this document is addressed Managed Funds (Lux), each incorporated in Luxembourg as a jurisdictions. may only distribute it to clients who have already invested in SICAV and regulated by the CSSF as a UCITS. Both have designated policies issued by licensed South African long-term insurers, as VAM Global Management Company SA to provide collective Prospective applicants for shares should inform themselves as to aforesaid, for information purposes only and for no other reason investment services, and VAM Global Management Company SA the legal requirements and consequences of applying for, holding whatsoever. delegates the provision of certain of these services to third parties, and disposing of shares and any applicable exchange control including to other members of the VAM Group. Each SICAV has its regulations and taxes in the countries of their respective VAM Managed Funds (Lux) is not registered under any US securities own Board of Directors, has no employees and is independent of citizenship, residence or domicile. law, and their funds may not be offered or sold in the USA, its the VAM Group. territories or possessions, nor to any US persons. VAM Managed This document does not constitute an offer or solicitation by Funds (Lux) funds are not offered for sale in any jurisdiction in VAM or VAM Group refers to the group of companies whose parent anyone in any jurisdiction in which such offer or solicitation is not which they are not authorised to be publicly sold. The funds are company is VAM GLOBAL S.à r.l., incorporated in Luxembourg, lawful or in which the person making such offer is not qualified to available only in jurisdictions where their promotion and sale are whose subsidiaries include VAM Global Management Company SA do so to anyone to whom it is unlawful to make such offer or permitted. For the purposes of UK law, funds are recognised in Luxembourg and VAM Marketing Limited and MATCO Limited in solicitation. schemes under section 264 of the Financial Services & Markets Act Mauritius. Neither of the VAM Funds is a member of the VAM Group. 2000. The protections provided by the UK regulatory system, for This document and any attachments to it constitute factual, the protection of retail clients, do not apply to offshore objective information about the fund and nothing contained investments. Compensation under the UK’s Financial Services herein should be construed as constituting any form of investment Compensation Scheme will not be available and UK cancellation advice or recommendation, guidance or proposal of a financial rights do not apply. The funds are authorised by the Financial nature in respect of any investment issued by VAM Managed Funds Conduct Authority in the UK. (Lux) or any transaction in relation to VAM Managed Funds (Lux). V A M F U N D S DISCLAIMER 6

Applicants are assumed to have read and understood the The Management Company ensures that publishing of CIS portfolios are traded at ruling prices and can engage in prospectus and accept the risks of an investment in VAM Managed performance of a portfolio is based on performance calculations borrowing and script lending. A schedule of fees and charges, as Funds (Lux). In particular, it is understood that they are aware that which are done on a NAV to NAV basis over all reporting periods, well as maximum commission, is available on request from the the portfolio of securities relating to each of the sub-funds of VAM provided that, where a NAV is not available, the value used to Management Company. Performance methodologies can be Managed Funds (Lux) is subject to market fluctuations and to the calculate the performance is clearly stated and a description of obtained upon request from VAM Managed Funds (Lux) on risks inherent in all investments, and that the price of shares and how the figures were calculated is provided. [email protected]. All rates of return include reinvested any income from the shares may go down as well as up, and that dividends and are net of management fees. the sub-funds of VAM Managed Funds (Lux) may be subject to Investments in foreign securities may include additional risks such volatile price movements which may result in capital loss. as potential constraints on liquidity and repatriation of funds, Performance of classes of shares in currencies other than the macro-economic risk, political risk, foreign exchange risk, tax risk reference currency of the fund shall be measured in the currency of Past performance is not necessarily a guide to future performance. and settlement risk, as well as potential limitations on the such classes of shares. No guarantee is provided, either with respect to the capital or the availability of market information. return of the fund. The value of participatory interests or the This document and any attachments to it constitute factual, investments may fluctuate in value and may fall as well as rise. Further information about risk can be found in the prospectus objective information about the fund and nothing contained which is available at www.vam-funds.com/library/reports/?share=a. herein should be construed as constituting any form of investment VAM Global Management Company SA (the “Management advice or recommendation, guidance or proposal of a financial Company”) ensures that reinvestment of income is calculated on Subscriptions may only be accepted based on the information nature in respect of any investment issued by VAM Managed Funds the actual amount distributed per participatory interest, using the contained in the prospectus of the fund and its annual and semi- (Lux) or any transaction in relation to VAM Managed Funds (Lux). ex-dividend date net asset value (“NAV”) price of the applicable annual reports. VAM Managed Funds (Lux) is not a financial services provider in class of the fund, irrespective of the actual reinvestment date. South Africa and nothing in this document should be construed as VAM Managed Funds (Lux) has been approved in South Africa as a constituting the canvassing for, or marketing or advertising of, Performance figures quoted for the fund are from Lipper for foreign Collective Investment Scheme under section 65 of the financial services by VAM Managed Funds (Lux) in South Africa. Investment Management as at the date of this document for a Collective Investment Schemes Control Act 2002. A potential lump sum investment, using NAV to NAV with income reinvested, investor will be capable of investing in VAM Managed Funds (Lux) Financial services providers to whom this document is addressed and do not take any upfront manager’s charge into account. only upon conclusion of the appropriate investment agreements may only distribute it to clients who have already invested in and provided the relevant investor complies with any applicable policies issued by licensed South African long-term insurers, as exchange control requirements. Collective Investment Schemes aforesaid, for information purposes only and for no other reason (“CIS”) are generally medium to long-term investments. whatsoever. V A M F U N D S DISCLAIMER 7

All transactions should be based on the latest available prospectus, the Key Investor Information Document (“KIID”) and any applicable local offering document. These documents, together with the annual report, semi-annual report and the articles of incorporation for the Luxembourg domiciled product(s), are available in English on the VAM website (http://www.vam- funds.com/library) or from the office of VAM Global Management Company SA, Josy Welter House, 8-10, rue Genistre, L-1623 Luxembourg.

VAM Managed Funds (Lux) reserves the right to close a compartment, or one or more share classes within a compartment. VAM Managed Funds (Lux) may also set up new compartments and/or create within each compartment one or more share classes.

This is a promotional document. 8

VAM Marketing Limited Tel: +230 465 6860 11th Floor, Tower 1 Fax: +230 465 0853 NeXTeracom Building Website: www.vam-funds.com Cybercity, Ebene Mauritius