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We refer to the previous communication dated 25 July 2017 (Click here for easy reference) regarding the trustees’ intention to hard close this portfolio and to transfer all money to the Sanlam Allan Gray Global Balanced portfolio.

The consultation process has gone very well. The majority of the consultants are in favour of the proposed change, and we received no objections from consultants or employers.

The results of the consultative process were discussed at a Sanlam Umbrella Fund Investment Sub-committee meeting held on 12 October 2017. The decision was to recommend to the trustees that the Sanlam Allan Gray Domestic Balanced portfolio be hard closed on or around 1 December 2017 in advance of the Sanlam Umbrella Fund’s financial year end. All the money invested in this portfolio would be transferred to the Sanlam Allan Gray Global Balanced portfolio. If any client objects in writing to the change, the trustees will consider continuing with the status quo for those clients.

This means that the hard close and bulk switch between portfolios will proceed on or around 1 December 2017 for all affected sub-funds unless the Fund Secretariat receives an objection in writing from any of these sub-funds including reasons for the objection.

You may refer any questions on this matter to your Sanlam Umbrella Fund Client Relationship Manager.