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As you know, the Sanlam Umbrella Fund is one of only a few commercial umbrella funds that allow members to elect 50% of the Board of Trustees. During 2012 we had our third such election. The Fund’s Principal Officer has declared that the election took place in accordance with the Fund’s rules and the protocols and was free and fair. Our newly elected trustees with effect from 1 January 2013 are Dalene Willemse, Alex Paterson and Ian MacDonald with Lavinia Khangala as the alternate trustee.