Orbis Optimal

(YEN) Fund

Fund Investment Objectives

The Orbis Optimal Funds seek capital appreciation on a low risk global investment portfolio and are offered in a choice of dollars, euro or yen. The Orbis Optimal US$ Fund invests principally in selected Orbis equity mutual funds and seeks to substantially reduce the stock market exposure inherent in these investments through stock market hedging. The Orbis Optimal Euro and Yen Funds seek capital appreciation in their base currencies by investing substantially all of their assets in the Orbis Optimal US$ Fund and hedging most or all of their currency exposure into their base currencies by selling forward dollars into their base currencies.