This consists of call accounts, term deposits, listed and unlisted Collateral Debt Obligations, listed Hybrid Securities and listed and unlisted Equities. The holding at year end was K243 million or 9% of the total portfolio. There was unrealised decrease in value in this sector of K86 million. This attributed to the combined effects of the global financial meltdown and the significant appreciation of Kina against foreign currencies. However as a consequence of the increase in size and diversity of this sector, an established globalcustodian, NCS, was appointed to take over from the previous custodian

Table: Fund holdings listed on the Australian Stock Exchange (ASX)

Table: International unlisted investments of the Fund

The following unlisted alternative investments with a total portfolio value of K134.92 million were undertaken and managed by Access Capital Advisors; an investment manager based n Australia specialising in investment and managing alternative investments.