Subject to foreign exchange restrictions imposed by the laws of Jamaica, the Portfolio invests primarily in publicly-traded equity securities of companies domiciled in Jamaica, other Caribbean countries and internationally. Equity securities include common and preferred stock, convertible debt securities and rights to acquire such securities.

In seeking to achieve its Investment Objective, the Manager allocates the Portfolio’s assets primarily on the basis of the anticipated performance of each equity market as well as the relative performance of the various industries/companies within these markets. The Manager takes into consideration the economic condition of each market as well as social and political factors that may affect the investment in that market. Fundamental and technical analyses are employed in the selection of individual companies.

In selecting securities denominated in various currencies, the Manager considers, among other factors, the effects of movements in the currency exchange rates on the values of such securities in a manner that will seek to maximize the Portfolio’s total Jamaican dollar return. Investments will only be made in such foreign currency instruments where relevant exemptions from foreign exchange restrictions have been granted.

The Portfolio may also invest in debt securities of corporate and government issuers domiciled in various countries. The Portfolio may hold significant cash or cash equivalent positions pending investment or when the Manager considers this desirable as a result of market conditions.