Annual Reports

Contents CONTENTS PAGE REPORT OF THE CHAIRMANS REPORT OF THE TRUSTEES NEF JOINT VENTURES FUND REPORT OF THE AUDIT COMMITTEE REPORT OF THE BOARD INVESTMENT COMMITTEE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS ANNUAL FINANCIAL STATEMENTS NATIONAL EMPOWERMENT FUND TRUST

Contents Introduction Report of the Chairman Profile of the Board of Trustees Report of the Trustees Report of the Audit Committee Report of the Independent Auditors Consolidated Annual Financial Statements Annual Financial Statements Administration