** 6. Investment in listed instruments Sub-Funds will invest in other collective investment schemes as defined in the Prospectus, the Supplements and subject to certain limits prescribed in regulation. 90% of securities must be listed on Exchanges having obtained full membership of the World Federation of Exchanges. Over the counter derivative instruments that are allowed: forward currency swap, interest rate swap, exchange rate swap and index swap. **7. Non equity securities (other than issued by the Government) Sub-Funds will invest in other collective investment schemes as defined in the Prospectus, the Supplements and subject to certain limits prescribed in regulation. Must comply with limits as prescribed in Regulation **8. Investment in unlisted instruments Sub-Funds will invest in other collective investment schemes as defined in the Prospectus, the Supplements and subject to certain limits prescribed in regulation. Maximum of 10% of portfolio value. Such instruments must be valued daily based on a generally recognised methodology and by a person acceptable to trustee. 9.Investment of own resources into the fund No prescriptions. Scheme or investment manager does not invest own resources in its portfolios. Manager must invest 10% of own resources in each fund; can be limited to R1,000,000 maximum per fund. The R1m may be reduced with 10% for every R1m invested. ** 10. Borrowing Leveraging/Gearing 10% of Net Asset Value of Portfolio on a temporary basis to meet redemptions and for buying and sale transactions. No leverage/gearing allowed for in portfolios as set out in each portfolio supplement to the Prospectus 10 % of the Value of the underlying portfolio permitted to meet its obligations in relation to the administration of a scheme relating to settlement of buying and sale transactions and repurchase or cancellation of participatory interests. Leverage/Gearing not allowed Markets/Exchanges Listed OTC Markets** Sub-Funds will invest in other collective investment schemes as defined in the Prospectus, the Supplements and subject to certain limits prescribed in regulation. 90% of exchanges must have been granted full membership of the World Federation of Exchanges, the rest must follow due diligence guidelines as prescribed by Regulation Not allowed
** 20. Interval at which participatory interests are priced Daily Daily Distributions For the Income Multifund there are distribution and accumulation classes of shares. The distribution class pays quarterly distributions. For the Balanced and Growth Multifunds there is no distribution of income (i.e. all income stay within the portfolio as part of NAV) All income distributed regularly or reinvested at option of the ** 22. Switching Allowed – charges differ Allowed – charges differ ** 23. Pledging of securities (See 10) The Directors have determined that securities will not be pledged for investment purposes Allowed only for purposes of short term borrowing. Allowed only for purposes of borrowing (refer to borrowing in par 10 above) ** 24. lending Scrip borrowing Although allowed for “permitted investments” the fund will not enter into securities lending transactions The fund will not enter into securities borrowing transactions Allowed, may not exceed 50% of market value the portfolio, plus other conditions as prescribed in Deed. Not allowed ** 25. Certificates, if issued and needed for redemption Shares will be in non-certificated and registered form. Issued on request 26. Reporting to supervisory authority Requirement to report quarterly and annually in addition to adhoc reporting eg reporting of breaches Quarterly and annually 27.Inspection powers by supervisory authority Yes Yes ** 28. Reporting to investors Semi-annual (unaudited) and annual (audited) financial statements. Annually ** 29. Legal structure if different from trust Open Ended Investment Company Collective Investment Scheme, whether trust based or Open Ended Investment Company