FUNDS 13.4.4

A Fund may invest in Units of another Fund, except where otherwise provided for in these Rules. Before investing in another Fund, the Fund Manager must take reasonable care to determine that it:

(a) is the subject of an independent annual audit conducted in accordance with IFRS or US GAAP;
(b) has mechanisms in place to enable Unitholders to redeem their Units within a reasonable time if it is an open-ended Fund;
(c) is prohibited from having more than 20% of its gross asset value in the Units of other Funds; and
(d) has a proper and disclosed basis for asset valuation and the pricing of Units in that Fund.
Amended on (3 February, 2020).