FUNDS 13.4.6

(1) Subject to the Fund's Constitution and its most recent Prospectus, the Fund Manager, or the Eligible Custodian or Trustee at the request of the Fund Manager, may enter into:
(a) stock lending arrangements in respect of any Securities forming the Fund Property; and
(b) stock borrowing arrangements.
(2) The Fund Manager must ensure that the value of any collateral for the stock lending arrangement is at all times at least equal to the value of the Securities transferred.