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1. The investment policy of the portfolio shall be to - 1.1. track the Index as closely as possible, to the fullest extent possible, by - 1.1.1. buying only securities in the Index weightings in which they have been included in the Index; and 1.1.2. selling only securities which are excluded from the Index from time to time as a result of the monthly Index reviews or corporate actions, so as to ensure that at all times the portfolio holds constituent securities in the same weightings as they are included in the Index; and 1.2. as a further objective, to manage the securities held by the portfolio to generate income for the benefit of investors. 2. The portfolio shall not buy or sell securities for the purpose of making a profit nor for any purpose other than tracking the Index. 3. Investors may obtain participatory interests in the portfolio on the secondary market or by subscribing for new participatory interests in the portfolio on the primary market. In order to achieve this object the manager may, subject to the Act and the Deed, create and issue an unlimited number of participatory interests in the portfolio. 4. The portfolio will be passively managed in that the manager will not buy and sell securities based on economic, financial and/or market analysis but rather, will buy and sell securities solely for the purpose of ensuring that the portfolio tracks the Index. As such the investment objective and style of the portfolio will be full replication of the Index. 5. The composition of the portfolio will be adjusted periodically to conform to changes in the composition and weightings of the securities in the Index so as to ensure that the composition and weightings of the portfolio are a reflection of the composition and weighting of the securities contained in the Index. 6. The manager shall further be entitled, in its discretion and only on a temporary basis, to employ such other investment techniques and instruments as will most effectively give effect to the object or the investment policies of the portfolio, subject to the provisions of the Deed and the Act from time to time. 7. Assets in liquid form will form a minor part of the Portfolio's assets. 8. The portfolio's ability to replicate the price and yield performance of the Index will be affected by the costs and expenses incurred by the portfolio. 9. Since the manager will not be distributing to investors any income (including coupons) in the portfolio, the manager will disclose in the portfolio supplements that such income will be reinvested in the portfolio. 10. Any material change in the investment policy of the portfolio shall constitute an amendment of the deed, and shall be subject to the provisions of clause 59 of the deed, in which event investors shall be given reasonable notice to enable them to redeem their participatory interest prior to implementation of the change. 11. The manager shall in managing the assets of the portfolio ensure that it is aligned with limits as prescribed by Regulation 28 of the Pension Funds Act, 24 of 1956, to the extent allowed by the Act.
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