the PRUDENTIAL PROPERTY FUND will, in the main, consist of a selection of listed property company ordinary shares, real estate investment trusts, property debentures and other non-equity property instruments, listed and unlisted financial instruments and assets in liquid form, both locally and abroad.
The portfolio may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes registered in South Africa, or of participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes operated in territories other than South Africa, with a regulatory environment which is to the satisfaction of the Manager and the Trustee of sufficient standard to provide investors protection at least equivalent to that in South Africa and which is consistent with the portfolio's investment objective.
The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations therefore, as amended from time to time, in order to achieve the fund's investment objectives.
Nothing in this supplemental deed shall preclude the Manager from varying the ratios of securities and asset allocations to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange as defined in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aggregate value required from time to time by the Act.
For the purpose of this portfolio, the Manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to manage the portfolio in accordance with its mandate. The Manager may, once the portfolio has been closed, open the portfolio again to new investors on a date determined by the Manager.