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The investment objective of the MELVILLE DOUGLAS STANLIB BOND FUND is to achieve capital growth and income generation by investing in longer term, investment grade fixed interest securities.The portfolio will be a bond portfolio. In selecting the securities normally to be included in the portfolio the manager shall seek to achieve an investment medium for investors, which shall have as its primary objective exposure to long term fixed interest securities for the purpose of capital growth and income generation. The portfolio will be managed in compliance with the Prudential Investment Guidelines that are applicable to retirement funds from time to time.To achieve the investment objective the securities normally to be included in the portfolio will consist of a spread of gilts, semi gilts, loan stock, debentures, debenture bonds, non-equity securities, notes and assets in liquid form and any other securities, which are consistent with the portfolio's investment policy. Interest bearing instruments in the currency of a country, other than the Republic of South Africa, may only be included in this portfolio if it complies with a grading A and higher from Standard and Poor and/or Moodys Investors Services Ltd, or such other rating agencies as defined in the Act form time to time, provided further that if the grading of an instrument differs between rating agencies, the lower of the two gradings will apply. The MELVILLE DOUGLAS STANLIB BOND FUND may from time to time invest in both listed and unlisted financial instruments, in accordance with the provisions of the Collective Investment Schemes Control Act, No. 45 of 2002, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.The trustee shall ensure that the investment policy as set out in this supplemental deed is carried out: Provided that nothing contained in this supplemental deed, the deed and any supplemental deeds thereto shall preclude the manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the deed, the supplemental deeds thereto, and this supplemental deed. 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 be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.Nothing contained in this supplemental deed shall preclude the manager from varying the ratios of securities 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 recognised in terms of the Act and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto.The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.
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