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Sanlam Collective Investments

2013

Sanlam Collective Investments Scheme

AUDITED ANNUAL FINANCIAL STATEMENTS

31 DECEMBER 2013

1

C O N T E N T S

REPORT OF THE TRUSTEES 2 Sanlam Asia Pacific Fund of Funds 92 SIM Dividend+ Index Fund 172

STATEMENT OF DIRECTORS' RESPONSIBILITY AND REPORT OF THE DIRECTORS

3 Sanlam Bond Index Fund 94 SIM Enhanced Yield Fund 174

REPORT: CHIEF EXECUTIVE OFFICER 4 Sanlam Diversified Income Fund of Funds 96 SIM Equally Weighted Top40 Index Fund 176

INDEPENDENT AUDITORS’ REPORT 6 Sanlam General Institutional Fund 98 SIM Financial Fund 178

NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF THE COLLECTIVE INVESTMENT FUNDS

7Sanlam Global Balanced Fund Of Funds (Ex: Sanlam International Moderate Fund Of Funds)

100 SIM General Equity Fund 180

FINANCIAL STATEMENTS AND NOTESSanlam Global Cautious Fund Of Funds (Ex: Sanlam International Cautious Fund Of Funds)

102 SIM Global Best Ideas Feeder Fund 182

APS Cautious Fund of Funds 24 Sanlam Global Equity Fund 104 SIM Global Equity Income Feeder Fund 184

APS Equity Fund of Funds 26 Sanlam Global Index Fund of Funds 106 SIM Global Financial Feeder Fund 186

APS Managed Growth Fund of Funds 28 Sanlam Growth Institutional Fund 108 SIM Index Fund 188

APS Moderate Fund of Funds 30 Sanlam India Opportunities Feeder Fund 110 SIM Industrial Fund 190

BJM Money Market Fund 32 Sanlam Institutional Special Opportunities Fund 112 SIM Inflation Plus Fund 192

BJM Multi-Manager Bond Fund 34 Sanlam Multi Managed Aggressive Fund of Funds 114 SIM Low Equity Fund 194

BJM Multi-Manager Equity Fund 36 Sanlam Multi Managed Cautious Fund of Funds 116 SIM Managed Aggressive Fund of Funds 196

BJM Multi-Manager Income Fund 38 Sanlam Multi Managed Conservative Fund of Funds 118 SIM Managed Cautious Fund of Funds 198

BJM Multi-Manager Property Fund 40 Sanlam Multi Managed Equity Fund 120 SIM Managed Conservative Fund of Funds 200

BJM Multi-Manager Prudential Flexible Fund 42 Sanlam Multi Managed Inflation Linked Bond Fund 122 SIM Managed Moderate Aggressive Fund of Funds 202

CAM Ascendo Fund of Funds 44Sanlam Multi Managed Institutional Aggressive Equity Fund One

124 SIM Managed Moderate Fund of Funds 204

CAM Balanced Fund 46 Sanlam Multi Managed Institutional All Bond Fund One 126 SIM Market Allocator Fund 206

CAM Dividend Equity Fund 48 Sanlam Multi Managed Institutional All Bond Fund Three 128 SIM Money Market Fund 208

CAM Fortis Institutional Fund 50Sanlam Multi Managed Institutional General Equity Fund One

130 SIM Property Fund 210

CAM Optima Institutional Fund 52Sanlam Multi Managed Institutional General Equity Fund Two

132 SIM Property Index Fund 212

CAM Universum Institutional Fund 54Sanlam Multi Managed Institutional Positive Return Fund One

134 SIM RAFI40 Index Fund 214

Dynasty Wealth Accumulator Fund of Funds 56Sanlam Multi Managed Institutional Positive Return Fund Two

136 SIM Resources Fund 216

Dynasty Wealth Preserver Fund of Funds 58Sanlam Multi Managed Institutional Positive Return Fund Three

138 SIM Small Cap Fund 218

First Avenue SCI Equity Fund (Ex: First Avenue Equity Fund)

60Sanlam Multi Managed Institutional Positive Return Fund Four

140 SIM Top Choice Equity Fund 220

Graviton SCI Balanced Fund (Ex: Graviton Balanced Fund)

62Sanlam Multi Managed Institutional Prudential Balanced Fund One

142 SIM Value Fund 222

Graviton SCI Capital Growth Fund (Ex: Graviton Capital Growth Fund)

64Sanlam Multi Managed Institutional Prudential Balanced Fund Two

144SMM Equity Index Fund (Ex: Sanlam Multi Managed Institutional General Equity Fund Three)

224

Graviton SCI Flexible Income Fund (Ex: Graviton Flexible Income Fund)

66Sanlam Multi Managed Institutional Yield Plus Fund Two (Ex: Sanlam Multi Managed Institutional All Bond Fund Two)

146 SMMI Absolute Solution 5 Fund of Funds 226

Graviton SCI Low Equity Fund (Ex: Graviton Low Equity Fund)

68Sanlam Multi Managed Moderate Aggressive Fund of Funds

148 SMMI Balanced Fund of Funds 228

Lynx SCI Balanced Fund of Funds (Ex: Lynx Balanced Fund of Funds)

70 Sanlam Multi Managed Moderate Fund of Funds 150 SMMI Bond Fund 230

Lynx SCI Cautious Fund of Funds (Ex Lynx Cautious Fund of Funds)

72 Sanlam Multi Managed Property Fund 152 SMMI Defensive Fund of Funds 232

Lynx SCI Global Diversified Fund of Funds (Ex: Lynx Global Diversified Fund of Funds)

74 Sanlam Optimised Income Fund 154 SMMI Equity Fund of Funds 234

Lynx SCI Opportunities Fund of Funds (Ex: Lynx Opportunities Fund of Funds)

76 Sanlam Pan-Europe Fund 156 SMMI Long-Term Growth Solution 7 Fund of Funds 236

NFB Balanced Fund of Funds 78 Sanlam Stable Growth Fund 158 SMMI Protection Solution 3 Fund of Funds 238

NFB Cautious Fund of Funds 80 Sanlam Value Institutional Fund 160 SMMI Prudential Income Provider Fund One 240

NFB Equity Fund 82 Sesfikile SCI Property Fund 162 SMMI Prudential Income Provider Fund Two 242

Obsidian SCI Balanced Fund 84 SIM Absolute Return Income Fund 164 SMMI Prudential Low Equity Fund One 244

Sanlam African Frontier Markets Feeder Fund 86 SIM Active Income Fund 166 SMMI Prudential Low Equity Two 246

Sanlam All Share Index Fund 88 SIM Balanced Fund 168 SPI Equity Fund 248

Sanlam Alternative Income Fund 90 SIM Bond Plus Fund 170 STATUTORY INFORMATION 250

Corporate and Investment Banking 20th Floor Main Tower Standardbank Centre Heerengracht Cape Town 8001

PO Box 54 Cape Town 8000 South Africa www.standardbank.co.za Tel. Switchboard: +27 (0)21 401-2002 Direct: +27 (0)21 441-4100 Fax: +27 (0)21 401-3887

email: [email protected] The Standard Bank of South Africa Limited Registration No. 1962/000738/06

Incorporated in the Republic of South Africa Authorised financial services provider and registered credit provider (NCRCP15).

Directors: T M F Phaswana (Chairman), S K Tshabalala* (Chief Executive), D D B Band, R M W Dunne#,T S Gcabashe, S E Jonah KBE

##, Sir Paul Judge

#, K P Kalyan,

S J Macozoma, J H Maree*, R P Menell, Adv K D Moroka, A C Nissen, M C Ramaphosa, S P Ridley*, M J D Ruck, Lord Smith of Kelvin, Kt#, E M Woods

Secretary: L Wulfsohn 26/05/2010

*Executive Director #British ##Ghanaian

REPORT OF THE TRUSTEE FOR THE SANLAM COLLECTIVE INVESTMENT SCHEME We, the Standard Bank of South Africa Limited, in our capacity as Trustee of the Sanlam Collective Investments Scheme (“the Scheme”) have prepared a report in terms of Section 70(1)(f) of the Collective Investment Schemes Control Act, 45 of 2002, as amended (“the Act”), for the financial year ended 31 December 2013. In support of our report we have adopted certain processes and procedures that allow us to form a reasonable conclusion on whether the Manager has administered the Scheme in accordance with the Act and the Scheme Deed. As Trustees of the Scheme we are also obliged to in terms of Section 70(3) of the Act to satisfy ourselves that every statement of comprehensive income, statement of financial position or other return prepared by the Manager of the Scheme as required by Section 90 of the Act fairly represents the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme. The Manager is responsible for maintaining the accounting records and preparing the annual financial statements of the Scheme in conformity with International Financial Reporting Standards. This responsibility also includes appointing an external auditor to the Scheme to ensure that the financial statements are properly drawn up so as to fairly represent the financial position of every portfolio of its collective investment scheme are in accordance with International Financial Reporting Standards and in the manner required by the Act. Our enquiry into the administration of the Scheme by the Manager does not cover a review of the annual financial statements and hence we do not provide an opinion thereon. Based on our records, internal processes and procedures we report that nothing has come to our attention that causes us to believe that the accompanying financial statements do not fairly represent the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme administered by the Manager. We confirm that according to the records available to us, no losses were suffered in the portfolios and no investor was prejudiced as a result thereof. We conclude our report by stating that we reasonably believe that the Manager has administered the Scheme in accordance with:

(i) the limitations imposed on the investment and borrowing powers of the manager by this Act; (ii) and the provisions of this Act and the deed;

Melinda Mostert Seggie Moodley Standard Bank of South Africa Limited Standard Bank of South Africa Limited 19 March 2014

Corporate and Investment Banking

http://search.sabinet.co.za/netlawpdf/netlaw/COLLECTIVE%20INVESTMENT%20SCHEMES%20CONTROL%20ACT.htm#section90

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SCI Chief Executive Officer’s report for 2013

Despite being a year characterised by uncertainty, investors with

exposure to risky assets fared well. The average SA balanced fund

returned 18.05% for 2013, mostly due to excellent returns from

equities, which garnered a 21.43% total return in rand for the

year, and further helped along by the performance of foreign

investments in their portfolios. By contrast, investors in local

cash, bonds and property saw muted returns. Resources

struggled during 2013 largely due to negative performances from

gold shares, while industrials were the best performing sector of

the local equity market for the year.

Source: Morningstar.

The Rand depreciated just over 19% against the US dollar over

the course of the year, both in reaction to US taper talk and

souring sentiment, reducing the JSE All Share’s total return to

-1.63% in dollar terms. This was broadly in line with the MSCI

Emerging Markets Index’s -2.60% dollar return for the year, with

all of the BRICs posting negative dollar returns for the year.

Investors in developed markets were however rewarded, with

the MSCI World Index and S&P500 returning 26.68% and 32.39%

respectively in dollar terms. SCI fund performance highlights

in line with the performance of the global asset classes as

highlighted above, investors in equity and international funds

were generally well-rewarded during 2013.

Highlights include the Sanlam Global Equity Fund A, which

rewarded its investors with a 67,84% return for 2013, followed

by the Sanlam Pan-Europe Fund at 51.34%. Equity fund investors

were next to benefit from the exceptional returns on offer, with

the SIM Industrial Fund A returning 39.83%, for which it also

won a Raging Bull Award in January, and SIM General Equity

Fund A returning 26.99%.

Investors in multi-asset funds were rewarded with inflation-

beating returns. The SIM Balanced Fund A (19.48%) and SMM

Aggressive Fund of Funds A1 (21.03%) both outperformed the

category average of 18.01%. It is pleasing that generally,

investors in multi-asset funds with lower equity exposure levels

also managed to record inflation-beating returns for the year.

The multi-asset medium equity category recorded an average

15.06%, the multi-asset low equity category recorded 12.40%

and the most conservative multi-asset income funds recorded an

average 6.59% return, still ahead of inflation.

Fixed interest investors continued to suffer in the low interest

rate, elevated inflation environment where CPI averaged 5.7%

for 2013. Nonetheless, the SIM Money Market Fund

outperformed the category average to garner a 5.11% return for

investors over the year.

Global economic overview

The global economy gained some momentum towards the end of

2013.

The developed markets (DM) showed signs of recovery. Japan’s economy improved following on the monetary policy expansion

announcement early in 2013. In the US, domestic demand data, notably consumer spending, surprised on the upside in late 2013, which prompted upward revisions to US growth forecasts for 2014. The Euro-area also emerged from recession last year. However, on balance, Europe continues to lag other DM.

Growth in emerging market economies (EM) moderated in 2013, amid higher wages, softening productivity and a squeeze on corporate profits. EM growth was not only constrained by

modest demand growth among DM economies, but also by significant domestic constraints. In particular, policymakers had to pay attention to the rapid escalation in domestic credit extension among EM countries in the post-recession

environment.

Globally, inflation still seems to be under control. The annual advance in DM headline CPI remains tepid, while EM headline CPI

is more elevated, but stable. Also, the advance in global core CPI has been remarkably subdued.

Towards the end of 2013, the US Federal Reserve announced it would begin tapering its quantitative easing (QE) programme as

a first step in normalising monetary policy. Funding and lending conditions in EM tightened as US Treasury yields rose and liquidity waned. This has drawn attention to EM countries that may be relatively more vulnerable to capital outflows. These

countries (Turkey, Brazil, India, Indonesia and SA) run large current account deficits and rely on foreign capital inflows to fund domestic investment.

Local economic overview

Although we expect the data to reflect a slight uptick in growth in the last quarter of 2013, there is little to suggest a sustained, robust increase in GDP. Growth in real personal disposable

income, the biggest component of domestic demand, slowed to just 2.1 % annualised in the third quarter of last year. However, domestic residential building activity appears to be improving. We also expect SA may benefit from the pick-up in global income

growth.

We therefore hope to see an increase in real GDP growth for 2014 relative to the expected 1.9% for 2013.

SA’s low domestic savings ratio remains a concern. The poor savings performance is reflected in SA’s large twin deficits (its government budget deficit was reflected in a large current account deficit of close to 7% of GDP in the third quarter of last

year). This has placed the country under close scrutiny, culminating in the persistent weakness of the Rand.

Index

US Dollar Rand

Developed market equities (MSCI World) 26.68% 56.38%

Emerging market equities (MSCI EM) -2.60% 20.24%

German equities (FSE DAX) 31.15% 61.90%

Developed market bonds (Barclays Global Agg) -2.60% 20.24%

Emerging market bonds (JPM EMBI) -6.58% 15.32%

SA equities (FTSE/JSE All Share) -1.63% 21.43%

SA property (FTSE/JSE SA Listed Property) -12.20% 8.39%

SA bonds (Beassa ALBI) -18.46% 0.66%

SA inflation-linked bond (Barclays ZAF Infl Lkd) -18.36% 0.79%

SA Cash (STeFI Composite) -14.80% 5.18%

2013 Returns

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Local economic overview (continued)

Nonetheless, we believe the currency is trading weaker than its fair value. But sustained rand weakness and potentially higher food inflation represent the key upside risks to the inflation forecast. It was in response to precisely these pressures that the

Reserve Bank lifted the repo rate by 50 basis points to 5.5 percent in January 2014, saying pressures on the exchange rate were expected to intensify and reaffirming their primary responsibility of keeping inflation under control.

We expect the interest rate to remain on hold for the remainder of 2014, unless sustained Rand weakness causes a marked deterioration in the inflation outlook.

Developments at SCI

This year saw a number of important changes take place at SCI.

Changes at the manager level

In line with the Financial Services Board’s (FSB’s) Circular 17,we changed our service fee calculation methodology to charge fees based on the Net Asset Value (NAV) price of

units.

Legislative changes saw SCI end relationships with a number of ‘white label’ clients.

The same regulatory change saw SCI co-brand with a number of clients. “SCI” is now included as part of their fund names.

The bulk of funds continued to flow into multi-asset class

funds as investors continued to seek investments that could yield potential higher than cash returns in the current low interest rate environment. The SIM Balanced Fund was the most popular fund, attracting net inflows of R2.1 billion for

the year.

New funds and fund mergers

Sanlam Investments acquired Satrix Managers (Pty) Ltd during

2012 and is in the process of consolidating all its index tracking products under the Satrix Unit Trust Scheme. During 2013 SCI initiated a ballot of six of its funds with the aim of concluding the amalgamation process on 7 April 2014, should the ballot be

successful and the merger approved by the Financial Services Board. The funds affected are as follows:

Current Name Future Name

Sanlam Allshare Index Fund Satrix Alsi Index Fund

Sanlam Bond Index Fund Satrix Bond Index Fund

SIM Dividend + Index Fund Satrix Dividend+ Index Fund

SIM Equally Weighted Top 40 Index Fund

Satrix Equally Weighted Top 40 Index Fund

SIM Property Index Fund Satrix Property Index Fund

SIM RAFI 40 Index Fund Satrix RAFI 40 Index Fund

2013 also saw the introduction of the following funds:

Sanlam African Frontier Markets Feeder Fund

SIM Global Equity Income Feeder Fund

Sanlam Multi Managed Institutional Prudential Low EquityFund One

Sanlam Multi Managed Institutional Prudential Low EquityFund Two

Sanlam Multi Managed Institutional Prudential Balanced

Fund Two

Sanlam Multi Managed Institutional Prudential Income Provider Fund One

Sanlam Multi Managed Institutional Prudential Income Provider Fund Two

Graviton SCI Capital Growth Fund (new co-brand partner)

Obsidian SCI Balanced Fund (new co-brand partner)

Other developments

During 2012 we embarked on a project to improve our current operational delivery systems. We made substantial progress during 2013 and will be implementing a number of changes during 2014 aimed at improving and streamlining our service offering. We will keep you informed about these developments

as the year progresses. At a higher level, the industry is re-evaluating the way it does business in light of the introduction of various legislative changes such as POPI (Protection of Personal Information) and the

pending introduction of TCF (Treating Customers Fairly). This legislation is aimed at improving the investor experience and we believe it can only be to the benefit of the industry. We would like to thank you for your continued support and look

forward to sharing your investment journey in 2014 and beyond. Yours sincerely

San-Marie Greeff Chief Executive Officer Sanlam Collective Investments

Market and index returns are sourced from Morningstar and SMMI. Unit trust returns are sourced from Moneymate. Total returns are used. Dividends are reinvested on the dividend reinvestment date. Performance is based on NAV-NAV prices and initial fees are not included. Actual investment performance will differ based on the initial fees applicable, the actual investment date and the date of reinvestment of income. Sanlam Collective Investments RF (Pty) Ltd. Collective Investment Schemes (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Collective investments are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. Commission and incentives may be paid and if so, would be included in the overall costs. For Money Market Funds, the price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, value of the Fund. Forward pricing is used. The following charges are levied against the portfolio: Brokerage, auditor’s fees, bank charges and trustee fees. Sanlam Collective Investments RF (Pty) Ltd is a full member of the Association for Savings and Investment SA. A copy of the full annual report is available at request.

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SANLAM COLLECTIVE INVESTMENT FUNDS

Notes to the Annual Financial Statements at 31 December 2013

1. ACCOUNTING POLICIES 1.1 Significant accounting policies

The Collective Investment Funds (“Funds”) are open-ended investment funds created in terms of the Collective Investment Schemes Control Act No. 45 of 2002 (“Act”). The Funds operate as individual entities in South Africa.

1.2 Basis of preparation

The annual financial statements are prepared in accordance with the going concern principal (for Funds that are still in existence) on the historical cost basis, except for investments that are reflected at either fair value or amortized cost as detailed below, and are in accordance with and comply with International Financial Reporting Standards (“IFRS”).

1.3 Accounting standards adopted

The Collective Investment Funds adopted all new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are relevant to its operations and effective for accounting periods ended 31 December 2013. These standards and interpretations had no impact on the financial statements for the financial year ended 31 December 2013. Except for otherwise stated, the accounting policies are therefore consistent with those applied in the prior year. All accounting policies also comply with the Trust Deeds (where applicable).

Standards, interpretations and amendments

to published standards that are effective

The following new or revised IFRS statements and interpretations have effective dates applicable to the Funds’ 2013 financial year:

IFRS 10 – Consolidated Financial Statements (effective 1 January 2013)

IFRS 13 – Fair Value Measurement (effective 1 January 2013)

IAS 1 - Financial Statements Presentation – Amendment (effective 1 July 2012)

IAS 27 – Separate Financial Statements (effective 1 January 2013)

IAS 28 Investments in Joint Ventures and Associates (effective 1 January 2013)

2012 Annual Improvements Project, various standards (effective 1 January 2013)

The application of these standards and interpretations did not have a significant impact on the Funds’ reported results, financial position and cash flows for the year ended at 31 December 2013.

IFRS 13 was issued to eliminate inconsistencies in the guidance on how to measure fair value and the disclosure requirements that currently exist under the different IFRS’s that require or permit fair value measurement. It establishes a single source of guidance and a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

In the current year the application of this standard required and lead to changes to existing disclosure and to additional disclosures to be presented in the financial statements.

Standards, interpretations and amendments to published standards that is not yet effective Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Funds’ future accounting periods, but which the Funds’ have not early adopted, as detailed below. Effective dates refer to financial years starting on or after the specified date.

IAS 32 - Offsetting Financial Assets and Financial Liabilities – Amendment (effective date 1 January 2014)

IFRS 10 – Investment entities exemption - Amendment (effective 1 January 2014)

IFRS 9 - Financial Instruments (preliminary effective date is 1 January 2018)

The amendment to IFRS 10 applies to investments in subsidiaries, joint ventures and associates held by a reporting entity that meets the definition of an investment entity. An investment entity accounts for its investments in subsidiaries, associates and joint ventures at fair value through profit or loss. The application of the revised IFRS 9 may have an impact on the classification of financial instruments at initial recognition, which will impact the subsequent measurement and accounting of gains and losses. Some of the new standards, interpretations and amendments may impact disclosure when applied. The above standards are the only ones relevant to Sanlam Collective Investment Funds.

1.4 Use of estimates, assumptions and judgments The preparation of the annual financial statements necessitates the use of judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities and contingent liabilities at the statement of financial position date, as well as affecting the reported income and expenses for the year. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

SANLAM COLLECTIVE INVESTMENT FUNDS (for the year ended 31 December 2013)

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1.4 Use of estimates, assumptions and judgments (continued)

Major items subject to the application judgments include:

The classification of financial instruments and valuation methods adopted are disclosed in notes 1.10 and 4.

The functional currency which is denoted in South African Rand. Judgment was applied in determining the functional currency of a Fund that holds investments that are denominated in foreign currencies. This judgment was reached because all funds are raised and distributed in South African Rand and performance evaluated in South African Rand.

There are no significant assumptions or sources of estimation certainty included in the financial statements for the current or comparative year.

1.5 Foreign currency translation

The financial statements are presented in South African Rand which is the Portfolios’ functional and presentation currency. Foreign currency purchase and sale transactions are recorded at the closing exchange rate ruling at the date of the transaction. Dividend income is translated at the rate ruling on the last day to register and interest income at the weighted average exchange rate for the period.

Monetary items, such as foreign accrued income and debtors and creditors denominated in foreign currencies are translated at the closing exchange rates ruling at the financial year-end and realised and unrealised differences on translation are recognised in profit or loss in the statement of comprehensive income in the period in which they arise.

Non-monetary items measured at fair value in a

foreign currency are translated using the exchange rates at the date when the fair value is determined. Unrealised translation differences on non-monetary items, such as investments classified as at fair value through profit or loss are included with the fair value movement in profit or loss in the statement of comprehensive income.

1.6 Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the fund and that the amount can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Dividend income Dividend income comprises dividends received from

and accrued on investments, including scrip dividends where there is a cash option, for which the last date to register falls within the accounting period.

Foreign dividend income is accrued gross of withholding taxes, where applicable.

Interest income

Interest income is recognised in profit or loss as it accrues, using the effective interest method. Interest income is recognised on a gross basis. Premiums or discounts arising on acquisition of fixed interest securities are included in the effective interest rate. Gains on cash and cash equivalents arise through the amortisation process and when items are derecognised. Distribution income

Funds recognise income distributions on the accrual basis. Distribution income is recognised as either interest revenue, dividend revenue or both based on the nature of the underlying instrument.

1.7 Net income adjustment on creation and

cancellation of units

An adjustment to income arises on the creation and cancellation of units since the price of a unit includes accrued income and expenses.

The income adjustment on creation or cancellation of units is recognised when units on which it arises are either purchased or sold.

1.8 Expenses

The nature of operating and administration expenses carried by the Funds is determined by regulation and is accrued for on a daily basis. The following applies in respect of the significant items of expenditure:

Performance fees Performance fees are calculated and accrued for on a daily basis with reference to the Funds’ out - performance of the relevant benchmark (and high water mark, where applicable). The payment to the management company is made monthly based on a rolling calculation.

Management charges The Funds pay the management company a monthly management charge based on the daily market value of the Fund at an agreed annual rate which is payable in arrears.

1.9 Distributions paid

Distributions paid represent net income paid to unit holders at each distribution date, which is determined in accordance with each Fund’s Supplemental Trust Deed. Distributable profits are determined by deducting operating expenses incurred from the income earned by the Fund since the last distribution. Any undistributed income is intended to be distributed at the next distribution date.

In cases where distributions are reinvested, the Fund recognises the reinvested portion as an increase in net assets attributable to unit holders.


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1.10 Financial instruments

Recognition Financial assets and liabilities are recognised in a Fund’s statement of financial position when, and only when, it becomes a party to the contractual provisions of the instrument.

Purchase or sales of financial assets are recognised on the trade date, i.e. the date that the Fund commits to purchase or sell the asset.

Measurement Financial assets and liabilities are initially measured at fair value, which includes transaction costs except for financial instruments at fair value through profit or loss where transaction costs are expensed in profit or loss on initial recognition. Subsequent to initial recognition, these instruments are measured as set out below.

Investments The Funds invest in equities, bonds, derivatives and other collective investment schemes, which are publically tradable in the open market, as well as money market instruments. These are generally settled in cash within seven days. These assets, except for those instruments held by BJM Money Market Fund, Sanlam Alternative Income Fund, Sanlam Diversified Income Fund of Funds (ex Sanlam Dividend Income Fund of Funds) and SIM Money Market Fund are designated as financial instruments at fair value through profit or loss, as they are managed and their performance is evaluated on a fair value basis. Information on these assets is presented to the asset managers of the Funds on a fair value basis. The investments held by BJM Money Market Fund, Sanlam Alternative Income Fund, Sanlam Diversified Income Fund of Funds (ex Sanlam Dividend Income Fund of Funds) and SIM Money Market Fund are classified as loans and receivables.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following bases are used to determine fair value, for those instruments that are classified at fair value through profit or loss:

The fair value of publicly traded equities, derivatives and bonds and investments in other collective investment schemes is determined by reference to the quoted open market price per unit prevailing at the reporting date, in an organised financial market.

Gilts, longer - term Negotiable Certificates of Deposit, Promissory Notes and Treasury Bills (money market instruments) are valued by discounting the expected future cash flows using current interest rates.

Financial futures and option contracts are valued daily at fair value at listed SAFEX closing prices.

Any fair value gain or loss is recognised directly in profit or loss. Gains or losses on derecognition are also included in profit and loss.

Money market instruments held by BJM Money Market Fund, Sanlam Alternative Income Fund, Sanlam Diversified Income Fund of Funds (ex Sanlam Dividend Income Fund of Funds) and SIM Money Market Fund are classified as loans and receivables and are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in income when loans and receivables are derecognised or impaired, as well as through the amortisation process. Net gains for these Funds consist of interest income less impairment losses.

Accrued income, debtors and related party receivables

Accrued income and debtors are classified as loans and receivables and include debtors resulting from asset sales as well as accrued interest on cash and cash equivalents and dividend receivables. Settlement terms of debtors relating to asset sales are generally less than 7 days and are recognised and carried at original invoice amount due to their short term nature. Receivables relating to accrued income are current and receivable in cash. No interest is charged on amounts due beyond normal credit terms. Subsequent to initial recognition, accrued income and debtors are carried at amortised cost using the effective interest method. Gains and losses are recognised in income when loans and receivables are derecognised or impaired, as well as through the amortisation process using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise current accounts, deposits held on call with banks that is highly liquid and readily convertible to cash and margin deposits. These current accounts, cash on call and deposits are net of outstanding bank overdrafts where the Fund currently has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. Margin accounts represent the exchange traded future contracts’ margin deposit amounts held with brokers and are pledged as collateral. Current accounts, cash on call, deposits and margin deposits are classified as loans and receivables and are measured at amortised cost, based on the relevant closing exchange rates at the statement of financial position date, where applicable.


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1.10 Financial instruments (continued)

Creditors (including trade and other payables and related party payables)

Creditors include payables resulting from the purchase of assets as well as accrued expenses and are classified as other financial liabilities at amortised cost. Settlement terms of payables relating to asset purchases are generally less than 7 days and are recognised and carried at original invoice amount due to their short term nature. Accrued expenses payable are due within 30 days. No interest is charged on amounts due beyond normal credit terms. Subsequent to initial recognition, creditors are carried at amortised cost using the effective interest method. Creditors are categorised as financial liabilities at amortised cost. Gains and losses are recognised in profit or loss when creditors are derecognised as well as through the amortisation process.

Distributions payable

Distributions are determined as per note 1.9 and are classified as financial liabilities at amortised cost, using the effective interest method. Amounts are paid within 30 days of their declaration date. Distributions are categorised as financial liabilities at amortised cost. Net assets attributable to unit holders

Net assets attributable to unit holders are carried at fair value, being the redemption amount representing the unit holders’ right to a residual interest in the Funds’ assets, and gains or losses are recognised through profit or loss. The change in net assets attributable to unit holders is the profit or loss movement on the financial liabilities at fair value through profit or loss.

Offsetting financial instruments

Where a legally enforceable right of offset exists for recognised financial assets and liabilities and there is an intention to settle the liability and realise the asset simultaneously or to settle on a net basis, all related financial effects are offset.

Derecognition of financial assets and liabilities

Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:

The rights to receive cash flows from the asset have expired.

The Fund has transferred its rights to receive cash flows from the asset and either (a) the Fund has transferred substantially all the risks and rewards of the asset, or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

Impairment of financial assets

The carrying amounts of the Funds’ financial assets classified as loans and receivables carried at amortised cost are assessed at each statement of financial position date to determine whether there is any indication of impairment. If there is evidence of impairment such as the probability of insolvency, changes in the current economic condition that correlate with defaults or significant financial difficulties of the counter party, that an impairment loss on a financial asset carried at amortised cost has been incurred, the amount of such loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the loss is recognised in profit or loss. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases due to event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced through profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost, measured as if the financial asset was not impaired previously, at the reversal date based on the original effective interest rate.

1.11 Taxation

Under the current system of taxation in South Africa the Funds are exempt from paying taxes provided the net income, excluding realised capital gains, is distributed to unit holders. Income is taxed in the hands of the unit holders, while capital gains realised by the Funds are exempt. Withholding taxes are measured at the amount expected to be paid to the relevant tax authorities in the country from which dividend income originates. The tax rates and tax laws used to compute the amount are those that are enacted when the income was earned. Withholding taxes on distributions made are included in trade and other payables.

1.12 Fund mergers

Fund mergers are accounted for using the purchase method. In a fund merger the acquiring Fund will issue units to the fair value of assets acquired. As a result no goodwill arises. The change in net assets attributable to unit holders in the acquirer Fund includes the combined income and expenses of the merged Funds from the effective date of the merger. Directly attributable costs incurred in the fund merger is expensed when incurred.


11

2. SIGNIFICANT EVENTS

2.1 During the current year:

No Funds merged during the current year under review. No Funds were closed during the current financial year. During the course of 2013 Sanlam Collective Investments RF (Pty) Ltd ceased to be the management company for the following Funds as they moved to different management companies:

APS Cautious Fund of Funds

APS Equity Fund of Funds

APS Managed Growth Fund of Funds

APS Moderate Fund of Funds

BJM Money Market Fund

BJM Multi Manager Bond Fund

BJM Multi Manager Equity Fund

BJM Multi Manager Income Fund

BJM Multi Manager Property Fund

BJM Multi Manager Prudential Flexible Fund

CAM Ascendo Fund of Funds

CAM Balanced Fund

CAM Dividend Equity Fund

CAM Fortis Institutional Fund

CAM Optima Institutional Fund

CAM Universum Institutional Fund

Dynasty Wealth Accumulator Fund of Funds

Dynasty Wealth Preserver Fund of Funds

NFB Balanced Fund of Funds

NFB Cautious Fund of Funds

NFB Equity Fund

The financial statements for the financial year ended 31 December 2013 of these funds have been prepared until the effective transfer date. Subsequent to this date transactions have been recorded by the new administration company. The move was effected and accounted for by closing the respective fund managed by Sanlam Collective Investments RF (Pty) Ltd.

2.2 Financial year 2014:

While no fund closures are anticipated for 2014, it is probable that during the course of 2014 Sanlam Collective Investments RF (Pty) Ltd will cease to be the management company for the following Funds due to regulatory changes and corporate structure changes in the industry and the Sanlam Group:

Sanlam All Share Index Fund

Sanlam Bond Index Fund

Sanlam Global Index Fund of Funds

SIM Dividend + Index Fund

SIM Equally Weighted Top 40 Index Fund

SIM Index Fund

SIM Property Index Fund

SIM RAFI40 Index Fund

3. RELATED PARTY TRANSACTIONS

All transactions with related parties are conducted at arm’s length and are made at normal market terms. Outstanding balances at year end are unsecured and interest free.

Manager

Sanlam Collective Investments RF (Pty) Limited (the "Manager") earns a management and performance fee for managing and administering the Funds. Management fees are charged as a percentage of the assets under management, as disclosed in note 2 of the Funds’ financial statements, and the performance fee is determined either on a fixed or on a performance basis. As a consequence of the performance fee orientation, performance fees will typically be higher following periods where the Funds’ total investment performance (income plus capital appreciation) have outperformed their respective benchmarks and lower in the case of underperformance. This ensures that the Manager’s interests are aligned with those of investors.

During the year, the Funds collectively paid and accrued management and performance fees of R682.1m, excluding VAT (2012: R706.7m) to Sanlam Collective Investments RF (Pty) Limited. The management and performance fees per individual Fund are disclosed on the face of the statement of comprehensive income and any outstanding balances in respect of these fees are disclosed on the face of the statement of financial position of each Fund.

The following information (in respect of all Funds) is reported in the financial report of Sanlam Collective Investments RF (Pty) Limited.

Total seed capital held - refer to note 4.1 of the Manager’s Financial Statements.

Total unit trading stock – refer to note 4.2 of the Manager’s Financial Statements.

Sales and repurchases – refer to note 23 of the Manager’s Financial Statements.

Key management of the Manager (including directors) or any of their close family members did not hold any significant units in managed or administered funds.


12

Sanlam Life Insurance Ltd: Sanlam Life Insurance Ltd held the following controlling interest in Funds as at 31 December:

Fund

2013 2012

MV of Holdings % holding MV of Holdings %

holding

First Avenue SCI Equity Fund 764 678 958 81% n/a n/a

Graviton SCI Balanced Fund 97 387 406 30% 67 674 716 35%

Graviton SCI Capital Growth Fund 266 934 682 40% n/a n/a

Graviton SCI Flexible Income Fund 153 995 572 68% 121 427 364 70%

Graviton SCI Low Equity Fund 482 510 218 66% 111 426 034 57%

Sanlam All Share Index Fund 88 644 833 70% 118 293 531 81%

Sanlam Bond Index Fund 37 798 862 47% 39 996 987 83%

Sanlam Diversified Income Fund of Funds 376 324 725 40% 340 750 953 29%

Sanlam Global Balanced Fund of Funds (ex: Sanlam International Moderate Fund of Funds)

10 108 347 49% 6 314 710 50%

Sanlam Global Cautious Fund of Funds (ex: Sanlam International Cautious Fund of Funds)

5 455 920 20% n/a n/a

Sanlam Global Index Fund of Funds 16 280 612 89% 12 231 174 86%

Sanlam Growth Institutional Fund 1 769 964 415 95% 1 553 424 765 88%

Sanlam Institutional Special Opportunities Fund 1 657 481 384 89% 1 650 735 783 90%

Sanlam Multi Managed Aggressive Fund of Funds 68 312 527 62% 47 135 931 57%

Sanlam Multi Managed Cautious Fund of Funds 120 061 200 70% 104 940 933 60%

Sanlam Multi Managed Conservative Fund of Funds 374 454 209 56% 435 524 859 56%

Sanlam Multi Managed Equity Fund 904 260 662 58% 143 047 878 37%

Sanlam Multi Managed Equity Index Fund (ex Sanlam Multi Managed Institutional General Equity Fund Three)

451 783 004 92% 209 033 804 100%

Sanlam Multi Managed Inflation Linked Bond Fund 1 204 068 404 77% 1 209 345 171 59%

Sanlam Multi Managed Institutional Absolute Solution 5 Fund of Funds 84 453 648 24% 100 759 703 31%

Sanlam Multi Managed Institutional All Bond Fund One 295 333 210 86% 544 556 385 62%

Sanlam Multi Managed Institutional All Bond Fund Three 301 369 544 77% 137 492 249 72%

Sanlam Multi Managed Institutional Balanced Fund of Funds 86 048 262 34% 91 156 004 41%

Sanlam Multi Managed Institutional Bond Fund 939 857 001 88% 201 280 733 100%

Sanlam Multi Managed Institutional Equity Fund of Funds 22 725 266 24% 23 289 060 26%

Sanlam Multi Managed Institutional General Equity Fund One 2 347 963 819 100% 891 285 369 81%

Sanlam Multi Managed Institutional General Equity Fund Two 1 345 987 131 95% 1 248 567 764 89%

Sanlam Multi Managed Institutional Long-Term Growth Solution 7 Fund of Funds

64 383 599 20% 60 961 242 24%

Sanlam Multi Managed Institutional Positive Return Fund One 286 465 248 47% 850 344 100%

Sanlam Multi Managed Institutional Positive Return Fund Two 576 452 265 55% 987 906 378 67%

Sanlam Multi Managed Institutional Positive Return Fund Three 530 819 704 49% 859 124 393 56%

Sanlam Multi Managed Institutional Positive Return Fund Four 539 282 029 48% 517 767 549 53%

Sanlam Multi Managed Institutional Protection Solution 3 Fund of Funds 45 385 440 33% 36 415 275 32%

Sanlam Multi Managed Institutional Prudential Balanced Fund One 161 488 438 58% n/a n/a

Sanlam Multi Managed Institutional Prudential Income Provider Fund One 200 699 635 100% n/a n/a

Sanlam Multi Managed Institutional Prudential Income Provider Fund Two 1 458 240 661 66% n/a n/a

Sanlam Multi Managed Institutional Prudential Low Equity One 200 300 990 100% n/a n/a

Sanlam Multi Managed Moderate Aggressive Fund of Funds 472 688 218 56% 433 616 011 52%

Sanlam Multi Managed Moderate Fund of Funds 98 976 239 69% 64 941 665 67%

Sanlam Multi Managed Property Fund 456 883 793 76% 507 310 559 70%

Sanlam Multi Managed Intitutional Yield Plus Fund Two (ex: Sanlam Multimanaged Institutional All Bond Fund Two)

412 071 461 76% 189 296 840 100%

Sanlam Optimised Income Fund 283 491 361 82% 268 767 389 69%

Sanlam Stable Growth Fund 428 953 979 97% 414 119 503 92%

Sanlam Value Institutional Fund 1 608 192 443 100% 2 186 773 365 94%

SIM Absolute Return Income Fund 475 570 785 42% 336 073 099 23%

SIM Active Income Fund 1 468 460 294 27% 1 083 963 189 22%

SIM Balanced Fund 3 521 782 042 47% 1 015 102 939 23%

SIM Equally Weighted Top40 Index Fund 25 975 252 22% n/a n/a

SIM Inflation Plus Fund 841 890 986 29% 709 784 985 25%

SIM Low Equity Fund 218 400 103 35% 143 179 943 34%

SIM Managed Aggressive Fund of Funds 344 886 812 71% 238 582 376 73%

SIM Managed Cautious Fund of Funds 838 748 404 71% 555 546 553 52%

SIM Managed Conservative Fund of Funds 168 133 372 46% 158 052 582 46%

SIM Managed Moderate Aggressive Fund of Funds 654 952 960 59% 464 949 225 61%

SIM Managed Moderate Fund of Funds 2 362 330 707 73% 1 796 070 931 73%

SIM Market Allocator Fund 56 005 446 99% 53 911 000 100%

SIM Property Fund 2 616 565 426 63% 1 559 277 827 65%

SIM Small Cap Fund 83 918 242 31% 84 970 110 32%

SIM Value Fund 917 573 421 27% n/a n/a SMMI Aggressive Equity Fund one n/a n/a 21 937 902 100%

Key management of Sanlam Life Insurance Ltd (including directors) or any of their close family members did not hold any significant units in terms

of Funds controlled, (i.e. greater than 50% ownership) by Sanlam Life Insurance Ltd.


13

4. RISK MANAGEMENT

The Fund’s objective in managing risk is the protection of unit holder value. Risk is inherent in the Fund’s activities resulting mainly from the type of instrument in which it invests.

The financial risk is limited firstly by the regulatory environment of the Collective Investment Schemes Control Act which has strict and specific regulations as to what instruments may or may not be held. Secondly, each Fund is governed by a Trust Deed which commits to a specific investment objective. The objective is then translated into an investment mandate which governs the manner in which the investment manager manages the Fund.

The investment manager limits the loss potential by reviewing the portfolio on a daily basis, and based on current and future predicted events, structures the portfolio in such a manner so as to limit loss and maximise gains, within the parameters of the risks identified.

NON-FINANCIAL RISK MANAGEMENT

4.1 General risks

Operational risk is the risk that there is a loss as a result of inadequate or failed internal processes, people, systems or external events.

The Funds mitigate these risks through the outsourcing of the fund administration to Curo Fund Services (formerly JP Morgan (Pty) Ltd), which has comprehensive systems of internal controls, internal audit, forensic and compliance functions and other measures such as back-up facilities, contingency planning and insurance.

The initiation of transactions and their administration is conducted on the basis of the segregation of duties, designed to ensure the correctness, completeness and validity of all transactions. Control is further strengthened by the settlement of transactions through the trustee and custodian who is Standard Bank of South Africa Limited. The custodian is also responsible for the safe custody of the Funds’ securities. To ensure validity, all transactions are confirmed with counterparties independently from the initial executors.

The Sanlam group has a risk-based internal audit approach, in terms of which priority is given to the audit of higher risk areas, as identified in the planning phase of the audit process. The internal control systems and procedures are subject to regular internal audit reviews.

Operational risks include:

Information and technology risk:

This is the risk of obsolescence of infrastructure, deficiency in integration, failures/inadequacies in systems/networks and the loss of accuracy, confidentiality, availability and integrity of data. This risk is mitigated by virtue of the outsourcing of the administration.

Legal risk:

This is the risk that the Funds will be exposed to contractual obligations which have not been provided. For material transactions entered into by the Funds, the legal resources of Sanlam Investments monitor the drafting of the contract documents to ensure that rights and obligations of all parties are clearly set out.

Compliance risk:

This is the risk of not complying with laws and regulations. The Funds consider compliance with applicable laws, industry regulations and codes, an integral part of doing business. The compliance function of Sanlam Collective Investments facilitates the management of compliance through the analysis of statutory and regulatory requirements, and monitoring the implementation and execution thereof.

Fraud risk:

This is the risk of financial crime and unlawful conduct occurring within the Funds. The Manager recognises that financial crime and unlawful conduct are in conflict with the principles of ethical behaviour and that it undermines organisational integrity. The financial crime combating policy for the Manager is designed to counter the threat of financial crime and unlawful conduct. A zero-tolerance approach is applied in combating financial crime and all offenders will be prosecuted. The forensic services function at the Sanlam group level oversees the prevention, detection and investigation of incidents of unlawful conduct that could impact the company. The Sanlam Group Forensic Services is also responsible for the formulation of Group standards in respect of the combating of unlawful conduct and the implementation of measures to monitor compliance with these standards.

Legislation risk:

The risk that unanticipated new Acts or Regulations will result in the need to change business practices that may lead to potential financial loss. The Funds draw on the expertise of Sanlam Investments, which monitors and influences events to the extent possible by participation in discussions with legislators, directly and through industry organisations.

FINANCIAL RISK MANAGEMENT

Financial instruments held by the Funds expose the Funds to financial risks. Any movement in the fair value or carrying value of asset and liabilities recorded on the statement of financial position impacts the obligation to unit holders, the net assets attributable to unit holders. From the perspective of the Fund as a legal entity there is no net exposure to these risks as the risks are passed on to the unit holder.


14

4.1 General risks (continued) Financial risk management

There has been no change to the manner in which Funds manage and measure the risks. The security selection and asset allocation within each Fund is monitored by the Manager in terms of each Fund’s stated investment objectives, investment mandates and applicable regulations (Board Notice 80 of the Collective Investment Schemes Control Act).

4.2 Market risk

The Funds’ investing activities expose unit holders to various types of risk that are associated with the financial instruments and markets in which the Funds invest. Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market prices. Market risk embodies the potential for both losses and gains to the investor and includes price risk, interest rate risk and currency risk. The Funds’ strategy on the management of market risk is driven by the Funds’ investment objective as described in the Supplementary Trust Deeds. Derivative instruments may be used by the Investment managers for the purpose of reducing market risk enabling diversification of asset allocations and the

interest rate exposures without having to divest from the instruments in the portfolio. The derivative contracts included in some portfolios serve as components of a portfolio’s investment strategy and are utilised primarily to structure and hedge investments to reduce risk to the portfolio. The derivative contracts that the portfolios trade in are exchange-traded futures and options, equity warrants and over-the-counter interest rate swap agreements. Exchange-traded futures and options are marked to market and settled in cash daily and exposure to these instruments is disclosed in the table below.

The primary difference in the risk associated with over-the-counter contracts and exchange-traded contracts is credit risk. The portfolios have credit risk from derivative exposure equal to the fair value of the instruments at year-end. The credit risk related to exchange traded contracts is minimal because the exchange ensures that their contracts are always honoured. The table below shows the exposure to derivative instruments at year end. Financial risk information for the funds moved to another administrator were not included in the 2013 financial statements as the funds were not administered by Sanlam Collective Investments RF (Pty) Ltd at 31 December 2014.

(The table below shows the exposure to derivative instruments at year end.)

Exposure to

long

positions

Exposure to

short

positions

Exposure to

long

positions

Exposure to

short

positions

R'000 R'000 R'000 R'000

BJM Multi-Manager Prudential Flexible Fund - - 6,704 (3,718)

Graviton SCI Balanced Fund 1,251 - - -

Graviton SCI Capital Grow th Fund 5,046 (2,381) - -

Graviton SCI Low Equity Fund 845 (45,835) - -

Obsidian SCI Balanced Fund 1,683 - - -

Sanlam All Share Index Fund - - 7,720 -

Sanlam Grow th Institutional Fund 32,526 - 6,317 -

Sanlam Multi Managed Equity Fund 10,425 - 7,019 -

3,079 - 841 -

Sanlam Multi Managed Institutional Positive Return Fund Three 49,174 - 32,065 (77,155)

Sanlam Multi Managed Institutional Positive Return Fund One - (33,330) - -

Sanlam Multi Managed Institutional Prudential Balanced Fund One 5,421 - - -

Sanlam Multi Managed Institutional Prudential Low Equity Tw o 3,803 (41,700) - -

Sanlam Stable Grow th Fund 362,825 (1,300,153) 201,661 (624,880)

SMMI Bond Fund 419,062 (180,833) 366,300 -

SIM Balanced Fund - - 9,138 -

SIM Bond Plus Fund - - 34,555 -

SIM Index Fund 12,927 - 13,686 -

SIM Inflation Plus Fund 12,016 (366,615) 5,783 (257,084)

SIM Low Equity Fund 2,597 (77,673) 1,011 (40,376)

SIM Market Allocator Fund - (3,532) - (702)

SIM Value Fund 5,288 (4,660) - -

2013 2012

Sanlam Multi Managed Equity Index Fund (Ex. Sanlam Multi Managed Institutional General Equity

Fund Three)


15

4.3 Price risk Price risk is the risk that the fair value or future cash flows of the instrument will fluctuate as a result of changes in market prices other than those caused by interest rate risk and currency risk, whether caused by factors specific to an individual investment, its issuer or all factors affecting all similar instruments traded in the market. The Funds' investments in the following instruments as disclosed on the face of the statement of financial position are subject to price risk:

Equities and specialist securities - local

Equities and specialist securities - foreign

Participatory interest in collective investment schemes - local

Participatory interest in collective investment schemes – foreign

Price risk is mitigated by constructing a diversified portfolio of investments. Funds that invest primarily in a specific industry will have an increased exposure to market risk factors specific to that industry sector.

The table below illustrates the effect of possible changes in the fair value of investments for price risks on profit or loss for the year. The sensitivity analysis is prepared with all other variables held constant, and is based on the balances at year end taking into account the reasonable possible changes in the next 12 months. It follows that the actual results may differ from the sensitivity analysis below and the difference could be material.

The disclosure provides information on the risks to which unit holders are exposed and it is not indicative of future performance.

The movement in risk has been disclosed for a 10% increase and decrease in the value of the Funds equities and unit trusts.

Management considered this to be a reasonable change in the market based on the current economic environment.

Price risk

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

R'000 R'000 R'000 R'000

APS Cautious Fund of Funds - - 25,196 (25,196)

APS Equity Fund of Funds - - 22,970 (22,970)

APS Managed Grow th Fund of Funds - - 54,076 (54,076)

APS Moderate Fund of Funds - - 120,526 (120,526)

BJM Multi Manager Bond Fund - - 26 (26)

BJM Multi Manager Equity Fund - - 6,622 (6,622)

BJM Multi Manager Income Fund - - 60,591 (60,591)

BJM Multi Manager Property Fund - - 31,998 (31,998)

BJM Multi Manager Prudential Flexible Fund - - 14,822 (14,822)

CAM Ascendo Fund of Funds - - 40,099 (40,099)

CAM Balanced Fund - - 76,099 (76,099)

CAM Dividend Equity Fund - - 48,758 (48,758)

CAM Optima Institutional Fund - - 285,968 (285,968)

CAM Universum Institutional Fund - - 155 (155)

Dynasty Wealth Accumulator Fund of Funds - - 22,039 (22,039)

Dynasty Wealth Preserver Fund of Funds - - 31,537 (31,537)

FG International Flexible Fund of Funds - - 6,522 (6,522)

FG Jupiter Income Fund of Funds - - 70,214 (70,214)

FG Mercury Equity Fund of Funds - - 41,188 (41,188)

FG Saturn Flexible Fund of Funds - - 179,791 (179,791)

FG Venus Cautious Fund of Funds - - 103,765 (103,765)

First Avenue SCI Equity Fund 90,453 (90,453) 72,248 (72,248)

Graviton SCI Balanced Fund 29,150 (29,150) 15,761 (15,761)

Graviton SCI Capital Grow th Fund 52,486 (52,486) - -

Graviton SCI Flexible Income Fund 12,040 (12,040) 8,349 (8,349)

Graviton SCI Low Equity Fund 56,885 (56,885) 10,544 (10,544)

Lynx SCI Balanced Fund of Funds 57,106 (57,106) 52,940 (52,940)

Lynx SCI Cautious Fund of Funds 45,056 (45,056) 42,148 (42,148)

Lynx SCI Global Diversif ied Fund of Funds 32,932 (32,932) 22,068 (22,068)

Lynx SCI Opportunities Fund of Funds 6,156 (6,156) 5,030 (5,030)

2013 2012


16

4.3 Price risk (continued)

Price risk

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

R'000 R'000 R'000 R'000

NFB Balanced Fund of Funds - - 42,697 (42,697)

NFB Cautious Fund of Funds - - 59,991 (59,991)

NFB Equity Fund - - 5,086 (5,086)

Obsidian SCI Balanced Fund 985 (985) - -

Sanlam African Frontier Markets Feeder Fund 119 (119) - -

Sanlam All Share Index Fund 12,660 (12,660) 13,758 (13,758)

Sanlam Alternative Income Fund 122,124 (122,124) 209,973 (209,973)

Sanlam Asia Pacif ic Fund of Funds 8,579 (8,579) 7,030 (7,030)

Sanlam Diversif ied Income Fund of funds (ex: Sanlam Dividend Income Fund of Funds) 93,637 (93,637) 118,322 (118,322)

Sanlam General Institutional Fund - - 140,316 (140,316)

Sanlam Global Balanced Fund of Funds (ex:Sanlam International Moderate Fund of Funds) 1,935 (1,935) 1,238 (1,238)

Sanlam Global Cautious Fund of Funds (ex: Sanlam International Cautious Fund of Funds) 2,621 (2,621) 1,952 (1,952)

Sanlam Global Equity Fund 74,621 (74,621) 49,396 (49,396)

Sanlam Global Index Fund of Funds 1,797 (1,797) 1,421 (1,421)

Sanlam Grow th Institutional Fund 181,104 (181,104) 175,790 (175,790)

Sanlam India Opportunities Feeder Fund 5,886 (5,886) 5,657 (5,657)

Sanlam Institutional Special Opportunities Fund 181,154 (181,154) 172,229 (172,229)

Sanlam Multi Managed Aggressive Fund of Funds 10,675 (10,675) 8,019 (8,019)

Sanlam Multi Managed Cautious Fund of Funds 16,323 (16,323) 15,406 (15,406)

Sanlam Multi Managed Conservative Fund of Funds 65,469 (65,469) 74,762 (74,762)

Sanlam Multi Managed Equity Fund 137,540 (137,540) 36,796 (36,796)

48,867 (48,867) 20,758 (20,758)

Sanlam Multi Managed Institutional Aggressive Equity Fund One 2,854 (2,854) 2,189 (2,189)

Sanlam Multi Managed Institutional All Bond Fund One - - 2 (2)

Sanlam Multi Managed Institutional All Bond Fund Three - - 3,856 (3,856)

Sanlam Multi Managed Institutional General Equity Fund One 203,597 (203,597) 107,429 (107,429)

Sanlam Multi Managed Institutional General Equity Fund Tw o 137,424 (137,424) 137,480 (137,480)

Sanlam Multi Managed Institutional Positive Return Fund One 49,278 (49,278) - -

Sanlam Multi Managed Institutional Positive Return Fund Three 81,863 (81,863) 110,798 (110,798)

Sanlam Multi Managed Institutional Positive Return Fund Tw o 2,694 (2,694) 2,910 (2,910)

Sanlam Multi Managed Institutional Prudential Balanced Fund One 27,031 (27,031) - -

Sanlam Multi Managed Institutional Prudential Income Provider Fund Tw o 20,320 (20,320) - -

Sanlam Multi Managed Institutional Prudential Low Equity Tw o 18,328 (18,328) - -

Sanlam Multi Managed Moderate Aggressive Fund of Funds 82,909 (82,909) 83,121 (83,121)

Sanlam Multi Managed Moderate Fund of Funds 13,925 (13,925) 9,154 (9,154)

Sanlam Multi Managed Property Fund 60,082 (60,082) 72,869 (72,869)

Sanlam Multi Managed Institutional Positive Return Fund Four 89,062 (89,062) 58,159 (58,159)

Sanlam Optimised Income Fund 30,020 (30,020) 38,187 (38,187)

Sanlam Pan-Europe Fund 10,583 (10,583) 8,474 (8,474)

Sanlam Stable Grow th Fund 39,819 (39,819) 43,029 (43,029)

Sanlam Value Institutional Fund 155,840 (155,840) 227,346 (227,346)

Sesfikile SCI Property Fund 18,999 (18,999) 4,523 (4,523)

SIM Absolute Return Income Fund 2,913 (2,913) 3,361 (3,361)

SIM Active Income Fund 16,827 (16,827) 14,711 (14,711)

SIM Balanced Fund 609,010 (609,010) 364,398 (364,398)

SIM Bond Plus Fund - - 1,066 (1,066)

SIM Dividend + Index Fund 56,679 (56,679) 47,076 (47,076)

SIM Equally Weighted TOP40 Index Fund 11,530 (11,530) 21,107 (21,107)

SIM Financial Fund 24,768 (24,768) 22,458 (22,458)

SIM General Equity Fund 448,923 (448,923) 334,539 (334,539)

SIM Global Best Ideas Feeder Fund 63,971 (63,971) 59,208 (59,208)

SIM Global Equity Income Feeder Fund 1,083 (1,083) - -

SIM Global Financial Feeder Fund 7,422 (7,422) 4,353 (4,353)

SIM Index Fund 200,679 (200,679) 174,854 (174,854)

2013 2012


Fund Three)


17

4.3 Price risk (continued)

4.4 Interest risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in interest rates. Certain Funds’ mandates permit investment in interest bearing instruments. The fair values of fixed rate interest instruments are susceptible to changes in the prevailing level of interest rates. The impact of interest rate changes on the fair values of fixed rate interest instruments is more significant the longer the term of the instrument. Where Funds invest in variable rate instruments, the interest income is susceptible to interest rate movements.

The Funds' investments in the following instruments as disclosed on the face of the statement of financial position are subject to interest rate risk:

Bonds - local

Bonds – foreign

Money market instruments

Cash and bank balances

The table below illustrates the effect of possible changes in prevailing interest rates on profit or loss for the year. The sensitivity analysis is prepared with all other variables held constant, and is based on the balances at year end taking into account the reasonable possible changes in the next 12 months. The actual results may differ from the sensitivity analysis and the difference could be material.

The disclosure provides information on the risks to which unit holders are exposed and is not indicative of future performance. The movement has been disclosed for a 1% increase and decrease in interest rate risk. Management considered this to be a reasonable change in the market based on the current economic environment.

Price risk

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

10%

Increase in

equity or

unit trust

10%

Decrease

in equity

or unit

R'000 R'000 R'000 R'000

SIM Industrial Fund 131,224 (131,224) 92,699 (92,699)

SIM Inflation Plus Fund 137,304 (137,304) 121,639 (121,639)

SIM Low Equity Fund 28,811 (28,811) 16,389 (16,389)

SIM Managed Aggressive Fund of Funds 47,280 (47,280) 32,099 (32,099)

SIM Managed Cautious Fund of Funds 116,895 (116,895) 105,395 (105,395)

SIM Managed Conservative Fund of Funds 35,730 (35,730) 33,752 (33,752)

SIM Managed Moderate Aggressive Fund of Funds 107,684 (107,684) 73,468 (73,468)

SIM Managed Moderate Fund of Funds 316,503 (316,503) 241,721 (241,721)

SIM Market Allocator Fund 5,391 (5,391) 5,208 (5,208)

SIM Property Fund 408,585 (408,585) 234,175 (234,175)

SIM Property Index Fund 32,967 (32,967) 19,973 (19,973)

SIM Rafi 40 Index Fund 10,867 (10,867) 10,421 (10,421)

SIM Resources Fund 5,595 (5,595) 5,814 (5,814)

SIM Small Cap Fund 27,208 (27,208) 25,675 (25,675)

SIM Top Choice Equity Fund 58,584 (58,584) 49,754 (49,754)

SIM Value Fund 325,687 (325,687) 280,022 (280,022)

SMMI Absolute Solution 5 Fund of Funds 33,581 (33,581) 32,664 (32,664)

SMMI Balanced Fund of Funds 24,759 (24,759) 21,827 (21,827)

SMMI Defensive Fund of Funds 23,629 (23,629) 23,037 (23,037)

SMMI Equity Fund of Funds 9,036 (9,036) 8,907 (8,907)

SMMI Long-Term Grow th Solution 7 Fund of Funds 30,817 (30,817) 24,734 (24,734)

SMMI Protection Solution 3 Fund of Funds 13,485 (13,485) 10,829 (10,829)

SPI Equity Fund 4,688 (4,688) 2,522 (2,522)

2013 2012


18

4.4 Interest risk (continued)

Interest rate risk

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

R'000 R'000 R'000 R'000

APS Cautious Fund of Funds - - 117 (117)

APS Equity Fund of Funds - - 83 (83)

APS Managed Grow th Fund of Funds - - 204 (204)

APS Moderate Fund of Funds - - 349 (349)

BJM Multi Manager Prudential Flexible Fund - - (763) 952

BJM Money Market Fund - - 8 458 (8 457)

BJM Multi Manager Bond Fund - - (32 243) 40 041

BJM Multi Manager Equity Fund - - 73 (73)

BJM Multi Manager Income Fund - - (9 779) 10 775

BJM Multi Manager Property Fund - - 276 (276)

CAM Ascendo Fund of Funds - - 201 (201)

CAM Balanced Fund - - (30 765) 41 686

Cam Dividend Equity Fund - - 223 (223)

CAM Fortis Institutional Fund - - 5,503 (5,501)

CAM Optima Institutional Fund - - 1,447 (1,447)

CAM Universum Institutional Fund - - (202 557) 273 536

Dynasty Wealth Accumulator Fund of Funds - - 120 (120)

Dynasty Wealth Preserver Fund of Funds - - 102 (102)

FG International Flexible Fund of Funds - - 31 (31)

FG Jupiter Income Fund of Funds - - 282 (282)

FG Mercury Equity Fund of Funds - - 178 (178)

FG Saturn Flexible Fund of Funds - - 789 (789)

FG Venus Cautious Fund of Funds - - 349 (349)

First Avenue SCI Equity Fund 442 (442) 415 (415)

Graviton SCI Balanced Fund (1 739) 2 441 (184) 458

Graviton SCI Capital Grow th Fund (11 204) 15 251 - -

Graviton SCI Flexible Income Fund (3 308) 4 215 722 (717)

Graviton SCI Low Equity Fund (11 195) 14 277 (37) 184

Lynx SCI Balanced Fund of Funds 860 (860) 206 (206)

Lynx SCI Cautious Fund of Funds 426 (426) 149 (149)

Lynx SCI Global Diversif ied Fund of Funds 81 (81) 450 (450)

Lynx SCI Opportunities Fund of Funds 17 (17) 16 (16)

NFB Balanced Fund of Funds - - 159 (159)

NFB Cautious Fund of Funds - - 187 (187)

NFB Equity Fund - - 12 (12)

Obsidian SCI Balanced Fund 44 (44) - -

Sanlam African Frontier Markets Feeder Fund 1 (1) - -

Sanlam All Share Index Fund 5 (5) 84 (84)

Sanlam Alternative Income Fund 50 776 (50 776) 52 945 (52 945)

Sanlam Asia Pacif ic Fund of Funds 11 (11) 10 (10)

Sanlam Bond Index Fund (13 762) 20 015 (6 767) 8 854

Sanlam Diversif ied Income Fund of funds (ex: Sanlam Dividend Income Fund of Funds) 14 (14) - -

Sanlam General Institutional Fund - - 1 487 (1 487)

Sanlam Global Balanced Fund of Funds (ex:Sanlam International Moderate Fund of Funds) 12 (12) 5 (5)

Sanlam Global Cautious Fund of Funds (ex: Sanlam International Cautious Fund of Funds) 10 (10) 6 (6)

Sanlam Global Equity Fund 149 (149) 98 (98)

Sanlam Global Index Fund of Funds 4 (4) 2 (2)

Sanlam Grow th Institutional Fund 408 (408) 144 (144)

Sanlam India Opportunities Feeder Fund 5 (5) 17 (17)

Sanlam Institutional Special Opportunities Fund 501 (501) 946 (946)

Sanlam Multi Managed Aggressive Fund of Funds 30 (30) 29 (29)

Sanlam Multi Managed Cautious Fund of Funds 94 (94) 194 (194)

Sanlam Multi Managed Conservative Fund of Funds 195 (195) 252 (252)

2013 2012

Total Total


19


Interest rate risk

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

R'000 R'000 R'000 R'000

Sanlam Multi Managed Equity Fund 561 (561) 89 (89)

48 (48) 15 (15)

Sanlam Multi Managed Inflation Linked Bond Fund (347 907) 512 447 (418 009) 571 089

Sanlam Multi Managed Institutional Aggressive Equity Fund One - - 1 (1)

Sanlam Multi Managed Institutional Aggressive Equity Fund One 4 (4) 1 (1)

Sanlam Multi Managed Institutional All Bond Fund One (68 753) 117 626 (56 441) 67 081

Sanlam Multi Managed Institutional All Bond Fund Three (55 495) 80 364 (18 548) 23 539

Sanlam Multi Managed Institutional General Equity Fund One 501 (501) 273 (273)

Sanlam Multi Managed Institutional General Equity Fund Tw o 408 (408) 319 (319)

Sanlam Multi Managed Institutional Positive Return Fund One (554) 607 9 (9)

Sanlam Multi Managed Institutional Positive Return Fund Three (18 348) 22 259 (22 138) 25 620

Sanlam Multi Managed Institutional Positive Return Fund Tw o (14 518) 20 492 (2 421) 4 635

Sanlam Multi Managed Institutional Prudential Balanced Fund One 70 (70) 10 (10)

Sanlam Multi Managed Institutional Prudential Balanced Fund Tw o 10 (10) - -

Sanlam Multi Managed Institutional Prudential Income Provider Fund Tw o (104 110) 125 175 - -

Sanlam Multi Managed Institutional Prudential Income Provider One (1 306) 1 522 - -

Sanlam Multi Managed Institutional Prudential Low Equity One 10 (10) - -

Sanlam Multi Managed Institutional Prudential Low Equity Tw o 215 (215) - -

(4 641) 4 964 (27 516) 36 698

Sanlam Multi Managed Moderate Aggressive Fund of Funds 134 (134) 50 (50)

Sanlam Multi Managed Moderate Fund of Funds 43 (43) - -

Sanlam Multi Managed Property Fund 20 (20) (410) 410

Sanlam Multi Managed Institutional Positive Return Fund Four (132) 176 607 (538)

Sanlam Optimised Income Fund 460 (460) 92 (92)

Sanlam Pan Europe Fund 26 (26) 20 (20)

Sanlam Stable Grow th Fund 448 (448) 197 (197)

Sanlam Value Institutional Fund 424 (424) 376 (376)

Sesfikile SCI Property Fund 67 (67) 24 (24)

SIM Absolute Return Income Fund (20 316) 28 473 (6 573) 8 782

SIM Active Income Fund (90 796) 131 938 1 934 2 988

SIM Balanced Fund (172 894) 242 477 (59 624) 79 422

SIM Bond Plus Fund (219 887) 306 154 (90 268) 119 051

SIM Dividend + Index Fund 35 (35) 34 (34)

SIM Enhanced Yield Fund (42 887) 48 256 (17 707) 19 863

SIM Equally Weighted TOP40 Index Fund 5 (5) 25 (25)

SIM Financial Fund 19 (19) 54 (54)

SIM General Equity Fund 1 533 (1 533) 855 (855)

SIM Global Best Ideas Feeder Fund (5) 5 142 (142)

SIM Global Equity Income Feeder Fund 4 (4) - -

SIM Global Financial Feeder Fund 4 (4) 7 (7)

SIM Index Fund 139 (139) 149 (149)

SIM Industrial Fund 268 (268) 525 (525)

SIM Inflation Plus Fund (41 435) 62 941 (1 143) 2 041

SIM Low Equity Fund (10 170) 14 419 642 (475)

SIM Managed Aggressive Fund of Funds 110 (110) 83 (83)

SIM Managed Cautious Fund of Funds 169 (169) 117 (117)

SIM Managed Conservative Fund of Funds 52 (52) 72 (72)

SIM Managed Moderate Aggressive Fund of Funds 258 (258) 239 (239)

Sanlam Multi Managed Institutional Yield Plus Fund Tw o (ex: Sanlam Multi Managed Institutional All

Bond Fund Tw o)

2013 2012

Total Total


Fund Three)


20


4.5 Foreign currency risk

Certain Funds’ mandates permit investment in financial instruments denominated in currencies other than Rand. As the Funds’ net asset values are reported in Rand, movements in the foreign exchange rates in relation to the Rand would cause volatility in the Funds’ Rand investment balances and unit prices. The specific foreign currencies that a portfolio is exposed to are disclosed per portfolio.

The table below illustrates the effect of a 10% increase in foreign currency rates on profit and loss for the year.

The sensitivity analysis is prepared with all other variables held constant, and is based on the balances at year end taking into account the reasonable possible changes in the next 12 months. The actual results may differ from the sensitivity analysis and the difference could be material. The disclosure provides information on the risks to which unit holders are exposed and is not indicative of future performance.

An equivalent decrease in each of the currencies against the Rand would have resulted in an equivalent but opposite impact.

The sensitivity analysis also includes the impact of movements in foreign equity.

Interest rate risk

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

+1%

Increase in

market

interest

rates

1%

Decrease

in market

interest

rates

R'000 R'000 R'000 R'000

SIM Managed Moderate Fund of Funds 819 (819) 603 (603)

SIM Market Allocator Fund 10 (10) 19 (19)

SIM Money Market Fund 16 369 (16 273) 51 771 (51 768)

SIM Property Fund 476 (476) 720 (720)

SIM Property Index Fund 9 (9) 15 (15)

SIM Rafi 40 Index Fund 11 (11) 9 (9)

SIM Resources Fund 8 (8) 8 (8)

SIM Small Cap Fund 25 (25) 105 (105)

SIM Top Choice Equity Fund 162 (162) 126 (126)

SIM Value Fund 1,325 (1,325) 1 038 (1 038)

SMMI Absolute Solution 5 Fund of Funds 204 (204) 6 (6)

SMMI Balanced Fund of Funds 50 (50) 44 (44)

SMMI Bond Fund (126 469) 161 649 (19 563) 22 621

SMMI Defensive Fund of Funds 118 (118) 160 (160)

SMMI Equity Fund of Funds 16 (16) 2 (2)

SMMI Long Term Grow th Solution 7 Fund of Funds 184 (184) 76 (76)

SMMI Protection Solution 3 Fund of Funds 13 (13) 60 (60)

SPI Equity Fund 33 (33) 23 (23)

2013 2012

Total Total

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

US$ AU$ CAD GBP EUR SGD CHF YEN HKD OTHER

R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000

Graviton SCI Balanced Fund 4,514 24 - 50 299 - 41 - - -

Graviton SCI Capital Grow th Fund 12,832 - - 24 - - - - - -

Graviton SCI Low Equity Fund 11,250 57 - 107 410 - 58 - - -

Lynx SCI Global Diversif ied Fund of Funds 29,480 - - - - - - - - -

Sanlam African Frontier Markets Feeder Fund 122 - - - - - - - - -

Sanlam Asia Pacif ic Fund of Funds 8,614 - - - - - - - - -

2,007 - - - - - - - - -

2,660 - - - - - - - - -

Sanlam Global Equity Fund 49,421 - 2,056 6,006 10,030 1,826 3,044 3,285 649 -

2013

Sanlam Global Balanced Fund of Funds (ex:Sanlam

International Moderate Fund of Funds)

Sanlam Global Cautious Fund of Funds (ex: Sanlam

International Cautious Fund of Funds)


21

4.5 Foreign currency risk (continued)

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in


R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000

Sanlam Global Index Fund of Funds 1,821 - - - - - - - - -

Sanlam India Opportunities Feeder Fund 5,936 - - - - - - - - -

Sanlam Multi Managed Aggressive Fund of Funds 2,754 - - - - - - - - -

Sanlam Multi Managed Cautious Fund of Funds 3,521 - - - - - - - - -

Sanlam Multi Managed Conservative Fund of Funds 6,917 - - - - - - - - -

6,701 - - - - - - - - -

5,439 67 - 3,235 1,034 - - - - -

Sanlam Multi Managed Moderate Aggressive Fund of Funds 21,234 - - - - - - - - -

Sanlam Multi Managed Moderate Fund of Funds 3,587 - - - - - - - - -

Sanlam Pan-Europe Fund 156 - - 3,914 4,847 - 1,260 - - 557

SIM Balanced Fund 155,699 2,098 - 3,285 20,428 - 2,573 - - -

SIM Financial Fund 548 - - 3,929 685 - - - - -

SIM General Equity Fund 17,196 - - 17,675 2,877 - 1,865 - - 3,626

SIM Global Best Ideas Feeder Fund 63,971 - - - - - - - - -

SIM Global Financial Feeder Fund 7,422 - - - - - - - - -

SIM Industrial Fund 4,370 - - 176 - - - - - -

SIM Inflation Plus Fund 43,480 673 - 1,801 15,663 - 1,377 - - -

SIM Low Equity Fund 10,991 148 - 228 1,540 - 285 - - -

SIM Managed Aggressive Fund of Funds 7,390 - - - - - - - - -

SIM Managed Cautious Fund of Funds 17,164 - - - - - - - - -

SIM Managed Conservative Fund of Funds 5,781 - - - - - - - - -

SIM Managed Moderate Aggressive Fund of Funds 18,048 - - - - - - - - -

SIM Managed Moderate Fund of Funds 55,526 - - - - - - - - -

SIM Resources Fund 99 - - 519 - - 1 - - 1

SIM Small Cap Fund 1 - - - - - - - - 821

SIM Value Fund 36,847 1 - 40,190 710 - - - - -

SMMI Absolute Solution 5 Fund of Funds 8,778 - - - - - - - - -

SMMI Balanced Fund of Funds 6,357 - - - - - - - - -

SMMI Defensive Fund of Funds 6,232 - - - - - - - - -

SMMI Equity Fund of Funds 2,120 - - - - - - - - -

SMMI Long-Term Grow th Solution 7 Fund of Funds 8,088 - - - - - - - - -

SMMI Protection Solution 3 Fund of Funds 2,792 - - - - - - - - -

2013

Sanlam Multi Managed Institutional Prudential Balanced Fund

One

Sanlam Multi Managed Institutional Prudential Income Provider

Fund Tw o

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in


R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000

BJM Multi Manager Equity Fund 179 - - 4 - - 2 - - -

BJM Multi Manager Income Fund 7,344 - - - - - - - - -

BJM Multi Manager Prudential Flexible Fund 509 3 - 238 123 - 7 - - -

CAM Dividend Equity Fund - - - 6 27 - - - - -

Cam Optima Institutional Fund 109 - - 252 25 - - - - -

Graviton SCI Balanced Fund (1,227) - - - - - - - - -

Graviton SCI Low Equity Fund (1,022) - - - (42) - - - -

Lynx Global Diversif ied Fund of Funds 2,861 - 57 227 - - - 6 - -

Sanlam Asia Pacif ic Fund of Funds 28 - - - - - - - - -

Sanlam Global Equity Fund 774 - - - - - - - - -

Sanlam Global Index Fund of Funds 7 - - - - - - - -

Sanlam India Opportunities Feeder Fund 89 - - - - - - - - -

Sanlam International Cautious Fund of Funds 7 - - - - - - - - -

2012


22

4.5 Foreign currency risk (continued)

4.6 Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

Board Notice 80 of the Collective Investment Schemes Control Act regulates a Fund's maximum exposure per issuer and per rating band. All Funds comply with Board Notice 80 of the Act. The Funds’ Management Company has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit risk arising on cash on call and deposits is mitigated by depositing funds with reputable banks with acceptable credit ratings. Credit risk arising on debt instruments is mitigated by investing in highly rated investments or instruments issued by rated counterparties in compliance with each individual Fund's investment objectives and Board Notice 80 of the Act. Credit risk relating to unsettled transactions is considered low due to the short settlement period involved. Credit risk arising on derivatives is mitigated by entering into transactions with reputable exchanges

and counterparties, and/or by trading in derivatives which are traded in an active market.

There were no non-performing or past due debtors at 31 December 2013 or 31 December 2012. The maximum credit exposure at the statement of financial position is equal to the carrying amounts of the following assets disclosed on the face of the Funds' statement of financial position:

Bonds - local

Bonds - foreign


Accrued income and receivables

Cash and bank balances

Derivatives

4.7 Liquidity risk

The Funds are subject to the daily creation and cancellation of units. They are therefore exposed to the liquidity risk of meeting material unit holder redemptions at any time.

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in

Change

in


R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000

12 - - - - - - - -

Sanlam Multi Managed Aggressive Fund of Funds 65 - - - - - - - - -

Sanlam Multi Managed Cautious Fund of Funds 1,084 - - - - - - - - -

Sanlam Multi Managed Conservative Fund of Funds 2,176 - - - - - - - - -

Sanlam Multi Managed Moderate Aggressive Fund of Funds 16 - - - - - - - - -

Sanlam Multi Managed Moderate Fund of Funds 209 - - - - - - - -

Sanlam Pan-Europe Fund 118 - - - 1 - 1 - - 2

SIM Balanced Fund 6,715 - - 5,139 39 - 31 - - 182

SIM Financial Fund - - - 33 - - - - - -

SIM General Equity Fund - - - 253 1 - - - - -

SIM Industrial Fund 7 - - 139 - - - - - -

SIM Inflation Plus Fund 5,281 - - 7,019 1,894 - 136 - - -

SIM Low Equity Fund 694 - - 60 272 - 33 - - -

SIM Managed Aggressive Fund of Funds 15 - - - - - - - -

SIM Managed Cautious Fund of Funds 624 - - - - - - - -

SIM Managed Conservative Fund of Funds 230 - - - - - - - - -

SIM Managed Moderate Aggressive Fund of Funds 12 - - - - - - - -

SIM Managed Moderate Fund of Funds 1,842 - - - - - - - -

SIM Resources Fund 23 - - 11 - - - - - 1

SIM Small Cap Fund 21 - - - - - - - - 10

SIM Top Choice Equity Fund - - - - - - - - - -

SIM Value Fund (192) 1 - 342 2,266 - - - - -

SMMI Absolute Solution 5 Fund of Funds 9 - - - - - - - - -

SMMI Balanced Fund of Funds 201 - - - - - - - - -

SMMI Defensive Fund of Funds 631 - - - - - - - - -

SMMI Equity Fund of Funds - - - - - - - - - -

SMMI Long-Term Grow th Solution 7 Fund of Funds 464 - - - - - - - - -

SMMI Protection Solution 3 Fund of Funds 552 - - - - - - - - -

Sanlam International Moderate Fund of Funds (ex: Sanlam

International Balanced Fund of Funds)

2012


23

4.7 Liquidity risk (continued)

The amount payable to unit holders is equal to the net assets of the Fund at any point in time. The amount realised from the sale of the assets and settlement of the liabilities is what is available to be paid to unit holders. The Fund is therefore not exposed to liquidity risk with regards to the net assets attributable to unit holders. Liquidity risk is defined as the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk includes the risk that the Funds may not be able to liquidate investments quickly enough at an amount close to their fair values in order to meet their liquidity requirements, or to respond to specific events such as deterioration in the credit worthiness of any particular issuer. Liquidity risk also arises due to the risk that Funds may not be able to pay trade and other payables and distributions payable, in the ordinary course of business. The fund manager is allowed to borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. The Funds’ financial instruments are considered to be readily realisable. The management company of the Funds is protected by the Act against a dispute with investors of the Funds. Liquidity risk can also occur if a unit holder redeems a significant portion of a Fund. In terms of the Act, the Company may ring-fence one or all of the Funds against any redemption that may disadvantage any other holder of participatory interests in those Funds. Each Fund is structured to carry a portion of its investments in cash or cash equivalents in order to provide the necessary liquidity. With the exception of net assets attributed to unit holders, which are payable on demand, all liabilities are payable within 30 days at the carrying value as reported on the statement of financial position.

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

Management considers that the carrying values of financial instruments of all the Funds approximate fair values for the following reasons:

Equities, bonds and investments in other Collective Investment Schemes are valued at quoted closing prices in an active market.

Gilts, longer term Negotiable Certificates of Deposit, Promissory Notes and Treasury Bills (money market instruments).

The fair value of money market instruments subject to fixed interest rates is determined by discounting the estimated cash flows from the maturity date to the reporting date by the appropriate Money Market Yield Curve adjusted for credit risk of the financial institution.

Debtors’ balances represent debtors for investment sales. These amounts are interest free and are due in cash within the short term.

Accrued income represents interest and dividends receivable from investments. These investments are either listed on a recognised exchange or with a high quality financial institution and the dividends and interest will be settled in the short - term.

Cash and cash equivalents represent current and call accounts at highly rated financial institutions, at variable market related interest rates and are available on call to the Funds.

Liabilities’ balances such as trade, fees and distribution payables are interest free and are payable within the short-term.

Net assets attributable to unit holders are payable on demand. The carrying value is the amount that can be called on immediately and is therefore the fair value.

The carrying values of the floating rate money market instruments of BJM Money Market Fund and Sanlam Money Market Fund approximates the fair values due to the short - term nature of the instruments.

5.1 Fair Value hierarchy

IFRS 13 require fair value measurements to be disclosed by the source of inputs, using a three-level hierarchy. The company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. This includes the following investment categories as disclosed on the face of the fund statements of financial position.

Equities and specialist securities – Local

Equities and specialist securities – Foreign

Participatory Interest in Collective Investment Schemes – Local

Participatory Interest in Collective Investment Schemes - Foreign

Bonds - Local

Bonds - Foreign

Level 2: Inputs other than quoted prices (level 1) that are observable for the asset or liability, either directly or indirectly.

This includes the following investment categories as disclosed on the face of the fund statements of financial position.


Derivatives not settled at year end

Level 3: Inputs for the asset and liability that are not based on observable market data.

There are no level 3 financial instruments.

[10 months] [12 months]

2013 2012

APS CAUTIOUS FUND OF FUNDS R'000 R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2013

Income 30 397 40 410

Dividend revenue 1 264 1 821

Interest revenue 10 617 9 383

Rebates earned 958 934

Income adjustment due to creation and cancellation of participatory interests 80 ( 596)

Net fair value gains on financial instruments 17 478 28 868

Expenses 4 771 5 476

Service fees 4 700 5 417

Audit fees 40 29

Withholding tax 3 1

Custodian, trustee and bank charges 28 29

Operating profit 25 626 34 934

Finance costs 8 651 6 173

Distributions to unit holders 8 651 6 173

Change in net assets attributable to unit holders 16 975 28 761

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013

Assets

Investments - 251 964

Participatory Interest in Collective Investment Schemes - Local - 202 172

Participatory Interest in Collective Investment Schemes - Foreign - 49 792

Accrued income and debtors - 74

Cash and bank balances - 11 666

Total assets - 263 704

Liabilities - 3 323

Trade and other payables - 49

Related parties payable - 439

Distributions payable - 2 835

Net assets attributable to unit holders - 260 381

Balance at the beginning of the period 260 381 301 007


Creation of participatory interests 44 970 31 132

Liquidation of participatory interests (322 326) (100 519)

Balance at the end of the period - 260 381

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS FOR THE

PERIOD ENDED 31 DECEMBER 2013

The Fund was moved on 31 October 2013 to a different management company. The basis of preparation is detailed in Note 1.2 of

the Notes to the Annual Financial Statements at 31 December 2013.

24


2013 2012

APS CAUTIOUS FUND OF FUNDS R'000 R'000

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2013

Cash flow from operating activities

Operating profit before finance costs 25 626 34 934

Adjusted for:

Dividend revenue (1 264) (1 821)

Interest revenue (10 617) (9 383)

Income adjustment due to creation and cancellation of participatory interests (80) 596

Net fair value gains on investments (17 478) (28 868)

Operating loss before working capital changes (3 813) (4 542)

Working capital changes: (414) 110

Decrease in accrued income and debtors 74 216

Decrease in trade, related parties and other payables (488) (106)

Cash utilised by operations (4 227) (4 432)

Interest received 10 617 9 383

Dividends received 1 264 1 821

Net cash inflow from operating activities 7 654 6 772

Cash flow from investing activities

Net sale of securities 269 442 72 735

Net cash inflow from investing activities 269 442 72 735

Cash flow from financing activities

Net cancellation of participatory interest (287 385) (75 896)

Cash distributed to unit holders (1 377) (596)

Net cash outflow from financing activities (288 762) (76 492)

Net (decrease)/increase in cash and cash equivalents (11 666) 3 015

Cash and cash equivalents at beginning of the period 11 666 8 651

Cash and cash equivalents at end of the period - 11 666

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2013

1. BANK BALANCES

Bank balances consist of the following:

2013 2012

Current accounts - 11 664 499

Foreign currency cash deposits - 1 881

Total - 11 666 380

Interest was earned at 4% (2012: 4%) on current accounts.

Interest was earned at 0% (2012: 0%) on foreign currency cash deposits.

2. CHARGES

- No initial charge is payable.

- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows:

Class A - 1.14% (2012: 1.14%)

Class B - 2.33% (2012: 2.33%)

25


2013 2012

APS EQUITY FUND OF FUNDS R'000 R'000


Income 30 279 38 677


Interest revenue 742 436

Rebates earned 1 015 827

Income adjustment due to creation and cancellation of participatory interests ( 95) 1 005




Audit fees 40 50

Withholding tax 21 -







Assets



Participatory Interest in Collective Investment Schemes - Foreign - -




Liabilities - 557



Distributions payable - 59











26


2013 2012

APS EQUITY FUND OF FUNDS R'000 R'000




Adjusted for:


Interest revenue ( 742) ( 436)

Income adjustment due to creation and cancellation of participatory interests 95 (1 005)




Decrease/(increase) in accrued income and debtors 6 (1)

(Decrease)/increase in trade, related parties and other payables (498) 274


Interest received 742 436


Net cash inflow/(outflow) from operating activities 1 203 ( 47)


Net sale/(purchase) of securities 254 053 (111 672)

Net cash inflow/(outflow) from investing activities 254 053 (111 672)


Net (cancellation)/creation of participatory interest (263 413) 115 162

Cash distributed to unit holders (134) (164)

Net cash (outflow)/inflow from financing activities (263 547) 114 998





1. BANK BALANCES


2013 2012


Total - 8 921 480


2. CHARGES



Class A1 - 1.14% (2012: 1.14%)

Class B1 - 2.33% (2012: 2.33%)

27


2013 2012

APS MANAGED GROWTH FUND OF FUNDS R'000 R'000


Income 89 444 90 820



Rebates earned 1 716 1 342

Income adjustment due to creation and cancellation of participatory interests 197 884


Expenses 10 911 9 785


Audit fees 40 29

Withholding tax 23 6







Assets







Liabilities - 1 625


Related parties payable - 1 013












28


2013 2012

APS MANAGED GROWTH FUND OF FUNDS R'000 R'000




Adjusted for:



Income adjustment due to creation and cancellation of participatory interests (197) (884)



Working capital changes: (1 038) 476


(Decrease)/increase in trade, related parties and other payables (1 065) 474









Net (cancellation)/ creation of participatory interest (636 797) 176 780

Cash distributed to unit holders (1 629) (1 039)

Net cash (outflow)/ inflow from financing activities (638 426) 175 741





1. BANK BALANCES


2013 2012



Total - 20 361 023



2. CHARGES



Class A - 1.14% (2012: 1.14%)

Class B - 2.33% (2012: 2.33%)

29


2013 2012

APS MODERATE FUND OF FUNDS R'000 R'000


Income 159 768 231 546




Income adjustment due to creation and cancellation of participatory interests (778) (1 985)


Expenses 22 832 27 820


Audit fees 40 29








Assets

Investments - 1 205 275





Total assets - 1 240 243

Liabilities - 6 224




Net assets attributable to unit holders - 1 234 019

Balance at the beginning of the period 1 234 019 1 305 034



Liquidation of participatory interests (1 403 165) (335 184)

Balance at the end of the period - 1 234 019





30


2013 2012

APS MODERATE FUND OF FUNDS R'000 R'000



Operating profit before finance costs - 203 726

Adjusted for:



Income adjustment due to creation and cancellation of participatory interests 778 1 985



Working capital changes: (2 319) (29)


Decrease in trade, related parties and other payables (2 412) (174)






Net sale of securities 1 322 738 266 108

Net cash inflow from investing activities 1 322 738 266 108


Net cancellation of participatory interest (1 373 549) (279 303)


Net cash outflow from financing activities (1 375 545) (280 827)

Net (decrease)/increase in cash and cash equivalents (34 875) 22




1. BANK BALANCES


2013 2012



Total - 34 874 852



2. CHARGES



Class A - 1.14% (2012: 1.14%)

Class B - 2.33% (2012: 2.33%)

31


2013 2012

BJM MONEY MARKET FUND R'000 R'000


Income 18 336 49 146


Net fair value losses on financial instruments (258) (143)



Audit fees 55 30





Change in net assets attributable to unit holders 39 ( 145)


Assets


Money market instruments - 865 050

Accrued income and debtors - 6 530



Liabilities - 4 367





Balance at the beginning of the period 1 020 740 784 198


Creation of participatory interests 285 771 1 007 903

Liquidation of participatory interests (1 306 550) ( 771 216)




The Fund was moved on 31 May 2013 to a different management company. The basis of preparation is detailed in Note 1.2 of the

Notes to the Annual Financial Statements at 31 December 2013.

32


2013 2012

BJM MONEY MARKET FUND R'000 R'000




Adjusted for:


Net fair value losses on investments 258 143

Operating loss before working capital changes ( 1 296) ( 3 184)

Working capital changes: 6 189 3 480

Decrease in accrued income and debtors 6 530 3 442


Cash generated by operations 4 893 296





Net cash inflow/(outflow) from investing activities 864 792 ( 102 745)


Net (cancellation)/creation of participatory interest (1 041 304) 191 312


Net cash (outflow)/inflow from financing activities (1 041 806) 191 045





1. BANK BALANCES


2013 2012


Call deposit accounts - 9 000 000

Total - 15 641 951


Interest was earned at 4-6% (2012: 4.7%) on call deposit accounts.

2. CHARGES

- The initial charge did not exceed 0.3% (excl. VAT) of the selling price.


Class B1 - 0.34% (2012: 0.34%)

Class B2 - 0.57% (2012: 0.57%)

33


2013 2012

BJM MULTI MANAGER BOND FUND R'000 R'000


Income 6 379 25 280


Income adjustment due to creation and cancellation of participatory interests (1 159) 1 298

Net fair value (losses)/gains on financial instruments (2 518) 11 003



Audit fees 59 32





Change in net assets attributable to unit holders ( 2 518) 11 006


Assets


Participatory Interest in Collective Investment Schemes - Local - 260

Bonds - Local - 253 317





Liabilities - 10 285





Balance at the beginning of the year 327 625 69 550

Change in net assets attributable to unit holders (2 518) 11 006



Balance at the end of the year - 327 625





34


2013 2012

BJM MULTI MANAGER BOND FUND R'000 R'000




Adjusted for:


Income adjustment due to creation and cancellation of participatory interests 1 159 (1 298)

Net fair value gains/(losses) on investments 2 518 (11 003)


Working capital changes: 3 277 (1 971)

Decrease/(increase) in accrued income and debtors 3 523 (2 079)


Cash generated/(utilised) by operations 2 096 (3 531)








Cash distributed to unit holders - (1 469)

Net cash (outflow)/inflow from financing activities ( 344 021) 243 102


Cash and cash equivalents at beginning of the year 67 810 7 607

Cash and cash equivalents at end of the year - 67 810

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

1. BANK BALANCES


2013 2012



Total - 67 809 523


Interest was earned at 4.9% (2011: 5.3%) on call deposit accounts.

2. CHARGES


- The service charges is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows:

Class A1 - N/A (2012: 2.10%)

Class B1 - 0.96% (2012: 0.96%)

Class B2 - 0.68% (2012: 0.68%)

Class B3 - 0.68% (2012: N/A)

35


2013 2012

BJM MULTI MANAGER EQUITY FUND R'000 R'000


Income 6 187 14 575

Dividend revenue 734 1 771




Expenses 497 1 473

Service fees 323 660

Performance fees - 478

Audit fees 48 27

Withholding tax 4 7


Transaction costs 69 148


Finance costs 628 764

Distributions to unit holders 628 764



Assets


Equities and specialist securities - Local - 53 482





Liabilities - 689










STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS INCOME FOR

THE PERIOD ENDED 31 DECEMBER 2013



36


BJM MULTI MANAGER EQUITY FUND R'000 R'000




Adjusted for:

Dividend revenue (734) (1 771)

Interest revenue (148) (278)



Operating loss before working capital changes (497) (1 473)

Working capital changes: (106) (50)



Cash utilised by operations (603) (1 523)


Dividends received 734 1 771

Foreign exchange gains - (27)

Net cash inflow from operating activities 279 499












1. BANK BALANCES


2013 2012


Foreign currency cash deposits - 1 861 689

Total - 7 276 689



2. CHARGES



Class B1 - 1.02% (2012: 1.02%)

37


2013 2012

BJM MULTI MANAGER INCOME FUND R'000 R'000


Income 61 699 77 957

Dividend revenue 393 262



Income adjustment due to creation and cancellation of participatory interests 5 057 6 682




Audit fees 59 32









Assets























38


2013 2012

BJM MULTI MANAGER INCOME FUND R'000 R'000




Adjusted for:

Dividend revenue (393) (262)


Income adjustment due to creation and cancellation of participatory interests (5 057) (6 682)



Working capital changes: 4 253 (574)



Cash generated/(utilised) by operations (1 281) (6 394)


Dividends received 393 262

Foreign exchange gains - 1 109






Net (cancellation)/creation of participatory interest (1 377 064) 1 015 684


Net cash (outflow)/inflow from financing activities (1 386 441) 1 012 560





1. BANK BALANCES


2013 2012

Current accounts - (18 479 042)



Total - 402 255 447


Interest was earned at 5% (2012: 4.9%) on call deposit accounts.


2. CHARGES



Class A1 - 1.99% (2012: 1.99%)

Class B1 - N/A% (2012: 0.85%)

Class B2 - 1.91% (2012: 1.19%)

39


2013 2012

BJM MULTI MANAGER PROPERTY FUND R'000 R'000


Income 13 745 60 602



Other income - -

Rebates earned 2 -

Income adjustment due to creation and cancellation of participatory interests 767 (133)




Performance fees 27 142

Audit fees 48 27

Withholding tax - -








Assets







Liabilities - 9 795














40


2013 2012

BJM MULTI MANAGER PROPERTY FUND R'000 R'000




Adjusted for:






Working capital changes: (693) (1 479)


Decrease in trade, related parties and other payables (1 158) (1 121)











Net cash (outflow)/inflow from financing activities ( 358 023) 171 579





1. BANK BALANCES


2013 2012



Foreign currency cash deposits - -

Total - 27 572 591



2. CHARGES



Class B1 - 0.91% (2012: 0.91%)

41


2013 2012

BJM MULTI MANGER PRUDENTIAL FLEXIBLE FUND R'000 R'000


Income 21 038 31 381






Service fees 918 1 542

Performance fees 66 1 024

Audit fees 55 31









Assets



Equities and specialist securities - Foreign - 7 955




Bonds - Foreign - 3 536

Derivatives at fair value - 1 853





Liabilities - 3 713














42


2013 2012

BJM MULTI MANGER PRUDENTIAL FLEXIBLE FUND R'000 R'000




Adjusted for:












Foreign exchange gains - 77

Net cash inflow/(outflow) from operating activities 16 815 (12 156)












1. BANK BALANCES


2013 2012


Call Deposit Accounts - 500 000


SAFEX - 444 894

Total - 33 833 999




Interest was earned at 4.8% (2012: 4.8%) on SAFEX.

2. CHARGES

- The initial charge did not exceed 3% (excl VAT) of the selling price.


Class B1 - 0.96% (2012: 0.96%)

43


2013 2012

CAM ASCENDO FUND OF FUNDS R'000 R'000


Income 148 377 83 534

Dividend revenue - 3







Audit fees 14 30





Assets






Liabilities - 565











The Fund was moved on 31 August 2013 to a different management company. The basis of preparation is detailed in Note 1.2 of the


44


2013 2012

CAM ASCENDO FUND OF FUNDS R'000 R'000




Adjusted for:

Dividend revenue - (3)










Dividends received - 3

Net cash outflow from operating activities (4 261) (5 602)











1. BANK BALANCES


2013 2012


Foreign currency cash deposits - 4

Total - 20 095 449



2. CHARGES



Class A - 1.42% (2012: 1.42%)

45


2013 2012

CAM BALANCED FUND R'000 R'000


Income 179 189 123 343



Rebates earned 172 -



Expenses 16 017 8 266


Audit fees 14 53


Transaction costs 3 077 2 094






Assets






















46


2013 2012

CAM BALANCED FUND R'000 R'000




Adjusted for:








(Decrease)/increase in trade, related parties and other payables (1 137) 1 009




Foreign exchange gains - -



Net sale/(purchase) of securities 1 102 542 (741 345)

Net cash inflow/(outflow) from investing activities 1 102 542 (741 345)


Net (cancellation)/creation of participatory interest (1 199 342) 795 082

Cash distributed to unit holders - -

Net cash (outflow)/inflow from financing activities (1 199 342) 795 082





1. BANK BALANCES


2013 2012


Call Deposit Accounts - 2 550 000

Foreign currency cash deposits - 5

Total - 73 607 499




2. CHARGES



Class B1 - 1.42% (2012: 1.42%)

Class B2 - 0.39% (2012: 0.39%)

47


2013 2012

CAM DIVIDEND EQUITY FUND R'000 R'000


Income 53 703 35 842







Audit fees 51 46



Transaction costs 514 1 936






Assets







Liabilities - 5 209





Balance at the beginning of the period 505 039 -









48


2013 2012

CAM DIVIDEND EQUITY FUND R'000 R'000




Adjusted for:












Foreign exchange gains 324 (2)






Net (cancellation)/creations of participatory interest (557 455) 477 067

Cash distributed to unit holders (5) -


Net decrease in cash and cash equivalents (22 327) 22 327

Cash and cash equivalents at beginning of the period 22 327 -



1. BANK BALANCES


2013 2012


Foreign Currency Cash Deposits - 355 015


Total - 22 327 208


Interest was earned at 4-6 % (2012: 4.8% - 4.85%) on call deposit accounts.


2. CHARGES



Class B1 - 1.42% (2012: 1.42%)

49


CAM FORTIS INSTITUTIONAL FUND 2013 2012

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2013 R'000 R'000

Income 26 913 42 643



Net fair value gains/(losses) on financial instruments 297 (293)



Audit fees 16 36







Assets






Liabilities - 3 512














50


CAM FORTIS INSTITUTIONAL FUND 2013 2012

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2013 R'000 R'000



Adjusted for:

Dividend revenue - -



Net fair value (gains)/losses on investments (297) 293





Cash utilised by operations 2 310 (2 925)


Dividends received - -

Foreign exchange gains - 56




Net cash inflow/(outflow) from investing activities 625 500 32 311





Net decrease in cash and cash equivalents (120 436) (19 362)




1. BANK BALANCES


2013 2012



Total - 120 436 403


Interest was earned at 4-6% (2012: 4.7%- 5.4%) on call deposit accounts.

2. CHARGES



Class A - 1.42% (2012: 1.42%)

51


CAM OPTIMA INSTITUTIONAL FUND 2013 2012


Income 201 427 402 681





Expenses 34 195 68 891


Audit fees 14 30

Withholding tax 1 297 496








Assets


Equities and specialist securities - Local - 2 457 787














Liquidation of participatory interests (3 196 786) (1 094 367)






52


CAM OPTIMA INSTITUTIONAL FUND 2013 2012




Adjusted for:







Decrease/(increase) in accrued income and debtors 6 408 (170)

Decrease in trade, related parties and other payables (4 945) (4 485)




Foreign exchange losses 1 460 (39)






Net cancellation of participatory interest (3 134 040) (1 005 324)







1. BANK BALANCES


2013 2012




Total - 144 813 861


Interest was earned at 4-6% (2012: 4.7% - 5.4%) on call deposit accounts.


2. CHARGES



Class A1 – 1.42% (2012: 1.71%)

53


2013 2012

CAM UNIVERSUM INSTITUTIONAL FUND R'000 R'000


Income (11 728) 217 697



Net fair value gains on financial instruments (88 162) 96 243

Expenses 10 983 16 979


Audit fees 15 34



Operating (loss)/profit (22 711) 200 718





Assets


Bonds - Local - 1 546 529

Derivatives at fair value - 1 548


















54


2013 2012

CAM UNIVERSUM INSTITUTIONAL FUND R'000 R'000



Operating (loss)/profit before finance costs (22 711) 200 718

Adjusted for:



Net fair value gains on investments 88 162 (96 243)



Decrease/(increase) in accrued income and debtors 35 990 4 428




Net cash inflow/(outflow) from operating activities 103 175 111 516












1. BANK BALANCES


2013 2012



Total - 96 594 706



2. CHARGES



1.02% (2012: 1.02%)

55


DYNASTY WEALTH ACCUMULATOR FUND OF FUNDS 2013 2012


Income 40 990 43 578



Other income - -






Audit fees 46 (84)








Assets






Liabilities - 875














56


2013 2012

DYNASTY WEALTH ACCUMULATOR FUND OF FUNDS R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total - 12 045 380


2. CHARGES

- The initial charge did not exceed 1% (excl. VAT) of the selling price.


Class A1 - 0.82% (2012: 0.82%)

Class A2 - 0.68% (2012: 0.68%)

Class B2 - 2.33% (2012: 2.33%)

57


2013 2012

DYNASTY WEALTH PRESERVER FUND OF FUNDS R'000 R'000


Income 50 237 42 885








Audit fees 46 (84)








Assets






Liabilities - 5 465












The Fund was moved on 31 October 2013 to a different management company. The basis of preparation is detailed in Note 1.2 of the


58


2013 2012

DYNASTY WEALTH PRESERVER FUND OF FUNDS R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total - 10 230 990


2. CHARGES


Class A1 - 0.82% (2012: 0.82%)

Class A2 - 0.68% (2012: 0.68%)

Class B1 - 2.33% (2012: 2.33%)

- The service charges is calculated per annum (incl. VAT) on a daily basis as a percentage of

market value as follows:

59

2013 2012

FIRST AVENUE SCI EQUITY FUND (EX: FIRST AVENUE EQUITY FUND) R'000 R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013

Income 155 072 55 627


Interest revenue 1 256 129

Income adjustment due to creation and cancellation of participatory interests (138) 12 950


Expenses 7 513 688


Performance fees 849 -

Audit fees 48 50









Assets

Investments 904 533 722 484

Equities and specialist securities - Local 904 533 722 484

Accrued income and debtors 1 757 5

Cash and bank balances 44 223 41 507

Total assets 950 513 763 996

Liabilities 14 411 14 747

Trade and other payables 179 1 204

Related parties payable 984 27

Distributions payable 13 248 13 516

Net assets attributable to unit holders 936 102 749 249





Balance at the end of the year 936 102 749 249


YEAR ENDED 31 DECEMBER 2013

60

2013 2012

FIRST AVENUE SCI EQUITY FUND (EX: FIRST AVENUE EQUITY FUND) R'000 R'000

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013



Adjusted for:


Interest revenue (1 256) (129)



Operating loss before working capital changes (7 513) ( 688)

Working capital changes: (1 820) 1 168

Increase in accrued income and debtors (1 752) (5)

(Decrease)/increase in trade, related parties and other payables (68) 1 173

Cash utilised by operations (9 333) 480

Interest received 1 256 129


Foreign exchange gains - -



Purchase of securities (57 920) (670 688)

Net cash outflow from investing activities (57 920) (670 688)


Net creation of participatory interest 38 888 709 497

Cash distributed to unit holders - (21)

Net cash inflow from financing activities 38 888 709 476

Net increase in cash and cash equivalents 2 716 40 807

Cash and cash equivalents at beginning of the year 41 507 700

Cash and cash equivalents at end of the year 44 223 41 507


1. BANK BALANCES


2013 2012

Current accounts 44 223 461 41 506 601

Total 44 223 461 41 506 601


2. CHARGES



Class B1 - 1.42% (2012: 1.42%)

Class B2 - 1.02% (2012: 1.02%)

Class B3 - 0% (2012: 0%)

61


2013 2012

GRAVITON SCI BALANCED FUND (EX: GRAVITON BALANCED FUND) R'000 R'000


Income 57 469 (402)



Rebates earned 1 -


Net fair value gains on financial instruments 49 470 (639)

Expenses 3 476 406


Audit fees 62 -


Transaction Costs 416 199


Operating profit/(loss) 53 993 (808)

Finance costs 4 223 40

Distributions to unit holders 4 223 40

Change in net assets attributable to unit holders 49 770 (848)


Assets



Equities and specialist securities - Foreign 3 596 -

Participatory Interest in Collective Investment Schemes - Local 157 033 90 680

Participatory Interest in Collective Investment Schemes - Foreign 43 276 12 277

Bonds - Local 10 756 7 147

Accrued income and debtors 330 390


Total assets 321 062 218 797




Distributions payable 2 964 41


Balance at the beginning of the year 191 595 -

Change in net assets attributable to unit holders 49 770 (848)






62


2013 2012

GRAVITON SCI BALANCED FUND (EX: GRAVITON BALANCED FUND) R'000 R'000



Operating profit before finance costs 53 993 (808)

Adjusted for:

Dividend revenue (3 700) (6)



Net fair value gains on investments (49 470) 639

Operating loss before working capital changes (3 475) (406)




Cash (utilised)/generated by operations (30 151) 26 365



Foreign exchange gains 117 -

Net cash (outflow)/inflow from operating activities (22 540) 26 632


Net purchase of securities (88 149) (165 392)






Cash and cash equivalents at beginning of the year 53 654 -



1. BANK BALANCES


2013 2012


Foreign currency cash deposits 2 435 160 -

SAFEX 71 280 -

Total 18 477 428 53 654 000

Interest was earned at 4.0% (2012: 4.0%) on current accounts.


Interest was earned at 4.8% (2012: 4.8%) on SAFEX deposits.

2. CHARGES



Class A1 - 1.42% (2012: 1.42%)

Class B1 - 1.14% (2012: 1.14%)

63

[8 months]

2013

GRAVITON SCI CAPITAL GROWTH FUND R'000


Income 52 031



Income adjustment due to creation and cancellation of participatory interests (1 723)

Net fair value gains on financial instruments 44 218

Expenses 4 511

Service fees 3 441

Audit fees 54

Withholding tax 15

Custodian, trustee and bank charges 246

Transaction costs 755

Operating profit 47 520

Finance costs 3 325


Change in net assets attributable to unit holders 44 195


Assets

Investments 601 928

Equities and specialist securities - Local 226 643

Participatory Interest in Collective Investment Schemes - Local 217 786

Participatory Interest in Collective Investment Schemes - Foreign 80 429

Bonds - Local 77 070


Cash and bank balances 56 961

Total assets 660 448

Liabilities 4 248

Trade and other payables 298

Related parties payable 625

Distributions payable 3 325

Net assets attributable to unit holders 656 200

Balance at the beginning of the period -


Creation of participatory interests 624 214

Liquidation of participatory interests (12 209)

Balance at the end of the period 656 200

No comparatives are stated as the Fund only started on 02 May 2013.



64

[8 months]

2013

GRAVITON SCI CAPITAL GROWTH FUND R'000



Operating profit before finance costs 47 520

Adjusted for:

Dividend revenue (3 579)

Interest revenue (5 957)


Net fair value losses on investments (44 218)

Operating loss before working capital changes (4 511)

Working capital changes: (636)

Increase in accrued income and debtors (1 559)

Increase in trade, related parties and other payables 923

Cash utilised by operations (5 147)



Foreign exchange gains 277



Net purchase of securities (557 987)

Net cash outflow from investing activities (557 987)


Net creation of participatory interest 610 282

Cash distributed to unit holders -

Net cash inflow from financing activities 610 282

Net increase in cash and cash equivalents 56 961

Cash and cash equivalents at beginning of the period -

Cash and cash equivalents at end of the period 56 961


1. BANK BALANCES


2013

Current accounts 13 579 906

Call deposit accounts 32 400 000

Foreign currency cash deposits 10 671 525

SAFEX 309 021

Total 56 960 452

Interest was earned at 4% (2012: N/A) on current accounts.

Interest was earned at 4-6% (2012: N/A) on call deposit accounts.

Interest was earned at 0% (2012: N/A) on foreign currency cash deposits.

Interest was earned at 4.75% (2012: N/A) on SAFEX accounts.

2. CHARGES



Class A1- 1.42% (2012: N/A)

Class B1 -1.14% (2012: N/A)

Class B2 - 0% (2012: N/A)

65


2013 2012

GRAVITON SCI FLEXIBLE INCOME FUND (EX: GRAVITON FLEXIBLE INCOME FUND) R'000 R'000


Income 9 133 1 941

Dividend revenue 134 -


Rebates earned 76 1


Net fair value gains on financial instruments (2 937) 472

Expenses 1 560 139


Audit fees 60 -

Withholding tax 1 -


Transaction costs 8 -




Change in net assets attributable to unit holders (2 952) 480


Assets



Equities and specialist securities - Local 1 769 -

Bonds - Local 38 961 4 610

Money market instruments 55 274 10 704



Total assets 225 781 173 604


Trade and other payables 97 2




Balance at the beginning of the year 172,168 -

Change in net assets attributable to unit holders (2 952) 480


Liquidation of participatory interests (180 740) (783)




66


2013 2012

GRAVITON SCI FLEXIBLE INCOME FUND (EX: GRAVITON FLEXIBLE INCOME FUND) R'000 R'000




Adjusted for:

Dividend revenue (134) -



Net fair value gains on investments 2 937 (472)




Increase in trade, related parties and other payables 120 114

Cash utilised by operations (2 400) (155)



Net cash inflow from operating activities 9 016 132








Net increase in cash and cash equivalents (64 682) 74 667




1. BANK BALANCES


2013 2012


Call deposit accounts 6 000 000 -

Total 9 985 455 74 666 740


Interest was earned at 4-6% (2012: N/A) on call deposit accounts.

2. CHARGES



Class A1 - 1.08% (2012: 1.08%)

Class B1 - 0.68% (2012: 0.68%)

67


2013 2012

GRAVITON SCI LOW EQUITY FUND (EX: GRAVITON LOW EQUITY FUND) R'000 R'000


Income 86 220 1 596



Rebates earned 60 1


Net fair value gains on financial instruments 62 770 748

Expenses 6 566 297


Audit fees 52 -







Change in net assets attributable to unit holders 62 712 704


Assets



Equities and specialist securities - Foreign 6 579 -



Bonds - Local 83 749 7 442




Total assets 731 752 196 195

Liabilities 9 466 782












68


2013 2012

GRAVITON SCI LOW EQUITY FUND (EX: GRAVITON LOW EQUITY FUND) R'000 R'000




Adjusted for:



Income adjustment due to creation and cancellation of participatory interests (4 582) (484)

Net fair value gains on investments (62 770) (748)



(Increase) in accrued income and debtors (2 622) (231)


















1. BANK BALANCES


2013 2012


SAFEX 5 612 440 -


Total 13 628 009 72 379 631


Interest was earned at 4.8% (2012: 4.8%) on SAFEX accounts.


2. CHARGES

- No Initial charge is payable


Class A1 - 1.42% (2012: 1.42%)

Class B1 - 1 % (2012: 1.14%)

69

2013 2012

LYNX SCI BALANCED FUND OF FUNDS (EX: LYNX BALANCED FUND OF FUNDS) R'000 R'000


Income 136 473 89 585






Expenses 24 240 18 424


Performance fees 11 289 7 497

Audit fees 54 27



Transaction costs - -


Finance costs - 2 916

Distributions to unit holders - 2 916



Assets





Total assets 657 135 550 035



Related parties payable 2 160 2 028

Distributions payable - -







STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS

FOR THE YEAR ENDED 31 DECEMBER 2013

70

2013 2012

LYNX SCI BALANCED FUND OF FUNDS (EX: LYNX BALANCED FUND OF FUNDS) R'000 R'000




Adjusted for:






Working capital changes: 76 1 132

(Increase)/decrease in accrued income and debtors (59) 2

Increase in trade, related parties and other payables 135 1 130
















1. BANK BALANCES


2013 2012


Total 85 996 048 20 617 220


2. CHARGES

- The initial charge did not exceed 1% (excl. VAT) of the selling price


Class A1 - 0.79% (2012: 0.79%)

Class A2 - 0.79% (2012: 0.79%)

Class B1 - 1.14% (2012: 1.14%)

Class C1 - 2.16% (2012: 2.16%)

Class C2 - 2.16% (2012: 2.16%)

71

2013 2012

LYNX SCI CAUTIOUS FUND OF FUNDS (EX: LYNX CAUTIOUS FUND OF FUNDS) R'000 R'000


Income 72 368 55 973






Expenses 14 569 11 464



Audit fees 54 36









Assets





Total assets 493 205 436 390













72

2013 2012

LYNX SCI CAUTIOUS FUND OF FUNDS (EX: LYNX CAUTIOUS FUND OF FUNDS) R'000 R'000




Adjusted for:






Working capital changes: 186 282

Decrease in accrued income and debtors (26) 33

Increase/(decrease) in trade, related parties and other payables 212 249






Net sale/(purchase) of securities 26 600 16 030

Net cash inflow/(outflow) from investing activities 26 600 16 030


Net cancellation of participatory interest 1 380 (53 570)


Net cash outflow from financing activities (1236) (53 601)

Net decrease in cash and cash equivalents 27 707 (29 760)




1. BANK BALANCES


2013 2012


Total 42 609 993 14 903 080

Interest was earned at 4% (2012: 4.5%) on current accounts.

2. CHARGES



Class A1 - 0.79% (2012: 0.79%)

Class A2 - 0.79% (2012: 0.79%)

Class B1 - 1.14% (2012: 1.14%)

Class C1 - 2.16% (2012: 2.16%)

Class C2 - 2.16% (2012: 2.16%)

73

2013 2012

R'000 R'000


Income 108 938 34 592









Audit fees 49 69



Transaction costs - 86






Assets






Total assets 337 404 265 709



Related parties payable 1 020 384










LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS (EX: LYNX GLOBAL DIVERSIFIED FUND

OF FUNDS)

74

2013 2012

R'000 R'000




Adjusted for:












Foreign exchange gains 674 199

Net cash outflow from operating activities (3 058) (567)


Net (purchase)/sale of securities (2 640) 4 223

Net cash (outflow)/inflow from investing activities (2 640) 4 223









1. BANK BALANCES


2013 2012

Current accounts (4 679 881) 13 513 071

Foreign currency cash deposits 12 765 800 31 506 000

Total 8 085 919 45 019 071



2. CHARGES



Class A1 - 1.65% (2012: 1.65%)

Class B - 0.79% (2012: 0.79%)

Class B1 - 1.14% (2012: 1.14%)

Class C1 - 2.16% (2012: 2.16%)

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS (EX: LYNX GLOBAL DIVERSIFIED FUND

OF FUNDS)

75

2013 2012

LYNX SCI OPPORTUNITIES FUND OF FUNDS (EX: LYNX OPPORTUNITIES FUND OF FUNDS) R'000 R'000


Income 12 904 8 958









Audit fees 44 29

Withholding tax 3 -




Finance costs 7 2




Assets






Total assets 63 267 51 928

Liabilities 154 139












76

2013 2012

LYNX SCI OPPORTUNITIES FUND OF FUNDS (EX: LYNX OPPORTUNITIES FUND OF FUNDS) R'000 R'000




Adjusted for:






Working capital changes: 27 (4)






Net cash outflow from operating activities (580) (507)


Net sale/(purchase) of securities 607 (11 533)

Net cash inflow/(outflow) from investing activities 607 (11 533)


Net creation of participatory interest 63 12 673


Net cash inflow from financing activities 62 12 673





1. BANK BALANCES


2013 2012


Total 1 709 475 1 619 727


2. CHARGES



Class A1 - 0.79.% (2012: 0.79%) Class A2 - 0.79% (2012: 0.79%) Class B1 - 1.14 % (2012: 1.14%) Class C1 - 2.16% (2012: 2.16%) Class C2 - 2.16% (2012: 2.16%)

77


NFB BALANCED FUND OF FUNDS 2013 2012


Income 56 216 70 373



Other income 1 -






Audit fees 35 28









Assets







Liabilities - 4 077














78


2013 2012

NFB BALANCED FUND OF FUNDS R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total - 15 878 236


2. CHARGES



Class A - 0.79% (2012: 0.79%)

Class B - 2.22% (2012: 2.22%)

Class C1 - 1.88% (2012: 1.88%)

79


NFB CAUTIOUS FUND OF FUNDS 2013 2012


Income 60 613 82 507



Other income 1 -




Expenses 10 885 13 578


Audit fees 38 29







33 984 53 909


Assets

















Change in net assets attributable to unit holders





80


NFB CAUTIOUS FUND OF FUNDS 2013 2012




Adjusted for:








Decrease in trade, related parties and other payables (1 166) (9)










Cash distributed to unit holders ( 69) (45)


Net decrease in cash and cash equivalents (18 666) ( 846)




1. BANK BALANCES


2013 2012


Total - 18 666 307


2. CHARGES



Class A - 0.79% (2012: 0.79%)

Class B - 2.22% (2012: 2.22%)

Class C1 -0.17 % (2012: 1.88%)

81


2013 2012

NFB EQUITY FUND R'000 R'000


Income 10 531 9 453



Rebates earned - 86





Audit fees 38 27

Withholding tax ( 4) 6








Assets






Liabilities - 254














82


NFB EQUITY FUND 2013 2012




Adjusted for:




Net fair value (gains)/losses on investments (8 979) (7 739)



Decrease in accrued income and debtors 1 -













Net decrease in cash and cash equivalents (1 155) (6)




1. BANK BALANCES


2013 2012


Total - 1 154 881


2. CHARGES


- The service charges are calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows:

Class A1 - 1.48% (2012: 1.48%)

Class B1 - 3.13% (2012: 3.13%)

Class B2 - 3.02% (2012: 3.02%)

Class C - 1.19% (2012: 1.19%)

83

[3 months]

2013

OBSIDIAN SCI BALANCED FUND R'000


Income 401

Dividend revenue 27

Interest revenue 48

Income adjustment due to creation and cancellation of participatory interests 18

Net fair value gains on financial instruments 308

Expenses 70

Service fees 5



Operating profit 331

Finance costs 73

Distributions to unit holders 73

Change in net assets attributable to unit holders 258


Assets

Investments 9 851


Accrued income and debtors 18


Total assets 14 221

Liabilities 78



Distributions payable 73





Liquidation of participatory interests -


Comparatives not stated as Obsidian SCI Balanced Fund was established on 1 October 2013.



84

[3 months]

2013

OBSIDIAN SCI BALANCED FUND R'000



Operating profit before finance costs 331

Adjusted for:

Dividend revenue (27)

Interest revenue (48)

Income adjustment due to creation and cancellation of participatory interests (18)

Net fair value gains on investments (308)

Operating loss before working capital changes (70)


Increase in accrued income and debtors (18)


Cash utilised by operations (83)

Interest received 48

Dividends received 27

Net cash outflow from operating activities ( 8)











1. BANK BALANCES


2013


SAFEX 131 600

Total 4 351 579

Interest was earned at 4.0% on current accounts.

Interest was earned at 4.8% on SAFEX deposits.

2. CHARGES



Class B1 - 1.14%

Class B2 - 0.79%

Class B3 - 0.22%

Class B4 - 0.57%

85

[3 months]

2013

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 31 DECEMBER 2013

Income 111

Interest revenue 1



Expenses 8



Finance costs -

Distributions to unit holders -



Assets

Investments 1 194


Accrued income and debtors -

Cash and bank balances 41

Total assets 1 235

Liabilities 1






Liquidation of participatory interests (25)


Comparatives not stated, since the Sanlam African Frontier Markets Feeder Fund was established on 1 October 2013.



86

[3 months]

2013

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND R'000




Adjusted for:





Working capital changes: 1



Interest received 1


Net cash outflow from operating activities (5)







Net increase in cash and cash equivalents 41


Cash and cash equivalents at end of the period 41


1. BANK BALANCES


2013

Current accounts 12 692

Foreign currency cash deposits 28 280

Total 40 972


Interest was earned at 0% (2012: N/A) on foreign accounts.

2. CHARGES

- The initial service charge did not exceed 3% (excl. VAT) of the selling price.


Class A1 - 0.57% (2012: N/A)

Class B1 - 0.39% (2012: N/A)

Class B2 - 0.28% (2012: N/A)

Class B3 - 0.0% (2012: N/A)

87

2013 2012

SANLAM ALL SHARE INDEX FUND R'000 R'000


Income 28 432 29 626





Expenses 972 453


Audit fees 37 26









Assets




Cash and bank balances 495 8 377

Total assets 127 100 146 379













88

2013 2012

SANLAM ALL SHARE INDEX FUND R'000 R'000




Adjusted for:





Operating loss before working capital changes (972) (453)


Decrease in accrued income and debtors 413 1 497


Cash utilised by operations (780) 1 409













Cash and cash equivalents at end of the year 495 8 377


1. BANK BALANCES


2013 2012

Current accounts 495 012 7 963 263

SAFEX accounts - 413 600

Total 495 012 8 376 863


Interest was earned at N/A (2012: 4.8%) on SAFEX accounts.

2. CHARGES



Class A1 - 0.51% (2012: 0.51%)

Class B1 - 0.22% (2012: 0.22%)

Class B2 - 0.34% (2012: 0.34%)

89

2013 2012

SANLAM ALTERNATIVE INCOME FUND R'000 R'000


Income 371 732 411 481




Net fair value losses on financial instruments - (349)

Expenses 55 816 59 560


Audit fees 140 123

Custodian, trustee and bank charges 607 1 199





Change in net assets attributable to unit holders (2) (244)


Assets

Investments 6 274 242 7 363 731

Equities and specialist securities - Local 5 053 000 5 264 000

Participatory Interest in Collective Investment Schemes - Local 1 221 242 2 099 731

Accrued income and debtors 33 995 35 278


Total assets 6 332 805 7 429 522





Net assets attributable to unit holders 6 303 425 7 397 019

Balance at the beginning of the year 7 397 019 7 481 137

Change in net assets attributable to unit holders (2) (244)

Creation of participatory interests 5 525 395 5 320 925


Balance at the end of the year 6 303 425 7 397 019



90

2013 2012

SANLAM ALTERNATIVE INCOME FUND R'000 R'000




Adjusted for:



Net fair value losses on investments - 349




















1. BANK BALANCES


2013 2012


Total 24 568 062 30 512 890

Interest was earned at 4% (2012: 4.5%) on current accounts.

2. CHARGES

– No initial charge is payable.

– The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows:

Class A1 – 1.31% (2012: 1.31%)

Class B1 – 0.96% (2012: 0.96%)

Class B2 – 0.85% (2012: 0.85%)

Class B3 – 0.68% (2012: 0.68%)

Class B4 – 1.31% (2012: 1.31%)

Class B5 – 0.45% (2012: 0.45%)

Class B6 – 0% (2012: 0%)

Class B7 – 0.57% (2012: 0.57%)

91

2013 2012

SANLAM ASIA PACIFIC FUND OF FUNDS R'000 R'000


Income 19 375 13 432


Rebates earned - -





Audit fees 51 28



Finance costs - -

Distributions to unit holders - -



Assets



Accrued income and debtors 1 -



Liabilities 155 137





Change in net assets attributable to unit holders 18 157 -






92

2013 2012

SANLAM ASIA PACIFIC FUND OF FUNDS R'000 R'000




Adjusted for:







Increase/(decrease) in trade, related parties and other payables 18 (27)



Foreign exchange gains/(losses) 8 ( 9)








Net decrease in cash and cash equivalents 74 (489)




1. BANK BALANCES


2013 2012

Current accounts 711 776 708 147

Foreign currency cash deposits 345 532 275 766

Total 1 057 308 983 913

Interest was earned at 4.0% (2012: 4%) on current accounts.


2. CHARGES

– The initial charge did not exceed 5% (excl. VAT) of the selling price.


Class A – 1.42% (2012: 1.42%)

Class B1 – 0.85% (2012: 0.85%)

93

2013 2012

SANLAM BOND INDEX FUND R'000 R'000


Income 79 5 653




Expenses 326 178

Service fees 75 35

Audit fees 61 20



Operating profit (247) 5 475

Finance costs




Assets


Bonds - Local 78 172 47 586
















94

2013 2012

SANLAM BOND INDEX FUND R'000 R'000



Operating profit before finance costs (247) 5 475

Adjusted for:



Net fair value losses/(gains) on investments 5 184 (2 628)

Operating loss before working capital changes ( 326) ( 178)


Increase in accrued income and debtors (758) (326)

Decrease in trade, related parties and other payables - (23)











Cash and cash equivalents at beginning of the year 46 31

Cash and cash equivalents at end of the year 86 46


1. BANK BALANCES


2013 2012


Total 86 171 45 690


2. CHARGES



Class B1 – 0.22% (2012: 0.22%)

Class B2 – 0% (2012: 0%)

Class B3 – 0.34% (2012: 0.34%)

95

2013 2012

SANLAM DIVERSIFIED INCOME FUND OF FUNDS R'000 R'000


Income 53 124 52 041








Audit fees 44 21







Assets

Investments 936 366 1 183 199

Participatory Interest in Collective Investment Schemes - Local 936 366 1 183 199



Total assets 940 986 1 187 144





Net assets attributable to unit holders 937 699 1 183 072

Balance at the beginning of the year 1 183 072 691 453




Balance at the end of the year 937 699 1 183 072



96

2013 2012

SANLAM DIVERSIFIED INCOME FUND OF FUNDS R'000 R'000




Adjusted for:






Working capital changes: 501 (1 151)

Decrease/(Increase) in accrued income and debtors 665 (1 369)

(Decrease)/Increase in trade, related parties and other payables (164) 218



Foreign exchange gains 32 704 29 735




Net cash Inflow/(outflow) from investing activities 257 777 (478 911)


Net (cancellations)/creations of participatory interest (294 085) 446 671



Net increase in cash and cash equivalents 1 340 6




1. BANK BALANCES


2013 2012


Total 1 374 057 33 820


2. CHARGES



Class A1 - 1.14% (2012: 1.14%)

Class A2 - 0.85% (2012: 0.85%)

Class A3 - 0.85% (2012: 0.85%)

Class A4 - 0% (2012: 0%)

Class B - 0.57% (2012 0.57%)

97

2013 2012

SANLAM GENERAL INSTITUTIONAL FUND R'000 R'000


Income (84 470) 83 642







Performance fees - 3 556

Audit fees 44 112








Assets


Equities and specialist securities - Local - 1 404 339















98

2013 2012

SANLAM GENERAL INSTITUTIONAL FUND R'000 R'000



Operating profit before finance costs (87 462) 74 094

Adjusted for:




Net fair value losses / (gains) on investments 104 379 (48 273)













Net cancellation/creation of participatory interest (1 481 192) 1 052 317


Net cash (outflow)/inflow from financing activities (1 481 605) 1 052 317





1. BANK BALANCES


2013 2012



SAFEX - -

Total 59 729 148 655 030


2. CHARGES



Class B1 - 0.79% (2012: 0.79%)

Class B3 - 0% (2012: 0%)

Class B10 - 0.93% (2012: 0.93%)

99

2013 2012

R'000 R'000


Income 5 489 1 988




Expenses 212 163

Service fees 108 83

Audit fees 59 35



Finance costs - -




Assets






Liabilities 73 68











SANLAM GLOBAL BALANCED FUND OF FUNDS (EX: SANLAM INTERNATIONAL

MODERATE FUND OF FUNDS)

100

2013 2012

R'000 R'000




Adjusted for:






Increase in accrued income and debtors (1) -


Cash utilised by operations (208) (183)


Foreign exchange gains/(losses) 5 (2)



Net (purchase)/sale of securities (1 485) 17

Net cash (outflow)/inflow from investing activities (1 485) 17




Net increase/(decrease) in cash and cash equivalents 775 (40)




1. BANK BALANCES


2013 2012



Total 1 235 374 459 665


Interest was earned at 0% (2012: 0%) on foreign currency cash deposits

2. CHARGES

– The initial charge did not exceed 5% (excl. VAT) of the selling price.


Class A1 – 0.68% (2012: 0.68%)

Class B1 – 1.71% (2012: 1.71%)

Class B2 – 0.68% (2012: 0.68%)

Class B3 – N/A (2012: 1.14%)

Class B4 – N/A (2012: 0.88%)

SANLAM GLOBAL BALANCED FUND OF FUNDS (EX: SANLAM INTERNATIONAL

MODERATE FUND OF FUNDS)

101

2013 2012

R'000 R'000


Income 6 972 2 758


Income adjustment due to creation and cancellation of participatory interests - 32


Expenses 259 254


Audit fees 51 45



Finance costs - -




Assets






Liabilities 68 66









SANLAM GLOBAL CAUTIOUS FUND OF FUNDS (EX: SANLAM INTERNATIONAL CAUTIOUS

FUND OF FUNDS)



102

2013 2012

R'000 R'000




Adjusted for:


Income adjustment due to creation and cancellation of participatory interests - (32)











Net sale of securities 246 4 478

Net cash inflow from investing activities 246 4 478


Net creation/(cancellation) of participatory interest 341 (4 482)


Net cash inflow/(outflow) from financing activities 341 (4 482)





1. BANK BALANCES


2013 2012



Total 990 441 574 372



2. CHARGES



Class A - 0.68% (2012: 0.68%)

Class B1 - 0.68% (2012: 0.68%)

Class B2 - 1.14% (2012: 1.14%)

Class B3 - 0.88% (2012: 0.88%)

Class C - 2.85% (2012: 2.85%)

SANLAM GLOBAL CAUTIOUS FUND OF FUNDS (EX: SANLAM INTERNATIONAL CAUTIOUS

FUND OF FUNDS)

103

2013 2012

SANLAM GLOBAL EQUITY FUND R'000 R'000


Income 316 425 117 314



Rebates earned - 44



Expenses 10 328 9 971


Audit fees 62 36

Withholding tax 1 744 1 598








Assets


Equities and specialist securities - Foreign 603 369 433 756




Total assets 761 600 504 227













104

2013 2012

SANLAM GLOBAL EQUITY FUND R'000 R'000




Adjusted for:







(Decrease)/increase in accrued income and debtors (88) 994





Foreign exchange gain/(loss) 519 (153)









Net increase/(decrease) in cash and cash equivalents 5 028 (128 392)




1. BANK BALANCES


2013 2012

Current accounts (8 550 210) 2 060 757


Total 14 833 065 9 804 679

Interest was earned at 4% (2012: 4.%) on current accounts.


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price


Class R - 1.14 % (2012: 1.14%)

Class A - 1.82 % (2012 1.82%)

Class B1 - 3.24% (2012: 3.24%)

Class B2 - 0% (2012:0%)

Class B3 - 1.42% (2012: 1.42%)

105

2013 2012

SANLAM GLOBAL INDEX FUND OF FUNDS R'000 R'000


Income 5 629 2 146




Expenses 184 141

Service fees 105 86

Audit fees 50 28



Finance costs - -




Assets





Liabilities 63 57






Creation of participatory interests 1 187 464





106

2013 2012

SANLAM GLOBAL INDEX FUND OF FUNDS R'000 R'000




Adjusted for:








Interest received (2) (1)







Net cancellation of participatory interest (1 451) (921)

Net cash outflow from financing activities (1 451) (921)





1. BANK BALANCES


2013 2012



Total 408 742 182 021


Interest was earned at 0% (2011: 0%) on foreign currency deposits.

2. CHARGES



Class B1 - 0.62% (2012: 0.62%)

107

2013 2012

SANLAM GROWTH INSTITUTIONAL FUND R'000 R'000


Income 530 968 413 776







Audit fees 69 69








Assets

Investments 1 811 036 1 757 901




Total assets 1 856 018 1 782 010












108

2013 2012

SANLAM GROWTH INSTITUTIONAL FUND R'000 R'000




Adjusted for:




Net fair value loss on investments (477 527) (362 579)



Decrease/(Increase) in accrued income and debtors 5 524 (6 354)

(Decrease)/Increase in trade, related parties and other payables (11 192) 7 669









Net cancellations of participatory interest (442 061) (423 879)



Net Increase/(decrease) in cash and cash equivalents 26 397 (15 538)




1. BANK BALANCES


2013 2012

Current accounts 1 139 720 (563 902)

Call deposit accounts 37 800 000 14 621 000

SAFEX 1 853 280 338 500

Total 40 793 000 14 395 598


Interest was earned at 4.6% - 5.0% (2012: 4.7% - 4.8%) on call deposit accounts.


2. CHARGES



Class B1 - 0% (2012: 0%)

Class B2 - 0% (2012: 0%)

Class B4 - 0.39% (2012: 0.39%)

Class B5 - 0.93% (2012: 0.93%)

Class B6 - 0.64% (2012: 0.64%)

Class B8 - 0.79% (2012: 1.02%)

109

2013 2012

SANLAM INDIA OPPORTUNITIES FEEDER FUND R'000 R'000


Income 6 123 10 040




Expenses 729 665


Audit fees 51 29



Finance costs - 32

Distributions to unit holders - 32



Assets






Liabilities 109 110



Distributions payable - -









110

2013 2012

SANLAM INDIA OPPORTUNITIES FEEDER FUND R'000 R'000




Adjusted for:





Working capital changes: - 6 459


Decrease in trade, related parties and other payables (1) (6 129)

Cash (utilised)/generated by operations (729) 5 794



Net cash (outflow)/inflow from operating activities ( 695) 5 843








Net (decrease)/increase in cash and cash equivalents (706) 7 533

Cash and cash equivalents at beginning of the year 1 661 (5 872)



1. BANK BALANCES


2013 2012



Total 955 061 1 661 766



2. CHARGES

- Initial charge does not exceed 5.7%. (incl. VAT)


Class A - 1.14% (2012: 1.14%)

Class B1 - 0.57% (2012: 0.57%)

111

2013 2012

SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUND R'000 R'000


Income 346 433 277 610



Other income 78 14

Income adjustment due to creation and cancellation of participatory interests (3 059) 114



Audit fees 45 24








Assets

Investments 1 811 536 1 722 291




Total assets 1 864 849 1 827 471



Related parties payable - -










112

2013 2012

SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUND R'000 R'000




Adjusted for:



Income adjustment due to creation and cancellation of participatory interests 3 059 (114)






Cash utilised by operations 673 (14 012)






Net cash inflow from investing activities 178 225 ( 14 592)


Net (cancellation)/creation of participatory interest (237 028) 467


Net cash outflow from financing activities ( 305 349) 400





1. BANK BALANCES


2013 2012


Total 50 140 873 94 648 118


2. CHARGES

- No initial and service charges are payable.

113

2013 2012

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS R'000 R'000


Income 19 491 13 424







Audit fees 53 47









Assets



















114

2013 2012

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS R'000 R'000




Adjusted for:







Decrease in accrued income and debtors - 1














Net increase/(decrease) in cash and cash equivalents 153 (1 012)




1. BANK BALANCES


2013 2012


Foreign currency cash deposits 1 853 875 647 132

Total 3 022 518 2 870 294



2. CHARGES



Class A1 - 1.08% (2012: 1.08%)

Class A2 - 1.19% (2012: 1.19%)

Class B1 - 0.74% (2012: 0.74%)

Class B9 - 1.53% (2012: 1.53%)

Class C1 - 3.02% (2012: 3.02%)

115

2013 2012

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS R'000 R'000


Income 25 067 17 305








Audit fees 60 55









Assets






Total assets 172 602 173 499













116

2013 2012

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS R'000 R'000




Adjusted for:












Foreign exchange gains 421 (235)













1. BANK BALANCES


2013 2012



Total 9 370 301 19 434 551



2. CHARGES



Class A1 – 1.08% (2012: 1.08%)

Class A2 – 1.19% (2012: 1.19%)

Class B1 – 0.74% (2012: 0.74%)

Class B9 – 1.53% (2012: 1.53%)

Class C1 – 3.02% (2012: 3.02%)

117

2013 2012

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS R'000 R'000


Income 68 943 76 093



Rebates earned - 62



Expenses 13 322 15 428


Audit fees 60 50









Assets

Investments A2 654 694 747 619

Equities and specialist securities - Local - 2

Participatory Interest in Collective Investment Schemes - Local HA1/T3 602 321 673 560


Accrued income and debtors EM1 - 11

Cash and bank balances C1/T3 19 468 25 240

Total assets 674 162 772 870

Liabilities P1 5 749 9 974












118

2013 2012

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS R'000 R'000




Adjusted for:




Net fair value (gains)/losses on investments (37 422) (38 591)



Decrease/(Increase) in accrued income and debtors 11 (11)

(Decrease) in trade, related parties and other payables (143) (195)

Cash (utilised)/generated by operations (13 454) (15 572)



Foreign Exchange Gains 622 13



Sale of securities 129 725 208 954

Net cash outflow from investing activities 129 725 208 954


Net creation of participatory interest (155 007) (186 698)

Cash distributed to unit holders (3) (24 510)






1. BANK BALANCES


2013 2012


Foreign Accounts 16 799 049 21 761 842

Total 19 468 208 25 239 393


Interest was earned at 0% (2012: 0%) on foreign accounts.

2. CHARGES



Class A1- 1.08% (2012: 1.08%)

Class A2- 1.19% (2012: 1.19%)

Class B1- 0.74% (2012: 0.74%)

Class B9- 1.48% (2012: 1.48%)

Class C1- 2.96% (2012: 2.96%)

119

2013 2012

SANLAM MULTI MANAGED EQUITY FUND R'000 R'000


Income 149 620 78 808








Audit fees 53 29









Assets

Investments 1 375 396 367 961

Equities and specialist securities - Local 1 375 396 367 961



Total assets 1 567 596 391 991













120

2013 2012

SANLAM MULTI MANAGED EQUITY FUND R'000 R'000




Adjusted for:






Working capital changes: (108 872) (14 974)

Increase in accrued income and debtors (120 978) (14 449)

Increase/(decrease) in trade, related parties and other payables 12 106 (525)









Net creation/(cancellation) of participatory interest 1 034 608 (107 772)


Net cash inflow/(outflow) from financing activities 1 034 594 (107 773)





1. BANK BALANCES


2013 2012


Call deposit accounts 11 500 000 482 300

SAFEX 562 860 376 000

Total 56 070 113 8 878 076




2. CHARGES



Class B1- 0% (2012: 0%)

Class B4 - 1.02% (2012: 1.02%)

Class B6 - 0.91% (2012: 0.91%)

Class B8 - 1.25% (2012: 1.25%)

Class B9 - 0.85% (2012: 0.85%)

Class B10 - 0.96% (2012: 0.96%)

121

2013 2012

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND R'000 R'000


Income (11 057) 298 977






Audit fees 61 59








Assets

Investments 1 524 076 2 013 923

Bonds - Local 1 524 076 2 013 923



Total assets 1 562 186 2 061 220













122

2013 2012

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND R'000 R'000



Operating (loss)/profit before finance costs (12 617) 294 010

Adjusted for:






(Decrease)/increase in accrued income and debtors 1 553 (3 997)






Net sales/(purchase) of securities 445 657 (493 581)




Net cash inflow from financing activities (489 543) 321 529





1. BANK BALANCES


2013 2012


Total 30 731 970 38 365 731


2. CHARGES



Class B1 – 0.39% (2012: 0.39%)

Class B2 – 0.57% (2012: 0.91%)

Class B3 – 0% (2012: 0%)

123

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE R'000 R'000


Income 14 913 25 810



Income adjustment due to creation and cancellation of participatory interests - 4 812


Expenses 179 2 181

Service fees - 163

Audit fees 14 23


Custodian, trustee and bank charges (58) 221







Assets


















124

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE R'000 R'000




Adjusted for:


Interest revenue (7) ( 908)

Income adjustment due to creation and cancellation of participatory interests - (4 812)


Operating loss before working capital changes ( 179) (2 181)















Net increase/(decrease) in cash and cash equivalents 284 (26 996)




1. BANK BALANCES


2013 2012


Total 383 073 99 111


2. CHARGES



Class B2 – 0% (2012: 0%)

Class B3 – 0% (2012: 0%)

Class B4 – 0.93% (2012: 0.93%)

Class B5 – 0.64% (2012: 0.64%)

Class B6 – 0.53% (2012: 0.53%)

Class B7 – 0.47% (2012: 0.47%)

Class B9 – 1.14% (2012: 1.14%)

Class B10 – 0% (2012: 0%)

125

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL ALL BOND FUND ONE R'000 R'000


Income 16 336 75 828




Expenses 405 312


Audit fees 76 20








Assets


Bonds - Local 325 464 560 269




Total assets 342 265 878 038


Derivatives at fair value - 74












126

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL ALL BOND FUND ONE R'000 R'000




Adjusted for:















Net cancellation of participatory interest ( 490 516) (268 127)







1. BANK BALANCES


2013 2012



SAFEX - 699 162

Total 10 093 570 11 944 644


Interest was earned at 4% - 6% (2012: 4.8% - 5%) on call deposit accounts.


2. CHARGES



Class B2 - 0% (2012: 0%)

Class B4 - 0.34% (2012: 0.34%)

Class B6 - 0.40% (2012: 0.40%)

Class B8 - 0.57% (2012: 0.68%)

127

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL ALL BOND FUND THREE R'000 R'000


Income 8 693 35 025



Net fair value (loss)/gains on financial instruments (15 442) 16 247

Expenses 281 212


Audit fees 58 33







Assets



Bonds - Local 375 627 149 969



Total assets 389 276 191 480













128

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL ALL BOND FUND THREE R'000 R'000




Adjusted for:



Net fair value loss/(gains) on investments 15 442 (16 247)



(Increase)/decrease in accrued income and debtors (4 530) 985


Cash generated by operations (4 806) 755







Net creation/(cancellation) of participatory interest 189 839 (112 538)


Net cash inflow/(outflow) from financing activities 189 839 (112 538)





1. Bank Balances


2013 2012



Total 6 184 385 12 298


Interest was earned at 4-6% (2012: 4.7%) on call deposits.

2. CHARGES



Class B2 - 0% (2012: 0%)

Class B4 - 0.39% (2012: 0.39%)

Class B6 - 0.45% (2012: 0.45%)

Class B8 - 0.68% (2012: 0.68%)

129

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND ONE R'000 R'000


Income 287 247 228 616








Audit fees 63 18









Assets

Investments 2 035 987 1 074 288




Total assets 2 356 001 1 102 287













130

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND ONE R'000 R'000




Adjusted for:








Increase/(decrease) in trade, related parties and other payables 7 801 (695)




Net cash (outflow)/inflow from operating activities (236 312) 32 672











1. BANK BALANCES


2013 2012



Total 50 134 092 27 254 399


Interest was earned at 4.7% (2012: 4.7%) on call accounts.

2. CHARGES



Class B2 - 0% (2012: 0%)

Class B3 - 0% (2012: 0%)

Class B4 - 0.93% (2012: 0.93%)

Class B5 - 0.70% (2012: 0.70%)

Class B6 - 0.71% (2012: 0.71%)

Class B7 - 0.53% (2012: 0.53%)

Class B9 - 0.79% (2012: 1.14%)

Class B10 - 0% (2012: 0%)

131

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO R'000 R'000


Income 234 812 258 984







Audit fees 53 47








Assets

Investments 1 374 237 1 374 796




Total assets 1 415 077 1 407 474













132

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO R'000 R'000




Adjusted for:








Decrease in trade, related parties and other payables (134) (4 684)















1. BANK BALANCES


2013 2012


Total 40 803 346 31 938 122


2. CHARGES



Class B2 0% (2012: 0%)

Class B3 0% (2012: 0%)

Class B5 0.70% (2012: 0.70%)

Class B6 0.51% (2012: 0.51%)

Class B7 0.53% (2012: 0.53%)

Class B9 1.02% (2012: 1.02%)

Class B10 0.93% (2012: 0.93%)

Class B11 0.93% (2012: N/A)

133

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND ONE R'000 R'000


Income 71 721 3 049



Income adjustment due to cancellation of participatory interests (1 488) (328)


Expenses 3 804 502

Service fees 847 60

Audit fees 67 73

Withholding tax - (34)








Assets

Investments 531 956 -


Bonds - Local 39 178 -


Related parties receivable - 1


Total assets 605 175 921



Related parties payable 128 -

Distributions payable 1 457 -

Net assets attributable to unit holders 603 519 854

Balance at the beginning of the year 854 389 691




Balance at the end of the year 603 519 854



134

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND ONE R'000 R'000




Adjusted for:







(Increase)/Decrease in accrued income and debtors (1 285) 795

Increase/(Decrease) in trade, related parties and other payables 132 (17)

Cash (utilised)/generated by operations (4 957) 276















1. BANK BALANCES


2013 2012



SAFEX 5 292 993 -

Total 71 933 000 918 899




2. CHARGES



Class B3 - 0% (2012: 0%)

Class B4 - 0.79% (2012: 0.79%)

Class B5 - 0.70% (2012: 0.70%)

Class B6 - 0.71% (2012: 0.71%)

Class B7 - 0.53% (2012: 0.53%)

Class B9 - 1.02% (2012: 1.02%)

135

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO R'000 R'000


Income 63 581 94 274

Dividend revenue - 116






Audit fees 60 35

Withholding tax - 12








Assets

Investments 992 884 1 389 763


Participatory Interest in Collective Investment Schemes - Local 8 854 -

Bonds - Local 247 635 280 453

Money market instruments 718 307 1 080 207



Total assets 1 043 296 1 470 467













136

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO R'000 R'000




Adjusted for:

Dividend revenue - (116)






Decrease/(Increase) in accrued income and debtors 2 130 (406)

Increase/(Decrease) in trade, related parties and other payables 32 (65)

Cash utilised by operations 867 (1 957)


Dividends received - 116




Net cash inflow/outflow from investing activities 394 721 (366 070)


Net cancellations/creations of participatory interest (491 069) 286 179


Net cash outflow/inflow from financing activities (491 069) 286 179





1. BANK BALANCES


2013 2012



Total 40 767 920 68 930 271



2. CHARGES



Class B2 – 0% (2012: 0%)

Class B4 – 0.70% (2012: 0.70%)

Class B6 – 0.53% (2012: 0.53%)

Class B8 – 0.96% (2012: 0.96%)

Class B10 – 0.79% (2012: 0.79%)

137

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE R'000 R'000


Income 171 229 208 751





Expenses 19 028 28 411



Audit fees 87 87








Assets

Investments 1 016 543 1 378 165


Bonds - Local 197 908 271 687



Total assets 1 078 524 1 524 340


Trade and other payables 4 656 3 022










138

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012



SAFEX 8 000 000 2 646 191

Total 59 464 899 136 968 216


Interest was earned at 4.7% - 4.8% (2012: 4.7% - 4.8%) on call deposit accounts.


2. CHARGES



Class B3 - 0% (2012: 0%)

Class B5 - 0.72% (2012: 0.72%)

Class B6 - 1.14% (2012: 1.14%)

Class B7 - 0.55% (2012: 0.55%)

Class B9 - 0.91% (2012: 0.91%)

Class B10 - 0.79% (2012: 0.79%)

139

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR R'000 R'000


Income 204 213 105 492





Expenses 16 201 4 764


Performance fees 10 463 -

Audit fees 66 39









Assets

Investments 1 088 839 720 462


Bonds - Local 166 218 106 873




Total assets 1 120 027 978 493













140

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR R'000 R'000




Adjusted for:








Increase/(Decrease) in trade, related parties and other payables 1 231 (43)
















1. BANK BALANCES


2013 2012



Total 28 402 116 254 587 438



2. CHARGES



Class B3 - 0% (2012: 0%)

Class B5 - 0.95% (2012: 0.95%)

Class B7 - 1.08% (2012: 1.08%)

Class B9 - 0.79% (2012: 0.79%)

141

[12 months] [1 month]

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE R'000 R'000


Income 40 618 2

Dividend revenue 2 474 -


Income adjustment due to creation and cancellation of participatory interests 559 -

Net fair value gains on financial instruments 35 045 -

Expenses 2 698 2

Service fees 1 772 -

Audit fees 51 -




Operating profit 37 920 -

Finance costs 3 188 -

Distributions to unit holders 3 188 -



Assets

Investments 270 307 -


Participatory Interest in Collective Investment Schemes - Local 78 540 -

Participatory Interest in Collective Investment Schemes - Foreign 67 007 -




Liabilities 3 521 2



Distributions payable 3 082 -





Liquidation of participatory interests (19 525) -




142

[12 months] [1 month]

2013 2012

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE R'000 R'000



Operating profit before finance costs 37 920 -

Adjusted for:

Dividend revenue (2 474) -


Income adjustment due to creation and cancellation of participatory interests ( 559) -

Net fair value gains on investments (35 045) -







Dividends received 2 474 -



Net purchase of securities (235 262) -

Net cash outflow from investing activities (235 262) -









1. BANK BALANCES


2013 2012


SAFEX 308 880 -

Total 6 960 164 1 003 208



2. CHARGES



Class B1 - 0% (2012: 0%)

Class B2 - 1.02% (2012: 1.02%)

Class B3 - 1.14% (2012: 1.14%)

143

[1 month]

2013

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND TWO R'000


Income 3

Interest revenue 3

Expenses 2


Operating profit 1

Finance costs 1


Change in net assets attributable to unit holders -


Assets



Total assets 1 006

Liabilities 3











Comparatives not stated, since the Sanlam Multi Managed Prudential Balanced Fund Two was

established on 1 December 2013.

144

[1 month]

2013

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND TWO R'000




Adjusted for:







Interest received 3

Net cash inflow from operating activities 2








1. BANK BALANCES


2013


1 005 211

Interest was earned at 4% on current accounts.



Class B1 – 0%

Class B2 – 0.51%

Class B3 – 0.68%

145

2013 2012

R'000 R'000


Income 27 720 36 700



Net fair value gains on financial instruments (317) 13 218

Expenses 247 255


Audit fees 48 26






Change in net assets attributable to unit holders (318) 13 206


Assets


Bonds - Local 227 493 184 534

Money market instruments 290 227 -



Total assets 540 625 189 375













SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO (EX: SANLAM MULTI

MANAGED INSTITUTIONAL ALL BOND FUND TWO)

146

2013 2012

R'000 R'000




Adjusted for:



Net fair value gains on investments 317 (13 218)



(Increase)/decrease in accrued income and debtors (2 317) 3 361
















1. BANK BALANCES


2013 2012

Current account 12 602 346 1 354 845


Total 17 102 346 1 354 845



2. CHARGES



Class B2 – 0% (2012: 0%)

Class B4 – 0.34% (2012: 0.34%)

Class B6 – 0.40% (2012: 0.40%)

Class B8 – 0.68% (2012: 0.68%)

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO (EX: SANLAM MULTI

MANAGED INSTITUTIONAL ALL BOND FUND TWO)

147

2013 2012

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS R'000 R'000


Income 151 367 136 894



Rebates earned 7 -



Expenses 16 152 15 960


Audit fees 52 46

Withholding tax 421 (98)








Assets






Total assets 842 540 836 261













148

2013 2012

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



Total 13 449 437 5 049 106



2. CHARGES



Class A1 - 1.08% (2012: 1.08%)

Class A2 - 1.19% (2012: 1.19%)

Class B1 - 0.74% (2012: 0.74%)

Class B9 - 1.53% (2012: 1.53%)

Class C1 - 3.02% (2012: 3.02%)

149

2013 2012

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS R'000 R'000


Income 19 062 12 048



Rebates earned 3 -



Expenses 1 072 673


Audit fees 60 60

Withholding tax 38 (4)








Assets



















150

2013 2012

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



Total 4 251 499 5 637 546



2. CHARGES

- The initial charge did not exceed 4.25% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of

Class A1 – 1.08% (2012: 1.08%)

Class A2 – 1.19% (2012: 1.19%)

Class B1 – 0.74% (2012: 0.74%)

Class B9 – 1.53% (2012: 1.53%)

Class C1 – 2.62% (2012: 2.62%)

151

2013 2012

SANLAM MULTI MANAGED PROPERTY FUND R'000 R'000


Income 48 796 196 943







Audit fees 71 42








Assets




Cash and bank balances 2 005 -

Total assets 602 823 779 485














152

2,013 2012

SANLAM MULTI MANAGED PROPERTY FUND R'000 R'000




Adjusted for:







Decrease/(Increase) in accrued income and debtors 50 791 (50 794)











Cash distributed to unit holders 2 -



Cash and cash equivalents at beginning of the year (40 997) -

Cash and cash equivalents at end of the year 2 005 (40 997)


1. BANK BALANCES


2013 2012

Current accounts 2 004 893 (40 997 380)

Total 2 004 893 (40 997 380)


2. CHARGES



Class B2 - 0% (2012: 0%)

Class B4 - 0.57% (2012: 0.57%)

Class B6 - 0.17% (2011: 0.17%)

Class B8 - 0.39% (2011: 0.39%)

153

2013 2012

SANLAM OPTIMISED INCOME FUND R'000 R'000


19 808 21 002

Income 16 773 13 897



Rebates earned (420) 256


Net fair value gains on financial instruments

2 331 2 083


Service fees 70 51

Audit fees 6 -



Transaction costs

17 477 18 919

Operating profit

16 618 14 508


Distributions to unit holders



Assets






Total assets 347 222 392 090













154

2013 2012

SANLAM OPTIMISED INCOME FUND R'000 R'000




Adjusted for:




Net fair value gains on investments (945) (4 820)




(Decrease)/Increase in trade, related parties and other payables (14) 118









Net (cancellation)/ creation of participatory interest (64 007) 120 576

Cash reinvested/(distributed) by/to unit holders 1 256 (154)






1. BANK BALANCES


2013 2012


Total 1 002 833 9 216 001


2. CHARGES



Class B1 - 1.31% (2012: 1.31%)

Class B2 - 0.45% (2012: 0.45%)

Class B3 - 1.31% (2012: 1.31%)

Class B4 - 0.79% (2012: 0.79%)

155

2013 2012

SANLAM PAN-EUROPE FUND R'000 R'000


Income 41 401 17 917



Rebates earned - 35





Audit fees 91 22









Assets


Equities and specialist securities - Local 1 -




Related parties receivable - 27



Liabilities 227 211











156

2013 2012

SANLAM PAN-EUROPE FUND R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



Total 2 559 473 1 997 554



2. CHARGES



Class A - 1.82% (2012:1.82%)

157


2013 2012

SANLAM STABLE GROWTH FUND R'000 R'000


Income 17 220 18 538




Net fair value gains on financial instruments (732) 11 910



Audit fees 57 -









Assets






Total assets 443 198 451 478









Liquidation of participatory interests (97 967) -




158


2013 2012

SANLAM STABLE GROWTH FUND R'000 R'000




Adjusted for:




Net fair value gains on investments 732 (11 910)




















1. BANK BALANCES


2013 2012


SAFEX 21 032 775 15 283 715

Total 44 758 775 19 725 677



2. CHARGES



Class A1 - 1.39% (2012: 1.39%)

Class B1 - 1.39% (2012: 1.39%)

Class B2 - 0.99% (2012: 0.99%)

Class B3 - 0.28% (2012: 0.28%)

Class B4 - 0.79% (2012: 0.79%)

Class B5 - 0.45% (2012: N/A)

159

2013 2012

SANLAM VALUE INSTITUTIONAL FUND R'000 R'000


Income 483 854 474 047





Expenses (761) 1 874


Performance fees (1 683) (914)

Audit fees 44 24









Assets

Investments 1 558 398 2 273 457




Total assets 1 608 045 2 316 528













160

2013 2012

SANLAM VALUE INSTITUTIONAL FUND R'000 R'000



Adjusted for:




Net fair value losses on investments (410 251) (399 394)

Operating loss before working capital changes 761 (1 874)



Increase in trade, related parties and other payables (52) (13 233)
















1. BANK BALANCES


2013 2012


Total 42 378 253 37 634 763


2. CHARGES



Class B1 – 0% (2012: 0%)

Class B2 – 0% (2012: 0%)

Class B3 – 0.79% (2012: 0.79%)

Class B4 – 0% (2012: 0%)

Class B5 – 0.93% (2012: 0.93%)

Class B6 – 0.64% (2012: 0.64%)

Class B8 – 1.14% (2012: 1.14%)

Class B10 – 0.99% (2012: 0.99%)


161

2013 2012

SESFIKILE SCI PROPERTY FUND R'000 R'000


Income 12 655 8 855

Dividend revenue 202 -




Expenses 1 712 460


Audit fees 59 42








Assets



Participatory Interest in Collective Investment Schemes - Local - 218
















162

2013 2012

SESFIKILE SCI PROPERTY FUND R'000 R'000




Adjusted for:

Dividend revenue (202) -





Working capital changes: (190) 1 139


(Decrease)/increase in trade, related parties and other payables (39) 1 426



Dividends received 202 -




Net cash (outflow)/inflow from investing activities (140 330) (35 410)







Cash and cash equivalents current year balance 6 729 2 358


1. BANK BALANCES


2013 2012


Total 6 729 499 2 357 705


2. CHARGES



Class A1 - 1.25% (2012: 1.25%)

Class B1 - 1.02% (2012: 1.02%)

Class B2 - 0.74% (2012: 0.74%)

163

2013 2012

SIM ABSOLUTE RETURN INCOME FUND R'000 R'000


Income 76 044 125 959



Income adjustment due to creations and liquidation of units (4 200) (5 025)


Expenses 8 374 14 048


Audit fees 72 43









Assets

Investments 1 073 924 1 354 537



Bonds - Local 296 696 364 202

Money Market Instruments 748 095 956 725



Total assets 1 127 316 1 401 358













164

2013 2012

SIM ABSOLUTE RETURN INCOME FUND R'000 R'000




Adjusted for:




















Net increase/ (decrease) in cash and cash equivalents 8 394 (60 593)




1. BANK BALANCES


2013 2012



Total 42 213 561 33 819 991


Interest was earned at 4-6%% (2012: 5.3%) on call deposit accounts.

2. CHARGES



Class A - 1.14% (2012: 1.14%)

Class A1 - 1.25% (2012: 1.25%)

Class B1 - 0% (2012: 0%)

Class B2 - 2.39% (2012: 2.39%)

Class B3 - 0.91% (2012: 0.91%)

Class B4 - 0.68% (2012: 0.68%)

Class B5 - 0.45% (2012: 0.45%)

165

2013 2012

SIM ACTIVE INCOME FUND R'000 R'000


Income 336 889 392 278



Other income 4 3



Expenses 49 173 45 442


Performance fees - (4)

Audit fees 78 47









Assets

Investments 5 224 618 4 725 303



Bonds - Local 1 006 869 693 067

Money market instruments 4 049 483 3 885 128



Total assets 5 383 872 4 931 000













166

2013 2012

SIM ACTIVE INCOME FUND R'000 R'000




Adjusted for:

















Net cancellation of participatory interest 738 091 244 356







1. BANK BALANCES


2013 2012



Total 103 453 889 162 455 378


Interest was earned at 5% (2012: 5%) on call deposit accounts.

2. CHARGES



Class A1 - 0.91% (2012: 0.91%)

Class B1 - 0.00% (2012: 0.00%)

Class B2 - 0.45% (2012: 0.45%)

Class B3 - 0.85% (2012: 0.85%)

Class B4 - 0.68% (2012: 0.68%)

Class B5 - 0.51% (2012: 0.51%)

Class B6 - 0.57% (2012: 0.57%)

Class B7 - 1.42% (2012: 1.42%)

Class B9 - 1.14% (2012: 1.14%)

Class B10 - 0.43% (2012: 0.43%)

Class C - 2.39% (2012: 2.39%)

167

2013 2012

SIM BALANCED FUND R'000 R'000


Income 1 185 840 615 723



Other income 47 3



Expenses 72 863 45 829



Audit fees 81 63




Operating profit 1 112 977 569 894





Assets

Investments 7 055 094 4 143 711




Participatory Interest in Collective Investment Schemes - Foreign 1 319 118 714 508

Bonds - Local 964 994 509 705



Total assets 7 464 860 4 424 815













168

2013 2012

SIM BALANCED FUND R'000 R'000



Operating profit before finance costs 1 112 977 569 894

Adjusted for:












Foreign exchange gains / (Losses) 9 895 (2 653)



Net purchase of securities (1 977 567) (1 397 167)

Net cash outflow from investing activities (1 977 567) (1 397 167)


Net creation of participatory interest 1 956 011 1 296 538


Net cash inflow from financing activities 1 953 187 1 295 336





1. BANK BALANCES


2013 2012



SAFEX - 292 070

Total 388 096 711 250 899 277



2. CHARGES



Class A - 1.25% (2012: 1.25%)

Class B - 0.85% (2012: 0.85%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 0.39% (2012: 0.39%)

Class B3 - 0.68% (2012: 0.68%)

Class B4 - 0.39% (2012: 0.39%)

Class B5 - 0.91% (2012: 0.91%)

Class B6 - 0.22% (2012: 0.22%)

Class B7 - 0.68% (2012: N/A)

Class B9 - 1.25% (2012: 1.25%)

Class R - 1.14% (2012: 1.14%)

169

2013 2012

SIM BOND PLUS FUND R'000 R'000


Income 27 190 94 418



Net fair value (losses)/ gains on financial instruments (60 409) 43 836



Audit fees 52 30








Assets

Investments 1 171 085 724 407


Bonds - Local 1 171 085 697 747




Total assets 1 199 241 740 234













170

2013 2012

SIM BOND PLUS FUND R'000 R'000




Adjusted for:






(Increase) in accrued income and debtors (10 628) (4 732)
















1. BANK BALANCES


2013 2012


SAFEX - 984 980

Total 4 234 251 2 532 733


Interest was earned at 0% (2012: 4.8%) on SAFEX accounts.

2. CHARGES

- The initial charge did not exceeed 1.5% (excl. VAT) of the selling price.


Class A1 - 0.85% (2012: 0.85%)

Class B1- 0.68% (2012: 0.68%)

Class B2 - 0.22% (2012: 0.22%)

Class B3 - 0% (2012: 0%)

171

2013 2012

SIM DIVIDEND + INDEX FUND R'000 R'000


Income 34 027 70 931


Interest revenue (35) 221

Other income 54 -





Audit fees 36 40








Assets





Total assets 570 641 474 414













172

2013 2012

SIM DIVIDEND + INDEX FUND R'000 R'000




Adjusted for:


Interest revenue 35 (221)





decrease in accrued income and debtors (122) (184)



Interest received (35) 221










Net decrease in cash and cash equivalents 79 2 456




1. BANK BALANCES


2013 2012


Total 3 479 075 3 399 916


2. CHARGES



Class A1- 0.51% (2012: 0.51%)

Class B1 - 0.34% (2012: 0.34%)

Class B2 - 0% (2012: 0%)

173

2013 2012

SIM ENHANCED YIELD FUND R'000 R'000


Income 114 133 56 344




Expenses 2 534 642


Audit fees 61 58








Assets

Investments 2 334 031 1 716 186

Bonds - Local 879 232 507 590




Total assets 2 377 683 1 744 708













174

2013 2012

SIM ENHANCED YIELD FUND R'000 R'000




Adjusted for:






Increase in accrued income and debtors (9 375) (17 731)









Net creation of participatory interest 524 249 1 637 977


Net cash inflow from financing activities 521 282 1 637 495

Net (decrease)/increase in cash and cash equivalents 5 755 9 682




1. BANK BALANCES


2013 2012


Total 15 754 583 10 000 253


2. CHARGES



Class A1 - 0.47% (2012: 0.47%)

Class B1 - 0.47% (2012: 0.47%)

Class B2 - 0.34% (2012: 0.34%)

Class B3 - 0% (2012: 0%)

175

2013 2012

SIM EQUALLY WEIGHTED TOP40 INDEX FUND R'000 R'000


Income 18 058 46 556



Other income - 1





Audit fees 40 (69)









Assets





Total assets 115 822 224 339













176

2013 2012

SIM EQUALLY WEIGHTED TOP40 INDEX FUND R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total 524 050 2 465 972


2. CHARGES

- Initial charge payable do not exceed 0.3% (ex VAT) of the selling price.


Class A1 - 0.51% (2012: 0.51%)

Class B1 - 0.34% (2012:0.34%)

Class B2 - 0% (2012: 0%)

177

2013 2012

SIM FINANCIAL FUND R'000 R'000


Income 50 221 62 984







Audit fees 51 28









Assets






Total assets 249 555 229 962













178

2013 2012

SIM FINANCIAL FUND R'000 R'000




Adjusted for:






Working capital changes: - 1 759

Decrease in accrued income and debtors - 1 714

Increase in trade, related parties and other payables - 45














Cash and cash equivalents at beginning of the year 5 384 (836)



1. BANK BALANCES


2013 2012



1 875 307 5 383 637



2. CHARGES



Class A1 - 1.71% (2012: 1.71%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 0.68% (2012: 0.68%)

179

2013 2012

SIM GENERAL EQUITY FUND R'000 R'000


Income 1 039 404 684 143



Other income 2 9



Expenses 63 118 43 212



Audit fees 62 81









Assets

Investments 4 489 231 3 345 389





Total assets 4 643 904 3 431 332













180

2013 2012

SIM GENERAL EQUITY FUND R'000 R'000




Adjusted for:







(Increase)/decrease in accrued income and debtors (915) 12 621

Increase in trade, related parties and other payables 26 307 1 645




Foreign exchange gains 1 210 133













1. BANK BALANCES


2013 2012



153 306 961 85 492 558



2. CHARGES



Class R - 1.14% (2012: 1.14%)

Class A - 1.25% (2012: 1.25%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 0.39% (2012: 0.39%)

Class B3 - 0.68% (2012: 0.68%)

Class B4 - 1.02% (2012: 1.02%)

Class B5 - 0.39% (2012: 0.39%)

Class B6 - 0.68% (2012: 0.68%)

Class B9 - 1.25% (2012: 1.25%)

181

2013 2012

SIM GLOBAL BEST IDEAS FEEDER FUND R'000 R'000


Income 164 986 118 249




Expenses 10 963 8 819


Audit fees 60 35



Finance costs - -




Assets





Total assets 650 263 606 314


Cash and bank balances 499 -











182

2013 2012

SIM GLOBAL BEST IDEAS FEEDER FUND R'000 R'000




Adjusted for:



















Cash and cash equivalents at end of the year (499) 14 228


1. BANK BALANCES


2013 2012

Current accounts (502 624) 14 225 157


Total (498 477) 14 228 104



2. CHARGES

- The initial charge did not exceed 4% of the selling price.


Class A – 1.42% (2012: 1.42%)

Class A1 – 1.14% (2012: 1.14%)

Class B1 – 0.51% (2012: 0.51%)

Class B2 – 0.85% (2012: 0.85%)

Class B3 – 0.85% (2012: 0.85%)

Class C – 2.56% (2012: 2.56%)

183

[7 months]

2013

SIM GLOBAL EQUITY INCOME FEEDER FUND R'000


Income 1 453

Dividend revenue 208

Interest revenue 12



Expenses 106

Service fees 33

Audit fees 57



Finance costs 133




Assets

Investments 10 831


Cash and bank balances 397

Total assets 11 228

Liabilities 198








Liquidation of participatory interests (114)


Comparatives not stated, since the SIM Global Equity Income Feeder Fund was established on 3 June 2013.



184

[7 months]

2013

SIM GLOBAL EQUITY INCOME FEEDER FUND R'000




Adjusted for:




Net fair value gains on investments (1 193)






Dividends received 208








Cash distributed to unit holders -


Net increase in cash and cash equivalents 397


Cash and cash equivalents at end of the period 397


1. BANK BALANCES


2013

Current accounts 177 576

Foreign currency cash deposits 219 294

Total 396 870


Interest was earned at 0% (2012: N/A) on foreign currency cash deposits.

2. CHARGES



Class A1 - 0.85% (2012: N/A)

185

2013 2012

SIM GLOBAL FINANCIAL FEEDER FUND R'000 R'000


Income 14 938 7 242




Expenses 814 361


Audit fees 53 45



Finance costs - -




Assets






Liabilities 122 93











186

2013 2012

SIM GLOBAL FINANCIAL FEEDER FUND R'000 R'000




Adjusted for:


















Net decrease in cash and cash equivalents (324) (858)




1. BANK BALANCES


2013 2012



365 005 688 684



2. CHARGES



Class A1 - 1.14% (2012: 1.14%)

Class B1 - 0.85% (2012: 0.85%)

187

2013 2012

SIM INDEX FUND R'000 R'000


Income 387 026 374 868



Other income 26 9



Expenses 23 155 19 081


Audit fees 47 26









Assets

Investments 2 006 795 1 748 537




Total assets 2 020 734 1 774 564













188

2013 2012

SIM INDEX FUND R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


SAFEX 760 320 752 000

Total 13 892 868 14 902 262



2. CHARGES



Class A – 1.14% (2012: 1.14%)

Class A1 – 0.51% (2012: 0.51%)

Class B1 – 2.39% (2012: 2.39%)

Class B2 – 0.45% (2012: 0.45%)

189

2013 2012

SIM INDUSTRIAL FUND R'000 R'000


Income 401 960 259 551



Other income 20 -



Expenses 15 387 12 455


Audit fees 47 26









Assets

Investments 1 312 238 926 987





Total assets 1 339 090 979 688













190

2013 2012

SIM INDUSTRIAL FUND R'000 R'000




Adjusted for:















Net sale/(purchase) of securities (7 391) 50 414

Net cash inflow/(outflow) from investing activities (7 391) 50 414





Net decrease in cash and cash equivalents (25 662) 28 957




1. BANK BALANCES


2013 2012



Total 26 829 867 52 492 197


Interest was earned at 0% (2012: 0%) on foreign currency cash deposits

2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price..


Class A - 1.71% (2012: 1.71%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 0.68% (2012: 0.68%)

Class R - 1.14% (2012: 1.14%)

191

2013 2012

SIM INFLATION PLUS FUND R'000 R'000


Income 451 627 324 426



Other income 2 -



Expenses 31 076 24 386



Audit fees 74 44









Assets

Investments 2 747 978 2 608 282





Bonds - Local 501 361 480 016

Bonds - Foreign 7 812 17 828




Total assets 2 958 434 2 840 106













192

2013 2012

SIM INFLATION PLUS FUND R'000 R'000




Adjusted for:












Foreign exchange gains/(losses) 4 217 (1 904)













1. BANK BALANCES


2013 2012




SAFEX account 42 451 004 28 982 027

Total 193 549 159 213 762 410





2. CHARGES



Class A - 1.14% (2012: 1.14%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 0.00% (2012: 0.00%)

Class B3 - 0.39% (2012: 0.39%)

Class B4 - 0.68% (2012: 0.68%)

Class B5 - 0.91% (2012: 0.91%)

Class B6 - 0.39% (2012: 0.39%)

Class B7 - 0.91% (2012: 0.91%)

Class B8 - 0.22% (2012: 0.22%)

Class B9 - 1.14% (2012: 1.14%)

193

2013 2012

SIM LOW EQUITY FUND R'000 R'000


Income 80 252 43 509







Audit fees 51 (10)









Assets






Bonds - Local 81 132 31 976




Total assets 634 185 421 547













194

2013 2012

SIM LOW EQUITY FUND R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



SAFEX 9 068 789 4 770 188

Total 36 187 795 32 891 196



2. CHARGES



Class R – 1.42% (2012: 1.42%)

Class A – 1.42% (2012: 1.42%)

Class B – 0.00% (2012: 0.00%)

Class C – 1.02% (2012: 1.02%)

Class D – 0.85% (2012: 0.85%)

Class E – 2.73% (2012: 2.73%)

195

2013 2012

SIM MANAGED AGGRESSIVE FUND OF FUNDS R'000 R'000


Income 90 870 55 957



Other income 1 1


Income adjustment due to creations and liquidation of units 775 588




Performance fees 778 -

Audit fees 53 30








Assets






Total assets 483 767 329 265













196

2013 2012

SIM MANAGED AGGRESSIVE FUND OF FUNDS R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012


Foreign currency deposits 46 703 154 586

Total 10 952 218 8 263 788



2. CHARGES



Class A1 - 0.85% (2012: 0.85%)

Class B1 - 0.51% (2012: 0.51%)

Class B2 - 2.39% (2012: 2.39%)

Class B4 - 2.39% (2012: 2.39%)

Class B5 - 0.68% (2012: 0.68%)

Class B9 - 1.14% (2012: 1.14%)

197

2013 2012

SIM MANAGED CAUTIOUS FUND OF FUNDS R'000 R'000


Income 160 663 135 168



Other income 7 4




Expenses 13 555 10 534



Audit fees 60 36








Assets

Investments 1 168 948 1 053 951





Total assets 1 185 899 1 065 699













198

2013 2012

SIM MANAGED CAUTIOUS FUND OF FUNDS R'000 R'000



Operating profit before finance costs 147 108 124,634

Adjusted for:

























1. BANK BALANCES


2013 2012



Total 16 935 364 11 738 770



2. CHARGES



Class A1 - 0.85% (2012: 0.85%)

Class B1 - 0.51% (2012: 0.51%)

Class B2 - 2.39% (2012: 2.39%)

Class B4 - 2.39% (2012: 2.39%)

Class B5 - 0.68% (2012: 0.68%)

Class B9 - 1.14% (2012: 1.14%)

199

2013 2012

SIM MANAGED CONSERVATIVE FUND OF FUNDS R'000 R'000


Income 41 804 39 035



Other income 3 2







Audit fees 59 34

Withholding tax 6 5







Assets






Total assets 362 536 344 773













200

2013 2012

SIM MANAGED CONSERVATIVE FUND OF FUNDS R'000 R'000




Adjusted for:





















Net (decrease)/increase in cash and cash equivalents (2 013) 625




1. BANK BALANCES


2013 2012



Total 5 231 560 7 244 852



2. CHARGES



Class A1 – 0.85% (2012: 0.85%)

Class B1 – 0.51% (2012: 0.51%)

Class B2 – 2.39% (2012: 2.39%)

Class B5 – 0.68% (2012: 0.68%)

Class B9 – 1.14% (2012: 1.14%)

201

2013 2012

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS R'000 R'000


Income 186 039 114 507



Other income 2 2







Audit fees 50 28








Assets

Investments 1 076 842 734 676

Participatory Interest in Collective Investment Schemes – Local 896 375 601 777

Participatory Interest in Collective Investment Schemes – Foreign 180 467 132 899



Total assets 1 102 672 758 640













202

2013 2012

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS R'000 R'000




Adjusted for:







Decrease in accrued income and debtors - (8)





Foreign exchange losses - (2)







Cash distributed to unit holders (17) (10 956)






1. BANK BALANCES


2013 2012



Total 25 798 732 23 932 638


2. CHARGES



Class A1 - 0.85% (2012: 0.85%)

Class B1 - 0.51% (2012: 0.51%)

Class B2 - 2.39% (2012: 2.39%)

Class B5 - 0.68% (2012: 0.68%)

Class B9 - 1.14% (2012: 1.14%)

203

2013 2012

SIM MANAGED MODERATE FUND OF FUNDS R'000 R'000


Income 512 848 368 620



Other income 7 6




Expenses 22 370 14 525



Audit fees 58 35








Assets

Investments 3 165 030 2 417 207





Total assets 3 246 985 2 477 512













204

2013 2012

SIM MANAGED MODERATE FUND OF FUNDS R'000 R'000




Adjusted for:












Foreign exchange gains 1 487 505













1. BANK BALANCES


2013 2012



Total 81 917 328 60 260 933



2. CHARGES



Class A1 - 0.85% (2012: 0.85%)

Class B1 - 0.51% (2012: 0.51%)

Class B2 - 2.39% (2012: 2.39%)

Class B3 - 0.22% (2012: 0.22%)

Class B4 - 2.39% (2012: 2.39%)

Class B5 - 0.68% (2012: 0.68%)

Class B9 - 1.14% (2012: 1.14%)

205

2013 2012

SIM MARKET ALLOCATOR FUND R'000 R'000


Income 2 502 4 119



Income adjustment due to creation and cancellation of participatory interests 12 -

Net fair value (losses)/gains on financial instruments (27) 3 418

Expenses 364 206

Service fees 3 -

Audit fees 77 37






Change in net assets attributable to unit holders ( 241) 3 258


Assets







Liabilities 573 694







Liquidation of participatory interests (121) (8)




206

2013 2012

SIM MARKET ALLOCATOR FUND R'000 R'000




Adjusted for:



Income adjustment due to creation and cancellation of participatory interests (12) -

Net fair value losses/(gains) on investments 27 (3 418)








Net cash outflow from operating activities 704 507











1. BANK BALANCES


2013 2012


SAFEX 332 160 37 600

Total 1 021 194 1 902 943



2. CHARGES



Class A1 - 1.14% (2012: 1.14%)

Class B1 - 0% (2012: 0%)

Class B2 - 0.68% (2012: 0.68%)

Class B3 - 0.68% (2012: 0.68%)

207

2013 2012

SIM MONEY MARKET FUND R'000 R'000


Income 357 065 366 988


Net fair value gains/(losses) on financial instruments 279 (1 289)

Expenses 29 347 29 473


Audit fees 69 41






Change in net assets attributable to unit holders 303 (1 247)


Assets

Investments 6 533 258 6 551 826




Total assets 6 655 982 6 733 678







Change in net assets attributable to unit holders 303 (1 247)






208

2013 2012

SIM MONEY MARKET FUND R'000 R'000




Adjusted for:


Net fair value (gains)/losses on investments (279) 1 289












Net (liquidation)/creation of participatory interest (345 364) 178 721







1. BANK BALANCES


2013 2012


Total 54 874 611 120 422 311


2. CHARGES



Class A1- 0.57% (2012: 0.57%)

Class B2- 0.22% (2012: 0.22%)

Class B3 - 0.91% (2012: 0.91%)

Class B4 - 0.11% (2012: 0.11%)

Class B5 - 0.57% (2012: 0.57%)

Class B6 - 0.11% (2012: 0.11%)

Class B7 - 0.34% (2012: 0.34%)

Class B8 - 0.28% (2012: 0.28%)

Class B10 - 0.23% (2012: N/A)

Class R - 0.57% (2012: 0.57%)

209

2013 2012

SIM PROPERTY FUND R'000 R'000


Income 312 491 573 194



Other income 128 200





Audit fees 45 26









Assets

Investments 4 085 854 2 341 754




Total assets 4 133 498 2 413 971













210

2013 2012

SIM PROPERTY FUND R'000 R'000




Adjusted for:



Income adjustment due to creation and cancellation of participatory interests (11 636) ( 656)




Increase/(Decrease) in accrued income and debtors 173 (176)







Net purchase of securities (1 647 317) (234 704)

Net cash outflow from investing activities (1 647 317) (234 704)


Net creation of participatory interest 1 438 216 107 642


Net cash inflow from financing activities 1 438 066 107 449

Net (decrease)/increase in cash and cash equivalents (24 400) 14,859




1. BANK BALANCES


2013 2012


Total 47 585 318 71 984 687


2. CHARGES



Class A – 1.71% (2012: 1.71%)

Class B1 – 0.68% (2012: 0.68%)

Class B2 – 0% (2012: 0%)

Class B3 – 0% (2012: 0%)

Class B9 – 1.71% (2012: 1.71%)

211


2013 2012

SIM PROPERTY INDEX FUND R'000 R'000


Income 23 192 21 243





Expenses 1 035 546


Audit fees 36 45








Assets





Total assets 330 526 203 868













212


2013 2012

SIM PROPERTY INDEX FUND R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total 856 171 1 486 446


2. CHARGES



Class A1 - 0.51% (2012: 0.51%)

Class B1 - 0.34% (2012: 0.34%)

Class B2 - 0% (2012: 0%)

Class B2 - 0.3% (2012: 0.3%)

213

2013 2012

SIM RAFI40 INDEX FUND R'000 R'000


Income 16 761 20 016





Expenses 830 701


Audit fees 36 13









Assets





Total assets 109 784 105 278













214

2013 2012

SIM RAFI40 INDEX FUND R'000 R'000




Adjusted for:
























1. BANK BALANCES


2013 2012


Total 1 116 814 933 492


2. CHARGES



Class A1 - 0.68% (2012: 0.68%)

Class B1 - 0.51% (2012: 0.51%)

Class B2 - 0% (2012: 0%)

215

2013 2012

SIM RESOURCES FUND R'000 R'000


Income 6 520 (165)




Net fair value gains/(losses) on financial instruments 5 286 (1 673)



Audit fees 54 31




Operating profit/(loss) 5 147 (1 588)



Change in net assets attributable to unit holders 4 933 (1 998)


Assets







Liabilities 292 278






Change in net assets attributable to unit holders 4 933 (1 998)






216

2013 2012

SIM RESOURCES FUND R'000 R'000



Operating profit before finance costs 5 147 (1 588)

Adjusted for:




Net fair value (gains)/losses on investments (5 286) 1 673


















Cash and cash equivalents at beginning of the year 784 (396)



1. BANK BALANCES


2013 2012



Total 843 252 783 830


2. CHARGES

-The initial charge did not exceed 5% (excl. VAT ) of the selling price.


Class A – 1.71% (2012: 1.71%)

217

2013 2012

SIM SMALL CAPITAL FUND R'000 R'000


Income 50 144 44 057







Audit fees 58 34









Assets






Total assets 275 437 267 467













218

2013 2012

SIM SMALL CAPITAL FUND R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



Total 2 525 079 10 474 517


2. CHARGES



Class R - 1.14% (2012: 1.14%)

Class A - 1.71% (2012: 1.71%)

Class B1 - 2.39% (2012: 2.39%)

Class B2 - 1.02% (2012: 1.02%)

Class B3 - 0.68% (2012: 0.68%)

Class B9 - 1.71% (2012: 1.71%)

219

2013 2012

SIM TOP CHOICE EQUITY FUND R'000 R'000


Income 154 693 99 137








Audit fees 54 30









Assets





Total assets 602 091 510 148













220

2013 2012

SIM TOP CHOICE EQUITY FUND R'000 R'000




Adjusted for:






Working capital changes: (284) 1 715

(Increase)/decrease in accrued income and debtors (4) 1 483












Net cash (outflow)/inflow from financing activities (58 404) 999

Net increase/(decrease) in cash and cash equivalents 3 640 (899)




1. BANK BALANCES


2013 2012


Total 16 234 163 12 594 102


2. CHARGES



Class A1- 1.02% (2012: 1.02%)

Class B1 - 0% (2012: 0%)

Class B2 - 0.57% (2012: 0.57%)

Class B3 - 1.02% (2012: 1.02%)

Class B4 - 0.85% (2012: 0.85%)

Class B5 - 0.45% (2012: 0.45%)

Class B9 - 1.02% (2012: 1.02%)

Class C - 2.56% (2012: 2.56%)

221

2013 2012

SIM VALUE FUND R'000 R'000


Income 699 884 554 018



Other income 9 -

Rebates earned - 4



Expenses 56 574 49 129



Audit fees 69 20









Assets

Investments 3 256 874 2 800 217






Total assets 3 391 562 2 909 338













222

2013 2012

SIM VALUE FUND R'000 R'000




Adjusted for:








Increase/(decrease) in trade, related parties and other payables 496 (1 520)




Foreign exchange gains 7 020 1 661













1. BANK BALANCES


2013 2012



SAFEX 5 446 651 -

Total 132 468 165 103 819 044




2. CHARGES



Class A - 1.53% (2012: 1.53%)

Class B1 - 2.93% (2012: 2.93%)

Class B2 - 0.68% (2012: 0.68%)

Class B3 - 1.02% (2012: 1.02%)

Class B4 - 1.14% (2012: 1.14%)

Class B5 - 0.05% (2012: 0.05%)

Class B6- 0.68% (2012: 0.68%)

Class B7- 0.57% (2012: N/A)

Class B9 - 1.53% (2012: 1.53%)

223

2013 2012

R'000 R'000


Income 71 382 56 523





Expenses 1 168 289

Service fees 37 -

Audit fees 44 4









Assets





Total assets 494 659 209 073











SMMI EQUITY INDEX FUND (EX: SANLAM MULTI MANAGED INSTITUTIONAL GENERAL

EQUITY FUND THREE)



224

2013 2012

R'000 R'000




Adjusted for:







(Increase)/decrease in accrued income and debtors (1 205) 3

Decrease/(increase) in trade, related parties and other payables 2 256 (34)

Cash utilised by operations (117) ( 320)






Net cash outflow/inflow from investing activities (222 834) 80 808



Net cash inflow/outflow from financing activities 214 438 (95 006)





1. BANK BALANCES


2013 2012


SAFEX 176 460 46 200

Total 4 761 087 1 475 446



2. CHARGES

- No initial charges is payable.


Class B1 – 0% (2012: 0%)

Class B2 – 0.64% (2012: 0.64%)

Class B3 – 0.09% (2012: 0.09%)

Class B4 – 0.39% (2012: 0.39%)

Class B5 – 0.57% (2012: 0.57%)

SMM EQUITY INDEX FUND (EX: SANLAM MULTI MANAGED INSTITUTIONAL GENERAL

EQUITY FUND THREE)

225

2013 2012

SMMI ABSOLUTE SOLUTION 5 FUND OF FUNDS R'000 R'000


Income 56 627 35 563








Audit fees 50 28









Assets






Total assets 356 205 327 247













226

2013 2012

SMMI ABSOLUTE SOLUTION 5 FUND OF FUNDS R'000 R'000




Adjusted for:












Foreign exchange losses 753 (2)













1. BANK BALANCES


2013 2012



Total 20 394 776 605 771

Interest was earned at 5% (2012: 4.%) on current accounts.

2. CHARGES

- The initial charge did not exceed 4.1% (excl VAT).


Class A - 1.02% (2012: 1.02%)

Class A2 - 0.85% (2012: 0.85%)

Class B1 - 0.74% (2012: 0.74%)

Class B2 - 0.74% (2012: 0.74%)

Class B3 - 0.88% (2012: 0.88%)

Class B4 - 1.02% (2012: 1.14%)

Class B9 - 1.14% (2012: 1.14%)

Class C - 2.16% (2012: 2.16%)

Class C2 - 2.49% (2012: 2.49%)

227

2013 2012

SMMI BALANCED FUND OF FUNDS R'000 R'000


Income 41 235 36 234



Rebates earned 40 -





Audit fees 49 28

Withholding tax 7 8








Assets






Total assets 252 593 222 725













228

2013 2012

SMMI BALANCED FUND OF FUNDS R'000 R'000




Adjusted for:







Increase in accrued income and debtors - 1


















1. BANK BALANCES


2013 2012



Total 5 001 771 4 448 497



2. CHARGES

- The initial charge did not exceed 5% (excl.VAT) of the selling price.


Class A - 1.42% (2012: 1.42%)

Class A2 - 0.85% (2012: 0.85%)

Class B - 0.85% (2012: 0.85%)

Class B1 - 0.39% (2012: 0.39%)

Class B2 - 0.68% (2012: 0.68%)

Class B3 - 0.88% (2012: 0.88%)

Class B9 - 1.14% (2012: 1.14%)

Class C1 - 2.16% (2012: 2.16%)

229

2013 2012

SMMI BOND FUND R'000 R'000


Income 26 456 39 672



Net fair value gains/(losses) on financial instruments (29 372) 16 832

Expenses 238 62

Service fees 49 1

Audit fees 48 (14)








Assets

Investments 1 001 834 248 197

Bonds - Local 947 834 216 197




Total assets 1 063 057 344 127


Derivatives at fair value 180 -












230

2013 2012

SMMI BOND FUND R'000 R'000




Adjusted for:





















1. BANK BALANCES


2013 2012



SAFEX 2 883 888 263 969

Total 42 557 735 35 095 955


Interest was earned at 5% (2012: 4.8%) on call deposit accounts.


2. CHARGES



Class B1 – 0.57% (2012: 0.57%)

Class B2 – 0% (2012: 0%)

Class B4 – 0.57% (2012: 0.57%)

Class B6 – 0.45% (2012: 0.45%)

Class B8 – 0.68% (2012: 0.68%)

231

2013 2012

SMMI DEFENSIVE FUND OF FUNDS R'000 R'000


Income 33 359 34 144



Rebates earned 8 -





Audit fees 46 24

Withholding tax 4 6








Assets






Total assets 248 076 246 426













232

2013 2012

SMMI DEFENSIVE FUND OF FUNDS R'000 R'000




Adjusted for:

























1. BANK BALANCES


2013 2012



Total 11 789 412 16 048 622


2. CHARGES

- The initial service charge did not exceed 5% (excl. VAT) of the selling price.


Class A1 - 1.42% (2012: 1.42%)

Class A2 - 0.85% (2012: 0.85%)

Class B1 - 0.39% (2012: 0.39%)

Class B2 - 0.68% (2012:0.68%)

Class B3 - 0.88% (2012: 0.88%)

Class B9 - 1.14% (2012: 1.14%)

Class C1 - 2.16% (2012: 2.16%)

233

2013 2012

SMMI EQUITY FUND OF FUNDS R'000 R'000


Income 18 275 14 242



Rebates earned 16 -





Audit fees 44 24

Withholding tax 5 6








Assets




Accrued income and debtors 2 200 -



Liabilities 333 437












234

2013 2012

SMMI EQUITY FUND OF FUNDS R'000 R'000




Adjusted for:


Interest revenue (126) ( 149)






Increase in trade, related parties and other payables 1 -





Net cash (outflow)/inflow from operating activities (1 743) 717












1. BANK BALANCES


2013 2012



Total 1 590 337 231 261


2. CHARGES



Class A1 – 1.42% (2012: 1.42%)

Class A2 – 0.85% (2012: 0.85%)

Class B1 – 0.39% (2012: 0.39%)

Class B2 – 0.68% (2012: 0.68%)

Class B3 – 0.88% (2012: 0.88%)

Class B9 – 1.14% (2012: 1.14%)

Class C1 – 2.16% (2012: 2.16%)

235

2013 2012

SMMI LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS R'000 R'000


Income 55 204 28 156



Rebates earned 92 -





Audit fees 49 28









Assets






Total assets 326 584 254 995













236

2013 2012

SMMI LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS R'000 R'000




Adjusted for:




















Net increase/(decrease) in cash and cash equivalents 10 761 (35)




1. BANK BALANCES


2013 2012



Total 18 409 007 7 647 830


2. CHARGES



Class A - 1.02% (2012: 1.02%)

Class A2 - 0.85% (2012: 0.85%)

Class B1 - 0.68% (2012: 0.68%)

Class B2 - 0.68% (2012: 0.68%)

Class B3 - 0.88% (2012: 0.88%)

Class B4 - 1.14% (2012: 1.14%)

Class B9 - 1.14% (2012: 1.14%)

Class C - 2.16% (2012: 2.16%)

Class C2 - 2.45% (2012: 2.45%)

237

2013 2012

SMMI PROTECTION SOLUTION 3 FUND OF FUNDS R'000 R'000


Income 16 595 11 615



Rebates earned 33 -





Audit fees 51 29









Assets






Total assets 136 110 114 302













238

2013 2012

SMMI PROTECTION SOLUTION 3 FUND OF FUNDS R'000 R'000




Adjusted for:
















Net cash inflow/(outflow) from investing activities (14 998) 44 562









1. BANK BALANCES


2013 2012



Total 1 263 069 6 008 456


2. CHARGES



Class A - 1.02% (2012: 1.02%)

Class A2 - 0.85% (2012: 0.85%)

Class B1 - 0.79% (2012: 0.79%)

Class B2 - 0.79% (2012: 0.79%)

Class B3 - 0.88% (2012: 0.88%)

Class B4 - 1.02% (2012: 1.14%)

Class B9 - 1.14% (2012: 1.14%)

Class C - 2.16% (2012: 2.16%)

Class C2 - 2.57% (2012: 2.57%)

239

[1 month]

2013

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE R'000


Income 680

Interest revenue 666



Expenses 2



Finance costs 675




Assets

Investments 55 285




Liabilities 676








Comparatives are not stated since the SMMI Prudential Income Provider Fund One was established 01 December 2013.



240

[1 month]

2013

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE R'000




Adjusted for:








Cash utilised generated by operations (748)


Net cash outflow from operating activities (82)


Net sale of securities (55 283)

Net cash inflow from investing activities (55 283)








1. BANK BALANCES


2013


Total 145 676 357


2. CHARGES

- The initial charge did not exceed 4.1% (excl. VAT) of selling price.


Class A1 - 0.68%

Class B1 - 0.00%

Class B2 - 0.00%

241

[11 months]

2013

SMMI PRUDENTIAL INCOME PROVIDER FUND TWO R'000


Income 139 643





Expenses 2 069

Service fees 875

Audit fees 48








Assets

Investments 2 113 744


Equities and specialist securities - Foreign 560

Bonds - Local 1 094 979

Bonds - Foreign 82 568

Derivatives at fair value 214

Money market instruments 733 000



Total assets 2 214 044

Liabilities 32 619




Net assets attributable to unit holders 2 181 425



Creation of participatory interests 2 902 745

Liquidation of participatory interests (724 132)

Balance at the end of the period 2 181 425

Comparatives not stated since SMMI Prudnetial Income Provider Fund Two was established 14 January 2013.



242

[11 months]

2013

SMMI PRUDENTIAL INCOME PROVIDER FUND TWO R'000




Adjusted for:

Dividend revenue (3 748)

Interest revenue (123 071)

Income adjustment due to creation and cancellation of participatory interests (8 129)


Operating loss before working capital changes (2 069)

Working capital changes: (22 951)

Increase in accrued income and debtors (23 123)

Decrease in trade, related parties and other payables 172

Cash utilised by operations (25 020)





Net purchase of securities (2 109 049)

Net cash outflow from investing activities (2 109 049)



Cash distributed to unit holders (1)






1. BANK BALANCES


2013


Foreign accounts 14 616 766

Call deposit accounts 56 800 000

Total 77 176 363


Interest was earned at 0% on foreign accounts.

Interest was earned at 4-6% on call deposit accounts.

2. CHARGES



Class B1 – 0% (2012: N/A)

Class B2 – 0.51% (2012: N/A)

Class B3 – 0.68% (2012: N/A)

243

[1 month]

2013

SMMI PRUDENTIAL LOW EQUITY FUND ONE R'000


Income 3

Interest revenue 3

Expenses 2


Operating profit 1

Finance costs 1




Assets

Investments -



Total assets 1 006

Liabilities 3









Comparatives not stated since the SMMI Prudential Low Equity One Fund was established on 2 December 2013.



244

[1 month]

2013

SMMI PRUDENTIAL LOW EQUITY FUND ONE R'000




Adjusted for:







Interest received 3



Net sale/(purchase) of securities -

Net cash inflow/(outflow) from investing activities -








1. BANK BALANCES


2013


Total 1 005 211


2. CHARGES



Class A1 - 0.91% (2012: N/A)

Class B1 - 0% (2012: N/A)

Class B2 - 0% (2012: N/A)

Class B3 - 0.91% (2012: N/A)

245

[1 month]

2013

SMMI PRUDENTIAL LOW EQUITY TWO R'000


Income 3 821

Dividend revenue 74

Interest revenue 340

Income adjustment due to creations and liquidation of units 12


Expenses 515


Transactions costs 513


Finance costs 422




Assets

Investments 183 285





Liabilities 919



Distribution payable 422







Comparatives not stated since the SMMI Prudential Low Equity Two was established on 2 December 2013.



246

[1 month]

2013

SMMI PRUDENTIAL LOW EQUITY TWO R'000




Adjusted for:





Operating loss before working capital changes ( 515)




Cash utilised generated by operations (44)

Dividend received 74













1. BANK BALANCES


2013


SAFEX 2 562 250

Total 21 488 519


Interest was earned at 4.8% on SAFEX accounts.

2. CHARGES

- The initial charge charge did not exceed 4.1% (excl. VAT) of selling price.


Class A1 - 0.91% (2012: N/A)

Class B1 - 0% (2012: N/A)

Class B2 - 1.02% (2012: N/A)

Class B3 - 1.14% (2012: N/A)

247

2013 2012

SPI EQUITY FUND R'000 R'000


Income 9 618 4 114





Expenses 725 441


Audit fees 52 51









Assets







Liabilities 452 224












248

2013 2012

SPI EQUITY FUND R'000 R'000




Adjusted for:












Net cash inflow/(outflow) from operating activities 323 ( 150)












1. BANK BALANCES


2013 2012


Total 3 304 740 2 344 214


2. CHARGES



Class A – 1.17% (2012: 1.71%)

Class B – 1.14% (2012: 1.14%)

Class C – 0.85% (2012: 0.85%)

249

STATUTORY INFORMATION (for the year ended 31 December 2013)

CREATIONS AND CANCELATIONS

No provision for the amortisation of securities in the unit portfolios has been made or is deemed necessary.

Fund Name Issued Cancelled Issued Cancelled

APS CAUTIOUS FUND OF FUNDS ANumber 386 554 6 223 683 287 173 1 171 423 Consideration (in Rands) 4 936 678 81 117 049 3 281 799 13 751 943

APS CAUTIOUS FUND OF FUNDS BNumber 3 189 035 18 569 653 2 384 494 7 579 634 Consideration (in Rands) 40 436 352 241 531 850 28 160 668 87 672 516

APS EQUITY FUND OF FUNDS A1Number 63 411 1 428 984 1 186 392 31 650 Consideration (in Rands) 821 806 19 811 044 13 623 462 373 149

APS EQUITY FUND OF FUNDS B1Number 1 556 883 19 190 748 10 097 518 921 750 Consideration (in Rands) 19 823 582 262 724 219 113 367 445 10 524 872

APS MANAGED GROWTH FUND OF FUNDS ANumber 425 687 6 226 714 1 532 895 1 432 836 Consideration (in Rands) 6 468 499 98 790 651 19 970 151 18 355 767

APS MANAGED GROWTH FUND OF FUNDS BNumber 5 590 496 38 765 016 15 536 631 1 734 071 Consideration (in Rands) 84 906 161 624 102 835 200 737 938 22 739 443

APS MODERATE FUND OF FUNDS ANumber 506 326 7 174 875 596 239 2 728 512 Consideration (in Rands) 7 155 629 105 039 021 7 329 727 33 986 265

APS MODERATE FUND OF FUNDS BNumber 3 227 319 88 208 198 5 378 813 24 680 393 Consideration (in Rands) 45 813 224 1 299 224 965 66 839 337 303 645 448

BJM MONEY MARKET FUND B1Number 280 490 805 1 284 809 818 989 525 005 749 915 478 Consideration (in Rands) 280 490 805 1 284 809 818 989 525 005 749 915 478

BJM MONEY MARKET FUND B2Number 5 280 049 21 961 524 4 878 059 7 800 717 Consideration (in Rands) 5 280 049 21 961 524 4 878 059 7 800 717

BJM MULTI MANAGER BOND FUND B1Number 2 947 041 13 539 880 6 603 094 2 781 253 Consideration (in Rands) 33 202 997 149 214 709 74 159 781 30 347 592

BJM MULTI MANAGER BOND FUND B3Number 6 226 337 25 144 892 25 139 646 6 221 091 Consideration (in Rands) 69 467 961 279 722 383 273 592 617 69 038 726

BJM MULTI MANAGER EQUITY FUND B1Number 1 068 774 6 855 442 863 534 433 200 Consideration (in Rands) 13 874 716 91 719 855 9 938 921 5 018 671

BJM MULTI MANAGER INCOME FUND B1Number 60 095 099 178 766 858 103 156 274 8 331 431 Consideration (in Rands) 677 051 065 2 004 592 228 1 131 284 315 91 664 522

BJM MULTI MANAGER PROPERTY FUND B1Number 6 410 816 28 740 050 16 974 985 4 352 798 Consideration (in Rands) 105 456 400 446 386 915 244 052 491 65 056 617

BJM MULTI MANAGER PRUD FLEXIBLE FUND B1Number 4 051 447 20 882 717 5 367 938 1 486 281 Consideration (in Rands) 51 369 197 270 799 287 62 702 535 16 743 967

20122013

250


Fund Name Issued Cancelled Issued Cancelled20122013

CAM ASCENDO FUND OF FUNDSNumber 1 379 720 29 899 687 1 157 870 9 278 802 Consideration (in Rands) 22 315 339 586 340 556 16 750 769 124 832 090

CAM BALANCED FUND B1Number 55 625 082 129 388 482 70 368 296 597 380 Consideration (in Rands) 719 016 078 1728 719 892 793 405 014 7 009 820

CAM BALANCED FUND B2Number 3 318 800 14 450 917 3 494 761 1 556 385 Consideration (in Rands) 42 954 007 192 234 396 39 103 997 17 944 470

CAM DIVIDEND EQUITY FUND B1Number 4 280 488 52 635 604 49 183 716 828 600 Consideration (in Rands) 46 418 927 588 643 348 485 390 656 8 324 295

CAM FORTIS INSTITUTIONAL FUNDNumber 33 726 005 108 038 784 47 297 776 52 563 475 Consideration (in Rands) 340 119 936 1 088 532 040 477 021 080 530 240 255

CAM OPTIMA INSTITUTIONAL FUNDNumber 1 634 064 82 276 167 4 853 868 30 332 642 Consideration (in Rands) 60 666 870 3 197 888 417 172 641 078 1 100 176 427

CAM UNIVERSUM INSTITUTIONAL FUNDNumber 14 472 239 140 294 440 18 079 360 23 294 956 Consideration (in Rands) 185 204 155 1727 002 773 227 439 060 296 502 312

DYNASTY WEALTH ACCUMULATOR FOF A1Number 200 976 2 097 017 421 991 66 347 Consideration (in Rands) 2 718 549 30 894 314 4 890 605 780 245

DYNASTY WEALTH ACCUMULATOR FOF A2Number 1 297 263 13 453 665 745 760 1 148 763 Consideration (in Rands) 17 251 744 198 115 505 8 693 381 13 518 010

DYNASTY WEALTH ACCUMULATOR FOF B1Number 679 045 4 539 595 928 657 274 275 Consideration (in Rands) 9 232 546 66 486 055 10 866 087 3 210 395

DYNASTY WEALTH PRESERVER FOF A1Number 305 772 2 026 965 691 686 265 712 Consideration (in Rands) 3 831 383 26 281 059 7 896 124 2 954 842

DYNASTY WEALTH PRESERVER FOF A2Number 4 881 522 18 366 273 2 111 905 575 975 Consideration (in Rands) 61 611 781 238 190 472 23 317 569 6 556 634

DYNASTY WEALTH PRESERVER FOF B1Number 1 149 909 13 201 105 1 079 865 616 460 Consideration (in Rands) 14 348 785 171 075 131 11 967 739 6 859 960

FIRST AVENUE SCI EQUITY FUND B1Number 64 536 3 162 44 946 4 011 Consideration (in Rands) 872 168 44 230 515 124 44 541

FIRST AVENUE SCI EQUITY FUND B2Number 12 812 038 4 791 037 2 818 814 1 287 368 Consideration (in Rands) 173 642 797 64 889 653 31 500 147 14 939 647

FIRST AVENUE SCI EQUITY FUND B3Number 4 486 952 7 960 836 57 681 130 1 393 465 Consideration (in Rands) 62 456 070 107 069 000 710 862 245 17 862 400

251



GRAVITON SCI BALANCED FUND A1Number 3 874 614 15 847 620 16 336 887 699 084 Consideration (in Rands) 43 284 544 174 166 544 170 222 412 7 249 234

GRAVITON SCI BALANCED FUND B1Number 22 633 299 3 699 667 2 830 362 2 324 Consideration (in Rands) 249 105 859 41 410 862 29 463 141 24 348

GRAVITON SCI CAPITAL GROWTH FUND A1Number 61 420 286 - - Consideration (in Rands) 650 878 3 024 - -

GRAVITON SCI CAPITAL GROWTH FUND B1Number 61 606 506 1 166 716 - - Consideration (in Rands) 621 853 053 12 218 841 - -

GRAVITON SCI FLEXIBLE INCOME FUND A1Number 2 029 749 16 023 475 15 984 184 76 763 Consideration (in Rands) 20 822 641 164 566 547 163 212 122 784 113

GRAVITON SCI FLEXIBLE INCOME FUND B1Number 20 983 407 1 759 120 1 023 249 437 Consideration (in Rands) 215 207 172 17 878 196 10 444 772 4 486

GRAVITON SCI LOW EQUITY FUND A1Number 769 031 1 970 435 4 915 495 2 960 580 Consideration (in Rands) 8 283 594 20 965 738 50 257 095 30 297 293

GRAVITON SCI LOW EQUITY FUND B1Number 66 932 795 21 308 858 17 047 950 8 992 Consideration (in Rands) 711 919 629 230 494 557 175 326 582 92 666

LYNX SCI BALANCED FUND OF FUNDS A1Number 7 170 81 612 47 328 290 528 Consideration (in Rands) 156 712 1 791 439 847 349 5 322 427

LYNX SCI BALANCED FUND OF FUNDS A2Number 17 465 4 878 19 075 327 Consideration (in Rands) 382 524 111 659 355 190 5 895

LYNX SCI BALANCED FUND OF FUNDS B1Number 255 19 644 36 210 27 992 Consideration (in Rands) 5 499 425 796 655 192 518 625

LYNX SCI BALANCED FUND OF FUNDS C1Number 1 470 421 1 875 756 1 558 190 2 336 344 Consideration (in Rands) 32 068 403 39 580 039 27 989 952 41 323 708

LYNX SCI BALANCED FUND OF FUNDS C2Number 533 037 348 040 508 007 98 540 Consideration (in Rands) 11 562 172 7 574 340 9 360 890 1 803 229

LYNX SCI CAUTIOUS FUND OF FUNDS A1Number 14 327 39 508 28 761 44 233 Consideration (in Rands) 213 930 611 542 388 418 613 712

LYNX SCI CAUTIOUS FUND OF FUNDS A2Number 4 862 3 261 7 433 - Consideration (in Rands) 74 749 51 271 103 439 -

LYNX SCI CAUTIOUS FUND OF FUNDS B1Number 632 728 6 452 538 Consideration (in Rands) 9 423 11 239 88 174 7 526

LYNX SCI CAUTIOUS FUND OF FUNDS C1Number 2 367 230 2 059 434 2 544 190 4 969 943 Consideration (in Rands) 36 655 820 31 495 822 35 351 311 67 718 221

LYNX SCI CAUTIOUS FUND OF FUNDS C2

252



Number 341 688 576 679 109 158 904 285 Consideration (in Rands) 5 264 048 8 669 037 1 491 737 12 461 990

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1Number 4 859 602 19 990 956 12 831 993 13 715 781 Consideration (in Rands) 7 900 290 35 225 629 16 745 670 18 036 848

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS BNumber 1 239 557 7 484 563 4 296 952 10 330 579 Consideration (in Rands) 1 739 719 12 000 000 5 372 908 13 500 000

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1Number 154 987 62 323 64 398 61 568 Consideration (in Rands) 253 727 110 971 83 183 84 536

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1Number 7 849 130 2 723 762 6 090 329 3 443 876 Consideration (in Rands) 12 799 494 4 601 654 7 761 573 4 597 167

LYNX SCI OPPORTUNITIES FUND OF FUNDS A1Number 465 1 724 2 235 1 691 Consideration (in Rands) 9 249 35 868 38 021 29 510

LYNX SCI OPPORTUNITIES FUND OF FUNDS C1Number 356 216 80 915 921 959 153 868 Consideration (in Rands) 7 043 799 1 600 666 15 261 886 2 574 677

LYNX SCI OPPORTUNITIES FUND OF FUNDS C2Number 14 775 259 287 8 789 10 532 Consideration (in Rands) 313 283 5 658 098 154 181 176 171

NFB BALANCED FUND OF FUNDS ANumber 519 756 2 238 212 535 650 1 943 650 Consideration (in Rands) 6 692 784 29 925 038 6 127 291 21 855 222

NFB BALANCED FUND OF FUNDS BNumber 1 887 236 28 199 580 2 953 756 11 446 223 Consideration (in Rands) 24 211 232 375 462 510 33 347 626 130 427 389

NFB BALANCED FUND OF FUNDS C1Number 3 510 874 11 274 618 7 926 869 163 124 Consideration (in Rands) 45 513 818 150 883 455 90 579 256 1 913 103

NFB CAUTIOUS FUND OF FUND BNumber 3 823 933 49 354 659 4 445 648 11 892 933 Consideration (in Rands) 47 216 372 621 422 308 50 751 198 137 400 525

NFB CAUTIOUS FUND OF FUND C1Number 3 694 761 8 007 691 5 350 301 1 037 371 Consideration (in Rands) 45 946 864 100 965 478 61 557 910 12 148 783

NFB CAUTIOUS FUND OF FUNDS ANumber 1 311 174 2 349 482 325 199 1 255 683 Consideration (in Rands) 16 340 529 29 631 926 3 727 453 14 133 238

NFB EQUITY FUND A2Number - 106 - - Consideration (in Rands) - 1 306 - -

NFB EQUITY FUND B1Number 483 489 4 609 456 273 588 543 919 Consideration (in Rands) 6 524 582 67 079 365 3 159 671 6 276 364

NFB EQUITY FUND B2Number - 1 269 - - Consideration (in Rands) - -

253



OBSIDIAN SCI BALANCED FUND B1 Number 100 - - - Consideration (in Rands) 1 000 - - -

OBSIDIAN SCI BALANCED FUND B3 Number 1 367 553 - - - Consideration (in Rands) 13 900 000 - - -

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1Number 14 613 2 376 - - Consideration (in Rands) 152 728 25 000 - -

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B2 Number 100 - - - Consideration (in Rands) 1 000 - - -

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B3 Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -

SANLAM ALL SHARE INDEX FUND A1Number 6 932 3 737 - - Consideration (in Rands) 89 363 46 584 - -

SANLAM ALL SHARE INDEX FUND B1Number 5 346 498 8 379 476 2 820 556 652 218 Consideration (in Rands) 71 299 631 114 514 663 30 231 492 7 187 668

SANLAM ALTERNATIVE INCOME FUND A1Number 74 448 964 53 243 511 24 251 560 50 623 073 Consideration (in Rands) 74 448 964 53 243 511 24 251 560 50 623 073

SANLAM ALTERNATIVE INCOME FUND B1Number 1 995 416 075 2 419 876 679 2 088 792 419 1 780 110 011 Consideration (in Rands) 1 995 416 075 2 419 876 679 2 088 792 419 1 780 110 011

SANLAM ALTERNATIVE INCOME FUND B2Number 1 009 068 601 1 550 091 445 1 072 676 913 636 229 045 Consideration (in Rands) 1 009 068 601 1 550 091 445 1 072 676 913 636 229 045

SANLAM ALTERNATIVE INCOME FUND B3Number 444 226 893 888 056 511 650 845 256 630 380 408 Consideration (in Rands) 444 226 893 888 056 511 650 845 256 630 380 408




SANLAM ALTERNATIVE INCOME FUND B7Number 878 936 133 255 102 534 206 063 318 - Consideration (in Rands) 878 936 133 255 102 534 206 063 318 -

SANLAM ASIA PACIFIC FUND OF FUNDSNumber 611 455 813 874 205 432 1 607 238 Consideration (in Rands) 7 650 044 10 248 776 2 191 436 17 205 284

SANLAM ASIA PACIFIC FUND OF FUNDS B1

254



Number 1 296 1 181 70 495 83 Consideration (in Rands) 17 949 15 000 848 192 961

SANLAM BOND INDEX FUND B1Number 2 743 158 2 543 037 1 484 721 231 894 Consideration (in Rands) 30 460 465 27 077 598 16 215 996 2 561 814

SANLAM BOND INDEX FUND B2Number 3 726 594 690 434 644 020 325 944 Consideration (in Rands) 40 215 392 7 575 090 6 984 430 3 533 630

SANLAM DIVERSIFIED INCOME FUND OF FUND BNumber 281 164 992 424 345 884 583 000 257 212 021 361 Consideration (in Rands) 288 603 010 436 167 602 593 612 425 215 581 165

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2Number 19 410 116 34 537 001 17 202 095 2 381 574 Consideration (in Rands) 19 933 355 35 639 237 17 546 373 2 423 829

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3Number 99 433 480 221 356 477 464 659 853 456 153 204 Consideration (in Rands) 102 228 414 227 653 245 470 798 338 463 509 175

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4Number 30 874 779 - 77 027 436 - Consideration (in Rands) 31 739 204 - 78 817 748 -

SANLAM GENERAL INSTITUTIONAL FUND B1Number 421 278 1 287 905 8 232 640 7 366 019 Consideration (in Rands) 12 149 609 37 100 410 247 621 716 209 338 506

SANLAM GENERAL INSTITUTIONAL FUND B10Number 118 343 857 344 1 641 458 2 810 197 Consideration (in Rands) 3 522 084 24 723 049 47 875 686 81 306 947

SANLAM GENERAL INSTITUTIONAL FUND B3Number 2 435 874 52 542 052 40 097 299 2 626 687 Consideration (in Rands) 71 226 919 1477 522 377 1 146 021 473 75 787 575

SANLAM GLOBAL BALANCED FUND OF FUNDSNumber 218 287 133 038 47 794 40 794 Consideration (in Rands) 3 938 811 2 354 409 615 206 521 830

SANLAM GLOBAL BALANCED FUND OF FUNDS B1Number 440 23 157 2 089 2 472 Consideration (in Rands) 6 293 338 818 25 173 32 749

SANLAM GLOBAL BALANCED FUND OF FUNDS B2Number 128 515 67 253 97 528 95 403 Consideration (in Rands) 2 414 062 1 219 612 1 342 822 1 312 307

SANLAM GLOBAL CAUTIOUS FOF ANumber 277 202 253 441 83 119 431 730 Consideration (in Rands) 4 547 427 4 206 894 1 076 284 5 556 842

SANLAM GLOBAL CAUTIOUS FOF CNumber - - - 78 Consideration (in Rands) - - - 999

SANLAM GLOBAL EQUITY FUND ANumber 50 700 915 63 410 105 43 657 689 51 301 074 Consideration (in Rands) 208 653 813 248 905 139 119 606 568 142 763 057

SANLAM GLOBAL EQUITY FUND B1Number 104 761 26 894 3 681 3 526 Consideration (in Rands) 461 478 105 553 10 542 9 158

255



SANLAM GLOBAL EQUITY FUND B3Number 9 652 225 1 760 446 1 917 828 1 450 039 Consideration (in Rands) 43 296 179 6 813 520 5 324 186 4 201 520

SANLAM GLOBAL EQUITY FUND RNumber 36 176 857 45 898 334 41 695 765 139 128 431 Consideration (in Rands) 147 344 888 187 986 569 119 034 238 396 279 057

SANLAM GLOBAL INDEX FUND OF FUNDS B1Number 76 547 174 003 42 167 129 005 Consideration (in Rands) 1 179 126 2 629 979 462 471 1 384 258

SANLAM GROWTH INSTITUTIONAL FUND B1Number 553 010 948 303 727 285 1 126 960 Consideration (in Rands) 29 580 084 51 981 943 30 704 643 48 255 191

SANLAM GROWTH INSTITUTIONAL FUND B2Number 6 770 053 12 531 847 5 033 830 12 569 470 Consideration (in Rands) 371 132 963 690 100 309 212 090 484 522 219 084



SANLAM GROWTH INSTITUTIONAL FUND B6Number 1 096 340 1 096 340 - - Consideration (in Rands) 76 293 920 77 588 621 - -

SANLAM GROWTH INSTITUTIONAL FUND B8Number 305 402 379 - - Consideration (in Rands) 16 322 622 21 866 - -

SANLAM INDIA OPPORTUNITIES FEEDER FUNDNumber 517 321 887 339 444 490 722 304 Consideration (in Rands) 5 105 065 8 886 192 3 987 786 6 324 383

SANLAM INST SPECIAL OPPORTUNITIES FUNDNumber 2 570 368 8 601 646 2 914 262 1 285 836 Consideration (in Rands) 90 251 875 327 280 732 91 552 067 40 155 619

SANLAM OPTIMISED INCOME FUND B1Number 29 936 404 49 980 895 52 541 922 10 232 471 Consideration (in Rands) 30 414 306 50 953 498 53 299 265 10 362 723

SANLAM OPTIMISED INCOME FUND B2Number 16 124 775 36 610 931 73 203 660 - Consideration (in Rands) 16 313 610 36 804 937 74 712 227 -

SANLAM OPTIMISED INCOME FUND B3Number 21 782 021 27 193 691 16 745 256 996 Consideration (in Rands) 22 181 651 27 583 719 17 048 485 1 005

SANLAM PAN-EUROPE FUNDNumber 1 451 243 6 941 643 1 711 379 6 814 554 Consideration (in Rands) 4 919 429 21 380 753 4 075 325 15 792 183

SANLAM STABLE GROWTH FUND A1 Number 29 662 - 100 - Consideration (in Rands) 300 000 - 1 000 -

SANLAM STABLE GROWTH FUND B1Number - - 100 - Consideration (in Rands) - - 1 000 -

256



SANLAM STABLE GROWTH FUND B2Number - - 100 - Consideration (in Rands) - - 1 000 -

SANLAM STABLE GROWTH FUND B3Number 1 348 622 3 620 855 43 917 696 - Consideration (in Rands) 13 599 850 37 203 204 435 987 610 -

SANLAM STABLE GROWTH FUND B4Number 3 624 954 3 624 854 - - Consideration (in Rands) 37 222 744 36 249 658 - -

SANLAM STABLE GROWTH FUND B5Number 3 678 632 2 447 410 - - Consideration (in Rands) 36 786 772 25 001 009 - -

SANLAM VALUE INSTITUTIONAL FUND B1Number 2 502 493 3 886 949 14 962 663 16 639 201 Consideration (in Rands) 114 792 739 181 752 763 570 982 678 658 509 214

SANLAM VALUE INSTITUTIONAL FUND B2Number 2 110 172 22 402 346 9 699 420 11 936 389 Consideration (in Rands) 96 424 408 1 109 185 227 390 199 389 458 331 495

SANLAM VALUE INSTITUTIONAL FUND B3 Number 23 - - - Consideration (in Rands) 1 000 - - -

SANLAM VALUE INSTITUTIONAL FUND B5Number 301 064 1 125 851 51 357 704 038 Consideration (in Rands) 12 724 222 52 776 609 1 889 959 25 214 999

SESFIKILE SCI PROPERTY FUND A1Number 4 890 213 3 893 691 1 867 787 281 569 Consideration (in Rands) 70 520 039 55 294 409 22 923 481 3 494 644

SESFIKILE SCI PROPERTY FUND B1Number 1 335 593 17 496 - - Consideration (in Rands) 18 787 294 253 014 - -

SESFIKILE SCI PROPERTY FUND B2Number 8 641 080 994 896 2 331 502 821 734 Consideration (in Rands) 123 846 221 13 934 779 26 157 055 9 814 430

SIM ABSOLUTE RETURN INCOME FUNDNumber 230 142 494 932 296 581 309 313 710 474 632 967 Consideration (in Rands) 276 641 280 1 124 662 975 369 926 297 571 223 789

SIM ABSOLUTE RETURN INCOME FUND A1Number 721 327 2 172 028 633 878 257 388 Consideration (in Rands) 861 620 2 584 181 767 589 307 037

SIM ABSOLUTE RETURN INCOME FUND B1Number 310 335 468 34 265 074 77 476 561 46 301 065 Consideration (in Rands) 375 805 659 41 665 659 92 891 096 56 318 043


SIM ABSOLUTE RETURN INCOME FUND B3Number 294 278 2 226 817 702 700 765 140 Consideration (in Rands) 349 861 2 681 933 832 048 913 954


257



SIM ABSOLUTE RETURN INCOME FUND B5Number 3 377 953 3 428 387 388 830 167 823 Consideration (in Rands) 4 077 501 4 165 582 467 189 202 918

SIM ACTIVE INCOME FUND A1Number 42 710 645 33 281 625 43 319 172 33 755 859 Consideration (in Rands) 483 377 799 377 677 459 487 113 171 380 658 889

SIM ACTIVE INCOME FUND B1Number 15 740 299 5 194 604 27 993 169 17 771 420 Consideration (in Rands) 178 336 974 59 252 900 315 644 316 200 248 483



SIM ACTIVE INCOME FUND B3Number 445 886 2 665 546 1 841 577 5 550 196 Consideration (in Rands) 5 061 492 30 340 679 20 627 565 62 340 701



SIM ACTIVE INCOME FUND B6Number 650 680 646 792 885 579 131 206 Consideration (in Rands) 7 388 505 7 337 095 9 978 272 1 491 643

SIM ACTIVE INCOME FUND B7Number 5 528 4 187 446 177 Consideration (in Rands) 62 908 47 696 5 038 2 001

SIM ACTIVE INCOME FUND B9Number 9 151 628 6 175 111 10 209 179 337 148 Consideration (in Rands) 103 729 699 69 953 224 115 113 834 3 796 279

SIM ACTIVE INCOME FUND CNumber 10 619 545 25 036 989 21 614 906 10 654 819 Consideration (in Rands) 120 072 408 283 496 152 242 524 284 119 936 366

SIM BALANCED FUND ANumber 2 561 160 921 125 2 362 415 1 170 384 Consideration (in Rands) 159 148 945 57 640 403 126 405 791 63 478 723

SIM BALANCED FUND BNumber 70 126 267 000 1 159 701 2 147 560 Consideration (in Rands) 4 353 305 16 182 787 64 793 691 120 323 935

SIM BALANCED FUND B1Number 1 541 510 846 158 1 788 482 409 900 Consideration (in Rands) 94 951 051 53 105 436 96 178 108 21 675 723

SIM BALANCED FUND B3Number 5 536 032 19 674 650 7 303 575 70 982 Consideration (in Rands) 339 304 516 1 190 380 386 403 521 481 4 033 396

SIM BALANCED FUND B4Number 21 356 037 356 349 18 419 842 339 949 Consideration (in Rands) 1 328 487 764 22 208 181 1 001 451 458 18 579 966

258



SIM BALANCED FUND B6Number 613 370 21 472 127 274 162 842 Consideration (in Rands) 39 031 261 1 395 170 6 885 049 8 737 060

SIM BALANCED FUND B7Number 22 842 052 13 869 - - Consideration (in Rands) 1 395 208 695 921 058 - -

SIM BALANCED FUND B9Number 1 495 680 78 036 987 162 21 717 Consideration (in Rands) 93 728 891 4 883 563 53 381 384 1 157 245

SIM BALANCED FUND RNumber 102 512 208 643 151 629 295 294 Consideration (in Rands) 6 269 531 12 958 739 7 966 449 15 972 967

SIM BOND PLUS FUNDNumber 2 664 768 3 861 649 3 302 582 2 665 953 Consideration (in Rands) 22 737 582 32 760 362 27 789 926 22 575 243

SIM BOND PLUS FUND B2Number 1 741 513 332 053 394 270 97 721 Consideration (in Rands) 14 553 597 2 830 659 3 302 434 844 136

SIM BOND PLUS FUND B3Number 60 375 424 1 407 349 31 407 586 912 716 Consideration (in Rands) 519 800 059 11 918 300 267 888 217 7 800 330

SIM DIVIDEND+ INDEX FUND A1Number 6 877 401 5 999 429 10 259 583 1 000 549 Consideration (in Rands) 89 440 169 78 767 459 126 361 135 12 191 344

SIM DIVIDEND+ INDEX FUND B1Number 22 212 832 18 283 828 16 180 672 2 592 900 Consideration (in Rands) 289 747 590 237 300 226 199 518 440 31 932 184

SIM DIVIDEND+ INDEX FUND B2Number 2 525 992 992 838 63 574 1 563 495 Consideration (in Rands) 34 135 431 13 612 983 732 708 19 599 666

SIM ENHANCED YIELD FUND A1Number 243 086 367 367 354 779 351 499 005 60 249 599 Consideration (in Rands) 249 722 553 376 134 471 361 343 209 61 958 435

SIM ENHANCED YIELD FUND B1Number 75 899 670 57 242 550 36 960 332 288 259 Consideration (in Rands) 77 771 177 58 515 315 38 081 481 297 342

SIM ENHANCED YIELD FUND B2Number 597 020 651 654 199 423 234 812 574 42 281 044 Consideration (in Rands) 611 193 223 670 564 664 241 114 172 43 536 962

SIM ENHANCED YIELD FUND B3Number 1 056 451 677 262 981 927 1 130 974 270 18 505 070 Consideration (in Rands) 1 082 858 216 270 838 530 1 158 375 807 18 985 338

SIM EQUALLY WEIGHTED TOP40 INDEX FUND A1Number 4 388 580 5 235 256 2 165 058 345 784 Consideration (in Rands) 61 287 516 75 583 416 26 007 862 4 275 561

SIM EQUALLY WEIGHTED TOP40 INDEX FUND B1Number 1 315 624 9 542 873 4 598 824 1 006 681 Consideration (in Rands) 17 971 509 133 102 496 54 731 303 12 155 152

SIM EQUALLY WEIGHTED TOP40 INDEX FUND B1 (RING)Number 6 348 598 6 348 598 - - Consideration (in Rands) 87 584 625 90 250 401 - -

259



SIM EQUALLY WEIGHTED TOP40 INDEX FUND B2Number 1 661 851 279 402 50 177 1 564 068 Consideration (in Rands) 24 815 762 4 210 946 563 930 20 223 068

SIM FINANCIAL FUNDNumber 731 883 2 020 388 1 076 249 1 095 159 Consideration (in Rands) 32 403 730 90 019 065 40 239 702 41 634 120

SIM FINANCIAL FUND B1Number 1 289 1 002 2 549 5 209 Consideration (in Rands) 56 479 46 017 91 723 195 312

SIM FINANCIAL FUND B2Number 972 562 146 729 77 016 844 Consideration (in Rands) 43 529 746 6 786 036 2 919 075 33 374

SIM GENERAL EQUITY FUND ANumber 2 146 455 1 067 074 1 974 030 561 423 Consideration (in Rands) 336 374 189 177 360 441 255 817 951 74 051 794

SIM GENERAL EQUITY FUND B1Number 89 975 151 121 229 123 162 822 Consideration (in Rands) 14 588 445 24 329 632 29 947 318 21 726 741

SIM GENERAL EQUITY FUND B4Number 1 938 2 122 7 158 80 802 Consideration (in Rands) 316 701 365 900 923 815 10 031 007

SIM GENERAL EQUITY FUND B5Number 1 424 767 407 645 936 715 252 263 Consideration (in Rands) 232 045 527 62 920 987 123 688 832 33 279 684

SIM GENERAL EQUITY FUND B6Number 130 078 3 479 27 268 2 090 Consideration (in Rands) 21 388 852 580 023 3 750 122 272 821

SIM GENERAL EQUITY FUND B9Number 67 308 6 167 38 142 5 736 Consideration (in Rands) 11 013 770 997 415 5 080 110 762 257

SIM GENERAL EQUITY FUND RNumber 480 086 894 231 765 500 1 195 012 Consideration (in Rands) 75 716 033 144 902 499 98 347 982 157 237 899

SIM GLOBAL BEST IDEAS FEEDER FUND ANumber 2 170 561 6 641 832 5 478 423 1 826 562 Consideration (in Rands) 22 862 419 74 176 373 48 793 471 15 705 052

SIM GLOBAL BEST IDEAS FEEDER FUND A1Number 2 826 438 5 209 621 4 533 532 4 490 472 Consideration (in Rands) 30 360 605 57 431 400 40 692 510 40 517 962

SIM GLOBAL BEST IDEAS FEEDER FUND B1Number 149 608 81 853 15 101 1 518 753 Consideration (in Rands) 1 679 211 885 362 137 184 13 400 281

SIM GLOBAL BEST IDEAS FEEDER FUND B2Number 1 955 252 1 343 511 547 773 739 034 Consideration (in Rands) 21 782 102 15 377 237 4 935 835 6 617 596

SIM GLOBAL BEST IDEAS FEEDER FUND CNumber 1 693 508 5 266 949 2 651 178 1 886 693 Consideration (in Rands) 17 424 858 55 249 711 22 073 154 15 567 975

SIM GLOBAL EQUITY INCOME FEEDER FUND A1Number 673 157 9 432 - - Consideration (in Rands) 6 865 068 100 295 - -

260



SIM GLOBAL EQUITY INCOME FEEDER FUND B1Number 302 928 1 300 - - Consideration (in Rands) 3 104 450 13 778 - -

SIM GLOBAL FINANCIAL FEEDER FUND A1Number 1 241 489 281 836 1 931 016 324 596 Consideration (in Rands) 18 895 306 4 264 213 23 543 896 3 865 454

SIM GLOBAL FINANCIAL FEEDER FUND B1Number 564 828 448 807 74 271 109 805 Consideration (in Rands) 8 422 352 6 868 154 849 475 1 232 396

SIM INDEX FUNDNumber 839 192 1 560 503 579 319 1 369 684 Consideration (in Rands) 81 208 523 158 646 397 47 037 037 115 053 897

SIM INDEX FUND A1Number 38 906 34 310 69 650 1 962 Consideration (in Rands) 3 946 424 3 721 001 5 619 411 168 733

SIM INDEX FUND B1Number 11 26 24 1 649 Consideration (in Rands) 1 036 2 618 1 958 139 870

SIM INDEX FUND B2Number 399 2 348 1 376 889 Consideration (in Rands) 39 577 233 402 113 181 73 340

SIM INDUSTRIAL FUND ANumber 493 503 700 437 456 428 323 854 Consideration (in Rands) 59 325 396 76 273 995 39 384 016 27 482 172

SIM INDUSTRIAL FUND B1Number 4 339 15 304 Consideration (in Rands) 488 38 602 1 250 26 418

SIM INDUSTRIAL FUND B2Number 570 104 73 235 7 517 511 Consideration (in Rands) 62 745 213 8 577 914 629 244 44 409

SIM INDUSTRIAL FUND RNumber 113 910 580 392 192 397 564 223 Consideration (in Rands) 12 385 182 67 693 455 15 995 643 49 363 918

SIM INFLATION PLUS FUNDNumber 45 489 632 11 498 956 29 195 272 18 785 434 Consideration (in Rands) 184 882 945 46 683 642 108 309 017 69 888 617

SIM INFLATION PLUS FUND B1Number 38 476 291 4 249 206 23 989 230 5 365 112 Consideration (in Rands) 156 105 624 17 145 636 89 800 190 19 820 614





261




SIM INFLATION PLUS FUND B9Number 18 963 928 751 851 9 877 088 462 338 Consideration (in Rands) 77 421 471 3 047 791 37 115 527 1 738 711

SIM LOW EQUITY FUND A1Number 198 447 499 159 172 660 152 182 409 103 856 046 Consideration (in Rands) 258 708 808 207 391 524 181 040 351 124 413 067

SIM LOW EQUITY FUND B1Number 18 501 785 3 062 653 19 863 325 2 747 022 Consideration (in Rands) 24 002 048 3 971 845 23 631 542 3 261 642

SIM LOW EQUITY FUND B2Number 743 151 7 599 362 1 293 857 8 486 083 Consideration (in Rands) 925 286 10 000 000 1 485 736 10 000 000

SIM LOW EQUITY FUND B3Number 755 698 6 316 640 6 541 057 9 620 781 Consideration (in Rands) 941 999 7 977 404 7 820 870 11 238 918

SIM LOW EQUITY FUND B4Number 51 128 987 4 795 777 10 976 669 6 399 841 Consideration (in Rands) 66 489 071 6 265 276 13 413 515 7 909 915

SIM LOW EQUITY FUND CNumber 44 577 951 12 041 418 56 968 292 5 897 969 Consideration (in Rands) 57 618 475 15 502 200 67 322 240 7 050 650

SIM MANAGED AGGRESSIVE FUND OF FUNDS A1Number 585 259 230 384 463 719 214 903 Consideration (in Rands) 11 344 737 4 455 115 7 484 574 3 449 960

SIM MANAGED AGGRESSIVE FUND OF FUNDS B1Number 3 782 155 842 880 3 146 985 987 036 Consideration (in Rands) 72 452 891 16 171 801 50 839 569 16 192 442

SIM MANAGED AGGRESSIVE FUND OF FUNDS B2Number 497 761 208 622 230 718 86 085 Consideration (in Rands) 9 708 443 3 956 107 3 626 207 1 367 745

SIM MANAGED AGGRESSIVE FUND OF FUNDS B4Number 72 524 24 868 35 129 5 692 Consideration (in Rands) 1 405 309 486 875 578 796 95 325

SIM MANAGED AGGRESSIVE FUND OF FUNDS B5Number 145 177 351 64 - Consideration (in Rands) 2 837 953 7 248 1 000 -

SIM MANAGED AGGRESSIVE FUND OF FUNDS B9Number 304 464 58 776 323 378 60 021 Consideration (in Rands) 5 862 312 1 145 281 5 189 338 979 710

SIM MANAGED CAUTIOUS FUND OF FUNDS A1Number 2 537 505 1 732 289 1 815 162 2 047 759 Consideration (in Rands) 35 802 610 24 510 485 23 261 400 26 330 440

SIM MANAGED CAUTIOUS FUND OF FUNDS B1Number 7 677 932 6 927 509 8 288 251 6 706 617 Consideration (in Rands) 108 489 735 98 313 644 106 530 112 86 607 296

SIM MANAGED CAUTIOUS FUND OF FUNDS B2Number 1 148 968 2 420 791 1 607 962 1 782 337 Consideration (in Rands) 16 263 467 34 354 894 20 558 433 22 950 444

262



SIM MANAGED CAUTIOUS FUND OF FUNDS B4Number 7 315 2 351 9 044 1 775 Consideration (in Rands) 103 415 33 407 116 659 23 082

SIM MANAGED CAUTIOUS FUND OF FUNDS B5Number 3 361 5 479 65 447 26 529 Consideration (in Rands) 48 147 80 666 885 922 359 906

SIM MANAGED CAUTIOUS FUND OF FUNDS B9Number 1 254 489 371 178 1 451 157 324 339 Consideration (in Rands) 17 846 600 5 310 165 18 709 409 4 168 957

SIM MANAGED CONSERVATIVE FOF A1Number 812 680 855 468 1 190 825 585 718 Consideration (in Rands) 10 281 524 10 813 389 13 970 235 6 932 821

SIM MANAGED CONSERVATIVE FOF B1Number 3 517 078 3 834 659 5 000 861 4 082 352 Consideration (in Rands) 44 345 046 48 824 952 58 583 072 48 227 429

SIM MANAGED CONSERVATIVE FOF B2Number 152 857 219 467 214 214 478 954 Consideration (in Rands) 1 924 568 2 793 528 2 534 003 5 698 454

SIM MANAGED CONSERVATIVE FOF B4Number 50 161 17 183 71 821 42 742 Consideration (in Rands) 639 738 219 288 866 429 518 076

SIM MANAGED CONSERVATIVE FOF B5Number 12 007 85 85 - Consideration (in Rands) 151 027 1 070 1 000 -

SIM MANAGED CONSERVATIVE FOF B9Number 514 367 401 406 696 562 258 575 Consideration (in Rands) 6 513 414 5 121 736 8 246 883 3 050 923

SIM MANAGED MODERATE AGGRESSIVE FOF A1Number 2 126 893 556 799 2 904 690 677 312 Consideration (in Rands) 35 482 511 9 505 827 41 849 499 9 885 132

SIM MANAGED MODERATE AGGRESSIVE FOF B1Number 8 568 031 2 281 016 7 388 323 1 684 356 Consideration (in Rands) 143 127 824 38 575 368 106 956 730 24 811 673

SIM MANAGED MODERATE AGGRESSIVE FOF B2Number 1 269 904 442 191 1 459 520 354 416 Consideration (in Rands) 21 038 234 7 454 760 21 108 484 5 221 974

SIM MANAGED MODERATE AGGRESSIVE FOF B5Number 397 574 179 139 70 - Consideration (in Rands) 6 787 763 3 233 908 1 000 -

SIM MANAGED MODERATE AGGRESSIVE FOF B9Number 2 996 970 262 303 2 500 433 165 258 Consideration (in Rands) 50 925 400 4 543 558 36 809 366 2 410 358

SIM MANAGED MODERATE FUND OF FUNDS A1Number 2 792 128 1 668 378 2 387 735 1 164 322 Consideration (in Rands) 47 462 128 28 933 167 35 482 912 17 577 157

SIM MANAGED MODERATE FUND OF FUNDS B1Number 26 587 789 9 571 467 25 170 171 7 137 508 Consideration (in Rands) 451 761 993 164 668 700 376 489 890 108 432 722

SIM MANAGED MODERATE FUND OF FUNDS B2Number 2 165 278 516 899 1 491 077 1 059 894 Consideration (in Rands) 36 892 321 8 838 765 21 909 715 15 994 635

263



SIM MANAGED MODERATE FUND OF FUNDS B3Number 161 656 369 780 164 479 125 176 Consideration (in Rands) 2 735 164 6 249 580 2 470 201 1 865 729

SIM MANAGED MODERATE FUND OF FUNDS B4Number 748 108 225 455 365 114 43 131 Consideration (in Rands) 12 825 295 3 880 642 5 587 504 665 543

SIM MANAGED MODERATE FUND OF FUNDS B5Number 402 649 154 902 23 461 7 797 Consideration (in Rands) 7 062 677 2 820 998 380 252 127 187

SIM MANAGED MODERATE FUND OF FUNDS B9Number 2 656 763 490 002 2 583 613 143 171 Consideration (in Rands) 45 583 236 8 394 279 38 963 223 2 163 441

SIM MARKET ALLOCATOR FUND A1Number 36 233 11 723 5 339 688 Consideration (in Rands) 379 930 121 561 54 829 7 001

SIM MARKET ALLOCATOR FUND B1Number 243 219 - 5 000 000 - Consideration (in Rands) 2 513 462 - 50 000 000 -

SIM MARKET ALLOCATOR FUND B2Number 2 780 - 688 100 Consideration (in Rands) 28 369 - 6 961 1 023

SIM MONEY MARKET FUND (LIQUID) A1Number 390 087 823 251 730 158 274 431 467 202 597 316 Consideration (in Rands) 390 087 823 251 730 158 274 431 467 202 597 316

SIM MONEY MARKET FUND (LIQUID) A2Number 205 108 471 164 953 324 207 295 560 174 413 666 Consideration (in Rands) 205 108 471 164 953 324 207 295 560 174 413 666

SIM MONEY MARKET FUND (LIQUID) A3Number 51 040 481 50 655 331 1 000 - Consideration (in Rands) 51 040 481 50 655 331 1 000 -

SIM MONEY MARKET FUND (LIQUID) A4Number 10 591 071 5 090 928 1 000 - Consideration (in Rands) 10 591 071 5 090 928 1 000 -

SIM MONEY MARKET FUND B1Number 135 640 866 76 650 895 110 686 250 61 277 023 Consideration (in Rands) 135 640 866 76 650 895 110 686 250 61 277 023

SIM MONEY MARKET FUND B10Number 64 345 008 7 244 905 - - Consideration (in Rands) 64 345 008 7 244 905 - -


SIM MONEY MARKET FUND B4Number 5 307 411 049 6 517 488 006 3 379 771 550 2 624 058 335 Consideration (in Rands) 5 307 411 049 6 517 488 006 3 379 771 550 2 624 058 335


SIM MONEY MARKET FUND B8Number 917 780 682 - 1 000 - Consideration (in Rands) 917 780 682 - 1 000 -

264



SIM MONEY MARKET FUND RNumber 1 229 060 210 1 430 981 959 1 373 895 512 1 702 116 731 Consideration (in Rands) 1 229 060 210 1 430 981 959 1 373 895 512 1 702 116 731

SIM PROPERTY FUND ANumber 2 276 702 1 891 858 2 357 602 2 104 044 Consideration (in Rands) 72 890 139 59 087 060 69 937 491 62 570 130

SIM PROPERTY FUND B1Number 367 133 239 698 307 886 153 392 Consideration (in Rands) 11 979 147 7 934 183 8 734 245 4 413 084

SIM PROPERTY FUND B2Number 28 072 297 7 003 318 14 283 432 6 765 141 Consideration (in Rands) 893 806 131 234 877 239 408 672 447 198 995 318

SIM PROPERTY FUND B3Number 29 082 064 39 752 78 715 439 Consideration (in Rands) 926 974 982 1 298 335 2 202 415 11 180

SIM PROPERTY FUND B9Number 666 853 82 163 631 690 39 823 Consideration (in Rands) 21 561 106 2 622 643 18 477 642 1 151 957

SIM PROPERTY INDEX FUND A1Number 1 968 541 256 572 584 752 7 999 Consideration (in Rands) 22 631 112 2 955 787 6 414 596 84 898

SIM PROPERTY INDEX FUND B1Number 2 318 923 2 622 445 2 473 496 100 Consideration (in Rands) 24 486 118 30 683 911 27 601 011 1 090

SIM PROPERTY INDEX FUND B2Number 11 774 570 3 973 802 9 136 858 891 808 Consideration (in Rands) 132 464 993 44 956 450 95 934 715 9 600 847

SIM PROPERTY INDEX FUND B3Number 3 148 691 1 271 850 15 253 343 8 651 762 Consideration (in Rands) 36 504 592 14 521 101 155 458 803 94 312 901

SIM RAFI40 INDEX FUND A1Number 497 917 122 530 615 788 65 669 Consideration (in Rands) 6 884 990 1 721 808 7 603 780 767 534

SIM RAFI40 INDEX FUND B1Number 160 510 657 602 2 336 943 131 706 Consideration (in Rands) 2 112 724 9 199 503 27 316 221 1 581 000

SIM RAFI40 INDEX FUND B2Number 6 805 506 617 43 553 1 043 668 Consideration (in Rands) 91 579 6 869 197 492 512 13 171 100

SIM RESOURCES FUNDNumber 5 902 265 7 321 210 7 617 276 8 676 408 Consideration (in Rands) 29 006 969 36 287 346 37 830 841 43 099 233

SIM SMALL CAP FUND ANumber 295 847 2 448 596 441 848 823 767 Consideration (in Rands) 13 150 760 107 215 314 17 094 132 32 136 125

SIM SMALL CAP FUND B1Number 5 607 47 511 6 562 45 250 Consideration (in Rands) 246 489 2 143 204 253 063 1 736 273

SIM SMALL CAP FUND B2Number 16 198 4 680 17 200 13 589 Consideration (in Rands) 717 278 209 078 667 834 522 494

265



SIM SMALL CAP FUND B3Number 1 967 854 239 449 16 289 2 889 Consideration (in Rands) 86 059 465 10 733 145 660 155 113 113

SIM SMALL CAP FUND B9Number 8 085 666 6 581 5 522 Consideration (in Rands) 358 116 29 553 261 959 222 271

SIM SMALL CAP FUND RNumber 144 393 396 884 225 840 485 956 Consideration (in Rands) 6 513 862 17 852 260 8 555 413 18 810 611

SIM TOP CHOICE EQUITY FUND A1Number 1 290 716 1 521 985 2 987 420 19 469 979 Consideration (in Rands) 27 223 083 31 735 126 54 021 886 365 950 593

SIM TOP CHOICE EQUITY FUND B1Number 608 198 1 752 132 17 052 162 92 880 Consideration (in Rands) 12 683 404 40 367 100 322 118 064 1 752 703

SIM TOP CHOICE EQUITY FUND B2Number 10 936 133 255 21 463 58 171 Consideration (in Rands) 230 010 2 769 702 377 423 1 034 569

SIM TOP CHOICE EQUITY FUND B4Number 145 251 483 664 381 028 125 245 Consideration (in Rands) 3 265 233 10 338 665 6 843 734 2 333 778

SIM TOP CHOICE EQUITY FUND B5Number 603 145 398 288 701 686 287 759 Consideration (in Rands) 13 148 007 8 557 002 12 567 315 5 229 952

SIM TOP CHOICE EQUITY FUND B9Number 140 272 42 316 117 579 12 080 Consideration (in Rands) 3 039 454 910 305 2 114 607 224 772

SIM TOP CHOICE EQUITY FUND CNumber 126 142 545 029 207 201 606 531 Consideration (in Rands) 2 738 746 11 774 244 3 641 944 10 928 326

SIM VALUE FUNDNumber 2 303 876 10 138 442 4 711 569 8 675 700 Consideration (in Rands) 65 722 419 307 311 512 117 425 587 216 400 554

SIM VALUE FUND B1Number 1 447 782 3 493 406 2 923 329 1 216 095 Consideration (in Rands) 41 474 020 103 527 453 72 275 123 29 966 436

SIM VALUE FUND B2Number 8 807 922 4 376 077 8 817 362 1 487 077 Consideration (in Rands) 254 957 260 126 926 661 219 426 279 37 021 343

SIM VALUE FUND B3Number 233 125 427 625 278 080 3 219 440 Consideration (in Rands) 6 817 853 12 026 810 6 918 706 78 658 424

SIM VALUE FUND B5Number 778 234 1 047 943 1 056 384 712 032 Consideration (in Rands) 22 565 663 30 648 209 25 527 772 17 537 484

SIM VALUE FUND B6Number 787 574 475 425 1 270 636 2 358 082 Consideration (in Rands) 22 916 518 14 080 003 31 652 261 61 614 292

SIM VALUE FUND B7Number 1 887 735 17 923 - - Consideration (in Rands) 56 242 871 543 188 - -

266



SIM VALUE FUND B9Number 797 200 193 923 897 216 129 575 Consideration (in Rands) 23 235 009 5 707 274 22 181 185 3 237 106

SMM AGGRESSIVE FOF A1Number 33 656 31 822 18 749 7 730 Consideration (in Rands) 495 684 462 158 232 939 95 238

SMM AGGRESSIVE FOF A2Number 439 - 89 90 Consideration (in Rands) 6 531 - 1 183 1 180

SMM AGGRESSIVE FOF B1Number 1 365 950 146 010 1 180 315 169 889 Consideration (in Rands) 19 539 872 2 131 158 14 497 258 2 121 422

SMM AGGRESSIVE FOF B9Number 74 139 249 623 273 425 384 134 Consideration (in Rands) 1 049 490 3 614 173 3 443 726 4 699 607

SMM AGGRESSIVE FOF C1Number 68 030 380 107 35 458 302 529 Consideration (in Rands) 1 011 489 5 559 365 442 818 3 628 404

SMM CAUTIOUS FOF A1Number 58 256 19 209 12 532 34 775 Consideration (in Rands) 669 642 222 779 132 844 372 006

SMM CAUTIOUS FOF B1Number 826 240 465 787 916 044 262 761 Consideration (in Rands) 9 329 803 5 329 130 9 528 664 2 747 647

SMM CAUTIOUS FOF B9Number 718 681 1 567 089 1 720 428 1 662 547 Consideration (in Rands) 8 177 628 18 040 205 18 024 832 17 733 999

SMM CAUTIOUS FOF C1Number 212 418 1 254 041 227 230 1 736 458 Consideration (in Rands) 2 410 663 14 327 618 2 401 356 18 385 448

SMM CONSERVATIVE FOF A1Number 63 565 31 759 22 995 18 497 Consideration (in Rands) 696 820 347 475 241 907 193 898

SMM CONSERVATIVE FOF A2Number 117 17 242 18 Consideration (in Rands) 1 278 189 2 526 191

SMM CONSERVATIVE FOF B1Number 260 938 129 304 489 671 216 233 Consideration (in Rands) 2 831 856 1 415 492 5 068 803 2 240 875

SMM CONSERVATIVE FOF B9Number 2 102 079 11 418 881 2 366 654 15 457 938 Consideration (in Rands) 22 840 977 125 542 676 24 519 376 161 687 612

SMM CONSERVATIVE FOF C1Number 550 262 3 294 201 664 626 5 679 382 Consideration (in Rands) 6 002 761 36 109 321 6 879 635 59 285 164

SMM EQUITY FUND B1Number 78 897 646 2 406 301 1 363 239 248 489 Consideration (in Rands) 1244 346 125 36 641 381 18 626 570 3 399 189

SMM EQUITY FUND B6Number 57 529 1 010 949 1 823 493 3 311 577 Consideration (in Rands) 856 115 16 297 497 24 985 757 44 535 089

267



SMM EQUITY FUND B8Number 1 259 183 25 202 590 7 465 006 14 225 746 Consideration (in Rands) 19 002 120 375 616 914 101 203 392 195 347 966

SMM EQUITY FUND B9 Number 12 573 432 - - - Consideration (in Rands) 208 862 304 - - -

SMM EQUITY INDEX FUND B1Number 11 559 276 1 897 751 1 100 844 6 597 372 Consideration (in Rands) 219 837 387 35 911 393 17 692 145 104 574 094

SMM EQUITY INDEX FUND B2Number - - - 114 Consideration (in Rands) - - - 1 903

SMM EQUITY INDEX FUND B3Number - - - 114 Consideration (in Rands) - - - 1 917

SMM EQUITY INDEX FUND B4 Number 55 - - - Consideration (in Rands) 1 000 - - -

SMM EQUITY INDEX FUND B5Number 1 930 410 42 347 - - Consideration (in Rands) 40 283 870 877 297 - -

SMM INFLATION LINKED BOND FUND B1Number 18 945 626 20 305 648 21 516 229 46 059 623 Consideration (in Rands) 216 762 126 231 973 091 226 927 255 494 970 987

SMM INFLATION LINKED BOND FUND B2Number 3 117 509 36 381 235 23 844 403 22 760 623 Consideration (in Rands) 36 386 128 431 475 951 257 637 412 243 817 974

SMM INFLATION LINKED BOND FUND B3Number 66 566 653 71 665 281 121 287 401 64 996 069 Consideration (in Rands) 773 491 490 819 496 330 1 311 495 530 695 873 114

SMM MODERATE AGGRESSIVE FOF A1Number 91 372 36 683 25 004 4 590 Consideration (in Rands) 1 286 904 533 933 297 899 56 656

SMM MODERATE AGGRESSIVE FOF A2Number 1 411 71 5 288 294 Consideration (in Rands) 19 296 957 62 319 3 587

SMM MODERATE AGGRESSIVE FOF B1Number 1 464 098 333 825 1 757 182 198 511 Consideration (in Rands) 19 711 754 4 546 068 20 653 588 2 354 619

SMM MODERATE AGGRESSIVE FOF B9Number 1 040 728 5 947 878 684 854 6 241 174 Consideration (in Rands) 13 922 201 82 924 054 7 955 011 74 609 140

SMM MODERATE AGGRESSIVE FOF C1Number 264 898 5 059 725 611 609 5 709 780 Consideration (in Rands) 3 425 211 67 498 622 6 957 343 65 826 035

SMM MODERATE FOF A1Number 112 785 152 004 167 647 48 923 Consideration (in Rands) 1 445 551 1 936 241 1 878 655 571 536

SMM MODERATE FOF A2Number 862 94 - - Consideration (in Rands) 10 999 1 210 - -

268



SMM MODERATE FOF B1Number 2 667 054 472 083 2 923 990 284 666 Consideration (in Rands) 33 777 090 5 956 908 32 760 069 3 200 337

SMM MODERATE FOF B9Number 481 675 153 922 950 358 78 021 Consideration (in Rands) 6 136 968 1 975 631 10 689 827 890 354

SMM MODERATE FOF C1Number 86 762 66 678 147 002 62 825 Consideration (in Rands) 1 104 071 854 961 1 679 906 720 048

SMM PROPERTY FUND B2Number 16 630 996 23 525 708 92 530 570 45 760 719 Consideration (in Rands) 206 487 040 287 147 261 969 991 226 539 592 704


SMM PROPERTY FUND B6Number 3 127 762 4 173 100 - Consideration (in Rands) 37 630 491 51 107 1 000 -


SMMI ABSOLUTE SOLUTION 5 FOF ANumber 425 741 54 143 539 588 7 263 Consideration (in Rands) 5 627 651 706 739 6 276 280 84 348

SMMI ABSOLUTE SOLUTION 5 FOF A2Number 44 391 85 427 16 973 191 654 Consideration (in Rands) 582 816 1 121 665 201 783 2 333 961

SMMI ABSOLUTE SOLUTION 5 FOF B1Number 2 891 413 7 637 136 3 474 408 1 995 963 Consideration (in Rands) 38 810 592 107 077 466 41 995 459 24 008 729

SMMI ABSOLUTE SOLUTION 5 FOF B2Number 212 18 202 92 Consideration (in Rands) 2 892 248 2 441 1 098

SMMI ABSOLUTE SOLUTION 5 FOF B4Number 6 767 613 2 534 269 690 454 3 176 463 Consideration (in Rands) 95 237 890 33 243 951 8 176 594 38 437 788

SMMI ABSOLUTE SOLUTION 5 FOF B9Number 200 575 940 011 1 583 094 413 183 Consideration (in Rands) 2 682 535 12 452 380 18 835 890 5 029 445

SMMI ABSOLUTE SOLUTION 5 FOF CNumber 12 612 254 139 286 620 2 202 147 Consideration (in Rands) 156 277 3 329 110 3 303 986 26 104 778

SMMI ABSOLUTE SOLUTION 5 FOF C2Number 109 416 239 540 485 673 56 850 Consideration (in Rands) 1 470 230 3 207 850 5 802 287 697 217

SMMI AGGRESSIVE EQUITY FUND ONE B10Number 221 987 48 840 910 452 17 577 554 Consideration (in Rands) 11 423 906 2 843 397 46 813 105 739 744 677

SMMI ALL BOND FUND ONE B2Number 13 127 919 53 217 127 51 696 958 69 875 660 Consideration (in Rands) 151 533 506 631 413 565 605 465 800 799 304 157

269



SMMI ALL BOND FUND ONE B4Number 2 641 992 5 195 970 840 968 1 973 651 Consideration (in Rands) 30 328 016 60 795 882 9 796 114 23 011 042

SMMI ALL BOND FUND ONE B6Number 748 632 2 892 596 3 235 585 10 913 Consideration (in Rands) 8 629 383 34 343 200 37 998 988 129 002

SMMI ALL BOND FUND ONE B8Number 1 969 796 234 904 1 772 673 1 187 449 Consideration (in Rands) 22 807 997 2 762 236 20 923 948 14 078 687

SMMI ALL BOND FUND THREE B2Number 22 429 324 4 010 808 7 487 266 15 497 746 Consideration (in Rands) 245 386 041 44 353 062 82 923 221 171 840 286

SMMI ALL BOND FUND THREE B6Number 2 030 832 1 041 879 954 717 1 358 336 Consideration (in Rands) 22 649 357 11 440 000 10 513 848 15 181 404

SMMI ALL BOND FUND THREE B8Number 1 697 5 878 8 973 106 Consideration (in Rands) 18 868 67 173 101 809 1 212

SMMI BALANCED FOF ANumber 316 401 269 515 331 254 306 758 Consideration (in Rands) 12 247 004 10 564 330 11 146 330 10 472 401

SMMI BALANCED FOF A2Number 1 898 14 105 12 309 4 229 Consideration (in Rands) 72 089 543 054 417 408 148 082

SMMI BALANCED FOF BNumber 21 - 59 1 311 Consideration (in Rands) 797 - 1 915 47 153

SMMI BALANCED FOF B2Number 3 891 5 565 2 327 28 Consideration (in Rands) 155 021 214 876 83 391 993

SMMI BALANCED FOF B3Number 422 175 557 860 485 333 485 097 Consideration (in Rands) 16 310 493 21 912 398 16 375 426 16 571 383

SMMI BOND FUND B1Number 7 784 338 1 064 810 - - Consideration (in Rands) 50 486 882 6 900 000 - -

SMMI BOND FUND B2Number 1 806 031 598 134 574 464 166 907 073 547 207 644 Consideration (in Rands) 912 040 764 67 366 000 82 950 272 275 214 110

SMMI BOND FUND B4Number - - - 640 Consideration (in Rands) - - - 323

SMMI BOND FUND B6Number - - - 155 Consideration (in Rands) - - - 1 008

SMMI BOND FUND B8Number - - 18 453 1 573 527 Consideration (in Rands) - - 8 731 746 812

SMMI DEFENSIVE FUND OF FUNDSNumber 602 073 1 406 646 765 817 1 269 957 Consideration (in Rands) 13 202 809 31 823 509 15 116 485 25 576 554

270



SMMI DEFENSIVE FUND OF FUNDS A2Number 6 131 1 529 4 592 54 Consideration (in Rands) 137 639 34 089 95 449 1 146

SMMI DEFENSIVE FUND OF FUNDS B2Number 6 540 4 553 3 601 2 921 Consideration (in Rands) 143 927 102 588 73 668 60 000

SMMI DEFENSIVE FUND OF FUNDS B3Number 168 377 351 291 186 108 327 461 Consideration (in Rands) 3 710 584 7 961 977 3 677 130 6 573 258

SMMI EQUITY FOFNumber 58 205 182 918 68 095 142 414 Consideration (in Rands) 3 102 995 9 757 057 3 112 850 6 609 858

SMMI EQUITY FOF A2Number 213 7 12 24 Consideration (in Rands) 12 036 415 595 1 162

SMMI EQUITY FOF B2Number 1 013 204 6 805 706 Consideration (in Rands) 54 662 10 392 330 591 32 279

SMMI EQUITY FOF B3Number 43 166 133 013 76 366 72 654 Consideration (in Rands) 2 228 973 7 077 081 3 503 888 3 361 422

SMMI GENERAL EQUITY FUND ONE B10Number 3 217 123 10 887 502 7 870 460 2 214 305 Consideration (in Rands) 167 195 015 595 437 070 347 629 850 103 217 361

SMMI GENERAL EQUITY FUND ONE B2Number 29 017 672 2 105 401 1 895 286 946 283 Consideration (in Rands) 1 738 212 517 113 566 108 84 621 752 42 238 554

SMMI GENERAL EQUITY FUND ONE B4Number 868 677 1 938 202 1 632 616 1 435 680 Consideration (in Rands) 47 022 289 110 743 649 74 277 964 66 160 184

SMMI GENERAL EQUITY FUND ONE B7Number 181 071 2 349 567 2 785 738 810 342 Consideration (in Rands) 9 398 865 126 672 815 126 392 564 36 451 354

SMMI GENERAL EQUITY FUND TWO B10Number 981 886 364 699 600 142 564 139 Consideration (in Rands) 39 459 100 14 629 073 22 227 994 20 305 102

SMMI GENERAL EQUITY FUND TWO B3Number 6 312 682 10 122 422 8 154 722 7 626 585 Consideration (in Rands) 255 883 533 412 198 480 284 992 868 271 580 611

SMMI GENERAL EQUITY FUND TWO B6Number 114 034 1 276 799 135 665 281 576 Consideration (in Rands) 4 431 612 54 750 161 4 699 244 10 267 779

SMMI LONG TERM GROWTH SOLUTION 7 FOF ANumber 333 388 65 114 451 163 458 Consideration (in Rands) 4 802 478 933 709 5 535 427 5 715

SMMI LONG TERM GROWTH SOLUTION 7 FOF A2Number 28 248 31 793 17 179 68 353 Consideration (in Rands) 430 735 490 731 221 096 899 659

SMMI LONG TERM GROWTH SOLUTION 7 FOF B1Number 2 176 840 1 555 483 2 686 381 372 264 Consideration (in Rands) 32 304 726 24 326 801 35 015 225 4 846 441

271



SMMI LONG TERM GROWTH SOLUTION 7 FOF B2Number 2 880 660 2 191 50 520 Consideration (in Rands) 42 220 10 035 28 010 643 000

SMMI LONG TERM GROWTH SOLUTION 7 FOF B4Number 1 626 497 756 794 5 989 204 649 Consideration (in Rands) 25 601 732 10 827 525 75 982 2 622 355

SMMI LONG TERM GROWTH SOLUTION 7 FOF B9Number 317 137 425 765 1 827 226 185 034 Consideration (in Rands) 4 711 180 6 520 273 23 576 346 2 416 483

SMMI LONG TERM GROWTH SOLUTION 7 FOF CNumber 539 3 206 88 211 102 657 Consideration (in Rands) 7 345 45 246 1 055 560 1 295 913

SMMI LONG TERM GROWTH SOLUTION 7 FOF C2Number 81 319 131 518 870 895 174 911 Consideration (in Rands) 1 194 293 1 970 107 11 164 435 2 285 004

SMMI POSITIVE RETURN FUND FOUR B3Number 16 642 911 19 325 533 20 118 419 71 662 231 Consideration (in Rands) 229 523 224 278 612 742 252 411 671 888 525 046




SMMI POSITIVE RETURN FUND ONE B3Number 23 956 511 1 669 727 112 717 21 386 499 Consideration (in Rands) 353 571 240 26 126 453 1 794 927 346 002 923

SMMI POSITIVE RETURN FUND ONE B4Number 8 042 720 423 564 141 635 1 507 102 Consideration (in Rands) 118 179 988 6 407 564 2 286 996 24 181 205

SMMI POSITIVE RETURN FUND ONE B7Number 7 447 842 223 882 5 416 1 566 117 Consideration (in Rands) 111 855 458 3 480 934 87 230 25 169 198

SMMI POSITIVE RETURN FUND THREE B10Number 854 336 7 746 881 4 158 312 8 444 872 Consideration (in Rands) 26 121 638 232 511 520 115 198 423 235 163 877

SMMI POSITIVE RETURN FUND THREE B3Number 3 453 029 19 181 423 8 013 266 8 193 194 Consideration (in Rands) 104 760 847 577 943 801 221 227 344 230 750 927

SMMI POSITIVE RETURN FUND THREE B5Number 13 804 105 1 735 583 1 207 285 351 413 Consideration (in Rands) 243 033 572 31 341 263 19 967 366 5 900 984

SMMI POSITIVE RETURN FUND THREE B6Number 823 698 131 641 36 - Consideration (in Rands) 25 256 682 4 159 347 1 000 -

SMMI POSITIVE RETURN FUND THREE B7Number 241 831 3 289 224 962 670 286 775 Consideration (in Rands) 7 299 746 102 527 755 27 005 224 8 000 000

272



SMMI POSITIVE RETURN FUND THREE B9Number 66 024 508 152 360 460 270 885 Consideration (in Rands) 1 972 513 15 408 203 9 940 809 7 460 591

SMMI POSITIVE RETURN FUND TWO B10Number 2 036 503 2 187 422 2 903 560 9 396 671 Consideration (in Rands) 30 245 831 32 558 097 42 830 625 138 832 631


SMMI POSITIVE RETURN FUND TWO B4Number 6 922 718 827 848 2 292 683 470 301 Consideration (in Rands) 103 031 422 12 300 058 34 078 239 7 001 280


SMMI POSITIVE RETURN FUND TWO B8Number 676 8 881 146 073 685 249 Consideration (in Rands) 10 024 132 703 2 146 508 10 052 753

SMMI PROTECTION SOLUTION 3 FOF ANumber 283 154 809 241 494 263 Consideration (in Rands) 3 425 507 10 000 2 672 324 3 010

SMMI PROTECTION SOLUTION 3 FOF A2Number 37 168 12 891 20 587 128 786 Consideration (in Rands) 449 407 156 228 230 647 1 455 905

SMMI PROTECTION SOLUTION 3 FOF B1Number 1 309 889 6 734 376 3 541 615 2 874 613 Consideration (in Rands) 15 961 886 84 257 023 40 575 814 32 394 399

SMMI PROTECTION SOLUTION 3 FOF B4Number 6 346 534 208 244 25 981 86 922 Consideration (in Rands) 79 602 014 2 591 432 292 507 1 007 246

SMMI PROTECTION SOLUTION 3 FOF B9Number 120 208 118 070 228 661 76 643 Consideration (in Rands) 1 459 884 1 458 065 2 576 334 870 313

SMMI PROTECTION SOLUTION 3 FOF CNumber 30 235 145 415 84 449 4 772 105 Consideration (in Rands) 349 752 1 746 594 915 949 52 696 271

SMMI PROTECTION SOLUTION 3 FOF C2Number 56 484 49 368 110 670 7 893 Consideration (in Rands) 678 215 601 786 1 242 008 89 705

SMMI PRUDENTIAL BALANCED FUND ONE B1Number 4 302 086 99 900 100 000 - Consideration (in Rands) 45 972 546 1 003 920 1 000 000 -

SMMI PRUDENTIAL BALANCED FUND ONE B3Number 21 035 072 1 633 627 100 - Consideration (in Rands) 211 354 359 17 614 648 1 000 -

SMMI PRUDENTIAL BALANCED FUND TWO A1 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL BALANCED FUND TWO B1 Number 100 - - - Consideration (in Rands) 1 000 - - -

273



SMMI PRUDENTIAL BALANCED FUND TWO B2 Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -

SMMI PRUDENTIAL BALANCED FUND TWO B3 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE A1 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B1 Number 20 002 655 - - - Consideration (in Rands) 200 038 550 - - -

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B2 Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -

SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B3 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B1Number 262 588 218 70 747 710 - - Consideration (in Rands) 2 645 943 692 711 278 179 - -

SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B2Number 26 877 805 1 725 667 - - Consideration (in Rands) 269 446 373 17 370 386 - -

SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B3 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND ONE A1 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND ONE B1 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND ONE B2 Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND ONE B3 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND TWO A1 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND TWO B1 Number 19 999 400 - - - Consideration (in Rands) 200 006 000 - - -

274



SMMI PRUDENTIAL LOW EQUITY FUND TWO B2 Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -

SMMI PRUDENTIAL LOW EQUITY FUND TWO B3 Number 100 - - - Consideration (in Rands) 1 000 - - -

SMMI YIELD PLUS FUND B2Number 32 932 776 6 764 690 27 409 481 39 925 260 Consideration (in Rands) 403 227 387 82 990 169 332 705 836 477 814 293

SMMI YIELD PLUS FUND B4Number - - - 125 Consideration (in Rands) - - - 1 542

SMMI YIELD PLUS FUND B6Number 1 326 173 43 794 890 598 890 636 Consideration (in Rands) 16 249 266 536 786 10 870 765 10 790 833

SMMI YIELD PLUS FUND B8Number 1 343 812 166 903 16 866 880 16 865 001 Consideration (in Rands) 16 455 527 2 046 959 205 194 007 204 903 247

SPI EQUITY FUND A1Number 508 146 405 390 1 242 128 126 622 Consideration (in Rands) 6 784 049 5 510 486 13 879 858 1 448 802

SPI EQUITY FUND B1Number 544 634 354 217 442 602 174 808 Consideration (in Rands) 7 270 615 4 693 199 5 105 665 2 005 553

SPI EQUITY FUND B2Number 759 027 3 465 330 100 000 Consideration (in Rands) 10 123 470 49 786 3 807 1 093 950

275


QUARTERLY REVIEW OF FLUCTUATIONS OF UNIT PRICES (IN CENTS)

Fund Name Maximum Minimum

APS CAUTIOUS FUND OF FUNDS ADecember 2012 quarter 1 253.39 1 205.45 March 2013 quarter 1 284.04 1 236.46 June 2013 quarter 1 330.79 1 275.40 September 2013 quarter 1 323.88 1 281.28 December 2013 quarter 1 326.35 1 304.37 APS CAUTIOUS FUND OF FUNDS BDecember 2012 quarter 1 244.59 1 199.85 March 2013 quarter 1 278.23 1 234.52 June 2013 quarter 1 322.89 1 269.31 September 2013 quarter 1 318.09 1 279.22 December 2013 quarter 1 319.80 1 302.34 APS EQUITY FUND OF FUNDS A1December 2012 quarter 1 268.05 1 181.67 March 2013 quarter 1 296.74 1 250.32 June 2013 quarter 1 321.42 1 226.98 September 2013 quarter 1 374.79 1 245.32 December 2013 quarter 1 398.16 1 351.54 APS EQUITY FUND OF FUNDS B1December 2012 quarter 1 255.24 1 172.26 March 2013 quarter 1 285.22 1 239.28 June 2013 quarter 1 306.73 1 211.19 September 2013 quarter 1 362.46 1 236.37 December 2013 quarter 1 384.96 1 338.65 APS MANAGED GROWTH FUND OF FUNDS ADecember 2012 quarter 1 452.88 1 374.13 March 2013 quarter 1 518.12 1 453.73 June 2013 quarter 1 579.83 1 478.66 September 2013 quarter 1 613.72 1 504.52 December 2013 quarter 1 622.77 1 588.04 APS MANAGED GROWTH FUND OF FUNDS BDecember 2012 quarter 1 443.08 1 368.04 March 2013 quarter 1 512.53 1 451.61 June 2013 quarter 1 570.91 1 471.78 September 2013 quarter 1 607.18 1 502.09 December 2013 quarter 1 615.24 1 580.87 APS MODERATE FUND OF FUNDS ADecember 2012 quarter 1 367.72 1 299.82 March 2013 quarter 1 424.38 1 361.59 June 2013 quarter 1 485.32 1 399.61 September 2013 quarter 1 489.21 1 417.98 December 2013 quarter 1 492.39 1 469.41 APS MODERATE FUND OF FUNDS BDecember 2012 quarter 1 358.36 1 293.95 March 2013 quarter 1 418.50 1 359.51 June 2013 quarter 1 476.81 1 393.10 September 2013 quarter 1 483.00 1 415.59 December 2013 quarter 1 485.21 1 462.57 BJM MONEY MARKET FUND B1December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter - - December 2013 quarter - - BJM MONEY MARKET FUND B2December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter - - December 2013 quarter - -

Selling Price

276



Fund Name Maximum MinimumSelling Price

BJM MULTI MANAGER BOND FUND B1December 2012 quarter 1 144.34 1 096.55 March 2013 quarter 1 122.67 1 106.05 June 2013 quarter 1 170.34 1 122.15 September 2013 quarter - - December 2013 quarter - - BJM MULTI MANAGER BOND FUND B3December 2012 quarter 1 145.77 1 097.31 March 2013 quarter 1 123.49 1 106.10 June 2013 quarter 1 171.50 1 123.49 September 2013 quarter - - December 2013 quarter - - BJM MULTI MANAGER EQUITY FUND B1December 2012 quarter 1 272.80 1 185.35 March 2013 quarter 1 326.72 1 272.36 June 2013 quarter 1 358.88 1 251.01 September 2013 quarter - - December 2013 quarter - - BJM MULTI MANAGER INCOME FUND B1December 2012 quarter 1 125.43 1 103.34 March 2013 quarter 1 131.78 1 111.51 June 2013 quarter 1 138.82 1 116.97 September 2013 quarter - - December 2013 quarter - - BJM MULTI MANAGER PROPERTY FUND B1December 2012 quarter 1 584.83 1 441.31 March 2013 quarter 1 651.32 1 508.71 June 2013 quarter 1 823.30 1 581.11 September 2013 quarter - - December 2013 quarter - - BJM MULTI MANAGER PRUD FLEXIBLE FUND B1December 2012 quarter 1 238.97 1 178.44 March 2013 quarter 1 276.69 1 223.81 June 2013 quarter 1 321.53 1 249.87 September 2013 quarter - - December 2013 quarter - - CAM ASCENDO FUND OF FUNDSDecember 2012 quarter 1 506.88 1 393.23 March 2013 quarter 1 734.87 1 481.93 June 2013 quarter 1 979.29 1 643.47 September 2013 quarter 2 056.52 1 876.44 December 2013 quarter - - CAM BALANCED FUND B1December 2012 quarter 1 226.62 1 152.50 March 2013 quarter 1 290.10 1 215.27 June 2013 quarter 1 350.29 1 256.72 September 2013 quarter 1 355.40 1 286.98 December 2013 quarter - - CAM BALANCED FUND B2December 2012 quarter 1 232.40 1 155.39 March 2013 quarter 1 292.63 1 215.33 June 2013 quarter 1 355.71 1 260.25 September 2013 quarter 1 357.55 1 287.17 December 2013 quarter - - CAM DIVIDEND EQUITY FUND B1December 2012 quarter 1 059.17 979.04 March 2013 quarter 1 098.83 1 055.31 June 2013 quarter 1 138.93 1 043.30 September 2013 quarter 1 149.65 1 065.33 December 2013 quarter - -

277




CAM FORTIS INSTITUTIONAL FUNDDecember 2012 quarter 1 010.65 1 006.74 March 2013 quarter 1 010.48 1 006.62 June 2013 quarter 1 010.84 1 006.70 September 2013 quarter 1 010.71 1 006.74 December 2013 quarter - - CAM OPTIMA INSTITUTIONAL FUNDDecember 2012 quarter 3 744.38 3 611.50 March 2013 quarter 3 879.00 3 719.40 June 2013 quarter 3 822.23 3 519.20 September 2013 quarter 4 004.15 3 586.09 December 2013 quarter - - CAM UNIVERSUM INSTITUTIONAL FUNDDecember 2012 quarter 1 337.02 1 282.71 March 2013 quarter 1 306.64 1 287.28 June 2013 quarter 1 357.75 1 254.59 September 2013 quarter 1 265.09 1 218.41 December 2013 quarter - - DYNASTY WEALTH ACCUMULATOR FOF A1December 2012 quarter 1 303.41 1 217.73 March 2013 quarter 1 358.28 1 306.03 June 2013 quarter 1 383.26 1 272.41 September 2013 quarter 1 478.66 1 296.30 December 2013 quarter 1 494.60 1 441.10 DYNASTY WEALTH ACCUMULATOR FOF A2December 2012 quarter 1 304.33 1 218.23 March 2013 quarter 1 358.76 1 306.42 June 2013 quarter 1 384.13 1 273.06 September 2013 quarter 1 479.19 1 296.40 December 2013 quarter 1 495.26 1 441.71 DYNASTY WEALTH ACCUMULATOR FOF B1December 2012 quarter 1 291.12 1 209.92 March 2013 quarter 1 345.41 1 294.03 June 2013 quarter 1 366.27 1 257.73 September 2013 quarter 1 464.79 1 287.00 December 2013 quarter 1 479.48 1 426.45 DYNASTY WEALTH PRESERVER FOF A1December 2012 quarter 1 200.53 1 155.62 March 2013 quarter 1 236.35 1 181.94 June 2013 quarter 1 288.32 1 219.36 September 2013 quarter 1 317.97 1 243.48 December 2013 quarter 1 321.41 1 300.18 DYNASTY WEALTH PRESERVER FOF A2December 2012 quarter 1 200.78 1 155.50 March 2013 quarter 1 236.19 1 181.43 June 2013 quarter 1 288.49 1 219.28 September 2013 quarter 1 317.90 1 242.97 December 2013 quarter 1 321.44 1 299.67 DYNASTY WEALTH PRESERVER FOF B1December 2012 quarter 1 189.14 1 148.09 March 2013 quarter 1 229.07 1 178.62 June 2013 quarter 1 277.50 1 211.18 September 2013 quarter 1 310.04 1 240.12 December 2013 quarter 1 312.46 1 296.94 FIRST AVENUE SCI EQUITY FUND B1December 2012 quarter 1 281.56 1 172.78 March 2013 quarter 1 321.49 1 268.65 June 2013 quarter 1 380.31 1 274.85 September 2013 quarter 1 420.10 1 303.15 December 2013 quarter 1 484.37 1 391.12

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FIRST AVENUE SCI EQUITY FUND B2December 2012 quarter 1 285.88 1 175.95 March 2013 quarter 1 324.49 1 271.48 June 2013 quarter 1 384.43 1 278.39 September 2013 quarter 1 423.43 1 305.29 December 2013 quarter 1 489.21 1 394.66 FIRST AVENUE SCI EQUITY FUND B3December 2012 quarter 1 296.94 1 184.08 March 2013 quarter 1 332.33 1 277.55 June 2013 quarter 1 395.02 1 287.51 September 2013 quarter 1 426.54 1 310.49 December 2013 quarter 1 494.32 1 397.81 GRAVITON SCI BALANCED FUND A1December 2012 quarter 1 049.75 1 010.80 March 2013 quarter 1 099.67 1 054.00 June 2013 quarter 1 162.11 1 076.10 September 2013 quarter 1 202.32 1 111.93 December 2013 quarter 1 258.66 1 188.01 GRAVITON SCI BALANCED FUND B1December 2012 quarter 1 051.24 1 011.60 March 2013 quarter 1 100.54 1 054.10 June 2013 quarter 1 159.77 1 077.10 September 2013 quarter 1 203.18 1 112.00 December 2013 quarter 1 260.60 1 188.97 GRAVITON SCI CAPITAL GROWTH FUND A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter 1 007.99 975.49 September 2013 quarter 1 053.56 992.15 December 2013 quarter 1 087.74 1 041.84 GRAVITON SCI CAPITAL GROWTH FUND B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter 1 008.18 975.87 September 2013 quarter 1 054.75 992.61 December 2013 quarter 1 090.12 1 043.12 GRAVITON SCI FLEXIBLE INCOME FUND A1December 2012 quarter 1 024.49 1 008.38 March 2013 quarter 1 029.81 1 017.45 June 2013 quarter 1 041.24 1 005.86 September 2013 quarter 1 015.11 1 002.44 December 2013 quarter 1 016.93 1 003.76 GRAVITON SCI FLEXIBLE INCOME FUND B1December 2012 quarter 1 026.36 1 009.36 March 2013 quarter 1 030.64 1 017.50 June 2013 quarter 1 040.39 1 005.88 September 2013 quarter 1 016.14 1 003.10 December 2013 quarter 1 017.87 1 003.82 GRAVITON SCI LOW EQUITY FUND A1December 2012 quarter 1 031.98 1 006.84 March 2013 quarter 1 066.06 1 032.80 June 2013 quarter 1 112.67 1 058.27 September 2013 quarter 1 111.97 1 067.94 December 2013 quarter 1 149.73 1 103.17 GRAVITON SCI LOW EQUITY FUND B1December 2012 quarter 1 033.51 1 007.67 March 2013 quarter 1 065.22 1 032.84 June 2013 quarter 1 109.42 1 057.49 September 2013 quarter 1 112.92 1 067.96 December 2013 quarter 1 151.92 1 104.21

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LYNX SCI BALANCED FUND OF FUNDS A1December 2012 quarter 1 975.35 1 884.71 March 2013 quarter 2 102.54 1 987.70 June 2013 quarter 2 213.61 2 039.97 September 2013 quarter 2 300.38 2 136.45 December 2013 quarter 2 395.12 2 262.67 LYNX SCI BALANCED FUND OF FUNDS A2December 2012 quarter 1 992.49 1 901.89 March 2013 quarter 2 119.84 2 004.85 June 2013 quarter 2 230.89 2 057.26 September 2013 quarter 2 318.43 2 153.71 December 2013 quarter 2 414.05 2 280.82 LYNX SCI BALANCED FUND OF FUNDS B1December 2012 quarter 1 989.27 1 900.26 March 2013 quarter 2 115.11 2 001.51 June 2013 quarter 2 224.64 2 052.05 September 2013 quarter 2 309.62 2 146.82 December 2013 quarter 2 403.08 2 271.74 LYNX SCI BALANCED FUND OF FUNDS C1December 2012 quarter 1 924.12 1 839.62 March 2013 quarter 2 045.70 1 936.05 June 2013 quarter 2 150.96 1 981.26 September 2013 quarter 2 229.73 2 071.31 December 2013 quarter 2 318.49 2 191.24 LYNX SCI BALANCED FUND OF FUNDS C2December 2012 quarter 1 966.97 1 882.69 March 2013 quarter 2 088.43 1 978.87 June 2013 quarter 2 193.50 2 023.92 September 2013 quarter 2 273.04 2 113.76 December 2013 quarter 2 362.64 2 234.72 LYNX SCI CAUTIOUS FUND OF FUNDS A1December 2012 quarter 1 460.31 1 409.15 March 2013 quarter 1 514.43 1 452.62 June 2013 quarter 1 580.22 1 491.78 September 2013 quarter 1 594.67 1 524.25 December 2013 quarter 1 644.80 1 580.11 LYNX SCI CAUTIOUS FUND OF FUNDS A2December 2012 quarter 1 460.32 1 409.16 March 2013 quarter 1 514.53 1 452.61 June 2013 quarter 1 580.32 1 491.88 September 2013 quarter 1 594.69 1 524.27 December 2013 quarter 1 644.84 1 580.14 LYNX SCI CAUTIOUS FUND OF FUNDS B1December 2012 quarter 1 457.95 1 407.95 March 2013 quarter 1 513.47 1 452.58 June 2013 quarter 1 578.23 1 490.48 September 2013 quarter 1 593.38 1 524.23 December 2013 quarter 1 642.13 1 578.66 LYNX SCI CAUTIOUS FUND OF FUNDS C1December 2012 quarter 1 450.97 1 404.35 March 2013 quarter 1 510.35 1 452.51 June 2013 quarter 1 571.96 1 486.30 September 2013 quarter 1 589.80 1 524.15 December 2013 quarter 1 634.86 1 574.61 LYNX SCI CAUTIOUS FUND OF FUNDS C2December 2012 quarter 1 450.96 1 404.35 March 2013 quarter 1 510.33 1 452.52 June 2013 quarter 1 571.94 1 486.28 September 2013 quarter 1 589.75 1 524.15 December 2013 quarter 1 634.67 1 574.53

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LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1December 2012 quarter 145.36 137.08 March 2013 quarter 158.81 139.03 June 2013 quarter 178.44 153.07 September 2013 quarter 179.28 169.76 December 2013 quarter 192.93 174.54 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS BDecember 2012 quarter 147.54 139.24 March 2013 quarter 160.50 140.37 June 2013 quarter 180.45 154.81 September 2013 quarter 181.67 171.82 December 2013 quarter 195.74 177.03 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1December 2012 quarter 150.82 142.52 March 2013 quarter 164.06 144.01 June 2013 quarter 183.87 158.35 September 2013 quarter 184.92 175.22 December 2013 quarter 198.82 180.24 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1December 2012 quarter 144.50 136.23 March 2013 quarter 158.17 138.53 June 2013 quarter 177.60 152.40 September 2013 quarter 178.27 168.90 December 2013 quarter 191.62 173.41 LYNX SCI OPPORTUNITIES FUND OF FUNDS A1December 2012 quarter 1 930.93 1 798.70 March 2013 quarter 2 031.24 1 950.37 June 2013 quarter 2 101.54 1 924.18 September 2013 quarter 2 224.59 1 993.69 December 2013 quarter 2 330.18 2 177.45 LYNX SCI OPPORTUNITIES FUND OF FUNDS A2December 2012 quarter 1 932.09 1 799.64 March 2013 quarter 2 030.15 1 949.57 June 2013 quarter 2 100.53 1 923.07 September 2013 quarter 2 224.35 1 992.93 December 2013 quarter 2 330.42 2 177.31 LYNX SCI OPPORTUNITIES FUND OF FUNDS B1December 2012 quarter 1 925.05 1 793.99 March 2013 quarter 2 026.73 1 946.84 June 2013 quarter 2 095.82 1 919.04 September 2013 quarter 2 220.19 1 990.22 December 2013 quarter 2 323.97 2 172.90 LYNX SCI OPPORTUNITIES FUND OF FUNDS C1December 2012 quarter 1 872.08 1 745.71 March 2013 quarter 1 969.29 1 893.11 June 2013 quarter 2 034.33 1 859.84 September 2013 quarter 2 154.86 1 930.31 December 2013 quarter 2 252.78 2 106.69 LYNX SCI OPPORTUNITIES FUND OF FUNDS C2December 2012 quarter 1 872.07 1 745.70 March 2013 quarter 1 964.47 1 888.81 June 2013 quarter 2 029.50 1 855.01 September 2013 quarter 2 150.05 1 925.48 December 2013 quarter 2 247.25 2 101.89 NFB BALANCED FUND OF FUNDS ADecember 2012 quarter 1 242.94 1 180.53 March 2013 quarter 1 287.47 1 235.95 June 2013 quarter 1 323.89 1 245.80 September 2013 quarter 1 351.67 1 262.60 December 2013 quarter 1 358.97 1 330.26

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NFB BALANCED FUND OF FUNDS BDecember 2012 quarter 1 234.87 1 176.41 March 2013 quarter 1 283.48 1 235.84 June 2013 quarter 1 316.50 1 237.17 September 2013 quarter 1 347.12 1 262.43 December 2013 quarter 1 353.43 1 325.08 NFB BALANCED FUND OF FUNDS C1December 2012 quarter 1 236.74 1 177.40 March 2013 quarter 1 284.46 1 235.88 June 2013 quarter 1 318.30 1 239.26 September 2013 quarter 1 349.90 1 262.48 December 2013 quarter 1 357.64 1 328.76 NFB CAUTIOUS FUND OF FUND BDecember 2012 quarter 1 214.94 1 180.93 March 2013 quarter 1 237.72 1 200.63 June 2013 quarter 1 269.14 1 219.82 September 2013 quarter 1 274.76 1 228.03 December 2013 quarter 1 277.99 1 261.40 NFB CAUTIOUS FUND OF FUND C1December 2012 quarter 1 216.85 1 181.94 March 2013 quarter 1 238.65 1 200.66 June 2013 quarter 1 270.87 1 221.84 September 2013 quarter 1 277.39 1 228.06 December 2013 quarter 1 281.98 1 261.40 NFB CAUTIOUS FUND OF FUNDS ADecember 2012 quarter 1 222.82 1 185.09 March 2013 quarter 1 241.56 1 200.74 June 2013 quarter 1 276.30 1 226.26 September 2013 quarter 1 279.09 1 228.16 December 2013 quarter 1 283.26 1 261.40 NFB EQUITY FUND A2December 2012 quarter 1 283.32 1 191.06 March 2013 quarter 1 328.29 1 272.53 June 2013 quarter 1 275.65 1 214.95 September 2013 quarter - - December 2013 quarter - - NFB EQUITY FUND B1December 2012 quarter 1 267.49 1 179.49 March 2013 quarter 1 318.67 1 260.69 June 2013 quarter 1 345.56 1 199.69 September 2013 quarter 1 448.06 1 258.33 December 2013 quarter 1 471.77 1 408.02 NFB EQUITY FUND B2December 2012 quarter 1 270.00 1 181.45 March 2013 quarter 1 320.60 1 262.82 June 2013 quarter 1 265.71 1 204.33 September 2013 quarter - - December 2013 quarter - - NFB EQUITY FUND CDecember 2012 quarter 1 285.83 1 192.40 March 2013 quarter 1 328.87 1 272.92 June 2013 quarter 1 276.94 1 216.46 September 2013 quarter - - December 2013 quarter - - OBSIDIAN SCI BALANCED FUND B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 036.76 988.73

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OBSIDIAN SCI BALANCED FUND B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 037.63 989.43 OBSIDIAN SCI BALANCED FUND B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 038.75 990.28 OBSIDIAN SCI BALANCED FUND B4December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 037.89 989.60 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 087.79 969.75 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 088.25 969.86 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 088.39 969.88 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 089.26 970.02 SANLAM ALL SHARE INDEX FUND A1December 2012 quarter - - March 2013 quarter 1 279.34 1 221.77 June 2013 quarter 1 319.45 1 184.87 September 2013 quarter 1 391.62 1 213.67 December 2013 quarter 1 449.16 1 341.84 SANLAM ALL SHARE INDEX FUND B1December 2012 quarter 1 244.84 1 135.72 March 2013 quarter 1 279.95 1 222.26 June 2013 quarter 1 320.83 1 185.84 September 2013 quarter 1 392.48 1 213.70 December 2013 quarter 1 451.08 1 342.86 SANLAM ALL SHARE INDEX FUND B2December 2012 quarter 1 244.74 1 135.64 March 2013 quarter 1 279.86 1 222.18 June 2013 quarter 1 320.66 1 185.70 September 2013 quarter 1 392.25 1 213.69 December 2013 quarter 1 450.76 1 342.61

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SANLAM ALTERNATIVE INCOME FUND A1December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B1December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B2December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B3December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B4December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B5December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B6December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B7December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SANLAM ASIA PACIFIC FUND OF FUNDSDecember 2012 quarter 1 134.58 1 028.11 March 2013 quarter 1 266.15 1 133.16 June 2013 quarter 1 368.93 1 173.67 September 2013 quarter 1 364.75 1 242.68 December 2013 quarter 1 423.08 1 327.70 SANLAM ASIA PACIFIC FUND OF FUNDS B1December 2012 quarter 1 227.43 1 119.72 March 2013 quarter 1 360.40 1 226.19 June 2013 quarter 1 464.55 1 268.37 September 2013 quarter 1 462.51 1 338.87 December 2013 quarter 1 522.43 1 425.66

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SANLAM BOND INDEX FUND B1December 2012 quarter 1 140.07 1 086.57 March 2013 quarter 1 113.91 1 093.69 June 2013 quarter 1 167.74 1 048.37 September 2013 quarter 1 066.65 1 013.71 December 2013 quarter 1 084.86 1 045.92 SANLAM BOND INDEX FUND B2December 2012 quarter 1 141.24 1 087.24 March 2013 quarter 1 114.29 1 093.90 June 2013 quarter 1 168.64 1 048.37 September 2013 quarter 1 067.20 1 014.05 December 2013 quarter 1 085.60 1 046.95 SANLAM BOND INDEX FUND B3December 2012 quarter 1 139.91 1 086.40 March 2013 quarter 1 114.10 1 093.79 June 2013 quarter 1 167.95 1 048.37 September 2013 quarter 1 066.61 1 013.68 December 2013 quarter 1 084.88 1 045.95 SANLAM DIVERSIFIED INCOME FUND OF FUND BDecember 2012 quarter 102.56 101.97 March 2013 quarter 102.87 102.31 June 2013 quarter 103.11 102.65 September 2013 quarter 103.30 102.77 December 2013 quarter 103.63 103.00 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2December 2012 quarter 102.55 101.98 March 2013 quarter 102.85 102.30 June 2013 quarter 103.06 102.64 September 2013 quarter 103.28 102.76 December 2013 quarter 103.61 102.99 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3December 2012 quarter 102.56 101.97 March 2013 quarter 102.85 102.30 June 2013 quarter 103.07 102.64 September 2013 quarter 103.28 102.77 December 2013 quarter 103.62 102.98 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4December 2012 quarter 102.62 101.97 March 2013 quarter 102.92 102.31 June 2013 quarter 103.13 102.65 September 2013 quarter 103.35 102.77 December 2013 quarter 103.69 103.00 SANLAM GENERAL INSTITUTIONAL FUND B1December 2012 quarter 3 010.83 2 858.02 March 2013 quarter 3 090.54 2 848.91 June 2013 quarter 2 848.91 2 457.22 September 2013 quarter 2 943.27 2 495.73 December 2013 quarter 5 441.79 2 864.06 SANLAM GENERAL INSTITUTIONAL FUND B10December 2012 quarter 3 011.88 2 850.88 March 2013 quarter 3 090.19 2 848.86 June 2013 quarter 2 848.86 2 456.33 September 2013 quarter 2 942.36 2 495.62 December 2013 quarter 5 441.44 2 863.27 SANLAM GENERAL INSTITUTIONAL FUND B3December 2012 quarter 3 016.57 2 856.47 March 2013 quarter 3 093.22 2 849.23 June 2013 quarter 2 849.23 2 462.44 September 2013 quarter 2 948.63 2 496.40 December 2013 quarter 5 456.52 2 868.38

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SANLAM GLOBAL BALANCED FUND OF FUNDSDecember 2012 quarter 1 483.69 1 369.46 March 2013 quarter 1 634.08 1 424.81 June 2013 quarter 1 828.54 1 559.73 September 2013 quarter 1 876.67 1 723.22 December 2013 quarter 2 014.30 1 810.06 SANLAM GLOBAL BALANCED FUND OF FUNDS B1December 2012 quarter 1 391.13 1 277.16 March 2013 quarter 1 535.39 1 341.54 June 2013 quarter 1 725.98 1 460.20 September 2013 quarter 1 771.35 1 620.09 December 2013 quarter 1 903.35 1 702.91 SANLAM GLOBAL BALANCED FUND OF FUNDS B2December 2012 quarter 1 559.16 1 444.94 March 2013 quarter 1 709.25 1 500.57 June 2013 quarter 1 903.56 1 634.87 September 2013 quarter 1 951.58 1 798.22 December 2013 quarter 2 089.01 1 884.90 SANLAM GLOBAL CAUTIOUS FOFDecember 2012 quarter 1 444.45 1 341.65 March 2013 quarter 1 573.75 1 395.34 June 2013 quarter 1 732.45 1 510.40 September 2013 quarter 1 757.28 1 641.80 December 2013 quarter 1 849.31 1 698.39 SANLAM GLOBAL EQUITY FUND ADecember 2012 quarter 310.30 285.70 March 2013 quarter 362.00 307.31 June 2013 quarter 431.05 348.44 September 2013 quarter 449.20 403.66 December 2013 quarter 507.46 440.43 SANLAM GLOBAL EQUITY FUND B1December 2012 quarter 291.80 267.69 March 2013 quarter 342.69 288.78 June 2013 quarter 410.81 328.88 September 2013 quarter 427.95 383.73 December 2013 quarter 484.65 418.99 SANLAM GLOBAL EQUITY FUND B2December 2012 quarter 322.26 296.44 March 2013 quarter 373.13 316.80 June 2013 quarter 443.51 359.92 September 2013 quarter 460.61 413.16 December 2013 quarter 521.12 452.11 SANLAM GLOBAL EQUITY FUND B3December 2012 quarter 317.88 293.04 March 2013 quarter 369.59 314.41 June 2013 quarter 438.90 356.10 September 2013 quarter 456.68 410.75 December 2013 quarter 515.39 447.96 SANLAM GLOBAL EQUITY FUND RDecember 2012 quarter 319.02 293.99 March 2013 quarter 370.55 315.14 June 2013 quarter 440.08 357.12 September 2013 quarter 457.72 411.49 December 2013 quarter 516.78 449.04 SANLAM GLOBAL INDEX FUND OF FUNDS B1December 2012 quarter 1 240.76 1 149.52 March 2013 quarter 1 342.32 1 186.27 June 2013 quarter 1 511.21 1 284.77 September 2013 quarter 1 537.59 1 415.03 December 2013 quarter 1 646.16 1 483.65

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SANLAM GROWTH INSTITUTIONAL FUND B1December 2012 quarter 4 826.58 4 421.13 March 2013 quarter 5 227.14 4 843.68 June 2013 quarter 5 477.64 4 907.49 September 2013 quarter 5 976.69 5 191.49 December 2013 quarter 6 190.97 5 734.69 SANLAM GROWTH INSTITUTIONAL FUND B2December 2012 quarter 4 826.03 4 420.63 March 2013 quarter 5 226.53 4 843.13 June 2013 quarter 5 477.06 4 906.98 September 2013 quarter 5 975.92 5 190.81 December 2013 quarter 6 190.13 5 733.92 SANLAM GROWTH INSTITUTIONAL FUND B4December 2012 quarter 4 814.64 4 414.39 March 2013 quarter 5 214.88 4 836.09 June 2013 quarter 5 465.33 4 898.76 September 2013 quarter 5 961.47 5 183.04 December 2013 quarter 12 526.58 5 746.02 SANLAM GROWTH INSTITUTIONAL FUND B5December 2012 quarter 4 813.37 4 418.72 March 2013 quarter 5 214.70 4 840.74 June 2013 quarter 5 465.49 4 901.97 September 2013 quarter 5 959.22 5 187.53 December 2013 quarter 6 171.79 5 719.56 SANLAM GROWTH INSTITUTIONAL FUND B6December 2012 quarter 5 758.15 5 282.43 March 2013 quarter 6 257.72 5 786.94 June 2013 quarter 6 558.65 5 880.30 September 2013 quarter 7 150.71 6 222.29 December 2013 quarter 7 351.33 5 730.47 SANLAM GROWTH INSTITUTIONAL FUND B8December 2012 quarter 4 820.31 4 414.82 March 2013 quarter 5 245.23 4 836.89 June 2013 quarter 5 491.26 4 924.95 September 2013 quarter 6 008.99 5 209.17 December 2013 quarter 6 200.34 5 745.95 SANLAM INDIA OPPORTUNITIES FEEDER FUNDDecember 2012 quarter 1 074.36 954.73 March 2013 quarter 1 087.90 985.48 June 2013 quarter 1 123.22 944.98 September 2013 quarter 1 019.07 802.75 December 2013 quarter 1 081.95 924.17 SANLAM INST SPECIAL OPPORTUNITIES FUNDDecember 2012 quarter 3 447.46 3 223.07 March 2013 quarter 3 624.62 3 394.84 June 2013 quarter 3 718.41 3 556.68 September 2013 quarter 3 837.41 3 532.86 December 2013 quarter 4 021.68 3 815.40 SANLAM OPTIMISED INCOME FUND B1December 2012 quarter 103.10 101.40 March 2013 quarter 103.05 102.02 June 2013 quarter 102.64 101.38 September 2013 quarter 101.89 99.82 December 2013 quarter 103.40 99.22 SANLAM OPTIMISED INCOME FUND B2December 2012 quarter 103.13 101.41 March 2013 quarter 103.12 102.09 June 2013 quarter 102.65 101.41 September 2013 quarter 101.94 99.82 December 2013 quarter 103.48 99.09

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SANLAM OPTIMISED INCOME FUND B3December 2012 quarter 103.11 101.40 March 2013 quarter 103.05 102.02 June 2013 quarter 102.64 101.38 September 2013 quarter 101.88 99.82 December 2013 quarter 103.39 99.23 SANLAM OPTIMISED INCOME FUND B4December 2012 quarter 103.13 101.41 March 2013 quarter 103.11 102.06 June 2013 quarter 102.65 101.41 September 2013 quarter 101.92 99.83 December 2013 quarter 103.45 99.15 SANLAM PAN-EUROPE FUNDDecember 2012 quarter 270.24 246.77 March 2013 quarter 299.24 268.35 June 2013 quarter 335.12 282.80 September 2013 quarter 354.98 308.33 December 2013 quarter 394.86 343.60 SANLAM STABLE GROWTH FUND A1December 2012 quarter 1 023.25 993.98 March 2013 quarter 1 035.47 1 015.56 June 2013 quarter 1 029.91 1 000.00 September 2013 quarter 1 011.42 994.74 December 2013 quarter 1 025.00 1 010.92 SANLAM STABLE GROWTH FUND B1December 2012 quarter 1 023.25 993.98 March 2013 quarter 1 035.47 1 015.56 June 2013 quarter 1 029.91 1 000.00 September 2013 quarter 1 011.42 994.74 December 2013 quarter 1 024.77 1 010.92 SANLAM STABLE GROWTH FUND B2December 2012 quarter 1 024.77 994.74 March 2013 quarter 1 036.28 1 015.59 June 2013 quarter 1 031.04 1 000.01 September 2013 quarter 1 012.39 994.82 December 2013 quarter 1 026.78 1 011.98 SANLAM STABLE GROWTH FUND B3December 2012 quarter 1 027.80 996.07 March 2013 quarter 1 037.65 1 015.62 June 2013 quarter 1 033.70 1 000.06 September 2013 quarter 1 014.60 995.02 December 2013 quarter 1 031.06 1 014.38 SANLAM STABLE GROWTH FUND B4December 2012 quarter - - March 2013 quarter 1 036.75 1 015.59 June 2013 quarter 1 031.75 1 000.03 September 2013 quarter 1 013.12 994.87 December 2013 quarter 1 028.16 1 012.76 SANLAM STABLE GROWTH FUND B5December 2012 quarter - - March 2013 quarter - - June 2013 quarter 1 000.03 1 000.03 September 2013 quarter 1 014.14 994.95 December 2013 quarter 1 030.17 1 013.88 SANLAM VALUE INSTITUTIONAL FUND B1December 2012 quarter 4 372.18 4 027.55 March 2013 quarter 4 591.72 4 372.24 June 2013 quarter 4 701.94 4 303.75 September 2013 quarter 4 980.90 4 462.92 December 2013 quarter 5 243.64 4 843.73

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SANLAM VALUE INSTITUTIONAL FUND B2December 2012 quarter 4 372.21 4 027.59 March 2013 quarter 4 591.72 4 372.24 June 2013 quarter 4 701.96 4 303.77 September 2013 quarter 4 980.91 4 462.92 December 2013 quarter 5 243.65 4 843.72 SANLAM VALUE INSTITUTIONAL FUND B3December 2012 quarter - - March 2013 quarter 4 585.76 4 372.18 June 2013 quarter 4 696.41 4 302.38 September 2013 quarter 4 972.31 4 462.66 December 2013 quarter 5 232.54 4 842.67 SANLAM VALUE INSTITUTIONAL FUND B5December 2012 quarter 4 087.89 3 751.89 March 2013 quarter 4 308.65 4 096.44 June 2013 quarter 4 420.14 4 026.27 September 2013 quarter 4 695.33 4 186.47 December 2013 quarter 4 956.38 4 567.08 SESFIKILE SCI PROPERTY FUND A1December 2012 quarter 1 375.41 1 243.26 March 2013 quarter 1 457.75 1 309.59 June 2013 quarter 1 606.15 1 326.81 September 2013 quarter 1 459.67 1 274.81 December 2013 quarter 1 477.72 1 379.48 SESFIKILE SCI PROPERTY FUND B1December 2012 quarter 1 376.62 1 243.97 March 2013 quarter 1 457.45 1 309.61 June 2013 quarter 1 606.31 1 327.28 September 2013 quarter 1 459.82 1 275.26 December 2013 quarter 1 478.79 1 380.93 SESFIKILE SCI PROPERTY FUND B2December 2012 quarter 1 378.86 1 245.42 March 2013 quarter 1 459.24 1 309.66 June 2013 quarter 1 608.65 1 330.00 September 2013 quarter 1 460.02 1 275.83 December 2013 quarter 1 480.11 1 382.72 SIM ABSOLUTE RETURN INCOME FUNDDecember 2012 quarter 122.64 120.52 March 2013 quarter 120.89 119.04 June 2013 quarter 122.43 118.52 September 2013 quarter 120.17 118.38 December 2013 quarter 121.82 120.10 SIM ABSOLUTE RETURN INCOME FUND A1December 2012 quarter 122.57 120.49 March 2013 quarter 120.86 119.07 June 2013 quarter 122.38 118.53 September 2013 quarter 120.13 118.38 December 2013 quarter 121.74 120.06 SIM ABSOLUTE RETURN INCOME FUND B1December 2012 quarter 123.33 120.87 March 2013 quarter 121.24 119.09 June 2013 quarter 122.96 118.52 September 2013 quarter 120.50 118.41 December 2013 quarter 122.50 120.45 SIM ABSOLUTE RETURN INCOME FUND B2December 2012 quarter 121.89 120.14 March 2013 quarter 120.52 119.06 June 2013 quarter 121.86 118.51 September 2013 quarter 119.81 118.24 December 2013 quarter 121.05 119.71

289




SIM ABSOLUTE RETURN INCOME FUND B3December 2012 quarter 122.77 120.58 March 2013 quarter 120.96 119.07 June 2013 quarter 122.54 118.53 September 2013 quarter 120.24 118.39 December 2013 quarter 121.95 120.18 SIM ABSOLUTE RETURN INCOME FUND B4December 2012 quarter 122.91 120.66 March 2013 quarter 121.03 119.08 June 2013 quarter 122.65 118.51 September 2013 quarter 120.30 118.38 December 2013 quarter 122.08 120.23 SIM ABSOLUTE RETURN INCOME FUND B5December 2012 quarter 122.99 120.71 March 2013 quarter 121.10 119.07 June 2013 quarter 122.77 118.51 September 2013 quarter 120.36 118.39 December 2013 quarter 122.22 120.30 SIM ACTIVE INCOME FUND A1December 2012 quarter 1 144.56 1 124.81 March 2013 quarter 1 144.40 1 127.25 June 2013 quarter 1 143.03 1 127.27 September 2013 quarter 1 144.36 1 125.48 December 2013 quarter 1 142.33 1 126.66 SIM ACTIVE INCOME FUND B1December 2012 quarter 1 146.88 1 124.86 March 2013 quarter 1 146.85 1 127.37 June 2013 quarter 1 145.18 1 127.30 September 2013 quarter 1 146.81 1 125.70 December 2013 quarter 1 144.95 1 126.97 SIM ACTIVE INCOME FUND B10December 2012 quarter 1 145.67 1 124.84 March 2013 quarter 1 145.65 1 127.31 June 2013 quarter 1 144.00 1 127.28 September 2013 quarter 1 145.65 1 125.59 December 2013 quarter 1 143.70 1 126.67 SIM ACTIVE INCOME FUND B2December 2012 quarter 1 146.12 1 124.84 March 2013 quarter 1 145.63 1 127.31 June 2013 quarter 1 143.92 1 127.28 September 2013 quarter 1 145.58 1 125.59 December 2013 quarter 1 143.63 1 126.73 SIM ACTIVE INCOME FUND B3December 2012 quarter 1 144.83 1 124.86 March 2013 quarter 1 144.55 1 127.26 June 2013 quarter 1 143.12 1 127.29 September 2013 quarter 1 144.52 1 125.51 December 2013 quarter 1 142.50 1 126.69 SIM ACTIVE INCOME FUND B4December 2012 quarter 1 113.30 1 092.81 March 2013 quarter 1 113.03 1 095.25 June 2013 quarter 1 111.38 1 095.24 September 2013 quarter 1 112.98 1 093.50 December 2013 quarter 1 111.01 1 094.69 SIM ACTIVE INCOME FUND B5December 2012 quarter 1 145.44 1 124.85 March 2013 quarter 1 145.47 1 127.30 June 2013 quarter 1 143.77 1 127.28 September 2013 quarter 1 145.42 1 125.57 December 2013 quarter 1 143.47 1 126.71

290




SIM ACTIVE INCOME FUND B6December 2012 quarter 1 145.70 1 125.20 March 2013 quarter 1 145.31 1 127.29 June 2013 quarter 1 143.61 1 127.27 September 2013 quarter 1 145.26 1 125.55 December 2013 quarter 1 143.30 1 126.69 SIM ACTIVE INCOME FUND B7December 2012 quarter 1 142.86 1 125.02 March 2013 quarter 1 142.95 1 127.22 June 2013 quarter 1 142.23 1 127.28 September 2013 quarter 1 143.00 1 124.87 December 2013 quarter 1 140.90 1 126.94 SIM ACTIVE INCOME FUND B9December 2012 quarter 1 143.66 1 124.85 March 2013 quarter 1 143.79 1 127.23 June 2013 quarter 1 142.67 1 127.27 September 2013 quarter 1 143.75 1 125.34 December 2013 quarter 1 141.69 1 126.67 SIM ACTIVE INCOME FUND CDecember 2012 quarter 1 140.35 1 124.78 March 2013 quarter 1 140.41 1 127.06 June 2013 quarter 1 140.67 1 127.23 September 2013 quarter 1 140.37 1 123.28 December 2013 quarter 1 138.10 1 126.55 SIM BALANCED FUND ADecember 2012 quarter 5 831.61 5 519.89 March 2013 quarter 6 077.21 5 775.05 June 2013 quarter 6 327.35 5 919.69 September 2013 quarter 6 523.09 6 026.00 December 2013 quarter 6 777.42 6 451.05 SIM BALANCED FUND BDecember 2012 quarter 5 842.89 5 526.06 March 2013 quarter 6 061.92 5 775.09 June 2013 quarter 6 317.15 5 906.08 September 2013 quarter 6 529.11 6 026.52 December 2013 quarter 6 789.96 6 457.91 SIM BALANCED FUND B1December 2012 quarter 5 810.14 5 513.23 March 2013 quarter 6 060.91 5 774.61 June 2013 quarter 6 296.33 5 898.52 September 2013 quarter 6 505.70 6 024.51 December 2013 quarter 6 742.43 6 431.23 SIM BALANCED FUND B3December 2012 quarter 5 862.26 5 543.22 March 2013 quarter 6 084.03 5 775.17 June 2013 quarter 6 341.46 5 928.91 September 2013 quarter 6 531.69 6 026.72 December 2013 quarter 6 807.23 6 460.85 SIM BALANCED FUND B4December 2012 quarter 5 865.58 5 542.88 March 2013 quarter 6 085.54 5 775.31 June 2013 quarter 6 346.63 5 931.64 September 2013 quarter 6 536.06 6 027.13 December 2013 quarter 6 814.38 6 465.72 SIM BALANCED FUND B6December 2012 quarter 5 874.38 5 549.45 March 2013 quarter 6 089.42 5 775.30 June 2013 quarter 6 352.70 5 936.26 September 2013 quarter 6 538.69 6 027.36 December 2013 quarter 6 829.08 6 468.83

291




SIM BALANCED FUND B7December 2012 quarter - - March 2013 quarter - - June 2013 quarter 6 046.06 6 046.06 September 2013 quarter 6 531.73 6 026.70 December 2013 quarter 6 814.31 6 460.90 SIM BALANCED FUND B9December 2012 quarter 5 840.09 5 528.38 March 2013 quarter 6 074.42 5 775.11 June 2013 quarter 6 324.57 5 916.89 September 2013 quarter 6 523.09 6 026.00 December 2013 quarter 6 780.43 6 451.02 SIM BALANCED FUND RDecember 2012 quarter 5 850.10 5 536.96 March 2013 quarter 6 078.60 5 775.00 June 2013 quarter 6 330.13 5 921.55 September 2013 quarter 6 524.76 6 026.15 December 2013 quarter 6 799.43 6 452.96 SIM BOND PLUS FUNDDecember 2012 quarter 899.92 859.63 March 2013 quarter 877.46 862.53 June 2013 quarter 919.57 833.42 September 2013 quarter 850.32 801.23 December 2013 quarter 863.20 829.28 SIM BOND PLUS FUND B2December 2012 quarter 902.51 861.09 March 2013 quarter 878.83 862.96 June 2013 quarter 921.50 833.44 September 2013 quarter 851.46 801.98 December 2013 quarter 864.84 831.54 SIM BOND PLUS FUND B3December 2012 quarter 903.47 861.63 March 2013 quarter 879.33 863.12 June 2013 quarter 922.20 833.44 September 2013 quarter 851.88 802.25 December 2013 quarter 865.44 832.37 SIM DIVIDEND+ INDEX FUND A1December 2012 quarter 1 354.17 1 213.72 March 2013 quarter 1 376.26 1 312.77 June 2013 quarter 1 327.13 1 196.15 September 2013 quarter 1 331.71 1 223.05 December 2013 quarter 1 370.92 1 296.48 SIM DIVIDEND+ INDEX FUND B1December 2012 quarter 1 355.19 1 214.28 March 2013 quarter 1 376.70 1 313.13 June 2013 quarter 1 327.70 1 197.21 September 2013 quarter 1 332.19 1 223.09 December 2013 quarter 1 372.04 1 297.48 SIM DIVIDEND+ INDEX FUND B2December 2012 quarter 1 357.28 1 215.39 March 2013 quarter 1 377.60 1 313.85 June 2013 quarter 1 328.88 1 199.38 September 2013 quarter 1 333.17 1 223.16 December 2013 quarter 1 374.31 1 299.53 SIM ENHANCED YIELD FUND A1December 2012 quarter 103.32 102.46 March 2013 quarter 103.32 102.78 June 2013 quarter 103.70 101.80 September 2013 quarter 102.62 101.39 December 2013 quarter 102.97 101.70

292




SIM ENHANCED YIELD FUND B1December 2012 quarter 103.32 102.46 March 2013 quarter 103.32 102.78 June 2013 quarter 103.70 101.80 September 2013 quarter 102.62 101.39 December 2013 quarter 102.97 101.70 SIM ENHANCED YIELD FUND B2December 2012 quarter 103.32 102.46 March 2013 quarter 103.33 102.78 June 2013 quarter 103.72 101.81 September 2013 quarter 102.63 101.39 December 2013 quarter 102.98 101.70 SIM ENHANCED YIELD FUND B3December 2012 quarter 103.36 102.47 March 2013 quarter 103.35 102.78 June 2013 quarter 103.75 101.82 September 2013 quarter 102.65 101.39 December 2013 quarter 103.02 101.71 SIM EQUALLY WEIGHTED TOP40 INDEX FUND A1December 2012 quarter 1 362.65 1 225.89 March 2013 quarter 1 385.66 1 321.55 June 2013 quarter 1 388.61 1 238.81 September 2013 quarter 1 476.53 1 270.64 December 2013 quarter 1 508.99 1 378.21 SIM EQUALLY WEIGHTED TOP40 INDEX FUND B1December 2012 quarter 1 363.98 1 226.74 March 2013 quarter 1 386.22 1 322.22 June 2013 quarter 1 389.86 1 240.20 September 2013 quarter 1 477.38 1 270.96 December 2013 quarter 1 510.13 1 379.59 SIM EQUALLY WEIGHTED TOP40 INDEX FUND B1 (RING)December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 421.58 1 379.59 SIM EQUALLY WEIGHTED TOP40 INDEX FUND B2December 2012 quarter 1 366.13 1 227.89 March 2013 quarter 1 386.80 1 323.03 June 2013 quarter 1 391.84 1 242.45 September 2013 quarter 1 478.53 1 270.99 December 2013 quarter 1 511.88 1 381.84 SIM FINANCIAL FUNDDecember 2012 quarter 4 261.38 3 814.31 March 2013 quarter 4 486.36 4 233.68 June 2013 quarter 4 667.42 4 136.43 September 2013 quarter 4 731.57 4 241.59 December 2013 quarter 5 022.20 4 677.40 SIM FINANCIAL FUND B1December 2012 quarter 4 248.47 3 807.17 March 2013 quarter 4 479.41 4 234.40 June 2013 quarter 4 656.28 4 121.94 September 2013 quarter 4 724.23 4 240.95 December 2013 quarter 5 006.19 4 668.92 SIM FINANCIAL FUND B2December 2012 quarter 4 280.83 3 825.10 March 2013 quarter 4 496.81 4 234.78 June 2013 quarter 4 684.15 4 158.50 September 2013 quarter 4 742.60 4 242.55 December 2013 quarter 5 046.30 4 690.16

293




SIM GENERAL EQUITY FUND ADecember 2012 quarter 14 797.24 13 733.85 March 2013 quarter 15 652.02 14 825.41 June 2013 quarter 16 317.62 14 798.78 September 2013 quarter 17 267.48 15 304.53 December 2013 quarter 18 396.29 16 913.40 SIM GENERAL EQUITY FUND B1December 2012 quarter 14 705.11 13 682.90 March 2013 quarter 15 603.88 14 812.62 June 2013 quarter 16 229.24 14 732.85 September 2013 quarter 17 198.95 15 290.61 December 2013 quarter 18 262.31 16 836.48 SIM GENERAL EQUITY FUND B4December 2012 quarter 14 768.41 13 723.50 March 2013 quarter 15 658.53 14 825.58 June 2013 quarter 16 328.89 14 807.71 September 2013 quarter 17 272.99 15 304.61 December 2013 quarter 18 408.69 16 919.91 SIM GENERAL EQUITY FUND B5December 2012 quarter 14 851.59 13 761.28 March 2013 quarter 15 677.58 14 825.95 June 2013 quarter 16 367.47 14 835.42 September 2013 quarter 17 302.44 15 305.47 December 2013 quarter 18 475.54 16 953.40 SIM GENERAL EQUITY FUND B6December 2012 quarter 14 826.94 13 745.91 March 2013 quarter 15 669.46 14 825.84 June 2013 quarter 16 353.17 14 824.20 September 2013 quarter 17 297.25 15 305.57 December 2013 quarter 18 460.77 16 946.91 SIM GENERAL EQUITY FUND B9December 2012 quarter 14 798.02 13 734.08 March 2013 quarter 15 652.04 14 825.43 June 2013 quarter 16 318.12 14 798.95 September 2013 quarter 17 271.01 15 304.67 December 2013 quarter 18 405.48 16 917.18 SIM GENERAL EQUITY FUND RDecember 2012 quarter 14 808.89 13 738.73 March 2013 quarter 15 656.00 14 825.49 June 2013 quarter 16 328.64 14 805.40 September 2013 quarter 17 292.57 15 305.55 December 2013 quarter 18 453.83 16 940.71 SIM GLOBAL BEST IDEAS FEEDER FUND ADecember 2012 quarter 980.38 906.38 March 2013 quarter 1 078.09 939.30 June 2013 quarter 1 196.88 1 015.82 September 2013 quarter 1 107.89 1 051.92 December 2013 quarter 1 186.14 1 064.86 SIM GLOBAL BEST IDEAS FEEDER FUND A1December 2012 quarter 997.99 923.95 March 2013 quarter 1 096.88 957.52 June 2013 quarter 1 216.24 1 034.78 September 2013 quarter 1 127.87 1 072.16 December 2013 quarter 1 207.00 1 085.26 SIM GLOBAL BEST IDEAS FEEDER FUND B1December 2012 quarter 1 023.61 949.46 March 2013 quarter 1 125.26 984.54 June 2013 quarter 1 245.94 1 063.55 September 2013 quarter 1 159.22 1 103.93 December 2013 quarter 1 240.25 1 117.45

294




SIM GLOBAL BEST IDEAS FEEDER FUND B2December 2012 quarter 1 014.62 940.52 March 2013 quarter 1 114.72 974.76 June 2013 quarter 1 234.67 1 052.80 September 2013 quarter 1 147.02 1 091.50 December 2013 quarter 1 226.99 1 104.79 SIM GLOBAL BEST IDEAS FEEDER FUND B3December 2012 quarter 1 015.80 941.67 March 2013 quarter 1 115.42 975.79 June 2013 quarter 1 235.28 1 053.45 September 2013 quarter 1 147.60 1 092.10 December 2013 quarter 1 227.60 1 105.36 SIM GLOBAL BEST IDEAS FEEDER FUND CDecember 2012 quarter 938.18 864.38 March 2013 quarter 1 031.37 894.77 June 2013 quarter 1 147.98 968.46 September 2013 quarter 1 057.77 999.61 December 2013 quarter 1 131.42 1 011.88 SIM GLOBAL EQUITY INCOME FEEDER FUND A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter 1 020.24 991.59 September 2013 quarter 1 056.77 996.16 December 2013 quarter 1 140.30 1 007.32 SIM GLOBAL EQUITY INCOME FEEDER FUND B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter 1 020.33 991.71 September 2013 quarter 1 057.32 996.30 December 2013 quarter 1 141.33 1 007.94 SIM GLOBAL FINANCIAL FEEDER FUND A1December 2012 quarter 1 356.11 1 248.21 March 2013 quarter 1 542.12 1 328.41 June 2013 quarter 1 696.96 1 444.58 September 2013 quarter 1 572.24 1 431.38 December 2013 quarter 1 687.81 1 519.50 SIM GLOBAL FINANCIAL FEEDER FUND B1December 2012 quarter 1 360.11 1 252.13 March 2013 quarter 1 547.95 1 333.30 June 2013 quarter 1 703.64 1 450.66 September 2013 quarter 1 579.32 1 439.15 December 2013 quarter 1 697.06 1 527.74 SIM INDEX FUNDDecember 2012 quarter 9 563.34 8 699.13 March 2013 quarter 9 874.66 9 425.20 June 2013 quarter 10 264.47 9 068.05 September 2013 quarter 10 880.16 9 391.17 December 2013 quarter 11 340.78 10 429.91 SIM INDEX FUND A1December 2012 quarter 9 590.30 8 712.86 March 2013 quarter 9 886.40 9 434.93 June 2013 quarter 10 289.58 9 085.84 September 2013 quarter 10 895.48 9 392.00 December 2013 quarter 11 374.38 10 447.82 SIM INDEX FUND B1December 2012 quarter 9 491.32 8 653.36 March 2013 quarter 9 839.00 9 387.31 June 2013 quarter 10 196.06 9 014.15 September 2013 quarter 10 831.23 9 370.94 December 2013 quarter 11 255.81 10 375.87

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SIM INDEX FUND B2December 2012 quarter 9 592.58 8 714.01 March 2013 quarter 9 887.40 9 435.77 June 2013 quarter 10 291.72 9 087.36 September 2013 quarter 10 896.79 9 392.07 December 2013 quarter 11 377.25 10 449.35 SIM INDUSTRIAL FUND ADecember 2012 quarter 9 975.11 9 148.92 March 2013 quarter 10 898.61 10 009.50 June 2013 quarter 11 627.70 10 334.81 September 2013 quarter 12 781.68 11 325.32 December 2013 quarter 13 886.85 12 508.89 SIM INDUSTRIAL FUND B1December 2012 quarter 9 907.16 9 097.04 March 2013 quarter 10 841.87 9 963.32 June 2013 quarter 11 557.84 10 272.36 September 2013 quarter 12 705.69 11 267.94 December 2013 quarter 13 787.78 12 429.87 SIM INDUSTRIAL FUND B2December 2012 quarter 10 029.33 9 178.73 March 2013 quarter 10 925.68 10 020.50 June 2013 quarter 11 674.59 10 370.57 September 2013 quarter 12 817.84 11 333.03 December 2013 quarter 13 958.37 12 549.69 SIM INDUSTRIAL FUND RDecember 2012 quarter 10 008.23 9 168.50 March 2013 quarter 10 916.63 10 018.60 June 2013 quarter 11 656.73 10 357.64 September 2013 quarter 12 804.76 11 332.62 December 2013 quarter 13 929.53 12 534.55 SIM INFLATION PLUS FUNDDecember 2012 quarter 391.20 378.55 March 2013 quarter 398.65 383.19 June 2013 quarter 413.60 394.52 September 2013 quarter 416.41 398.30 December 2013 quarter 432.33 414.83 SIM INFLATION PLUS FUND B1December 2012 quarter 388.93 377.38 March 2013 quarter 397.59 383.16 June 2013 quarter 411.56 393.19 September 2013 quarter 415.16 398.26 December 2013 quarter 429.72 413.41 SIM INFLATION PLUS FUND B2December 2012 quarter 393.27 379.63 March 2013 quarter 399.62 383.23 June 2013 quarter 415.46 395.74 September 2013 quarter 417.53 398.32 December 2013 quarter 434.71 416.11 SIM INFLATION PLUS FUND B4December 2012 quarter 392.02 378.98 March 2013 quarter 399.02 383.19 June 2013 quarter 414.33 394.99 September 2013 quarter 416.85 398.30 December 2013 quarter 433.28 415.33 SIM INFLATION PLUS FUND B6December 2012 quarter 392.05 379.01 March 2013 quarter 399.11 383.19 June 2013 quarter 414.49 395.10 September 2013 quarter 416.87 398.29 December 2013 quarter 432.96 415.35

296




SIM INFLATION PLUS FUND B7December 2012 quarter 391.60 378.76 March 2013 quarter 398.85 383.20 June 2013 quarter 413.98 394.77 September 2013 quarter 416.63 398.30 December 2013 quarter 432.82 415.09 SIM INFLATION PLUS FUND B8December 2012 quarter 392.86 379.42 March 2013 quarter 399.43 383.22 June 2013 quarter 415.09 395.49 September 2013 quarter 417.30 398.31 December 2013 quarter 434.23 415.85 SIM INFLATION PLUS FUND B9December 2012 quarter 391.19 378.55 March 2013 quarter 398.64 383.23 June 2013 quarter 413.60 394.51 September 2013 quarter 416.40 398.29 December 2013 quarter 432.33 414.82 SIM LOW EQUITY FUND A1December 2012 quarter 124.39 120.91 March 2013 quarter 127.18 121.96 June 2013 quarter 132.10 126.20 September 2013 quarter 132.67 127.79 December 2013 quarter 137.27 132.16 SIM LOW EQUITY FUND B1December 2012 quarter 124.37 120.90 March 2013 quarter 127.18 121.95 June 2013 quarter 132.10 126.20 September 2013 quarter 132.67 127.79 December 2013 quarter 137.27 132.16 SIM LOW EQUITY FUND B2December 2012 quarter 125.21 121.34 March 2013 quarter 127.56 121.96 June 2013 quarter 132.84 126.68 September 2013 quarter 133.11 127.79 December 2013 quarter 138.21 132.65 SIM LOW EQUITY FUND B3December 2012 quarter 124.60 121.02 March 2013 quarter 127.36 121.96 June 2013 quarter 132.37 126.41 September 2013 quarter 132.80 127.80 December 2013 quarter 137.55 132.30 SIM LOW EQUITY FUND B4December 2012 quarter 124.70 121.07 March 2013 quarter 127.32 121.95 June 2013 quarter 132.39 126.38 September 2013 quarter 132.83 127.78 December 2013 quarter 137.63 132.34 SIM LOW EQUITY FUND CDecember 2012 quarter 123.62 120.51 March 2013 quarter 126.82 121.94 June 2013 quarter 131.42 125.75 September 2013 quarter 132.26 127.79 December 2013 quarter 136.41 131.69 SIM MANAGED AGGRESSIVE FUND OF FUNDS A1December 2012 quarter 1 782.11 1 685.13 March 2013 quarter 1 873.69 1 766.85 June 2013 quarter 1 957.14 1 809.13 September 2013 quarter 2 033.55 1 860.13 December 2013 quarter 2 145.36 2 003.80

297




SIM MANAGED AGGRESSIVE FUND OF FUNDS B1December 2012 quarter 1 787.23 1 688.87 March 2013 quarter 1 877.28 1 769.25 June 2013 quarter 1 962.01 1 813.16 September 2013 quarter 2 037.42 1 862.50 December 2013 quarter 2 150.10 2 007.90 SIM MANAGED AGGRESSIVE FUND OF FUNDS B2December 2012 quarter 1 746.85 1 656.00 March 2013 quarter 1 845.13 1 743.68 June 2013 quarter 1 922.93 1 778.68 September 2013 quarter 2 002.81 1 836.87 December 2013 quarter 2 106.25 1 971.99 SIM MANAGED AGGRESSIVE FUND OF FUNDS B4December 2012 quarter 1 775.81 1 685.10 March 2013 quarter 1 874.26 1 773.00 June 2013 quarter 1 951.94 1 807.78 September 2013 quarter 2 032.91 1 866.12 December 2013 quarter 2 138.73 2 002.10 SIM MANAGED AGGRESSIVE FUND OF FUNDS B5December 2012 quarter 1 789.48 1 691.82 March 2013 quarter 1 880.54 1 773.10 June 2013 quarter 1 964.67 1 816.21 September 2013 quarter 2 040.63 1 866.35 December 2013 quarter 2 154.20 2 010.94 SIM MANAGED AGGRESSIVE FUND OF FUNDS B9December 2012 quarter 1 786.00 1 690.20 March 2013 quarter 1 878.87 1 773.06 June 2013 quarter 1 961.23 1 813.95 September 2013 quarter 2 038.51 1 866.32 December 2013 quarter 2 149.66 2 008.57 SIM MANAGED CAUTIOUS FUND OF FUNDS A1December 2012 quarter 1 357.39 1 309.62 March 2013 quarter 1 410.65 1 354.13 June 2013 quarter 1 449.19 1 376.61 September 2013 quarter 1 463.28 1 398.54 December 2013 quarter 1 484.97 1 431.50 SIM MANAGED CAUTIOUS FUND OF FUNDS B1December 2012 quarter 1 358.51 1 309.88 March 2013 quarter 1 411.84 1 354.38 June 2013 quarter 1 449.98 1 377.77 September 2013 quarter 1 464.47 1 398.85 December 2013 quarter 1 486.26 1 431.83 SIM MANAGED CAUTIOUS FUND OF FUNDS B2December 2012 quarter 1 349.08 1 303.02 March 2013 quarter 1 399.35 1 347.53 June 2013 quarter 1 439.68 1 365.02 September 2013 quarter 1 451.26 1 391.55 December 2013 quarter 1 472.68 1 424.44 SIM MANAGED CAUTIOUS FUND OF FUNDS B4December 2012 quarter 1 354.19 1 310.30 March 2013 quarter 1 407.21 1 354.67 June 2013 quarter 1 447.44 1 373.28 September 2013 quarter 1 459.62 1 398.81 December 2013 quarter 1 481.21 1 431.70 SIM MANAGED CAUTIOUS FUND OF FUNDS B5December 2012 quarter 1 359.19 1 310.27 March 2013 quarter 1 412.67 1 354.80 June 2013 quarter 1 450.81 1 378.90 September 2013 quarter 1 465.45 1 399.35 December 2013 quarter 1 487.22 1 432.29

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SIM MANAGED CAUTIOUS FUND OF FUNDS B9December 2012 quarter 1 357.39 1 310.28 March 2013 quarter 1 410.51 1 354.76 June 2013 quarter 1 449.32 1 376.47 September 2013 quarter 1 463.14 1 399.13 December 2013 quarter 1 484.82 1 432.06 SIM MANAGED CONSERVATIVE FOF A1December 2012 quarter 1 228.37 1 193.58 March 2013 quarter 1 269.08 1 218.63 June 2013 quarter 1 299.03 1 242.84 September 2013 quarter 1 292.53 1 249.36 December 2013 quarter 1 300.08 1 265.06 SIM MANAGED CONSERVATIVE FOF B1December 2012 quarter 1 229.38 1 193.85 March 2013 quarter 1 270.20 1 218.94 June 2013 quarter 1 299.84 1 244.00 September 2013 quarter 1 293.77 1 250.21 December 2013 quarter 1 301.27 1 265.45 SIM MANAGED CONSERVATIVE FOF B2December 2012 quarter 1 224.33 1 193.61 March 2013 quarter 1 264.71 1 218.57 June 2013 quarter 1 296.38 1 238.36 September 2013 quarter 1 287.65 1 246.61 December 2013 quarter 1 295.07 1 264.61 SIM MANAGED CONSERVATIVE FOF B4December 2012 quarter 1 236.02 1 204.69 March 2013 quarter 1 276.46 1 229.63 June 2013 quarter 1 308.06 1 250.44 September 2013 quarter 1 299.64 1 258.21 December 2013 quarter 1 307.17 1 275.70 SIM MANAGED CONSERVATIVE FOF B5December 2012 quarter 1 240.58 1 204.69 March 2013 quarter 1 281.40 1 229.79 June 2013 quarter 1 311.13 1 255.54 September 2013 quarter 1 305.09 1 261.33 December 2013 quarter 1 312.64 1 276.35 SIM MANAGED CONSERVATIVE FOF B9December 2012 quarter 1 238.90 1 204.68 March 2013 quarter 1 279.57 1 229.74 June 2013 quarter 1 309.77 1 253.34 September 2013 quarter 1 302.95 1 260.10 December 2013 quarter 1 310.45 1 276.12 SIM MANAGED MODERATE AGGRESSIVE FOF A1December 2012 quarter 1 584.62 1 509.26 March 2013 quarter 1 648.97 1 566.28 June 2013 quarter 1 718.18 1 606.62 September 2013 quarter 1 764.77 1 638.95 December 2013 quarter 1 848.66 1 743.06 SIM MANAGED MODERATE AGGRESSIVE FOF B1December 2012 quarter 1 587.79 1 511.18 March 2013 quarter 1 650.75 1 566.99 June 2013 quarter 1 721.08 1 608.77 September 2013 quarter 1 766.80 1 639.66 December 2013 quarter 1 851.48 1 745.28 SIM MANAGED MODERATE AGGRESSIVE FOF B2December 2012 quarter 1 573.42 1 503.64 March 2013 quarter 1 643.99 1 566.13 June 2013 quarter 1 708.11 1 599.93 September 2013 quarter 1 758.14 1 638.62 December 2013 quarter 1 834.71 1 735.48

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SIM MANAGED MODERATE AGGRESSIVE FOF B5December 2012 quarter 1 599.03 1 523.24 March 2013 quarter 1 663.24 1 579.97 June 2013 quarter 1 733.00 1 621.07 September 2013 quarter 1 779.05 1 652.67 December 2013 quarter 1 864.39 1 757.39 SIM MANAGED MODERATE AGGRESSIVE FOF B9December 2012 quarter 1 596.16 1 521.87 March 2013 quarter 1 661.72 1 580.03 June 2013 quarter 1 729.96 1 619.04 September 2013 quarter 1 777.34 1 652.60 December 2013 quarter 1 860.69 1 755.45 SIM MANAGED MODERATE FUND OF FUNDS A1December 2012 quarter 1 627.67 1 553.68 March 2013 quarter 1 684.09 1 605.57 June 2013 quarter 1 752.27 1 651.28 September 2013 quarter 1 780.78 1 668.42 December 2013 quarter 1 855.66 1 761.78 SIM MANAGED MODERATE FUND OF FUNDS B1December 2012 quarter 1 633.02 1 557.81 March 2013 quarter 1 688.07 1 608.52 June 2013 quarter 1 757.40 1 655.64 September 2013 quarter 1 785.00 1 671.39 December 2013 quarter 1 861.30 1 766.23 SIM MANAGED MODERATE FUND OF FUNDS B2December 2012 quarter 1 609.74 1 541.24 March 2013 quarter 1 672.35 1 598.76 June 2013 quarter 1 735.37 1 637.81 September 2013 quarter 1 767.46 1 661.18 December 2013 quarter 1 835.31 1 747.49 SIM MANAGED MODERATE FUND OF FUNDS B3December 2012 quarter 1 635.56 1 559.32 March 2013 quarter 1 689.43 1 608.92 June 2013 quarter 1 759.73 1 657.33 September 2013 quarter 1 786.80 1 671.95 December 2013 quarter 1 865.90 1 768.21 SIM MANAGED MODERATE FUND OF FUNDS B4December 2012 quarter 1 619.62 1 551.16 March 2013 quarter 1 682.30 1 608.79 June 2013 quarter 1 745.29 1 647.76 September 2013 quarter 1 777.85 1 671.15 December 2013 quarter 1 846.72 1 757.89 SIM MANAGED MODERATE FUND OF FUNDS B5December 2012 quarter 1 631.69 1 557.37 March 2013 quarter 1 687.93 1 608.87 June 2013 quarter 1 756.70 1 655.32 September 2013 quarter 1 784.70 1 671.76 December 2013 quarter 1 861.53 1 765.78 SIM MANAGED MODERATE FUND OF FUNDS B9December 2012 quarter 1 628.84 1 555.88 March 2013 quarter 1 686.44 1 608.86 June 2013 quarter 1 753.65 1 653.30 September 2013 quarter 1 782.93 1 671.61 December 2013 quarter 1 856.81 1 763.76 SIM MARKET ALLOCATOR FUND A1December 2012 quarter 1 078.80 995.12 March 2013 quarter 1 094.35 1 060.52 June 2013 quarter 1 065.62 1 001.46 September 2013 quarter 1 048.16 994.28 December 2013 quarter 1 065.16 1 015.17

300




SIM MARKET ALLOCATOR FUND B1December 2012 quarter 1 081.35 995.30 March 2013 quarter 1 096.68 1 063.41 June 2013 quarter 1 068.67 1 007.17 September 2013 quarter 1 050.73 994.54 December 2013 quarter 1 068.15 1 017.57 SIM MARKET ALLOCATOR FUND B2December 2012 quarter 1 079.70 995.19 March 2013 quarter 1 095.22 1 061.59 June 2013 quarter 1 066.76 1 003.63 September 2013 quarter 1 049.16 994.38 December 2013 quarter 1 066.37 1 016.15 SIM MARKET ALLOCATOR FUND B3December 2012 quarter 1 079.79 995.19 March 2013 quarter 1 095.67 1 062.15 June 2013 quarter 1 067.33 1 004.25 September 2013 quarter 1 049.21 994.36 December 2013 quarter 1 066.16 1 015.94 SIM MONEY MARKET FUND (LIQUID) A1December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND (LIQUID) A2December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND (LIQUID) A3December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND (LIQUID) A4December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND B1December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND B10December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND B2December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00

301




SIM MONEY MARKET FUND B4December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND B7December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND B8December 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM MONEY MARKET FUND RDecember 2012 quarter 100.00 100.00 March 2013 quarter 100.00 100.00 June 2013 quarter 100.00 100.00 September 2013 quarter 100.00 100.00 December 2013 quarter 100.00 100.00 SIM PROPERTY FUND ADecember 2012 quarter 3 199.70 2 919.95 March 2013 quarter 3 361.56 3 080.20 June 2013 quarter 3 658.50 3 007.06 September 2013 quarter 3 333.37 2 905.68 December 2013 quarter 3 288.13 3 058.77 SIM PROPERTY FUND B1December 2012 quarter 3 206.47 2 922.69 March 2013 quarter 3 369.39 3 080.46 June 2013 quarter 3 663.40 3 015.14 September 2013 quarter 3 335.02 2 910.43 December 2013 quarter 3 290.93 3 065.42 SIM PROPERTY FUND B2December 2012 quarter 3 210.97 2 924.50 March 2013 quarter 3 374.64 3 080.66 June 2013 quarter 3 666.67 3 020.52 September 2013 quarter 3 336.10 2 913.58 December 2013 quarter 3 292.80 3 069.86 SIM PROPERTY FUND B3December 2012 quarter 3 210.95 2 924.48 March 2013 quarter 3 374.62 3 080.64 June 2013 quarter 3 666.65 3 020.51 September 2013 quarter 3 336.09 2 913.57 December 2013 quarter 3 292.89 3 069.95 SIM PROPERTY FUND B9December 2012 quarter 3 199.70 2 919.96 March 2013 quarter 3 361.55 3 080.22 June 2013 quarter 3 658.50 3 007.06 September 2013 quarter 3 333.37 2 905.69 December 2013 quarter 3 288.12 3 058.76 SIM PROPERTY INDEX FUND A1December 2012 quarter 1 150.78 1 045.06 March 2013 quarter 1 197.80 1 077.10 June 2013 quarter 1 312.99 1 066.37 September 2013 quarter 1 172.88 1 019.85 December 2013 quarter 1 162.88 1 084.62

302




SIM PROPERTY INDEX FUND B1December 2012 quarter 1 151.65 1 045.71 March 2013 quarter 1 198.28 1 077.11 June 2013 quarter 1 313.75 1 067.31 September 2013 quarter 1 172.99 1 020.14 December 2013 quarter 1 163.53 1 085.48 SIM PROPERTY INDEX FUND B2December 2012 quarter 1 153.28 1 046.89 March 2013 quarter 1 199.25 1 077.13 June 2013 quarter 1 315.27 1 069.21 September 2013 quarter 1 173.18 1 020.69 December 2013 quarter 1 164.81 1 087.21 SIM PROPERTY INDEX FUND B3December 2012 quarter 1 151.79 1 045.80 March 2013 quarter 1 198.40 1 077.11 June 2013 quarter 1 313.93 1 067.54 September 2013 quarter 1 172.99 1 020.19 December 2013 quarter 1 163.66 1 085.67 SIM RAFI40 INDEX FUND A1December 2012 quarter 1 337.51 1 216.72 March 2013 quarter 1 376.77 1 318.32 June 2013 quarter 1 386.38 1 241.94 September 2013 quarter 1 452.07 1 249.16 December 2013 quarter 1 519.83 1 401.21 SIM RAFI40 INDEX FUND B1December 2012 quarter 1 338.52 1 217.22 March 2013 quarter 1 377.23 1 318.70 June 2013 quarter 1 387.33 1 243.04 September 2013 quarter 1 452.62 1 249.19 December 2013 quarter 1 520.66 1 402.09 SIM RAFI40 INDEX FUND B2December 2012 quarter 1 341.57 1 218.79 March 2013 quarter 1 378.55 1 319.79 June 2013 quarter 1 390.34 1 246.53 September 2013 quarter 1 454.44 1 249.30 December 2013 quarter 1 523.42 1 404.23 SIM RESOURCES FUNDDecember 2012 quarter 515.18 477.52 March 2013 quarter 538.78 491.34 June 2013 quarter 509.33 434.83 September 2013 quarter 543.86 434.67 December 2013 quarter 573.93 509.07 SIM SMALL CAP FUND ADecember 2012 quarter 4 183.02 3 922.24 March 2013 quarter 4 379.76 4 163.97 June 2013 quarter 4 451.55 4 295.22 September 2013 quarter 4 630.37 4 320.07 December 2013 quarter 4 877.15 4 594.30 SIM SMALL CAP FUND B1December 2012 quarter 4 150.86 3 896.85 March 2013 quarter 4 353.66 4 145.01 June 2013 quarter 4 420.89 4 268.01 September 2013 quarter 4 604.36 4 300.63 December 2013 quarter 4 842.89 4 567.70 SIM SMALL CAP FUND B2December 2012 quarter 4 196.62 3 928.96 March 2013 quarter 4 387.14 4 164.11 June 2013 quarter 4 464.00 4 303.74 September 2013 quarter 4 637.69 4 320.72 December 2013 quarter 4 892.88 4 602.23

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SIM SMALL CAP FUND B3December 2012 quarter 4 203.41 3 932.31 March 2013 quarter 4 390.85 4 164.21 June 2013 quarter 4 470.27 4 308.01 September 2013 quarter 4 641.36 4 321.04 December 2013 quarter 4 900.76 4 606.20 SIM SMALL CAP FUND B9December 2012 quarter 4 183.04 3 922.26 March 2013 quarter 4 379.76 4 163.96 June 2013 quarter 4 451.55 4 295.22 September 2013 quarter 4 630.37 4 320.07 December 2013 quarter 4 877.15 4 594.31 SIM SMALL CAP FUND RDecember 2012 quarter 4 194.37 3 927.85 March 2013 quarter 4 385.92 4 164.10 June 2013 quarter 4 461.92 4 302.33 September 2013 quarter 4 636.48 4 320.62 December 2013 quarter 4 890.27 4 600.92 SIM TOP CHOICE EQUITY FUND A1December 2012 quarter 2 002.94 1 868.74 March 2013 quarter 2 114.93 1 999.22 June 2013 quarter 2 189.97 1 986.37 September 2013 quarter 2 357.37 2 044.26 December 2013 quarter 2 543.24 2 303.28 SIM TOP CHOICE EQUITY FUND B1December 2012 quarter 2 012.57 1 873.60 March 2013 quarter 2 118.99 2 000.13 June 2013 quarter 2 199.52 1 992.42 September 2013 quarter 2 368.79 2 045.25 December 2013 quarter 2 567.32 2 316.08 SIM TOP CHOICE EQUITY FUND B2December 2012 quarter 2 007.03 1 870.69 March 2013 quarter 2 116.74 1 999.63 June 2013 quarter 2 194.05 1 989.06 September 2013 quarter 2 358.76 2 044.50 December 2013 quarter 2 545.52 2 304.81 SIM TOP CHOICE EQUITY FUND B4December 2012 quarter 2 004.61 1 869.54 March 2013 quarter 2 115.61 1 999.37 June 2013 quarter 2 191.96 1 987.37 September 2013 quarter 2 357.91 2 044.59 December 2013 quarter 2 542.33 2 303.44 SIM TOP CHOICE EQUITY FUND B5December 2012 quarter 2 008.11 1 871.26 March 2013 quarter 2 117.20 1 999.74 June 2013 quarter 2 195.29 1 989.75 September 2013 quarter 2 361.62 2 044.74 December 2013 quarter 2 550.60 2 307.96 SIM TOP CHOICE EQUITY FUND B9December 2012 quarter 2 003.16 1 868.83 March 2013 quarter 2 114.96 1 999.22 June 2013 quarter 2 190.64 1 986.40 September 2013 quarter 2 359.75 2 044.56 December 2013 quarter 2 546.56 2 305.78 SIM TOP CHOICE EQUITY FUND CDecember 2012 quarter 1 982.18 1 854.82 March 2013 quarter 2 101.87 1 990.83 June 2013 quarter 2 170.39 1 970.31 September 2013 quarter 2 342.79 2 036.74 December 2013 quarter 2 517.85 2 287.30

304




SIM VALUE FUNDDecember 2012 quarter 2 752.05 2 548.33 March 2013 quarter 2 902.31 2 758.22 June 2013 quarter 2 936.09 2 729.25 September 2013 quarter 3 116.94 2 750.58 December 2013 quarter 3 290.81 3 067.57 SIM VALUE FUND B1December 2012 quarter 2 735.47 2 537.36 March 2013 quarter 2 891.48 2 751.86 June 2013 quarter 2 920.24 2 711.76 September 2013 quarter 3 103.94 2 744.14 December 2013 quarter 3 274.49 3 053.67 SIM VALUE FUND B2December 2012 quarter 2 763.38 2 554.34 March 2013 quarter 2 907.51 2 758.36 June 2013 quarter 2 946.33 2 741.15 September 2013 quarter 3 123.07 2 750.77 December 2013 quarter 3 300.55 3 074.64 SIM VALUE FUND B3December 2012 quarter 2 750.91 2 544.48 March 2013 quarter 2 905.32 2 758.30 June 2013 quarter 2 942.12 2 736.28 September 2013 quarter 3 120.66 2 750.71 December 2013 quarter 3 296.89 3 071.86 SIM VALUE FUND B5December 2012 quarter 2 771.17 2 558.22 March 2013 quarter 2 911.10 2 758.43 June 2013 quarter 2 953.62 2 747.12 September 2013 quarter 3 127.51 2 750.92 December 2013 quarter 3 308.00 3 079.78 SIM VALUE FUND B6December 2012 quarter 2 763.02 2 554.23 March 2013 quarter 2 907.50 2 758.36 June 2013 quarter 2 946.29 2 740.97 September 2013 quarter 3 123.10 2 750.78 December 2013 quarter 3 300.11 3 074.68 SIM VALUE FUND B7December 2012 quarter - - March 2013 quarter 2 907.19 2 758.72 June 2013 quarter 2 946.83 2 741.87 September 2013 quarter 3 123.86 2 750.80 December 2013 quarter 3 301.44 3 075.55 SIM VALUE FUND B9December 2012 quarter 2 752.66 2 549.03 March 2013 quarter 2 902.60 2 758.43 June 2013 quarter 2 936.37 2 729.54 September 2013 quarter 3 116.75 2 750.58 December 2013 quarter 3 290.63 3 067.38 SMM AGGRESSIVE FOF A1December 2012 quarter 1 350.81 1 280.74 March 2013 quarter 1 418.19 1 338.02 June 2013 quarter 1 468.28 1 366.20 September 2013 quarter 1 524.96 1 401.75 December 2013 quarter 1 594.10 1 502.38 SMM AGGRESSIVE FOF A2December 2012 quarter 1 349.81 1 279.86 March 2013 quarter 1 418.07 1 338.04 June 2013 quarter 1 467.79 1 365.99 September 2013 quarter 1 524.52 1 401.75 December 2013 quarter 1 593.28 1 501.89

305




SMM AGGRESSIVE FOF B1December 2012 quarter 1 340.63 1 269.56 March 2013 quarter 1 406.95 1 325.83 June 2013 quarter 1 458.05 1 355.42 September 2013 quarter 1 513.92 1 389.50 December 2013 quarter 1 584.47 1 491.53 SMM AGGRESSIVE FOF B9December 2012 quarter 1 348.34 1 279.56 March 2013 quarter 1 417.13 1 338.01 June 2013 quarter 1 465.95 1 364.57 September 2013 quarter 1 523.43 1 401.74 December 2013 quarter 1 590.76 1 500.62 SMM AGGRESSIVE FOF C1December 2012 quarter 1 329.85 1 265.30 March 2013 quarter 1 406.10 1 330.98 June 2013 quarter 1 450.57 1 351.64 September 2013 quarter 1 508.88 1 392.23 December 2013 quarter 1 570.28 1 485.28 SMM BOND FUND B1December 2012 quarter - - March 2013 quarter 651.20 650.12 June 2013 quarter 651.76 647.33 September 2013 quarter 648.64 646.57 December 2013 quarter 648.72 646.87 SMM BOND FUND B2December 2012 quarter 51.86 50.44 March 2013 quarter 52.01 51.03 June 2013 quarter 52.57 49.00 September 2013 quarter 50.37 48.56 December 2013 quarter 50.76 48.52 SMM CAUTIOUS FOF A1December 2012 quarter 1 111.98 1 069.64 March 2013 quarter 1 131.91 1 089.07 June 2013 quarter 1 177.06 1 116.25 September 2013 quarter 1 179.50 1 146.35 December 2013 quarter 1 209.37 1 160.09 SMM CAUTIOUS FOF A2December 2012 quarter 1 112.12 1 069.57 March 2013 quarter 1 131.64 1 089.06 June 2013 quarter 1 176.83 1 116.20 September 2013 quarter 1 179.15 1 146.33 December 2013 quarter 1 209.15 1 160.06 SMM CAUTIOUS FOF B1December 2012 quarter 1 096.10 1 052.79 March 2013 quarter 1 116.02 1 072.31 June 2013 quarter 1 160.93 1 099.56 September 2013 quarter 1 163.71 1 129.58 December 2013 quarter 1 193.63 1 143.42 SMM CAUTIOUS FOF B9December 2012 quarter 1 110.74 1 069.57 March 2013 quarter 1 130.74 1 089.03 June 2013 quarter 1 176.23 1 116.12 September 2013 quarter 1 178.25 1 146.33 December 2013 quarter 1 208.04 1 159.95 SMM CAUTIOUS FOF C1December 2012 quarter 1 106.71 1 069.51 March 2013 quarter 1 126.90 1 088.95 June 2013 quarter 1 172.85 1 115.10 September 2013 quarter 1 174.06 1 146.24 December 2013 quarter 1 203.61 1 159.47

306




SMM CONSERVATIVE FOF A1December 2012 quarter 1 085.97 1 050.81 March 2013 quarter 1 096.05 1 064.81 June 2013 quarter 1 120.27 1 087.45 September 2013 quarter 1 113.20 1 094.25 December 2013 quarter 1 126.55 1 097.22 SMM CONSERVATIVE FOF A2December 2012 quarter 1 085.74 1 050.80 March 2013 quarter 1 095.77 1 064.82 June 2013 quarter 1 120.11 1 087.42 September 2013 quarter 1 112.97 1 094.24 December 2013 quarter 1 126.30 1 097.18 SMM CONSERVATIVE FOF B1December 2012 quarter 1 077.47 1 041.40 March 2013 quarter 1 087.51 1 055.43 June 2013 quarter 1 111.48 1 078.11 September 2013 quarter 1 104.75 1 084.85 December 2013 quarter 1 118.10 1 087.90 SMM CONSERVATIVE FOF B9December 2012 quarter 1 084.90 1 050.79 March 2013 quarter 1 095.02 1 064.78 June 2013 quarter 1 119.52 1 087.30 September 2013 quarter 1 112.11 1 094.22 December 2013 quarter 1 125.44 1 097.10 SMM CONSERVATIVE FOF C1December 2012 quarter 1 080.99 1 050.75 March 2013 quarter 1 091.28 1 064.71 June 2013 quarter 1 116.86 1 086.87 September 2013 quarter 1 108.02 1 094.09 December 2013 quarter 1 121.31 1 096.66 SMM EQUITY FUND B1December 2012 quarter 1 497.66 1 392.78 March 2013 quarter 1 546.76 1 488.46 June 2013 quarter 1 543.27 1 431.51 September 2013 quarter 1 655.23 1 450.00 December 2013 quarter 1 734.81 1 611.62 SMM EQUITY FUND B10December 2012 quarter 1 491.17 1 389.48 March 2013 quarter 1 546.18 1 487.29 June 2013 quarter 1 538.71 1 428.44 September 2013 quarter 1 652.07 1 449.74 December 2013 quarter 1 730.02 1 605.21 SMM EQUITY FUND B6December 2012 quarter 1 492.47 1 390.66 March 2013 quarter 1 544.78 1 485.90 June 2013 quarter 1 536.98 1 427.00 September 2013 quarter 1 650.40 1 448.29 December 2013 quarter 1 728.23 1 603.76 SMM EQUITY FUND B8December 2012 quarter 1 489.15 1 388.50 March 2013 quarter 1 545.59 1 486.48 June 2013 quarter 1 538.15 1 426.88 September 2013 quarter 1 650.54 1 449.60 December 2013 quarter 1 727.71 1 602.46 SMM EQUITY FUND B9December 2012 quarter 1 491.78 1 389.93 March 2013 quarter 1 546.26 1 487.42 June 2013 quarter 1 539.04 1 428.69 September 2013 quarter 1 652.21 1 449.71 December 2013 quarter 1 730.43 1 605.85

307




SMM EQUITY INDEX FUND B1December 2012 quarter 1 854.42 1 681.27 March 2013 quarter 1 887.45 1 812.59 June 2013 quarter 1 937.87 1 769.96 September 2013 quarter 2 050.80 1 810.47 December 2013 quarter 2 155.33 2 001.89 SMM EQUITY INDEX FUND B4December 2012 quarter - - March 2013 quarter 1 886.18 1 811.53 June 2013 quarter 1 935.09 1 766.69 September 2013 quarter 2 049.13 1 810.29 December 2013 quarter 2 151.58 1 999.93 SMM EQUITY INDEX FUND B5December 2012 quarter - - March 2013 quarter 1 885.10 1 810.64 June 2013 quarter 1 932.85 1 764.07 September 2013 quarter 2 047.84 1 810.18 December 2013 quarter 2 149.17 1 998.45 SMM INFLATION LINKED BOND FUND B1December 2012 quarter 1 180.79 1 122.65 March 2013 quarter 1 195.76 1 169.48 June 2013 quarter 1 230.14 1 109.25 September 2013 quarter 1 149.10 1 103.26 December 2013 quarter 1 159.44 1 127.61 SMM INFLATION LINKED BOND FUND B2December 2012 quarter 1 179.59 1 122.01 March 2013 quarter 1 195.26 1 169.25 June 2013 quarter 1 229.84 1 108.75 September 2013 quarter 1 148.96 1 102.91 December 2013 quarter 1 158.92 1 127.59 SMM INFLATION LINKED BOND FUND B3December 2012 quarter 1 183.05 1 123.52 March 2013 quarter 1 196.85 1 169.97 June 2013 quarter 1 230.78 1 110.33 September 2013 quarter 1 149.40 1 103.99 December 2013 quarter 1 160.57 1 127.62 SMM MODERATE AGGRESSIVE FOF A1December 2012 quarter 1 301.17 1 235.52 March 2013 quarter 1 359.18 1 288.82 June 2013 quarter 1 400.16 1 313.66 September 2013 quarter 1 439.18 1 334.49 December 2013 quarter 1 501.23 1 420.70 SMM MODERATE AGGRESSIVE FOF A2December 2012 quarter 1 300.07 1 234.72 March 2013 quarter 1 358.87 1 288.79 June 2013 quarter 1 399.54 1 313.22 September 2013 quarter 1 438.86 1 334.50 December 2013 quarter 1 500.50 1 420.32 SMM MODERATE AGGRESSIVE FOF B1December 2012 quarter 1 279.22 1 212.59 March 2013 quarter 1 336.12 1 264.90 June 2013 quarter 1 378.07 1 291.04 September 2013 quarter 1 416.41 1 310.53 December 2013 quarter 1 479.82 1 398.11 SMM MODERATE AGGRESSIVE FOF B9December 2012 quarter 1 298.78 1 234.38 March 2013 quarter 1 358.05 1 288.76 June 2013 quarter 1 397.80 1 311.98 September 2013 quarter 1 437.73 1 334.47 December 2013 quarter 1 498.08 1 419.03

308




SMM MODERATE AGGRESSIVE FOF C1December 2012 quarter 1 255.75 1 195.24 March 2013 quarter 1 319.38 1 253.79 June 2013 quarter 1 355.15 1 271.56 September 2013 quarter 1 398.15 1 299.53 December 2013 quarter 1 453.10 1 378.72 SMM MODERATE FOF A1December 2012 quarter 1 232.13 1 175.79 March 2013 quarter 1 269.05 1 212.32 June 2013 quarter 1 310.04 1 243.68 September 2013 quarter 1 328.36 1 252.34 December 2013 quarter 1 379.58 1 315.62 SMM MODERATE FOF A2December 2012 quarter 1 231.08 1 175.15 March 2013 quarter 1 268.82 1 212.35 June 2013 quarter 1 309.57 1 243.13 September 2013 quarter 1 328.02 1 252.34 December 2013 quarter 1 378.94 1 315.24 SMM MODERATE FOF B1December 2012 quarter 1 216.37 1 159.11 March 2013 quarter 1 252.08 1 194.61 June 2013 quarter 1 294.00 1 227.96 September 2013 quarter 1 311.67 1 234.58 December 2013 quarter 1 364.13 1 299.08 SMM MODERATE FOF B9December 2012 quarter 1 229.56 1 174.39 March 2013 quarter 1 267.84 1 212.30 June 2013 quarter 1 307.67 1 240.90 September 2013 quarter 1 326.94 1 252.31 December 2013 quarter 1 376.59 1 313.99 SMM MODERATE FOF C1December 2012 quarter 1 223.82 1 171.51 March 2013 quarter 1 265.09 1 212.20 June 2013 quarter 1 302.06 1 234.32 September 2013 quarter 1 323.57 1 252.26 December 2013 quarter 1 369.40 1 310.11 SMM PROPERTY FUND B2December 2012 quarter 1 259.03 1 136.05 March 2013 quarter 1 305.41 1 181.48 June 2013 quarter 1 436.52 1 170.71 September 2013 quarter 1 279.79 1 107.66 December 2013 quarter 1 276.26 1 182.03 SMM PROPERTY FUND B4December 2012 quarter 1 255.99 1 133.79 March 2013 quarter 1 303.64 1 181.40 June 2013 quarter 1 433.74 1 167.25 September 2013 quarter 1 279.45 1 106.66 December 2013 quarter 1 273.93 1 178.87 SMM PROPERTY FUND B6December 2012 quarter 1 257.62 1 135.02 March 2013 quarter 1 304.63 1 181.47 June 2013 quarter 1 435.36 1 169.28 September 2013 quarter 1 279.62 1 107.23 December 2013 quarter 1 275.43 1 180.96 SMM PROPERTY FUND B8December 2012 quarter 1 256.94 1 134.49 March 2013 quarter 1 304.20 1 181.44 June 2013 quarter 1 434.62 1 168.35 September 2013 quarter 1 279.56 1 106.97 December 2013 quarter 1 274.66 1 179.87

309




SMM YIELD PLUS FUND B2December 2012 quarter 1 236.60 1 188.43 March 2013 quarter 1 241.35 1 218.53 June 2013 quarter 1 228.18 1 222.18 September 2013 quarter 1 229.23 1 222.18 December 2013 quarter 1 229.63 1 223.39 SMM YIELD PLUS FUND B6December 2012 quarter 1 236.40 1 188.32 March 2013 quarter 1 241.15 1 218.13 June 2013 quarter 1 227.79 1 222.16 September 2013 quarter 1 228.84 1 222.16 December 2013 quarter 1 229.22 1 223.37 SMM YIELD PLUS FUND B8December 2012 quarter 1 236.14 1 188.25 March 2013 quarter 1 241.02 1 217.86 June 2013 quarter 1 227.50 1 222.16 September 2013 quarter 1 228.54 1 222.16 December 2013 quarter 1 228.92 1 223.36 SMMI ABSOLUTE SOLUTION 5 FOF ADecember 2012 quarter 1 242.91 1 191.72 March 2013 quarter 1 298.18 1 231.97 June 2013 quarter 1 353.90 1 259.40 September 2013 quarter 1 380.30 1 309.69 December 2013 quarter 1 423.42 1 356.78 SMMI ABSOLUTE SOLUTION 5 FOF A2December 2012 quarter 1 272.81 1 221.18 March 2013 quarter 1 328.02 1 261.43 June 2013 quarter 1 383.68 1 288.90 September 2013 quarter 1 410.25 1 339.14 December 2013 quarter 1 453.41 1 386.27 SMMI ABSOLUTE SOLUTION 5 FOF B1December 2012 quarter 1 273.11 1 221.17 March 2013 quarter 1 328.30 1 261.44 June 2013 quarter 1 383.92 1 288.93 September 2013 quarter 1 410.61 1 339.14 December 2013 quarter 1 453.81 1 386.32 SMMI ABSOLUTE SOLUTION 5 FOF B2December 2012 quarter 1 273.11 1 221.52 March 2013 quarter 1 328.36 1 261.44 June 2013 quarter 1 383.94 1 288.93 September 2013 quarter 1 410.67 1 339.15 December 2013 quarter 1 453.84 1 386.34 SMMI ABSOLUTE SOLUTION 5 FOF B3December 2012 quarter 1 272.50 1 221.19 March 2013 quarter 1 327.93 1 261.44 June 2013 quarter 1 383.59 1 288.85 September 2013 quarter 1 410.14 1 339.11 December 2013 quarter 1 453.30 1 386.29 SMMI ABSOLUTE SOLUTION 5 FOF B4December 2012 quarter 1 271.96 1 221.10 March 2013 quarter 1 327.28 1 261.40 June 2013 quarter 1 383.04 1 288.80 September 2013 quarter 1 409.28 1 339.11 December 2013 quarter 1 452.70 1 386.16 SMMI ABSOLUTE SOLUTION 5 FOF B9December 2012 quarter 1 271.97 1 221.17 March 2013 quarter 1 327.30 1 261.42 June 2013 quarter 1 383.05 1 288.80 September 2013 quarter 1 409.27 1 339.10 December 2013 quarter 1 452.38 1 386.16

310




SMMI ABSOLUTE SOLUTION 5 FOF CDecember 2012 quarter 1 226.92 1 178.83 March 2013 quarter 1 282.74 1 219.22 June 2013 quarter 1 338.87 1 246.40 September 2013 quarter 1 363.96 1 296.91 December 2013 quarter 1 406.82 1 343.69 SMMI ABSOLUTE SOLUTION 5 FOF C2December 2012 quarter 1 266.65 1 219.68 March 2013 quarter 1 323.80 1 261.26 June 2013 quarter 1 380.06 1 288.32 September 2013 quarter 1 404.72 1 338.94 December 2013 quarter 1 447.51 1 385.60 SMMI AGGRESSIVE EQUITY FUND ONE B10December 2012 quarter 7 832.07 7 066.51 March 2013 quarter 5 087.60 4 813.14 June 2013 quarter 5 467.56 4 787.88 September 2013 quarter 5 898.67 5 225.84 December 2013 quarter 6 358.28 5 786.84 SMMI AGGRESSIVE EQUITY FUND ONE B2December 2012 quarter 7 829.56 7 065.08 March 2013 quarter 5 087.65 4 813.18 June 2013 quarter 5 467.56 4 788.00 September 2013 quarter 5 898.38 5 225.77 December 2013 quarter 6 355.68 5 786.50 SMMI AGGRESSIVE EQUITY FUND ONE B4December 2012 quarter 7 807.71 7 052.77 March 2013 quarter 5 079.16 4 805.79 June 2013 quarter 5 448.60 4 775.86 September 2013 quarter 5 886.08 5 225.39 December 2013 quarter 6 327.55 5 771.90 SMMI AGGRESSIVE EQUITY FUND ONE B6December 2012 quarter 7 817.62 7 059.20 March 2013 quarter 5 082.38 4 808.60 June 2013 quarter 5 455.84 4 780.52 September 2013 quarter 5 890.94 5 225.55 December 2013 quarter 6 339.84 5 777.86 SMMI ALL BOND FUND ONE B2December 2012 quarter 1 192.35 1 164.58 March 2013 quarter 1 194.16 1 178.58 June 2013 quarter 1 213.23 1 128.77 September 2013 quarter 1 160.42 1 116.44 December 2013 quarter 1 169.04 1 113.48 SMMI ALL BOND FUND ONE B4December 2012 quarter 1 192.09 1 164.50 March 2013 quarter 1 193.87 1 178.35 June 2013 quarter 1 213.13 1 128.66 September 2013 quarter 1 160.23 1 116.41 December 2013 quarter 1 168.80 1 113.51 SMMI ALL BOND FUND ONE B6December 2012 quarter 1 192.05 1 164.47 March 2013 quarter 1 193.82 1 178.32 June 2013 quarter 1 213.11 1 128.63 September 2013 quarter 1 160.19 1 116.40 December 2013 quarter 1 168.75 1 113.42 SMMI ALL BOND FUND ONE B8December 2012 quarter 1 191.92 1 164.41 March 2013 quarter 1 193.68 1 178.21 June 2013 quarter 1 213.06 1 128.58 September 2013 quarter 1 160.10 1 116.37 December 2013 quarter 1 168.63 1 113.53

311




SMMI ALL BOND FUND THREE B2December 2012 quarter 1 155.03 1 119.66 March 2013 quarter 1 158.89 1 136.75 June 2013 quarter 1 180.74 1 073.95 September 2013 quarter 1 107.84 1 055.64 December 2013 quarter 1 115.75 1 061.20 SMMI ALL BOND FUND THREE B6December 2012 quarter 1 154.69 1 119.55 March 2013 quarter 1 158.69 1 136.44 June 2013 quarter 1 180.62 1 073.80 September 2013 quarter 1 107.59 1 055.35 December 2013 quarter 1 115.44 1 061.11 SMMI ALL BOND FUND THREE B8December 2012 quarter 1 154.52 1 119.50 March 2013 quarter 1 158.59 1 136.28 June 2013 quarter 1 180.55 1 073.73 September 2013 quarter 1 107.49 1 055.19 December 2013 quarter 1 115.27 1 061.08 SMMI BALANCED FOF ADecember 2012 quarter 3 699.40 3 519.94 March 2013 quarter 3 859.75 3 674.73 June 2013 quarter 3 967.38 3 729.54 September 2013 quarter 4 085.41 3 791.55 December 2013 quarter 4 255.78 4 030.85 SMMI BALANCED FOF A2December 2012 quarter 3 708.93 3 524.92 March 2013 quarter 3 864.14 3 674.86 June 2013 quarter 3 976.38 3 735.95 September 2013 quarter 4 090.85 3 791.61 December 2013 quarter 4 267.48 4 037.11 SMMI BALANCED FOF BDecember 2012 quarter 3 708.88 3 524.89 March 2013 quarter 3 864.12 3 674.86 June 2013 quarter 3 976.34 3 735.93 September 2013 quarter 4 090.81 3 791.60 December 2013 quarter 4 267.39 4 037.07 SMMI BALANCED FOF B2December 2012 quarter 3 711.70 3 526.37 March 2013 quarter 3 865.41 3 674.90 June 2013 quarter 3 978.99 3 737.82 September 2013 quarter 4 092.42 3 791.63 December 2013 quarter 4 270.85 4 038.93 SMMI BALANCED FOF B3December 2012 quarter 3 708.38 3 524.63 March 2013 quarter 3 863.89 3 674.87 June 2013 quarter 3 975.86 3 735.58 September 2013 quarter 4 090.52 3 791.60 December 2013 quarter 4 266.78 4 036.74 SMMI BALANCED FOF B9December 2012 quarter 3 704.11 3 523.02 March 2013 quarter 3 861.87 3 674.77 June 2013 quarter 3 971.73 3 732.60 September 2013 quarter 4 088.27 3 791.51 December 2013 quarter 4 262.80 4 034.34 SMMI BALANCED FOF C1December 2012 quarter 3 687.00 3 513.56 March 2013 quarter 3 854.46 3 674.56 June 2013 quarter 3 956.64 3 719.28 September 2013 quarter 4 078.79 3 791.42 December 2013 quarter 4 241.77 4 023.30

312




SMMI DEFENSIVE FUND OF FUNDSDecember 2012 quarter 2 151.50 2 072.57 March 2013 quarter 2 206.58 2 121.95 June 2013 quarter 2 274.31 2 171.19 September 2013 quarter 2 280.44 2 182.21 December 2013 quarter 2 358.86 2 263.19 SMMI DEFENSIVE FUND OF FUNDS A2December 2012 quarter 2 156.93 2 075.35 March 2013 quarter 2 209.01 2 122.02 June 2013 quarter 2 279.45 2 177.23 September 2013 quarter 2 283.56 2 182.25 December 2013 quarter 2 365.43 2 266.77 SMMI DEFENSIVE FUND OF FUNDS B2December 2012 quarter 2 158.73 2 076.37 March 2013 quarter 2 209.73 2 122.05 June 2013 quarter 2 280.95 2 179.00 September 2013 quarter 2 284.46 2 182.25 December 2013 quarter 2 367.33 2 267.80 SMMI DEFENSIVE FUND OF FUNDS B3December 2012 quarter 2 156.79 2 075.35 March 2013 quarter 2 208.88 2 122.03 June 2013 quarter 2 279.15 2 176.88 September 2013 quarter 2 283.37 2 182.24 December 2013 quarter 2 365.04 2 266.56 SMMI DEFENSIVE FUND OF FUNDS B9December 2012 quarter 2 155.00 2 074.38 March 2013 quarter 2 207.48 2 121.99 June 2013 quarter 2 276.48 2 173.82 September 2013 quarter 2 281.79 2 182.16 December 2013 quarter 2 361.93 2 264.77 SMMI DEFENSIVE FUND OF FUNDS C1December 2012 quarter 2 144.33 2 069.02 March 2013 quarter 2 203.33 2 121.90 June 2013 quarter 2 267.72 2 163.53 September 2013 quarter 2 276.58 2 182.11 December 2013 quarter 2 351.07 2 258.76 SMMI EQUITY FOFDecember 2012 quarter 5 021.96 4 697.54 March 2013 quarter 5 285.44 5 049.10 June 2013 quarter 5 370.55 4 948.82 September 2013 quarter 5 725.09 5 095.66 December 2013 quarter 6 012.20 5 616.17 SMMI EQUITY FOF A2December 2012 quarter 5 042.83 4 711.01 March 2013 quarter 5 298.66 5 054.89 June 2013 quarter 5 390.55 4 964.98 September 2013 quarter 5 739.16 5 102.09 December 2013 quarter 6 034.76 5 631.27 SMMI EQUITY FOF B2December 2012 quarter 5 044.69 4 711.77 March 2013 quarter 5 298.89 5 054.99 June 2013 quarter 5 391.95 4 965.79 September 2013 quarter 5 740.51 5 102.16 December 2013 quarter 6 038.82 5 632.96 SMMI EQUITY FOF B3December 2012 quarter 5 040.11 4 709.47 March 2013 quarter 5 296.80 5 054.94 June 2013 quarter 5 387.72 4 962.75 September 2013 quarter 5 737.89 5 101.95 December 2013 quarter 6 033.17 5 629.97

313




SMMI EQUITY FOF B9December 2012 quarter 5 036.62 4 708.30 March 2013 quarter 5 294.88 5 054.87 June 2013 quarter 5 383.40 4 959.74 September 2013 quarter 5 735.48 5 101.74 December 2013 quarter 6 028.87 5 627.27 SMMI EQUITY FOF C1December 2012 quarter 4 995.47 4 678.58 March 2013 quarter 5 264.99 5 036.62 June 2013 quarter 5 343.10 4 925.23 September 2013 quarter 5 702.20 5 080.69 December 2013 quarter 5 979.93 5 592.04 SMMI GENERAL EQUITY FUND ONE B10December 2012 quarter 5 143.88 4 723.28 March 2013 quarter 5 361.81 5 100.34 June 2013 quarter 5 609.66 5 063.48 September 2013 quarter 5 951.90 5 261.45 December 2013 quarter 6 258.44 5 824.17 SMMI GENERAL EQUITY FUND ONE B2December 2012 quarter 5 143.96 4 723.36 March 2013 quarter 5 361.79 5 100.33 June 2013 quarter 5 609.68 5 063.47 September 2013 quarter 5 951.63 5 261.27 December 2013 quarter 6 257.93 5 823.84 SMMI GENERAL EQUITY FUND ONE B4December 2012 quarter 5 122.37 4 711.54 March 2013 quarter 5 352.47 5 100.09 June 2013 quarter 5 589.92 5 049.14 September 2013 quarter 5 939.26 5 260.35 December 2013 quarter 6 228.84 5 809.57 SMMI GENERAL EQUITY FUND ONE B7December 2012 quarter 5 120.82 4 715.24 March 2013 quarter 5 356.44 5 100.17 June 2013 quarter 5 598.33 5 055.24 September 2013 quarter 5 944.54 5 260.92 December 2013 quarter 6 241.89 5 815.46 SMMI GENERAL EQUITY FUND ONE B9December 2012 quarter 5 115.76 4 708.95 March 2013 quarter 5 351.27 5 099.90 June 2013 quarter 5 591.14 5 048.83 September 2013 quarter 5 934.45 5 254.00 December 2013 quarter 6 227.31 5 804.84 SMMI GENERAL EQUITY FUND TWO B10December 2012 quarter 3 920.56 3 610.32 March 2013 quarter 4 045.89 3 912.38 June 2013 quarter 3 980.43 3 702.01 September 2013 quarter 4 271.71 3 730.56 December 2013 quarter 4 511.49 4 203.04 SMMI GENERAL EQUITY FUND TWO B2December 2012 quarter 3 937.12 3 618.09 March 2013 quarter 4 050.30 3 913.96 June 2013 quarter 3 995.18 3 719.00 September 2013 quarter 4 280.59 3 731.14 December 2013 quarter 4 524.69 4 212.90 SMMI GENERAL EQUITY FUND TWO B3December 2012 quarter 3 937.10 3 618.63 March 2013 quarter 4 050.57 3 914.00 June 2013 quarter 3 995.56 3 719.58 September 2013 quarter 4 280.73 3 731.32 December 2013 quarter 4 525.19 4 213.47

314




SMMI GENERAL EQUITY FUND TWO B6December 2012 quarter 3 928.03 3 614.06 March 2013 quarter 4 048.01 3 913.12 June 2013 quarter 3 987.27 3 709.95 September 2013 quarter 4 275.78 3 730.91 December 2013 quarter 4 517.67 4 207.75 SMMI GENERAL EQUITY FUND TWO B9December 2012 quarter 706.52 397.51 March 2013 quarter 877.62 742.44 June 2013 quarter 819.74 543.30 September 2013 quarter 1 107.20 560.12 December 2013 quarter 1 349.79 1 039.13 SMMI LONG TERM GROWTH SOLUTION 7 FOF ADecember 2012 quarter 1 333.50 1 267.59 March 2013 quarter 1 412.13 1 328.84 June 2013 quarter 1 471.93 1 358.10 September 2013 quarter 1 519.68 1 427.89 December 2013 quarter 1 575.11 1 496.42 SMMI LONG TERM GROWTH SOLUTION 7 FOF A2December 2012 quarter 1 391.06 1 324.73 March 2013 quarter 1 469.63 1 385.97 June 2013 quarter 1 529.38 1 415.28 September 2013 quarter 1 577.31 1 485.02 December 2013 quarter 1 632.79 1 553.60 SMMI LONG TERM GROWTH SOLUTION 7 FOF B1December 2012 quarter 1 391.56 1 324.72 March 2013 quarter 1 470.11 1 386.00 June 2013 quarter 1 529.76 1 415.32 September 2013 quarter 1 577.93 1 485.03 December 2013 quarter 1 633.44 1 553.66 SMMI LONG TERM GROWTH SOLUTION 7 FOF B2December 2012 quarter 1 391.57 1 324.73 March 2013 quarter 1 470.10 1 385.99 June 2013 quarter 1 529.76 1 415.31 September 2013 quarter 1 577.93 1 485.03 December 2013 quarter 1 633.45 1 553.67 SMMI LONG TERM GROWTH SOLUTION 7 FOF B3December 2012 quarter 1 390.74 1 324.71 March 2013 quarter 1 469.50 1 385.94 June 2013 quarter 1 529.29 1 415.23 September 2013 quarter 1 577.21 1 485.01 December 2013 quarter 1 632.75 1 553.58 SMMI LONG TERM GROWTH SOLUTION 7 FOF B4December 2012 quarter 1 390.13 1 324.71 March 2013 quarter 1 468.81 1 385.94 June 2013 quarter 1 528.67 1 415.16 September 2013 quarter 1 576.25 1 485.01 December 2013 quarter 1 631.99 1 553.48 SMMI LONG TERM GROWTH SOLUTION 7 FOF B9December 2012 quarter 1 390.15 1 324.72 March 2013 quarter 1 468.83 1 386.01 June 2013 quarter 1 528.68 1 415.17 September 2013 quarter 1 576.23 1 484.99 December 2013 quarter 1 631.62 1 553.46 SMMI LONG TERM GROWTH SOLUTION 7 FOF CDecember 2012 quarter 1 311.82 1 249.22 March 2013 quarter 1 394.31 1 313.95 June 2013 quarter 1 454.51 1 342.88 September 2013 quarter 1 500.78 1 412.89 December 2013 quarter 1 554.81 1 479.97

315




SMMI LONG TERM GROWTH SOLUTION 7 FOF C2December 2012 quarter 1 377.18 1 315.81 March 2013 quarter 1 460.10 1 380.78 June 2013 quarter 1 520.53 1 409.68 September 2013 quarter 1 564.92 1 478.39 December 2013 quarter 1 617.43 1 543.90 SMMI POSITIVE RETURN FUND FOUR B3December 2012 quarter 1 315.05 1 245.07 March 2013 quarter 1 363.52 1 314.58 June 2013 quarter 1 398.43 1 303.68 September 2013 quarter 1 474.04 1 366.60 December 2013 quarter 1 515.33 1 439.20 SMMI POSITIVE RETURN FUND FOUR B5December 2012 quarter 1 314.16 1 244.98 March 2013 quarter 1 362.99 1 313.67 June 2013 quarter 1 396.69 1 303.06 September 2013 quarter 1 473.10 1 366.49 December 2013 quarter 1 514.16 1 438.72 SMMI POSITIVE RETURN FUND FOUR B7December 2012 quarter 1 314.01 1 245.03 March 2013 quarter 1 362.91 1 313.52 June 2013 quarter 1 396.40 1 302.98 September 2013 quarter 1 472.86 1 365.95 December 2013 quarter 1 514.00 1 438.66 SMMI POSITIVE RETURN FUND FOUR B9December 2012 quarter 1 314.29 1 245.04 March 2013 quarter 1 363.07 1 313.80 June 2013 quarter 1 397.00 1 303.16 September 2013 quarter 1 473.36 1 364.78 December 2013 quarter 1 514.33 1 438.79 SMMI POSITIVE RETURN FUND ONE B3December 2012 quarter 1 553.82 1 471.61 March 2013 quarter 1 470.91 1 437.99 June 2013 quarter 1 470.14 1 395.41 September 2013 quarter 1 572.77 1 421.22 December 2013 quarter 1 630.01 1 541.31 SMMI POSITIVE RETURN FUND ONE B4December 2012 quarter 1 549.52 1 464.26 March 2013 quarter 1 463.49 1 429.02 June 2013 quarter 1 461.89 1 387.29 September 2013 quarter 1 564.53 1 413.61 December 2013 quarter 1 621.59 1 533.65 SMMI POSITIVE RETURN FUND ONE B7December 2012 quarter 1 548.70 1 464.74 March 2013 quarter 1 464.00 1 430.06 June 2013 quarter 1 462.69 1 388.04 September 2013 quarter 1 565.32 1 414.20 December 2013 quarter 1 622.44 1 534.24 SMMI POSITIVE RETURN FUND THREE B10December 2012 quarter 2 943.60 2 798.07 March 2013 quarter 3 049.18 2 958.87 June 2013 quarter 3 079.76 2 916.52 September 2013 quarter 3 193.90 2 942.46 December 2013 quarter 3 248.15 3 101.83 SMMI POSITIVE RETURN FUND THREE B3December 2012 quarter 2 943.25 2 796.98 March 2013 quarter 3 050.49 2 956.94 June 2013 quarter 3 079.28 2 916.06 September 2013 quarter 3 191.86 2 939.20 December 2013 quarter 3 244.41 3 098.71

316




SMMI POSITIVE RETURN FUND THREE B5December 2012 quarter 1 702.58 1 618.30 March 2013 quarter 1 763.82 1 711.33 June 2013 quarter 1 781.41 1 686.80 September 2013 quarter 1 847.84 1 701.78 December 2013 quarter 1 881.13 1 796.41 SMMI POSITIVE RETURN FUND THREE B6December 2012 quarter 2 948.06 2 802.29 March 2013 quarter 3 066.46 2 964.08 June 2013 quarter 3 102.37 2 935.72 September 2013 quarter 3 215.07 2 962.12 December 2013 quarter 3 276.67 3 128.88 SMMI POSITIVE RETURN FUND THREE B7December 2012 quarter 2 950.71 2 804.60 March 2013 quarter 3 057.60 2 965.54 June 2013 quarter 3 087.27 2 924.62 September 2013 quarter 3 202.77 2 950.26 December 2013 quarter 3 163.55 66.09 SMMI POSITIVE RETURN FUND THREE B9December 2012 quarter 2 936.81 2 791.82 March 2013 quarter 3 040.98 2 952.49 June 2013 quarter 3 072.01 2 910.94 September 2013 quarter 3 185.18 2 937.06 December 2013 quarter 3 154.52 3 012.64 SMMI POSITIVE RETURN FUND TWO B10December 2012 quarter 1 492.49 1 480.17 March 2013 quarter 1 493.71 1 484.62 June 2013 quarter 1 499.94 1 481.71 September 2013 quarter 1 491.76 1 476.17 December 2013 quarter 1 493.31 1 479.40 SMMI POSITIVE RETURN FUND TWO B2December 2012 quarter 1 493.48 1 480.96 March 2013 quarter 1 494.61 1 484.77 June 2013 quarter 1 500.63 1 482.43 September 2013 quarter 1 492.45 1 476.33 December 2013 quarter 1 494.28 1 479.59 SMMI POSITIVE RETURN FUND TWO B4December 2012 quarter 1 492.59 1 480.84 March 2013 quarter 1 493.80 1 484.61 June 2013 quarter 1 500.01 1 481.79 September 2013 quarter 1 491.84 1 476.19 December 2013 quarter 1 493.42 1 479.44 SMMI POSITIVE RETURN FUND TWO B6December 2012 quarter 1 492.81 1 480.67 March 2013 quarter 1 493.99 1 484.65 June 2013 quarter 1 500.16 1 481.97 September 2013 quarter 1 491.98 1 476.23 December 2013 quarter 1 494.01 1 479.44 SMMI POSITIVE RETURN FUND TWO B8December 2012 quarter 1 492.27 1 480.84 March 2013 quarter 1 493.51 1 484.56 June 2013 quarter 1 499.78 1 481.88 September 2013 quarter 1 492.09 1 476.13 December 2013 quarter 1 493.11 1 479.37 SMMI PROTECTION SOLUTION 3 FOF ADecember 2012 quarter 1 158.62 1 119.64 March 2013 quarter 1 196.96 1 148.49 June 2013 quarter 1 229.95 1 169.87 September 2013 quarter 1 234.36 1 190.66 December 2013 quarter 1 259.26 1 210.57

317




SMMI PROTECTION SOLUTION 3 FOF A2December 2012 quarter 1 181.61 1 141.75 March 2013 quarter 1 219.95 1 171.06 June 2013 quarter 1 252.80 1 192.45 September 2013 quarter 1 257.37 1 213.24 December 2013 quarter 1 282.33 1 233.19 SMMI PROTECTION SOLUTION 3 FOF B1December 2012 quarter 1 181.76 1 142.18 March 2013 quarter 1 220.09 1 171.06 June 2013 quarter 1 252.91 1 192.46 September 2013 quarter 1 257.54 1 213.27 December 2013 quarter 1 282.48 1 233.20 SMMI PROTECTION SOLUTION 3 FOF B3December 2012 quarter 1 181.38 1 142.22 March 2013 quarter 1 219.89 1 171.07 June 2013 quarter 1 252.72 1 192.40 September 2013 quarter 1 257.29 1 213.25 December 2013 quarter 1 282.35 1 233.18 SMMI PROTECTION SOLUTION 3 FOF B4December 2012 quarter 1 180.84 1 142.22 March 2013 quarter 1 219.16 1 171.04 June 2013 quarter 1 252.21 1 192.36 September 2013 quarter 1 256.49 1 213.17 December 2013 quarter 1 281.69 1 233.09 SMMI PROTECTION SOLUTION 3 FOF B9December 2012 quarter 1 180.84 1 142.21 March 2013 quarter 1 219.13 1 171.02 June 2013 quarter 1 252.21 1 192.35 September 2013 quarter 1 256.49 1 213.16 December 2013 quarter 1 281.38 1 233.06 SMMI PROTECTION SOLUTION 3 FOF CDecember 2012 quarter 1 142.02 1 105.93 March 2013 quarter 1 180.23 1 134.70 June 2013 quarter 1 214.04 1 155.81 September 2013 quarter 1 217.36 1 176.66 December 2013 quarter 1 242.09 1 196.48 SMMI PROTECTION SOLUTION 3 FOF C2December 2012 quarter 1 174.02 1 139.16 March 2013 quarter 1 212.21 1 167.93 June 2013 quarter 1 246.37 1 188.93 September 2013 quarter 1 249.23 1 209.78 December 2013 quarter 1 273.89 1 229.59 SMMI PRUDENTIAL BALANCED FUND ONE B1December 2012 quarter 999.70 999.08 March 2013 quarter 1 003.65 999.77 June 2013 quarter 1 073.83 993.02 September 2013 quarter 1 112.80 1 016.37 December 2013 quarter 1 174.64 1 097.15 SMMI PRUDENTIAL BALANCED FUND ONE B2December 2012 quarter 998.89 998.72 March 2013 quarter 1 000.37 998.90 June 2013 quarter 1 068.79 989.11 September 2013 quarter 1 109.37 1 015.44 December 2013 quarter 1 167.69 1 092.84 SMMI PRUDENTIAL BALANCED FUND ONE B3December 2012 quarter 998.81 998.68 March 2013 quarter 1 000.16 998.82 June 2013 quarter 1 068.45 988.84 September 2013 quarter 1 108.77 1 015.19 December 2013 quarter 1 167.08 1 092.53

318




SMMI PRUDENTIAL BALANCED FUND TWO A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 000.88 999.88 SMMI PRUDENTIAL BALANCED FUND TWO B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 001.54 999.92 SMMI PRUDENTIAL BALANCED FUND TWO B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 001.43 999.90 SMMI PRUDENTIAL BALANCED FUND TWO B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 000.88 999.88 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 002.78 1 000.04 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 003.37 1 000.06 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 003.37 1 000.05 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 002.78 1 000.04 SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B1December 2012 quarter - - March 2013 quarter 1 006.56 999.27 June 2013 quarter 1 023.93 995.41 September 2013 quarter 1 013.56 994.56 December 2013 quarter 1 020.40 998.52 SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B2December 2012 quarter - - March 2013 quarter 1 005.52 998.96 June 2013 quarter 1 023.24 995.39 September 2013 quarter 1 012.26 994.44 December 2013 quarter 1 019.10 998.45

319




SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B3December 2012 quarter - - March 2013 quarter 1 005.20 998.84 June 2013 quarter 1 022.78 995.44 September 2013 quarter 1 011.75 994.48 December 2013 quarter 1 018.04 998.41 SMMI PRUDENTIAL LOW EQUITY FUND ONE A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 000.88 999.88 SMMI PRUDENTIAL LOW EQUITY FUND ONE B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 001.54 999.92 SMMI PRUDENTIAL LOW EQUITY FUND ONE B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 001.43 999.90 SMMI PRUDENTIAL LOW EQUITY FUND ONE B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 000.88 999.88 SMMI PRUDENTIAL LOW EQUITY FUND TWO A1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 015.75 983.22 SMMI PRUDENTIAL LOW EQUITY FUND TWO B1December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 016.45 983.46 SMMI PRUDENTIAL LOW EQUITY FUND TWO B2December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 016.45 983.46 SMMI PRUDENTIAL LOW EQUITY FUND TWO B3December 2012 quarter - - March 2013 quarter - - June 2013 quarter - - September 2013 quarter - - December 2013 quarter 1 015.75 983.22 SPI EQUITY FUND A1December 2012 quarter 1 238.55 1 154.65 March 2013 quarter 1 306.92 1 242.35 June 2013 quarter 1 350.81 1 227.78 September 2013 quarter 1 417.25 1 274.59 December 2013 quarter 1 523.38 1 388.76

320




SPI EQUITY FUND B1December 2012 quarter 1 246.11 1 160.60 March 2013 quarter 1 312.73 1 246.74 June 2013 quarter 1 358.16 1 234.26 September 2013 quarter 1 423.46 1 278.99 December 2013 quarter 1 531.73 1 395.23 SPI EQUITY FUND B2December 2012 quarter 1 249.73 1 163.50 March 2013 quarter 1 315.55 1 249.43 June 2013 quarter 1 361.76 1 237.42 September 2013 quarter 1 426.46 1 281.11 December 2013 quarter 1 535.81 1 398.36

321

STATUTORY INFORMATION (for the year ended December 2013)

INCOME DISTRIBUTIONS TO UNIT HOLDERS (cents per unit)

Fund name 31 March

201330 June

201330 September

201331 December

2013

APS CAUTIOUS FUND OF FUNDS A - 24.00 - 23.76 APS CAUTIOUS FUND OF FUNDS B - 16.49 - 19.02 APS EQUITY FUND OF FUNDS A1 - 14.89 - 5.04 APS EQUITY FUND OF FUNDS B1 - 7.49 - 0.30 APS MANAGED GROWTH FUND OF FUNDS A - 18.18 - 9.94 APS MANAGED GROWTH FUND OF FUNDS B - 9.36 - 4.25 APS MODERATE FUND OF FUNDS A - 20.27 - 16.36 APS MODERATE FUND OF FUNDS B - 11.96 - 11.08 BJM MULTI MANAGER BOND FUND B1 - 28.60 - - BJM MULTI MANAGER BOND FUND B3 - 29.95 - - BJM MULTI MANAGER EQUITY FUND B1 - 10.42 - - BJM MULTI MANAGER INCOME FUND B1 16.09 11.41 - - BJM MULTI MANAGER PROPERTY FUND B1 - 31.15 - - BJM MULTI MANAGER PRUD FLEXIBLE FUND B1 - 23.74 - - CAM ASCENDO FUND OF FUNDS - - - - CAM BALANCED FUND B1 - 13.91 5.26 - CAM BALANCED FUND B2 - 20.43 7.59 - CAM DIVIDEND EQUITY FUND B1 - 16.37 6.11 - CAM FORTIS INSTITUTIONAL FUND 11.14 12.29 8.00 - CAM OPTIMA INSTITUTIONAL FUND - 18.79 0.44 - CAM UNIVERSUM INSTITUTIONAL FUND - 41.23 13.83 - DYNASTY WEALTH ACCUMULATOR FOF A1 - 19.01 - 6.20 DYNASTY WEALTH ACCUMULATOR FOF A2 - 19.97 - 6.80 DYNASTY WEALTH ACCUMULATOR FOF B1 - 9.28 - - DYNASTY WEALTH PRESERVER FOF A1 - 18.53 - 20.49 DYNASTY WEALTH PRESERVER FOF A2 - 19.38 - 21.06 DYNASTY WEALTH PRESERVER FOF B1 - 9.42 - 14.56 FIRST AVENUE SCI EQUITY FUND B1 - 13.06 - 18.11 FIRST AVENUE SCI EQUITY FUND B2 - 15.64 - 20.94 FIRST AVENUE SCI EQUITY FUND B3 - 22.24 - 20.83 GRAVITON SCI BALANCED FUND A1 - 7.00 - 10.04 GRAVITON SCI BALANCED FUND B1 - 4.85 - 11.93 GRAVITON SCI CAPITAL GROWTH FUND A1 - - - 3.11 GRAVITON SCI CAPITAL GROWTH FUND B1 - - - 5.50 GRAVITON SCI FLEXIBLE INCOME FUND A1 10.60 12.41 10.95 14.12 GRAVITON SCI FLEXIBLE INCOME FUND B1 11.48 11.99 12.03 15.07 GRAVITON SCI LOW EQUITY FUND A1 - 15.06 - 11.33 GRAVITON SCI LOW EQUITY FUND B1 - 12.04 - 13.52 LYNX SCI BALANCED FUND OF FUNDS A1 - - - - LYNX SCI BALANCED FUND OF FUNDS A2 - - - - LYNX SCI BALANCED FUND OF FUNDS B1 - - - - LYNX SCI BALANCED FUND OF FUNDS C1 - - - - LYNX SCI BALANCED FUND OF FUNDS C2 - - - - LYNX SCI CAUTIOUS FUND OF FUNDS A1 - 14.70 - 12.23 LYNX SCI CAUTIOUS FUND OF FUNDS A2 - 14.78 - 12.29 LYNX SCI CAUTIOUS FUND OF FUNDS B1 - 12.22 - 9.58 LYNX SCI CAUTIOUS FUND OF FUNDS C1 - 4.53 - 2.30 LYNX SCI CAUTIOUS FUND OF FUNDS C2 - 4.51 - 2.11 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1 - - - - LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B - - - 0.63 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1 - - - 0.07 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1 - - - - LYNX SCI OPPORTUNITIES FUND OF FUNDS A1 - 6.43 - 0.31 LYNX SCI OPPORTUNITIES FUND OF FUNDS A2 - 6.38 - 1.34 LYNX SCI OPPORTUNITIES FUND OF FUNDS B1 - 3.81 - - LYNX SCI OPPORTUNITIES FUND OF FUNDS C1 - - - - LYNX SCI OPPORTUNITIES FUND OF FUNDS C2 - - - - NFB BALANCED FUND OF FUNDS A - 15.31 - 18.73 NFB BALANCED FUND OF FUNDS B - 6.41 - 12.98 NFB BALANCED FUND OF FUNDS C1 - 8.56 - 17.50 NFB CAUTIOUS FUND OF FUND B - 11.81 - 17.31 NFB CAUTIOUS FUND OF FUND C1 - 13.90 - 21.59 NFB CAUTIOUS FUND OF FUNDS A - 20.46 - 22.78 NFB EQUITY FUND B1 - - - 3.19 OBSIDIAN SCI BALANCED FUND B1 - - - 3.34 OBSIDIAN SCI BALANCED FUND B2 - - - 4.21 OBSIDIAN SCI BALANCED FUND B3 - - - 5.31 OBSIDIAN SCI BALANCED FUND B4 - - - 4.47 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B1 - - - -

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SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B2 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B3 - - - - SANLAM ALL SHARE INDEX FUND A1 - 14.03 - 15.15 SANLAM ALL SHARE INDEX FUND B1 - 15.71 - 17.08 SANLAM ALL SHARE INDEX FUND B2 - 15.47 - 16.73 SANLAM ASIA PACIFIC FUND OF FUNDS - - - - SANLAM ASIA PACIFIC FUND OF FUNDS B1 - - - - SANLAM BOND INDEX FUND B1 - 35.19 - 35.25 SANLAM BOND INDEX FUND B2 - 36.44 - 36.45 SANLAM BOND INDEX FUND B3 - 35.47 - 35.20 SANLAM DIVERSIFIED INCOME FUND OF FUND B 0.86 0.86 0.89 0.89 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2 0.79 0.80 0.82 0.81 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3 0.79 0.79 0.83 0.80 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4 1.00 1.02 1.03 1.04 SANLAM GENERAL INSTITUTIONAL FUND B1 9.25 6.17 11.86 2,596.76 SANLAM GENERAL INSTITUTIONAL FUND B10 8.38 5.26 10.91 2,596.19 SANLAM GENERAL INSTITUTIONAL FUND B3 15.03 11.49 17.48 2,611.49 SANLAM GLOBAL BALANCED FUND OF FUNDS - - - - SANLAM GLOBAL BALANCED FUND OF FUNDS B1 - - - - SANLAM GLOBAL BALANCED FUND OF FUNDS B2 - - - - SANLAM GLOBAL CAUTIOUS FOF - - - - SANLAM GLOBAL EQUITY FUND A - 0.76 - - SANLAM GLOBAL EQUITY FUND B1 - - - - SANLAM GLOBAL EQUITY FUND B2 - 4.37 - 2.84 SANLAM GLOBAL EQUITY FUND B3 - 1.66 - - SANLAM GLOBAL EQUITY FUND R - 2.19 - 0.14 SANLAM GLOBAL INDEX FUND OF FUNDS B1 - - - - SANLAM GROWTH INSTITUTIONAL FUND B1 45.21 30.81 58.57 19.68 SANLAM GROWTH INSTITUTIONAL FUND B2 45.20 30.85 58.57 19.67 SANLAM GROWTH INSTITUTIONAL FUND B4 40.31 25.61 52.71 639.60 SANLAM GROWTH INSTITUTIONAL FUND B5 34.22 18.71 45.03 5.66 SANLAM GROWTH INSTITUTIONAL FUND B6 44.93 27.04 56.64 127.79 SANLAM GROWTH INSTITUTIONAL FUND B8 45.10 21.92 67.58 6.00 SANLAM INDIA OPPORTUNITIES FEEDER FUND - - - - SANLAM INST SPECIAL OPPORTUNITIES FUND - 74.78 - 85.07 SANLAM OPTIMISED INCOME FUND B1 1.12 0.63 1.43 0.65 SANLAM OPTIMISED INCOME FUND B2 1.33 0.86 1.65 0.84 SANLAM OPTIMISED INCOME FUND B3 1.12 0.64 1.42 0.64 SANLAM OPTIMISED INCOME FUND B4 1.25 0.78 1.57 0.81 SANLAM PAN-EUROPE FUND - 2.79 - - SANLAM STABLE GROWTH FUND A1 - 11.37 - 14.49 SANLAM STABLE GROWTH FUND B1 - 11.37 - 14.30 SANLAM STABLE GROWTH FUND B2 - 13.42 - 16.31 SANLAM STABLE GROWTH FUND B3 - 17.11 - 20.55 SANLAM STABLE GROWTH FUND B4 - 14.54 - 17.68 SANLAM STABLE GROWTH FUND B5 - - - 19.65 SANLAM VALUE INSTITUTIONAL FUND B1 44.22 37.94 40.73 37.64 SANLAM VALUE INSTITUTIONAL FUND B2 44.20 32.61 40.74 37.55 SANLAM VALUE INSTITUTIONAL FUND B3 35.94 23.79 31.90 26.62 SANLAM VALUE INSTITUTIONAL FUND B5 34.57 22.80 30.27 25.87 SESFIKILE SCI PROPERTY FUND A1 - 30.66 - 36.65 SESFIKILE SCI PROPERTY FUND B1 - 31.19 - 38.27 SESFIKILE SCI PROPERTY FUND B2 - 33.97 - 40.26 SIM ABSOLUTE RETURN INCOME FUND - 3.79 - 3.70 SIM ABSOLUTE RETURN INCOME FUND A1 - 3.72 - 3.62 SIM ABSOLUTE RETURN INCOME FUND B1 - 4.47 - 4.38 SIM ABSOLUTE RETURN INCOME FUND B2 - 3.06 - 2.94 SIM ABSOLUTE RETURN INCOME FUND B3 - 3.92 - 3.84 SIM ABSOLUTE RETURN INCOME FUND B4 - 4.07 - 3.96 SIM ABSOLUTE RETURN INCOME FUND B5 - 4.23 - 4.10 SIM ACTIVE INCOME FUND A1 16.70 16.58 16.69 16.89 SIM ACTIVE INCOME FUND B1 19.23 19.15 19.27 19.51 SIM ACTIVE INCOME FUND B10 17.99 17.94 18.06 18.25 SIM ACTIVE INCOME FUND B2 17.97 17.86 17.98 18.19 SIM ACTIVE INCOME FUND B3 16.85 16.74 16.85 17.05 SIM ACTIVE INCOME FUND B4 17.38 17.28 17.38 17.60 SIM ACTIVE INCOME FUND B5 17.80 17.71 17.81 18.02 SIM ACTIVE INCOME FUND B6 17.64 17.55 17.65 17.87 SIM ACTIVE INCOME FUND B7 15.25 15.10 15.24 15.47 SIM ACTIVE INCOME FUND B9 16.06 15.93 16.03 16.24 SIM ACTIVE INCOME FUND C 12.57 12.40 12.47 12.66 SIM BALANCED FUND A - 77.07 - 82.79

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SIM BALANCED FUND B - 68.82 - 95.34 SIM BALANCED FUND B1 - 40.35 - 47.79 SIM BALANCED FUND B3 - 93.96 - 112.60 SIM BALANCED FUND B4 - 100.60 - 119.75 SIM BALANCED FUND B6 - 107.55 - 134.44 SIM BALANCED FUND B7 - - - 119.68 SIM BALANCED FUND B9 - 74.30 - 85.79 SIM BALANCED FUND R - 80.44 - 104.80 SIM BOND PLUS FUND - 29.13 - 29.75 SIM BOND PLUS FUND B2 - 31.82 - 32.39 SIM BOND PLUS FUND B3 - 32.79 - 33.36 SIM DIVIDEND+ INDEX FUND A1 - 24.31 - 24.18 SIM DIVIDEND+ INDEX FUND B1 - 25.40 - 25.32 SIM DIVIDEND+ INDEX FUND B2 - 27.67 - 27.59 SIM ENHANCED YIELD FUND A1 1.55 1.56 1.60 1.62 SIM ENHANCED YIELD FUND B1 1.55 1.57 1.59 1.63 SIM ENHANCED YIELD FUND B2 1.58 1.60 1.64 1.66 SIM ENHANCED YIELD FUND B3 1.66 1.68 1.73 1.75 SIM EQUALLY WEIGHTED TOP40 INDEX FUND A1 - 14.69 - 16.50 SIM EQUALLY WEIGHTED TOP40 INDEX FUND B1 - 15.83 - 17.71 SIM EQUALLY WEIGHTED TOP40 INDEX FUND B2 - 18.19 - 20.23 SIM FINANCIAL FUND - 50.21 - 67.48 SIM FINANCIAL FUND B1 - 35.21 - 51.49 SIM FINANCIAL FUND B2 - 72.96 - 91.60 SIM GENERAL EQUITY FUND A - 145.68 - 115.69 SIM GENERAL EQUITY FUND B1 - 49.21 - - SIM GENERAL EQUITY FUND B4 - 158.65 - 128.09 SIM GENERAL EQUITY FUND B5 - 207.31 - 194.95 SIM GENERAL EQUITY FUND B6 - 191.60 - 180.18 SIM GENERAL EQUITY FUND B9 - 147.10 - 124.88 SIM GENERAL EQUITY FUND R - 164.14 - 173.22 SIM GLOBAL BEST IDEAS FEEDER FUND A - - - - SIM GLOBAL BEST IDEAS FEEDER FUND A1 - - - - SIM GLOBAL BEST IDEAS FEEDER FUND B1 - - - - SIM GLOBAL BEST IDEAS FEEDER FUND B2 - - - - SIM GLOBAL BEST IDEAS FEEDER FUND B3 - - - - SIM GLOBAL BEST IDEAS FEEDER FUND C - - - - SIM GLOBAL EQUITY INCOME FEEDER FUND A1 - - - 13.46 SIM GLOBAL EQUITY INCOME FEEDER FUND B1 - - - 14.49 SIM GLOBAL FINANCIAL FEEDER FUND A1 - - - - SIM GLOBAL FINANCIAL FEEDER FUND B1 - - - - SIM INDEX FUND - 72.73 - 101.64 SIM INDEX FUND A1 - 102.73 - 135.24 SIM INDEX FUND B1 - 12.91 - 35.27 SIM INDEX FUND B2 - 105.30 - 138.11 SIM INDUSTRIAL FUND A - 22.52 - 18.01 SIM INDUSTRIAL FUND B1 - - - - SIM INDUSTRIAL FUND B2 - 76.96 - 82.78 SIM INDUSTRIAL FUND R - 52.83 - 53.94 SIM INFLATION PLUS FUND - 9.38 - 8.46 SIM INFLATION PLUS FUND B1 - 6.93 - 5.86 SIM INFLATION PLUS FUND B2 - 11.62 - 10.84 SIM INFLATION PLUS FUND B4 - 10.27 - 9.40 SIM INFLATION PLUS FUND B6 - 10.44 - 9.11 SIM INFLATION PLUS FUND B7 - 9.83 - 8.95 SIM INFLATION PLUS FUND B8 - 11.18 - 10.34 SIM INFLATION PLUS FUND B9 - 9.38 - 8.45 SIM LOW EQUITY FUND A1 - 2.41 - 2.41 SIM LOW EQUITY FUND B1 - 2.41 - 2.39 SIM LOW EQUITY FUND B2 - 3.31 - 3.34 SIM LOW EQUITY FUND B3 - 2.72 - 2.68 SIM LOW EQUITY FUND B4 - 2.77 - 2.79 SIM LOW EQUITY FUND C - 1.58 - 1.54 SIM MANAGED AGGRESSIVE FUND OF FUNDS A1 - 20.03 - 19.86 SIM MANAGED AGGRESSIVE FUND OF FUNDS B1 - 23.16 - 22.27 SIM MANAGED AGGRESSIVE FUND OF FUNDS B2 - 6.20 - 3.77 SIM MANAGED AGGRESSIVE FUND OF FUNDS B4 - 5.98 - 6.99 SIM MANAGED AGGRESSIVE FUND OF FUNDS B5 - 21.67 - 22.47 SIM MANAGED AGGRESSIVE FUND OF FUNDS B9 - 17.40 - 17.92 SIM MANAGED CAUTIOUS FUND OF FUNDS A1 20.32 7.22 21.46 6.25 SIM MANAGED CAUTIOUS FUND OF FUNDS B1 21.34 8.23 22.45 7.31 SIM MANAGED CAUTIOUS FUND OF FUNDS B2 15.23 1.78 15.74 0.47

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SIM MANAGED CAUTIOUS FUND OF FUNDS B4 15.98 2.94 17.03 1.86 SIM MANAGED CAUTIOUS FUND OF FUNDS B5 21.75 8.94 23.04 7.85 SIM MANAGED CAUTIOUS FUND OF FUNDS B9 19.49 6.38 20.66 5.46 SIM MANAGED CONSERVATIVE FOF A1 19.90 8.12 20.37 7.77 SIM MANAGED CONSERVATIVE FOF B1 20.78 9.05 21.33 8.67 SIM MANAGED CONSERVATIVE FOF B2 15.23 3.23 15.40 2.68 SIM MANAGED CONSERVATIVE FOF B4 15.97 4.32 16.35 3.75 SIM MANAGED CONSERVATIVE FOF B5 21.11 9.77 21.80 9.22 SIM MANAGED CONSERVATIVE FOF B9 19.22 7.43 19.66 7.00 SIM MANAGED MODERATE AGGRESSIVE FOF A1 - 22.16 - 21.78 SIM MANAGED MODERATE AGGRESSIVE FOF B1 - 24.91 - 23.92 SIM MANAGED MODERATE AGGRESSIVE FOF B2 - 9.80 - 7.84 SIM MANAGED MODERATE AGGRESSIVE FOF B5 - 23.53 - 23.79 SIM MANAGED MODERATE AGGRESSIVE FOF B9 - 19.80 - 20.11 SIM MANAGED MODERATE FUND OF FUNDS A1 - 28.16 - 28.04 SIM MANAGED MODERATE FUND OF FUNDS B1 - 30.96 - 30.83 SIM MANAGED MODERATE FUND OF FUNDS B2 - 15.61 - 14.37 SIM MANAGED MODERATE FUND OF FUNDS B3 - 33.27 - 35.01 SIM MANAGED MODERATE FUND OF FUNDS B4 - 15.55 - 15.83 SIM MANAGED MODERATE FUND OF FUNDS B5 - 29.57 - 30.64 SIM MANAGED MODERATE FUND OF FUNDS B9 - 25.81 - 25.94 SIM MARKET ALLOCATOR FUND A1 - 17.30 10.32 6.69 SIM MARKET ALLOCATOR FUND B1 - 23.19 13.25 9.68 SIM MARKET ALLOCATOR FUND B2 - 19.54 11.46 7.90 SIM MARKET ALLOCATOR FUND B3 - 20.17 11.52 7.72 SIM PROPERTY FUND A 47.27 21.39 54.22 33.04 SIM PROPERTY FUND B1 55.37 29.97 62.40 41.28 SIM PROPERTY FUND B2 60.80 35.74 67.85 46.79 SIM PROPERTY FUND B3 60.80 35.71 67.85 46.89 SIM PROPERTY FUND B9 47.26 21.38 54.23 33.03 SIM PROPERTY INDEX FUND A1 - 31.26 - 38.07 SIM PROPERTY INDEX FUND B1 - 32.22 - 39.03 SIM PROPERTY INDEX FUND B2 - 34.17 - 40.95 SIM PROPERTY INDEX FUND B3 - 32.47 - 39.24 SIM RAFI40 INDEX FUND A1 - 14.13 - 16.73 SIM RAFI40 INDEX FUND B1 - 15.27 - 17.92 SIM RAFI40 INDEX FUND B2 - 18.85 - 21.95 SIM RESOURCES FUND - 0.53 - 1.51 SIM SMALL CAP FUND A - 47.02 - 45.03 SIM SMALL CAP FUND B1 - 32.59 - 29.46 SIM SMALL CAP FUND B2 - 61.65 - 60.84 SIM SMALL CAP FUND B3 - 68.98 - 68.77 SIM SMALL CAP FUND B9 - 47.02 - 45.02 SIM SMALL CAP FUND R - 59.21 - 58.20 SIM TOP CHOICE EQUITY FUND A1 - 22.91 - 16.01 SIM TOP CHOICE EQUITY FUND B1 - 36.11 - 40.09 SIM TOP CHOICE EQUITY FUND B2 - 27.92 - 18.30 SIM TOP CHOICE EQUITY FUND B4 - 26.12 - 15.11 SIM TOP CHOICE EQUITY FUND B5 - 30.07 - 23.37 SIM TOP CHOICE EQUITY FUND B9 - 24.77 - 19.33 SIM TOP CHOICE EQUITY FUND C - 8.57 - - SIM VALUE FUND - 25.26 - 39.39 SIM VALUE FUND B1 - 13.69 - 24.70 SIM VALUE FUND B2 - 37.48 - 53.15 SIM VALUE FUND B3 - 32.47 - 47.88 SIM VALUE FUND B5 - 46.22 - 62.85 SIM VALUE FUND B6 - 37.30 - 52.32 SIM VALUE FUND B7 - 38.25 - 54.73 SIM VALUE FUND B9 - 25.55 - 39.20 SMM AGGRESSIVE FOF A1 - 10.52 - 15.05 SMM AGGRESSIVE FOF A2 - 9.86 - 14.23 SMM AGGRESSIVE FOF B1 - 12.96 - 17.70 SMM AGGRESSIVE FOF B9 - 7.67 - 11.71 SMM AGGRESSIVE FOF C1 - - - - SMM BOND FUND B1 0.10 - - - SMM BOND FUND B2 0.98 0.86 0.92 1.06 SMM CAUTIOUS FOF A1 4.70 12.29 11.27 10.22 SMM CAUTIOUS FOF A2 4.43 11.99 10.92 10.01 SMM CAUTIOUS FOF B1 5.66 13.29 12.30 11.27 SMM CAUTIOUS FOF B9 3.47 11.00 9.98 8.88 SMM CAUTIOUS FOF C1 - 6.17 5.64 4.46 SMM CONSERVATIVE FOF A1 6.84 9.14 13.30 9.81

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SMM CONSERVATIVE FOF A2 6.56 8.88 13.07 9.56 SMM CONSERVATIVE FOF B1 7.77 10.10 14.27 10.77 SMM CONSERVATIVE FOF B9 5.80 8.06 12.21 8.70 SMM CONSERVATIVE FOF C1 1.88 3.97 8.12 4.55 SMM EQUITY FUND B1 - 18.19 - 25.47 SMM EQUITY FUND B10 - 12.52 - 18.37 SMM EQUITY FUND B6 - 12.21 - 18.28 SMM EQUITY FUND B8 - 11.54 - 15.28 SMM EQUITY FUND B9 - 12.97 - 19.00 SMM EQUITY INDEX FUND B1 - 29.06 - 32.06 SMM EQUITY INDEX FUND B4 - 25.73 - 28.36 SMM EQUITY INDEX FUND B5 - 23.04 - 25.93 SMM INFLATION LINKED BOND FUND B1 4.93 4.93 5.02 5.13 SMM INFLATION LINKED BOND FUND B2 4.41 4.40 4.50 4.61 SMM INFLATION LINKED BOND FUND B3 6.07 6.08 6.12 6.25 SMM MODERATE AGGRESSIVE FOF A1 - 13.71 - 15.98 SMM MODERATE AGGRESSIVE FOF A2 - 12.97 - 15.26 SMM MODERATE AGGRESSIVE FOF B1 - 15.99 - 18.54 SMM MODERATE AGGRESSIVE FOF B9 - 10.86 - 12.82 SMM MODERATE AGGRESSIVE FOF C1 - 1.54 - 2.76 SMM MODERATE FOF A1 - 13.38 - 18.62 SMM MODERATE FOF A2 - 12.81 - 17.97 SMM MODERATE FOF B1 - 15.48 - 20.92 SMM MODERATE FOF B9 - 10.54 - 15.62 SMM MODERATE FOF C1 - 3.78 - 8.44 SMM PROPERTY FUND B2 - 36.65 - 44.92 SMM PROPERTY FUND B4 - 33.08 - 41.41 SMM PROPERTY FUND B6 - 35.16 - 43.74 SMM PROPERTY FUND B8 - 34.21 - 42.52 SMM YIELD PLUS FUND B2 17.96 15.89 17.16 17.96 SMM YIELD PLUS FUND B6 16.79 14.71 15.96 16.75 SMM YIELD PLUS FUND B8 15.97 13.82 15.07 15.85 SMMI ABSOLUTE SOLUTION 5 FOF A 6.83 4.90 6.37 7.07 SMMI ABSOLUTE SOLUTION 5 FOF A2 7.32 5.42 6.90 7.62 SMMI ABSOLUTE SOLUTION 5 FOF B1 7.67 5.79 7.26 8.00 SMMI ABSOLUTE SOLUTION 5 FOF B2 7.74 5.81 7.30 8.03 SMMI ABSOLUTE SOLUTION 5 FOF B3 7.23 5.21 6.75 7.54 SMMI ABSOLUTE SOLUTION 5 FOF B4 6.40 4.45 5.89 6.92 SMMI ABSOLUTE SOLUTION 5 FOF B9 6.41 4.47 5.88 6.58 SMMI ABSOLUTE SOLUTION 5 FOF C 3.32 1.31 2.57 3.18 SMMI ABSOLUTE SOLUTION 5 FOF C2 2.09 - 1.22 1.77 SMMI AGGRESSIVE EQUITY FUND ONE B10 - 58.62 - 89.01 SMMI AGGRESSIVE EQUITY FUND ONE B2 - 58.58 - 86.39 SMMI AGGRESSIVE EQUITY FUND ONE B4 - 35.25 - 58.28 SMMI AGGRESSIVE EQUITY FUND ONE B6 - 44.07 - 70.57 SMMI ALL BOND FUND ONE B2 23.04 22.20 22.89 24.04 SMMI ALL BOND FUND ONE B4 22.05 21.20 21.90 23.10 SMMI ALL BOND FUND ONE B6 21.89 21.04 21.73 22.89 SMMI ALL BOND FUND ONE B8 21.40 20.53 21.24 22.40 SMMI ALL BOND FUND THREE B2 21.99 21.78 21.21 23.79 SMMI ALL BOND FUND THREE B6 20.71 20.48 19.95 22.55 SMMI ALL BOND FUND THREE B8 20.07 19.83 19.36 21.91 SMMI BALANCED FOF A - 22.43 - 26.03 SMMI BALANCED FOF A2 - 33.24 - 37.73 SMMI BALANCED FOF B - 33.20 - 37.66 SMMI BALANCED FOF B2 - 36.38 - 41.11 SMMI BALANCED FOF B3 - 32.63 - 37.03 SMMI BALANCED FOF B9 - 27.63 - 33.03 SMMI BALANCED FOF C1 - 9.61 - 12.00 SMMI DEFENSIVE FUND OF FUNDS - 19.24 - 25.92 SMMI DEFENSIVE FUND OF FUNDS A2 - 25.43 - 32.48 SMMI DEFENSIVE FUND OF FUNDS B2 - 27.25 - 34.37 SMMI DEFENSIVE FUND OF FUNDS B3 - 25.08 - 32.09 SMMI DEFENSIVE FUND OF FUNDS B9 - 21.93 - 29.00 SMMI DEFENSIVE FUND OF FUNDS C1 - 11.35 - 18.15 SMMI EQUITY FOF - 20.81 - 7.44 SMMI EQUITY FOF A2 - 37.86 - 24.32 SMMI EQUITY FOF B2 - 39.67 - 28.40 SMMI EQUITY FOF B3 - 34.59 - 22.75 SMMI EQUITY FOF B9 - 29.36 - 18.43 SMMI EQUITY FOF C1 - 4.98 - - SMMI GENERAL EQUITY FUND ONE B10 - 90.12 - 101.53

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201331 December

2013

SMMI GENERAL EQUITY FUND ONE B2 - 96.03 - 101.05 SMMI GENERAL EQUITY FUND ONE B4 - 65.90 - 72.50 SMMI GENERAL EQUITY FUND ONE B7 - 76.53 - 84.80 SMMI GENERAL EQUITY FUND ONE B9 - 74.78 - 70.98 SMMI GENERAL EQUITY FUND TWO B10 - 41.61 - 69.75 SMMI GENERAL EQUITY FUND TWO B2 - 59.20 - 88.99 SMMI GENERAL EQUITY FUND TWO B3 - 59.66 - 89.49 SMMI GENERAL EQUITY FUND TWO B6 - 49.76 - 78.75 SMMI GENERAL EQUITY FUND TWO B9 - 54.15 - 83.23 SMMI LONG TERM GROWTH SOLUTION 7 FOF A 8.08 3.87 3.05 6.74 SMMI LONG TERM GROWTH SOLUTION 7 FOF A2 8.55 4.37 3.58 7.30 SMMI LONG TERM GROWTH SOLUTION 7 FOF B1 9.17 4.96 4.23 7.94 SMMI LONG TERM GROWTH SOLUTION 7 FOF B2 9.16 4.96 4.22 7.95 SMMI LONG TERM GROWTH SOLUTION 7 FOF B3 8.43 4.25 3.50 7.25 SMMI LONG TERM GROWTH SOLUTION 7 FOF B4 7.53 3.28 2.48 6.50 SMMI LONG TERM GROWTH SOLUTION 7 FOF B9 7.55 3.31 2.47 6.12 SMMI LONG TERM GROWTH SOLUTION 7 FOF C 4.34 - - 1.27 SMMI LONG TERM GROWTH SOLUTION 7 FOF C2 2.92 - - - SMMI POSITIVE RETURN FUND FOUR B3 18.26 4.07 6.89 13.28 SMMI POSITIVE RETURN FUND FOUR B5 15.19 0.91 2.09 9.94 SMMI POSITIVE RETURN FUND FOUR B7 14.72 0.43 2.44 9.27 SMMI POSITIVE RETURN FUND FOUR B9 15.63 1.40 2.83 9.77 SMMI POSITIVE RETURN FUND ONE B3 1.63 17.65 17.17 23.70 SMMI POSITIVE RETURN FUND ONE B4 - 13.82 14.18 20.53 SMMI POSITIVE RETURN FUND ONE B7 - 15.70 15.17 21.56 SMMI POSITIVE RETURN FUND THREE B10 23.21 19.53 30.53 20.25 SMMI POSITIVE RETURN FUND THREE B3 28.97 25.48 36.67 26.59 SMMI POSITIVE RETURN FUND THREE B5 13.73 11.57 17.92 12.04 SMMI POSITIVE RETURN FUND THREE B6 21.21 17.15 27.99 17.66 SMMI POSITIVE RETURN FUND THREE B7 25.06 21.33 32.40 - SMMI POSITIVE RETURN FUND THREE B9 20.79 17.77 58.49 18.45 SMMI POSITIVE RETURN FUND TWO B10 20.58 21.88 22.43 22.85 SMMI POSITIVE RETURN FUND TWO B2 23.49 24.84 25.40 25.87 SMMI POSITIVE RETURN FUND TWO B4 20.90 22.22 22.77 23.22 SMMI POSITIVE RETURN FUND TWO B6 21.53 22.87 23.39 24.34 SMMI POSITIVE RETURN FUND TWO B8 19.94 21.91 22.35 22.26 SMMI PROTECTION SOLUTION 3 FOF A 13.49 6.60 14.20 7.74 SMMI PROTECTION SOLUTION 3 FOF A2 13.97 7.07 14.66 8.25 SMMI PROTECTION SOLUTION 3 FOF B1 14.12 7.22 14.85 8.39 SMMI PROTECTION SOLUTION 3 FOF B3 13.91 6.93 14.59 8.28 SMMI PROTECTION SOLUTION 3 FOF B4 13.13 6.19 13.76 7.61 SMMI PROTECTION SOLUTION 3 FOF B9 13.11 6.19 13.79 7.30 SMMI PROTECTION SOLUTION 3 FOF C 10.31 3.27 10.81 4.28 SMMI PROTECTION SOLUTION 3 FOF C2 8.96 1.88 9.37 2.82 SMMI PRUDENTIAL BALANCED FUND ONE B1 - 5.26 - 18.45 SMMI PRUDENTIAL BALANCED FUND ONE B2 - 0.09 - 12.36 SMMI PRUDENTIAL BALANCED FUND ONE B3 - - - 11.80 SMMI PRUDENTIAL BALANCED FUND TWO A1 - - - 0.88 SMMI PRUDENTIAL BALANCED FUND TWO B1 - - - 1.54 SMMI PRUDENTIAL BALANCED FUND TWO B2 - - - 1.43 SMMI PRUDENTIAL BALANCED FUND TWO B3 - - - 0.88 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE A1 - - - 2.77 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B1 - - - 3.36 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B2 - - - 3.35 SMMI PRUDENTIAL INCOME PROVIDER FUND ONE B3 - - - 2.77 SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B1 5.62 22.10 15.20 15.10 SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B2 4.54 20.84 13.91 13.82 SMMI PRUDENTIAL INCOME PROVIDER FUND TWO B3 4.14 20.19 13.38 12.87 SMMI PRUDENTIAL LOW EQUITY FUND ONE A1 - - - 0.88 SMMI PRUDENTIAL LOW EQUITY FUND ONE B1 - - - 1.54 SMMI PRUDENTIAL LOW EQUITY FUND ONE B2 - - - 1.43 SMMI PRUDENTIAL LOW EQUITY FUND ONE B3 - - - 0.88 SMMI PRUDENTIAL LOW EQUITY FUND TWO A1 - - - 1.42 SMMI PRUDENTIAL LOW EQUITY FUND TWO B1 - - - 2.10 SMMI PRUDENTIAL LOW EQUITY FUND TWO B2 - - - 2.09 SMMI PRUDENTIAL LOW EQUITY FUND TWO B3 - - - 1.42 SPI EQUITY FUND A1 - 1.70 - 8.29 SPI EQUITY FUND B1 - 5.31 - 12.31 SPI EQUITY FUND B2 - 7.13 - 14.31

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