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Sanlam Collective Investments (RF) (Pty) Ltd

Annual Report I 2015

Sanlam Collective Investment Scheme

AUDITED ANNUAL FINANCIAL STATEMENTS

31 DECEMBER 2015

CONTENTS Page

REPORT OF THE TRUSTEE FOR THE SANLAM COLLECTIVE INVESTMENT SCHEME 3STATEMENT OF DIRECTORS' RESPONSIBILITY 5CEO'S REPORT 6INDEPENDENT AUDITORS' REPORT 10NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF THE SANLAM COLLECTIVE INVESTMENT FUNDS 11FINANCIAL STATEMENTS AND NOTES

Brackenham SCI Managed Fund 32First Avenue SCI Equity Fund 34Graviton SCI Balanced Fund 36Graviton SCI Capital Growth Fund 38Graviton SCI Flexible Income Fund 40Graviton SCI Low Equity Fund 42Lynx SCI Balanced Fund of Funds 44Lynx SCI Cautious Fund of Funds 46Lynx SCI Global Diversified Fund of Funds 48Lynx SCI Opportunities Fund of Funds 50Megafin SCI Balanced Fund of Funds 52Megafin SCI Growth Fund of Funds 54Megafin SCI Stable Fund of Funds 56Obsidian SCI Balanced Fund 58Obsidian SCI Equity Fund 60Sanlam African Frontier Markets Feeder Fund 62Sanlam Alternative Income Fund 64Sanlam Asia Pacific Fund of Funds 66Sanlam Diversified Income Fund of funds 68Sanlam Global Balanced Fund of Funds 70Sanlam Global Cautious Fund of Funds 72Sanlam Global Equity Fund 74Sanlam Global Index Fund of Funds 76Sanlam Growth Institutional Fund 78Sanlam India Opportunities Feeder Fund 80Sanlam Institutional Special Opportunities Fund 82Sanlam Market Allocator Fund 84Sanlam Multi Managed Absolute Solution 5 Fund of Funds 86Sanlam Multi Managed Aggressive Fund of Funds 88Sanlam Multi Managed Balanced Fund of Funds 90Sanlam Multi Managed Cautious Fund of Funds 92Sanlam Multi Managed Conservative Fund of Funds 94Sanlam Multi Managed Defensive Fund Of Funds 96Sanlam Multi Managed Equity Fund 98Sanlam Multi Managed Equity Fund of Funds 100Sanlam Multi Managed Equity Index Fund 102Sanlam Multi Managed Flexible Equity Fund 104Sanlam Multi Managed Inflation Linked Bond Fund 106Sanlam Multi Managed Institutional Aggressive Equity Fund One 108Sanlam Multi Managed Institutional General Equity Fund Two 110Sanlam Multi Managed Long Term Growth Solution 7 Fund Of Funds 112Sanlam Multi Managed Institutional Positive Return Fund Four 114Sanlam Multi Managed Institutional Positive Return Fund Three 116Sanlam Multi Managed Institutional Positive Return Fund Two 118Sanlam Multi Managed Institutional Prudential Balanced Fund One 120Sanlam Multi Managed Institutional Prudential Income Provider Fund Two 122Sanlam Multi Managed Institutional Yield Plus Fund Two 124Sanlam Multi Managed Moderate Aggressive Fund of Funds 126Sanlam Multi Managed Moderate Fund of Funds 128Sanlam Multi Managed Property Fund 130Sanlam Multi Managed Protection Solution 3 Fund of Funds 132Sanlam Optimised Income Fund 134Sanlam Pan-Europe Fund 136Sanlam Select Absolute Fund 138Sanlam Select Bond Plus Fund 140Sanlam Select Defensive Balanced Fund 142Sanlam Select Flexible Equity Fund 144Sanlam Select Managed Fund 146Sanlam Select Optimised Equity Fund 148Sanlam Select Strategic Income Fund 150

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CONTENTS (continued) Page

Sanlam Select Thematic Equity Fund 152Sanlam Stable Growth Fund 154Sanlam Value Institutional Fund 156Sesfikile SCI Property Fund 158SIM Absolute Return Income Fund 160SIM Active Income Fund 162SIM Balanced Fund 164SIM Bond Plus Fund 166SIM Enhanced Yield Fund 168SIM Financial Fund 170SIM General Equity Fund 172SIM Global Best Ideas Feeder Fund 174SIM Global Equity Income Feeder Fund 176SIM Global Financial Feeder Fund 178SIM Index Fund 180SIM Industrial Fund 182SIM Inflation Plus Fund 184SIM Low Equity Fund 186SIM Managed Aggressive Fund of Funds 188SIM Managed Cautious Fund of Funds 190SIM Managed Conservative Fund of Funds 192SIM Managed Moderate Aggressive Fund of Funds 194SIM Managed Moderate Fund of Funds 196SIM Money Market Fund 198SIM Property Fund 200SIM Resources Fund 202SIM Small Cap Fund 204SIM Top Choice Equity Fund 206SIM Value Fund 208SMMI Bond Fund 210SPI Equity Fund 212Tresor SCI Balanced Fund 214Tresor SCI Flexible Fund 216Tresor SCI Income Fund 218Tresor SCI Stable Fund 220

STATUTORY INFORMATION

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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 (Reg.No. 1962/000738/06) Authorised financial services provider and registered credit provider (NCRCP15) Directors: TS Gcabashe (Chairman) SK Tshabalala* (Chief Executive) RMW Dunne# BJ Kruger* Adv. KD Moroka Dr. ML Oduor-Otieno## AC Parker ANA Peterside CON### SP Ridley* MJD Ruck PD Sullivan#### BS Tshabalala EM Woods Company Secretary: Z Stephen 01/01/2016 *Executive Director #British ##Kenyan ###Nigerian ####Australian

The Manager Sanlam Collective Investments (RF) Proprietary Limited 55 Willie Van Schoor Avenue Bellville 7530 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 2015. 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.

Corporate and Investment Banking




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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 Head: Trustee Services Head: Risk and Legal (Trustee Services) Standard Bank of South Africa Limited Standard Bank of South Africa Limited 22 March 2016





STATEMENT OF DIRECTORS' RESPONSIBILITY

FOR THE YEAR ENDED 31 DECEMBER 2015

The board of the management company takes responsibility for the integrity, objectivity and reliabilityof the annual financial statements in accordance with International Financial Reporting Standardsand the Companies Act of South Africa. Adequate accounting records have been maintained. Theboard endorses the principle of transparency in financial reporting. The responsibility for thepreparation and presentation of the annual financial statements has been delegated to management.

The responsibility of the external auditors is to express an independent opinion on the fairpresentation of the annual financial statements based on their audit of the schemes. The Audit,Actuarial and Finance Committee of Sanlam Ltd has satisfied itself that the external auditors wereindependent of the company during the period under review.

The board has confirmed that effective systems of internal control and risk management are beingmaintained. There were no breakdowns in the functioning of the internal financial control systemsduring the year. The board is satisfied that the annual financial statements fairly present the financialposition, the results of operations and cash flows in accordance with International FinancialReporting Standards and the Companies Act of South Africa and supported by reasonable andprudent judgements consistently applied.

The board is of the opinion that the Collective Investment Schemes are financially sound andoperate as going concerns. The annual financial statements have accordingly been prepared on thisbasis.

The audited annual financial statements on pages 11 to 307 were approved by the board of directorsand are signed on its behalf:

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Dear investor

I am pleased to share some of Sanlam Collective Investments’ 2015 highlights with you.

We remain focused on offering our clients an extensive range of funds designed to help them and their advisers construct portfolios that suit their needs and help them meet their long-term investment goals.

Fund performance highlightsA snapshot of some our top-performing funds for 2015 includes:

ceo’sreport

A brief overview of 20152015 proved to be an especially hard year for emerging markets. South Africa was no exception, with local economic headwinds adding to an already unfriendly global environment.

Like several other commodity-exporting emerging market countries, South Africa and its currency have been hit by continued commodity price weakness. The US Federal Reserve raised its interest rate for the first time since 2006 and this, together with China’s slowdown, further contributed to the weakening of the rand.

Despite some encouraging signs of economic resilience in the US and Europe, concerns regarding the slowdown in China continued to impact world economic growth. As the world’s largest consumer of natural resources, the slowdown in China is expected to have a more pronounced impact on resource-dependent emerging economies. Stalling economic growth has resulted in a slowdown in foreign flows into emerging economies, worsening an already difficult situation.

In light of the uncertain environment, global growth expectations have been revised downward, adding to disinflationary pressures in developed markets.

Locally, a persistent drought and rand weakness are among the inflationary pressures contributing to a rising interest rate cycle. President Zuma’s unexpected sacking of Finance Minister Nene in December and the resulting loss of investor confidence had far-reaching consequences for the bond market, the equity market and the rand.

With the South African sovereign rating only one notch above non-investment grade and bond yields appearing to be pricing in a further downgrade, rand volatility is expected to continue for some time.

*SIM Global Equity Income FF A141.49%

Sanlam Global Balanced FoF32.05%

Sanlam Global Cautious FoF31.41%

Sanlam India Opportunities FF A31.21%

Sanlam Asia Pacific FoF A28.25%

Source: Morningstar | 1-year annualised return to 31 December 2015 | Past performance is not an indication of future performance. The return is calculated on a NAV-NAV basis, with income reinvested on a lump sum invested at the start of the measurement period. *SIM is the abbreviation for Sanlam Investment Management.

Asset class returnsAfter four exceptional years in which all asset classes delivered positive returns for SA investors, 2015 brought the first underdog in a while: SA bonds, which tumbled by 3.93% over the calendar year. The top-performing asset class for 2015 was Foreign Equity (32.7%), with Foreign Bonds trailing only slightly behind at 30.4%. The superior return of foreign asset classes was largely fuelled by the rand’s depreciation over this period, with the rand depreciating by 25.31% against the US dollar and 16.81% against the euro. In dollar terms, Foreign Equity ended the year slightly down at 0.87% for the year.

2015 Asset Class Returns

Index 12 Months (R)

12 Months (US$)

MSCI Global Equities 32.78% -0.87%

MSCI Emerging Market Equities

13.96% -14.92%

JPM Global Bonds 30.45% -2.61%

JPM Emerging Market Bonds

35.59% 1.23%

Barclays Global Inflation-Linked Bonds

27.28% -4.97%

BarCap Global Corporate Bond Index

29.17% -3.56%

SA JSE All Share Index 5.13% -21.51%

SA Beassa All Bond Index

-3.93% -28.28%

SA Barclay’s Inflation-Linked Bond Index

3.68% -22.59%

SBK SA Corporate Credit Index

-12.15% -34.41%

STeFI Composite Index 6.46% -20.52%

Total returns for South African asset classes for 2015 were as follows:

Listed property 7.99%

Equities 5.13%

Bonds -3.93%

Cash 6.46%

Source: Morningstar and I-Net | 1-year return to 31 December 2015 | Past performance is not an indication of future performance.

Not surprisingly then, portfolios that included a substantial offshore component fared best, again underlining the need for a carefully diversified portfolio.

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What lies ahead in 2016?2016 is expected to be a riskier year for investors, and a greater degree of portfolio diversification will be key. The year certainly got off to a volatile start, with the Dow Jones Industrial Average having its weakest calendar-year start since 1897, falling by more than 5% in its first four days of trading.

The investment outlook is likely to be dominated by the pace of US interest rate hikes, yuan devaluation, the economic and political costs of integrating immigrants into the Eurozone economy, and the prospects of a recovery in oil and commodity prices.

The possibility of further dollar appreciation cannot be ruled out, and will partly depend on the extent of the European Central Bank and Bank of Japan’s actions in terms of further quantitative easing. With the Eurozone running large current account surpluses along with expected capital inflows, the balance of payments will be supportive of the euro.

The risk to the Eurozone from the surge in immigration will be both political and economic as anti-Eurozone and anti-immigrant political parties gain in upcoming elections. A political shift to the left or the right could be the catalyst for a break-up of the Eurozone, while a British vote to exit the Eurozone could accelerate the timing of a break-up in the event of a “yes” vote.

The further devaluation of the yuan poses a material headwind for emerging market currencies as competitive currency devaluations intensify among China’s trading partners, further fuelling capital flight.

South Africa’s macroeconomic fundamentals and fiscal policy will be in the spotlight in 2016 as the potential downgrade to sub-investment status looms. Economic growth is unlikely to exceed 2% in 2016 (it may possibly not even exceed 1.5%), and interest rates are likely to rise by 100-200 basis points as inflation pressures build.

In addition, South Africa’s debt-to-GDP ratio will be watched closely as it approaches 50% by 2018. While the slump in the oil price has dampened the inflationary effects of the collapse of the rand, the severity of the drought may put upward pressure on food prices. Inflation could rise to around 6% in 2016, compared to the approximate 2015 figure of 4.5%. This does not bode well for South Africa’s already muted economic growth prospects.

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Regulatory changesDuring 2015 we saw some important changes in the regulatory environment.

Hedge funds are now regulated under the Collective Investment Schemes Control Act (CISCA) and Sanlam Collective Investments is looking forward to offering investors access to a selection of hedge funds later this year.

Board Notice 92 of 2014 came into effect during the latter part of the year, aiming to further enhance investor protection and the standardisation of disclosure requirements. As part of this process, fund fact sheets were replaced by Minimum Disclosure Documents, which are regulated by the Financial Services Board. These are available on our website at www.sanlamunittrusts.co.za.

Developments at Sanlam Collective InvestmentsSanlam Collective Investments made the transition to its new administrator, Silica, on 23 October 2015. As a result, we are now able to offer clients access to an improved online portfolio viewing and transactional capabilities, and faster turn-around times on payouts. The transfer also saw the introduction of new business rules and processes aimed at standardising the investor experience. We are actively working to improve the current experience and have earmarked a number of focus areas to ensure continued improvements in 2016 and beyond. In line with our philosophy of ensuring we offer our investors a relevant fund range, we made changes to a number of funds during the year:

The Sanlam Investment Management Index Fund merged with the Sanlam Investment Management General Equity Fund.

The Sanlam Global Index Fund of Funds merged with the Sanlam Global Balanced Fund of Funds.

In line with changes to the business unit’s name, the Sanlam Private Equity Fund was renamed the Sanlam Private Wealth Equity Fund.

The Sanlam African Frontier Markets Feeder Fund was closed on 28 August 2015.

The Sanlam Investment Management Property Fund was capped to retail investors in December 2015.

In addition, we introduced a tax-free savings product that offers South African investors the opportunity to save without incurring taxes on the growth in their investment portfolio, in line with the legislated limits.

We will persist in our endeavours to further enhance your client experience and hope your investment outcome will meet your expectations in 2016. Thank you for your continued support.

Yours sincerely

Liezl MyburghChief Executive Officer

SANLAM COLLECTIVE INVESTMENT SCHEME (for the year ended 31 December 2015)

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SANLAM COLLECTIVE INVESTMENT FUNDS

Notes to the Annual Financial Statements at 31 December 2015

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 International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Financial Reporting Standards Council in South Africa.

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 2015. These standards and interpretations had no impact on the financial statements for the financial year ended 31 December 2015. 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

There are no new or revised IFRS statements and interpretations that have effective dates applicable to the Funds’ 2015 financial year.

Standards, interpretations and amendments to published standards that are 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.

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

IFRS 15 – Revenue from Contracts with Customers (effective date is 1 January 2018)

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. The application of IFRS 15 in future financial reporting periods is not expected to have an impact on the Funds’ reported results, financial position and cash flows.

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.

Major items subject to the application of 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.


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1.5 Foreign currency translation (continued)

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.

1.10 Financial instruments

Recognition Financial instruments are recognised when the Fund becomes a party to a contractual arrangement that constitutes a financial asset or financial liability for the Fund that is not subject to suspensive conditions. 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

The classification of financial instruments is determined at initial recognition based on the purpose for which the financial assets are acquired or liabilities assumed. Financial instruments at fair value through profit or loss are initially recognised at fair value. Costs directly attributable to the acquisition of financial assets classified as at fair value through profit or loss are recognised in the statement of comprehensive income as transaction costs.

Other financial instruments are recognised at the fair value of the consideration given or received in exchange for the instrument plus transaction costs that are directly attributable to their acquisition. 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


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1.10 Financial Instruments (continued)

as money market instruments. These are generally settled in cash within seven days. These assets, except for those instruments held by Sanlam Alternative Income Fund, Sanlam Diversified 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 Sanlam Alternative Income Fund, Sanlam Diversified 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 or loss. Money market instruments held by Sanlam Alternative Income Fund, Sanlam Diversified 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 and debtors

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 bank balances

Cash and bank balances 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. 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.


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1.10 Financial Instruments (continued)

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

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 at fair value. In a fund merger the acquiring Fund will issue units to the fair value of assets acquired. 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 are expensed when incurred.

2. SIGNIFICANT EVENTS

2.1 During the current year:

The following Funds merged during the current financial year:

SIM Index Fund into SIM General Equity Fund

Sanlam Global Index Fund of Funds into Sanlam Global Balanced Fund of Funds

The Sanlam African Frontier Feeder Fund was closed during the current financial year. During the course of 2015 Sanlam Collective Investments (RF) (Pty) Ltd ceased to be the management company for the following Fund as it moved to different management company:

Sesfikile SCI Property Fund

The financial statements for the financial year ended 31 December 2015 of this fund has 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 2016:

It is anticipated that the following Funds will be merged during the 2016 financial year:

SIM Absolute Return Fund into SIM Active Income Fund

SIM Low Equity Fund into SIM Inflation Plus Fund

2.2 Financial year 2016 (continued)


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There may be a cessation of the Sanlam Optimized Income Fund in 2016. We are currently still awaiting the cessation deed before the closure of this fund can be finalised. During the course of 2016 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:

Lynx SCI Balanced Fund of Funds

Lync SCI Cautious Fund of Funds

Lynx SCI Global Diversified Fund of Funds

Lynx SCI Opportunities Fund of Funds 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 R642.4m, excluding VAT (2014: R603.7m) 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.


16

3. RELATED PARTY TRANSACTIONS (continued)

Sanlam Life Insurance Ltd:

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

% interest held by

Sanlam Life Insurance Ltd

Company Name in company

2015 2014

First Avenue Sanlam Collective Investments Equity Fund 76% 80%

Graviton SCI Balanced Fund 82% 73%

Graviton SCI Capital Growth Fund 30% 42%

Graviton SCI Flexible Income Fund 93% 89%

Graviton SCI Low Equity Fund 94% 78%

Sanlam African Frontier Markets Feeder Fund 0% 94%

Sanlam Diversified Income Fund of Funds 0% 58%

Sanlam Global Balanced Fund of Funds 38% 44%

Sanlam Global Cautious Fund of Funds 26% 38%

Sanlam Global Index Fund of Funds 0% 87%

Sanlam Growth Institutional Fund 97% 97%

Sanlam Institutional Special Opportunities Fund 93% 90%

Sanlam Market Allocator Fund 73% 84%

Sanlam Multi Managed Aggressive Fund of Funds 70% 71%

Sanlam Multi Managed Balanced Fund of Funds 47% 42%

Sanlam Multi Managed Bond Fund 91% 93%

Sanlam Multi Managed Cautious Fund of Funds 65% 68%

Sanlam Multi Managed Conservative Fund of Funds 55% 55%

Sanlam Multi Managed Defensive Fund of Funds 45% 0%

Sanlam Multi Managed Equity Fund 100% 94%

Sanlam Multi Managed Equity Index Fund 59% 94%

Sanlam Multi Managed Flexible Equity Fund 53% 64%

Sanlam Multi Managed Inflation Linked Bond Fund 86% 93%

Sanlam Multi Managed Absolute Solution 5 Fund of Funds 0% 24%

Sanlam Multi Managed Institutional Aggressive Equity Fund One 95% 0%

Sanlam Multi Managed Institutional All Bond Fund One 0% 100%

Sanlam Multi Managed Institutional All Bond Fund Three 0% 98%

Sanlam Multi Managed Institutional Balanced Fund of Funds 0% 42%

Sanlam Multi Managed Institutional Bond Fund 0% 93%

Sanlam Multi Managed Institutional Equity Fund of Funds 0% 24%

Sanlam Multi Managed Institutional General Equity Fund One 0% 100%

Sanlam Multi Managed Institutional General Equity Fund Two 83% 81%

Sanlam Multi Managed Institutional Long-Term Growth Solution 7 Fund of Funds 0% 20%

Sanlam Multi Managed Institutional Positive Return Fund One 0% 64%

Sanlam Multi Managed Institutional Positive Return Fund Two 65% 81%

Sanlam Multi Managed Institutional Positive Return Fund Three 53% 66%

Sanlam Multi Managed Institutional Positive Return Fund Four 54% 64%

Sanlam Multi Managed Institutional Protection Solution 3 Fund of Funds 0% 31%


17

3. RELATED PARTY TRANSACTIONS (continued)

Sanlam Life Insurance (Continued)

% interest held by

Sanlam Life Insurance Ltd

Company Name in company

2015 2014

Sanlam Multi Managed Institutional Prudential Balanced Fund One 72% 64%

Sanlam Multi Managed Institutional Prudential Income Provider Fund One 0% 100%

Sanlam Multi Managed Institutional Prudential Income Provider Fund Two 67% 84%

Sanlam Multi Managed Institutional Prudential Low Equity One 0% 72%

Sanlam Multi Managed Moderate Aggressive Fund of Funds 59% 59%

Sanlam Multi Managed Moderate Fund of Funds 75% 77%

Sanlam Multi Managed Property Fund 79% 87%

Sanlam Multi Managed Protection Solution 3 Fund of Funds 37% 0%

Sanlam Multi Managed Yield Plus Fund 99% 98%

Sanlam Optimised Income Fund 0% 91%

Sanlam Select Absolute Fund 51% 100%

Sanlam Select Bond Plus Fund 100% 98%

Sanlam Select Defensive Balanced Fund 92% 72%

Sanlam Select Flexible Equity Fund 54% 100%

Sanlam Select Managed Fund 100% 100%

Sanlam Select Optimised Equity Fund 92% 100%

Sanlam Select Strategic Income Fund 21% 100%

Sanlam Select Thematic Equity Fund 98% 100%

Sanlam Stable Growth Fund 100% 100%

Sanlam Value Institutional Fund 100% 100%

SIM Absolute Return Income Fund 71% 72%

SIM Active Income Fund 44% 46%

SIM Balanced Fund 64% 64%

SIM Bond Plus Fund 94% 93%

SIM Enhanced Yield Fund 59% 67%

SIM Equally Weighted Top40 Index Fund 0% 22%

SIM Financial Fund 21% 22%

SIM General Equity Fund 44% 56%

SIM Global Best Ideas Feeder Fund 29% 28%

SIM Global Equity Income Feeder Fund 36% 38%

SIM Inflation Plus Fund 45% 46%

SIM Low Equity Fund 36% 37%

SIM Managed Aggressive Fund of Funds 80% 78%

SIM Managed Cautious Fund of Funds 70% 72%

SIM Managed Conservative Fund of Funds 59% 57%

SIM Managed Moderate Aggressive Fund of Funds 78% 78%

SIM Managed Moderate Fund of Funds 82% 82%

SIM Property Fund 88% 86%

SIM Small Cap Fund 27% 30%

SIM Top Choice Equity Fund 83% 82%

SIM Value Fund 49% 45%

SPI Equity Fund 38% 32%

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.


18

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, 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. With effect from 23 October 2015, the client data on the SUTUWA system migrated to the new Silica system. 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

4.1 General risks (continued)

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 Funds. 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.


19

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. 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 2015 financial statements as the Funds were not administered by Sanlam Collective Investments (RF) (Pty) Ltd at 31 December 2015.


20

4.2 Market risk (continued) (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

Graviton SCI Balanced Fund - - 14,953 (9,071)

Graviton SCI Capital Growth Fund - - 596 (27,511)

Graviton SCI Flexible Income Fund 2,937 (1,303) 1,853 (28,772)

Graviton SCI Low Equity Fund - - 18,289 (33,543)

Obsidian SCI Balanced Fund - - 15,499 (16,883)

Sanlam Growth Institutional Fund - - 68,954 -

Sanlam Multi Managed Equity Fund 3,255 - 3,241 -

Sanlam Multi Managed Equity Index Fund - - 3,524 -

Sanlam Multi Managed Flexible Equity Fund 2,680 (2,680) - -

Sanlam Multi Managed Institutional Positive Return Fund One - - 757 (573)

Sanlam Multi Managed Institutional Positive Return Fund Three - - 3,767 (1,410)

Sanlam Multi Managed Institutional Prudential Balanced Fund One - - 3,541 -

Sanlam Multi Managed Institutional Prudential Balanced Fund Two - - 33,614 (14,342)

Sanlam Multi Managed Instituional Prudential Income Provider Fund

Two - - - (611,813)

Sanlam Multi Managed Institutional Prudential Low Equity Two - - 9,480 (5,344)

Sanlam Select Bond Plus Fund 1 (2,804) - -

Sanlam Select Managed Fund 234,523 (28,296) - -

Sanlam Select Optimised Equity Fund 32 (32) - -

Sanlam Stable Growth Fund - - 8,226 (226,678)

SIM Index Fund - - 16,365 (2)

SIM Inflation Plus Fund 2,993,879 (19,746,850) 2,667 (267,887)

SIM Low Equity Fund 279,698 (2,018,017) 475 (14,316)

SIM Managed Moderate Fund of Funds 605,663 (17,692,965) - -

SIM Market Allocator Fund 10 (6,536) - (5,235)

SIM Value Fund 6,521,310 (39,221,375) 4,027 (4,072)

SMMI Bond Fund 16,279 (6,945) 11 -

SMMI Prudential Income Provider Fund Two - (34,702) - -

2015 2014

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.


21

4.3 Price risk (continued)

2015 2014

Price risk

10% Increase in

equity or unit trust

prices

10% Decrease in

equity or unit trust prices

10% Increase in


prices

10% Decrease in


prices

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

Brackenham SCI Managed Fund 52 369 (52 369) 41 181 (41 181)

First Avenue SCI Equity Fund 189 372 (189 372) 160 049 (160 049)

Graviton SCI Balanced Fund 80 970 (80 970) 80 835 (80 835)

Graviton SCI Capital Growth Fund 10 542 (10 542) 61 852 (61 852)

Graviton SCI Flexible Income Fund 3 430 (3 430) 7 678 (7 678)

Graviton SCI Low Equity Fund 30 556 (30 556) 71 045 (71 045)

Lynx SCI Balanced Fund of Funds 44 794 (44 794) 45 876 (45 876)

Lynx SCI Cautious Fund of Funds 18 391 (18 391) 20 517 (20 517)

Lynx SCI Global Diversified Fund of Funds 42 355 (42 355) 34 400 (34 400)

Lynx SCI Opportunities Fund of Funds 5 984 (5 984) 5 948 (5 948)

Megafin SCI Balanced Fund of Funds 77 680 (77 680) - -

Megafin SCI Growth Fund of Funds 6 201 (6 201) - -

Megafin SCI Stable Fund of Funds 18 084 (18 084) - -

Obsidian SCI Balanced Fund 47 833 (47 833) 11 347 (11 347)

Sanlam African Frontier Markets Feeder Fund - - 2 677 (2 677)

Sanlam All Share Index Fund - - - -

Sanlam Alternative Income Fund 70 091 (70 091) 84 958 (84 958)

Sanlam Asia Pacific Fund of Funds 14 177 (14 177) 9 621 (9 621)

Sanlam Diversified Income Fund of funds 53 843 (53 843) 103 976 (103 976)

Sanlam Global Balanced Fund of Funds 6 127 (6 127) 2 929 (2 929)

Sanlam Global Cautious Fund of Funds 7 042 (7 042) 2 995 (2 995)

Sanlam Global Equity Fund 79 985 (79 985) 105 065 (105 065)

Sanlam Global Index Fund of Funds - - 1 924 (1 924)

Sanlam Growth Institutional Fund 229 632 (229 632) 289 194 (289 194)

Sanlam India Opportunities Feeder Fund 28 844 (28 844) 17 284 (17 284)

Sanlam Institutional Special Opportunities Fund 233 929 (233 929) 203 156 (203 156)

Sanlam Multi Managed Aggressive Fund of Funds 10 307 (10 307) 10 973 (10 973)

Sanlam Multi Managed Cautious Fund of Funds 17 134 (17 134) 16 524 (16 524)

Sanlam Multi Managed Conservative Fund of Funds 46 975 (46 975) 55 231 (55 231)

Sanlam Multi Managed Equity Fund 69 783 (69 783) 80 295 (80 295)

Sanlam Multi Managed Equity Index Fund (Ex. Sanlam Multi Managed Institutional General Equity Fund Three) 44 209 (44 209) 60 410 (60 410)

Sanlam Multi Managed Flexible Equity Fund 102 888 (102 888) 71 731 (71 731)

Sanlam Multi Managed Institutional Aggressive Equity Fund One 1 807 (1 807) 3 415 (3 415)

Sanlam Multi Managed Institutional General Equity Fund Two 188 724 (188 724) 261 409 (261 409)

Sanlam Multi Managed Institutional Positive Return Fund Three 34 946 (34 946) 75 229 (75 229)

Sanlam Multi Managed Institutional Positive Return Fund Two 549 (549) 1 115 (1 115)

Sanlam Multi Managed Institutional Prudential Balanced Fund One 40 772 (40 772) 35 848 (35 848)

Sanlam Multi Managed Institutional Prudential Income Provider Fund Two 13 762 (13 762) 17 154 (17 154)

Sanlam Multi Managed Moderate Aggressive Fund of Funds 79 463 (79 463) 79 384 (79 384)

Sanlam Multi Managed Moderate Fund of Funds 26 048 (26 048) 18 148 (18 148)

Sanlam Multi Managed Property Fund 70 612 (70 612) 75 043 (75 043)


22

4.3 Price risk (continued)

2015 2014

Price risk

10% Increase in


10% Decrease in


10% Increase in equity or unit trust

prices

10% Decrease in


prices

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

Sanlam Multi Manged Institutional Positive Return Fund Four 74 183 (74 183) 75 081 (75 081)

Sanlam Multi-Managed Balanced Fund of Funds 183 986 (183 986) 26 801 (26 801)

Sanlam Optimised Income Fund 86 (86) 26 792 (26 792)

Sanlam Pan-Europe Fund 12 340 (12 340) 10 040 (10 040)

Sanlam Select Absolute Fund 81 766 (81 766) 20 145 (20 145)

Sanlam Select Defensive Balanced Fund 20 115 (20 115) 14 750 (14 750)

Sanlam Select Flexible Equity Fund 85 182 (85 182) 17 492 (17 492)

Sanlam Select Managed Fund 47 611 (47 611) 24 786 (24 786)

Sanlam Select Optimised Equity Fund 25 759 (25 759) 23 092 (23 092)

Sanlam Select Strategic Income Fund 15 722 (15 722) 2 121 (2 121)

Sanlam Select Thematic Equity Fund 101 464 (101 464) 23 130 (23 130)

Sanlam Stable Growth Fund 40 321 (40 321) 39 173 (39 173)

Sanlam Value Institutional Fund 160 415 (160 415) 168 100 (168 100)

Sesfikile SCI Property Fund - - 40 848 (40 848)

SIM Absolute Return Income Fund 1 249 (1 249) 1 963 (1 963)

SIM Active Income Fund 7 875 (7 875) 10 672 (10 672)

SIM Balanced Fund 1 001 022 (1 001 022) 842 638 (842 638)

SIM Financial Fund 27 968 (27 968) 28 383 (28 383)

SIM General Equity Fund 743 495 (743 495) 516 579 (516 579)

SIM Global Best Ideas Feeder Fund 69 784 (69 784) 64 846 (64 846)

SIM Global Equity Income Feeder Fund 4 312 (4 312) 2 185 (2 185)

SIM Global Financial Feeder Fund 12 460 (12 460) 11 255 (11 255)

SIM Index Fund - - 191 732 (191 732)

SIM Industrial Fund 187 069 (187 069) 153 798 (153 798)

SIM Inflation Plus Fund 343 410 (343 410) 211 850 (211 850)

SIM Low Equity Fund 34 692 (34 692) 35 789 (35 789)

SIM Managed Aggressive Fund of Funds 74 619 (74 619) 62 012 (62 012)

SIM Managed Cautious Fund of Funds 122 893 (122 893) 123 951 (123 951)

SIM Managed Conservative Fund of Funds 35 598 (35 598) 37 390 (37 390)

SIM Managed Moderate Aggressive Fund of Funds 148 493 (148 493) 128 695 (128 695)

SIM Managed Moderate Fund of Funds 388 894 (388 894) 369 028 (369 028)

SIM Market Allocator Fund 4 065 (4 065) 6 036 (6 036)

SIM Property Fund 515 244 (515 244) 497 135 (497 135)

SIM Resources Fund 3 596 (3 596) 5 612 (5 612)

SIM Small Cap Fund 38 849 (38 849) 33 599 (33 599)

SIM Top Choice Equity Fund 98 839 (98 839) 83 138 (83 138)

SIM Value Fund 286 283 (286 283) 362 117 (362 117)

SMMI Absolute Solution 5 Fund of Funds 73 775 (73 775) 42 937 (42 937)

SMMI Defensive Fund of Funds 64 477 (64 477) 24 456 (24 456)

SMMI Equity Fund of Funds 5 902 (5 902) 6 692 (6 692)

SMMI Long-Term Growth Solution 7 Fund of Funds 42 898 (42 898) 38 006 (38 006)

SMMI Protection Solution 3 Fund of Funds 15 871 (15 871) 15 574 (15 574)

SPI Equity Fund 9 489 (9 489) 7 256 (7 256)

Tresor SCI Balanced Fund 34 048 (34 048) - -

Tresor SCI Flexible Fund 14 965 (14 965) - -

Tresor SCI Income Fund 5 739 (5 739) - -

Tresor SCI Stable Fund 20 008 (20 008) - -


23

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


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.

4.4 Interest risk

2015 2014

Total Total

Interest rate risk

+1% Increase in

market interest rates

-1% Decrease in


+1% Increase in


-1% Decrease in


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

Brackenham SCI Managed Fund 61 (61) 363 (363)

First Avenue SCI Equity Fund 532 (532) 633 (633)

Graviton SCI Balanced Fund (87) 109 (9 595) 12 379

Graviton SCI Capital Growth Fund (454) 584 (12 689) 16 212

Graviton SCI Flexible Income Fund (5 401) 6 835 (8 175) 9 498

Graviton SCI Low Equity Fund 148 60 (27 572) 35 158

Lynx SCI Balanced Fund of Funds 35 (35) 78 (78)

Lynx SCI Cautious Fund of Funds 35 (35) 35 (35)

Lynx SCI Global Diversified Fund of Funds 191 (191) 48 (48)

Lynx SCI Opportunities Fund of Funds 23 (23) 12 (12)

Megafin SCI Balanced Fund of Funds 48 (48) - -

Megafin SCI Growth Fund of Funds 10 (10) - -

Megafin SCI Stable Fund of Funds 17 (17) - -

Obsidian SCI Balanced Fund (8 706) 10 943 (2 640) 3 166

Sanlam African Frontier Markets Feeder Fund - - 4 (4)

Sanlam Alternative Income Fund 73 309 (73 309) 66 128 (66 128)

Sanlam Asia Pacific Fund of Funds 1 (1) 9 (9)

Sanlam Diversified Income Fund of funds 19 (19) 9 (9)

Sanlam Global Balanced Fund of Funds 17 (17) 11 (11)

Sanlam Global Cautious Fund of Funds 23 (23) 11 (11)

Sanlam Global Equity Fund 189 (189) 128 (128)

Sanlam Global Index Fund of Funds - - 5 (5)

Sanlam Growth Institutional Fund 438 (438) 887 (887)

Sanlam Growth Institutional Fund 438 (438) 887 (887)

Sanlam India Opportunities Feeder Fund 10 (10) 25 (25)

Sanlam Institutional Special Opportunities Fund 173 (173) 508 (508)

Sanlam Multi Managed Aggressive Fund of Funds 22 (22) 10 (10)

Sanlam Multi Managed Cautious Fund of Funds (1) 1 - -


24

4.4 Interest risk (continued)

2015 2014

Total Total

Interest rate risk

+1% Increase in


-1% Decrease in


+1% Increase in


-1% Decrease in


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

Sanlam Multi Managed Conservative Fund of Funds (7) 7 (9) 9

Sanlam Multi Managed Equity Fund 223 (223) 108 (108) Sanlam Multi Managed Equity Index Fund (Ex. Sanlam Multi Managed Institutional General Equity Fund Three) 23 (23) 40 (40)

Sanlam Multi Managed Flexible Equity Fund (1 447) 1 552 - -

Sanlam Multi Managed Inflation Linked Bond Fund (116 541) 168 965 (150 782) 209 191

Sanlam Multi Managed Institutional Aggressive Equity Fund One 1 (1) 7 (7)

Sanlam Multi Managed Institutional General Equity Fund Two 997 (997) 1 006 (1 006)

Sanlam Multi Managed Institutional Positive Return Fund Four 4 115 (4 114) 2 790 (2 790)

Sanlam Multi Managed Institutional Positive Return Fund One - - (2 220) 2 395

Sanlam Multi Managed Institutional Positive Return Fund Three (7 146) 8 207 (17 123) 20 511

Sanlam Multi Managed Institutional Positive Return Fund Two (6 238) 8 297 (3 052) 4 268

Sanlam Multi Managed Institutional Prudential Balanced Fund One (6 685) 8 294 (796) 1 072

Sanlam Multi Managed Institutional Prudential Income Provider Fund Two (60 946) 93 349 (74 560) 103 686

Sanlam Multi Managed Institutional Prudential Income Provider One - - (3 285) 3 556 Sanlam Multi Managed Institutional Yield Plus Fund Two (5 676) 7 341 (3 322) 3 978

Sanlam Multi Managed Moderate Aggressive Fund of Funds (2) 2 (6) 6

Sanlam Multi Managed Moderate Fund of Funds 74 (74) 8 (8)

Sanlam Multi Managed Property Fund (6) 6 10 (10)

Sanlam Optimised Income Fund 3 (3) 486 (486)

Sanlam Pan-Europe Fund 11 (11) 12 (12)

Sanlam Select Absolute Fund 2 589 (2 589) 180 (180)

Sanlam Select Bond Plus Fund (144 681) 214 385 (51 638) 69 098

Sanlam Select Defensive Balanced Fund (32 816) 46 673 (26 058) 33 979

Sanlam Select Flexible Equity Fund 1 967 (1 967) 284 (284)

Sanlam Select Managed Fund (16 610) 22 315 (10 267) 15 945

Sanlam Select Optimised Equity Fund 153 (153) 61 (61)

Sanlam Select Strategic Income Fund (33 612) 52 633 - -

Sanlam Select Thematic Equity Fund 63 (63) 5 (5)

Sanlam Stable Growth Fund 629 (629) 788 (788)

Sanlam Value Institutional Fund 257 (257) 203 (203)

Sesfikile SCI Property Fund - - 249 (249)

SIM Absolute Return Income Fund * (16 212) 21 025 (24 758) 34 722

SIM Active Income Fund (65 721) 89 817 (5 571) 14 246

SIM Balanced Fund (423 835) 620 059 (236 359) 310 271

SIM Bond Plus Fund (356 497) 528 062 (239 994) 314 9

* The 2014 sensitivity analysis for this fund has been restated to be consistently calculated with the current year.


25

4.4 Interest risk (continued)

2015 2014

Total Total

Interest rate risk

+1% Increase in


-1% Decrease in


+1% Increase in


-1% Decrease in


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

SIM Dividend Plus Index Fund - - - -

SIM Enhanced Yield Fund (32 398) 34 904 (39 690) 42 276

SIM Financial Fund (8) 8 18 (18)

SIM General Equity Fund 615 (615) 1 440 (1 440)

SIM Global Best Ideas Feeder Fund 124 (124) 90 (90)

SIM Global Equity Income Feeder Fund 45 (45) 13 (13)

SIM Global Financial Feeder Fund 34 (34) 9 (9)

SIM Index Fund - - 174 (174)

SIM Industrial Fund 919 (919) 738 (738)

SIM Inflation Plus Fund * (103 717) 133 391 (5 162) 24 199

SIM Low Equity Fund (11 532) 14 748 (2 284) 3 372

SIM Managed Aggressive Fund of Funds 359 (359) 129 (129)

SIM Managed Cautious Fund of Funds 545 (545) 129 (129)

SIM Managed Conservative Fund of Funds 228 (228) 117 (117)

SIM Managed Moderate Aggressive Fund of Funds 627 (627) 429 (429)

SIM Managed Moderate Fund of Funds 1 931 (1 931) 1 337 (1 337)

SIM Market Allocator Fund 17 (17) 36 (36)

SIM Money Market Fund 24 154 (24 098) 15 958 (16 455)

SIM Property Fund 9 (9) 336 (336)

SIM Resources Fund 14 (14) 14 (14)

SIM Small Cap Fund 56 (56) 76 (76)

SIM Top Choice Equity Fund 194 (194) 399 (399)

SIM Value Fund 1 200 (1 200) 3 254 (3 254)

SMMI Absolute Solution 5 Fund of Funds 542 (542) 88 (88)

SMMI Balanced Fund of Funds 351 (351) 22 (22)

SMMI Bond Fund (417 262) 560 280 (240 005) 307 029

SMMI Defensive Fund of Funds 48 (48) 9 (9)

SMMI Equity Fund of Funds 2 (2) 10 (10)

SMMI Long-Term Growth Solution 7 Fund of Funds 50 (50) 62 (62)

SMMI Protection Solution 3 Fund of Funds 61 (61) 22 (22)

SPI Equity Fund 100 (100) 92 (92)

Tresor SCI Balanced Fund 101 (101) - -

Tresor SCI Flexible Fund 58 (58) - -

Tresor SCI Income Fund 101 (112) - -

Tresor SCI Stable Fund 117 (117) - -

* The 2014 sensitivity analysis for this fund has been restated to be consistently calculated with the current year.


26

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.

2015

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

Brackenham SCI Managed Fund 12 279 - - - - - - - - - Graviton SCI Balanced Fund 16 642 - - - - - - - - 1 Graviton SCI Capital Growth Fund 2 400 - - - - - - - - - Graviton SCI Flexible Income Fund 643 83 - 217 152 - - - - 205

Lynx SCI Global Diversified Fund of Funds 13 868 - - - - - - - - - Obsidian SCI Balanced Fund - - - - - - - - - - Sanlam Asia Pacific Fund of Funds 14 381 - - - - - - - - -

Sanlam Global Balanced Fund of Funds 6 215 - - - - - - - - -

Sanlam Global Cautious Fund of Funds 7 133 - - - - - - - - - Sanlam Global Equity Fund 49 756 1 543 2 239 7 052 10 381 3 419 2 412 2 822 605 1 499

Sanlam India Opportunities Feeder Fund 28 947 - - - - - - - - -

Sanlam Multi Managed Aggressive Fund of Funds 2 571 - - - - - - - - - Sanlam Multi Managed Institutional Positive Return Fund Three 3 561 - - 3 375 2 694 - - - - - Sanlam Multi Managed Institutional Prudential Balanced Fund One 11 623 - - - - - - - - -

Sanlam Pan-Europe Fund 47 - - 4 522 5 979 - 1 238 - - 597 Sanlam Select Absolute Fund 14 297 - 149 - - - - 3 208 8 1 436

Sanlam Select Defensive Balanced Fund 13 169 - - - - - - - - - Sanlam Select Flexible Equity Fund 4 280 - - - - - - - - -


27

4.5 Foreign currency risk (continued)

2015

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 Select Optimised Equity Fund 3 190 - 394 - - - - 922 231 542

SIM Balanced Fund 288 599 4 397 - 31 33 352 4 065 4 658 - - -

SIM Bond Plus Fund - - - - - - - - - -

SIM Financial Fund 1 457 - - 3 867 238 - - - - - SIM General Equity Fund 28 858 - - 25 028 8 340 - - 2 127 - 1 723

SIM Global Best Ideas Feeder Fund 69 784 - - - - - - - - -

SIM Global Equity Income Feeder Fund 4 619 - - - - - - - - - SIM Global Financial Feeder Fund 12 460 - - - - - - - - -

SIM Industrial Fund 8 129 - - 233 3 777 - - - - 4 678

SIM Inflation Plus Fund 168 397 2 460 - 236 20 185 2 357 2 398 - - -

SIM Low Equity Fund 15 221 264 - 40 2 556 257 256 - - - SIM Managed Aggressive Fund of Funds 13 476 - - - - - - - - -

SIM Managed Cautious Fund of Funds 19 759 - - - - - - - - - SIM Managed Conservative Fund of Funds 6 269 - - - - - - - - - SIM Managed Moderate Aggressive Fund of Funds 28 352 - - - - - - - - - SIM Managed Moderate Fund of Funds 77 232 - - - - - - - - - SIM Market Allocator Fund 689 - - - - - - - - -

SIM Resources Fund 217 - - 503 - - 1 - - 1

SIM Small Cap Fund - - - 46 - - - - - 2

SIM Value Fund 62 714 1 - 18 454 13 - - - 5 399 - SMMI Absolute Solution 5 Fund of Funds 19 156 - - - - - - - - - SMMI Defensive Fund of Funds - - - - - - - - - - SMMI Long-Term Growth Solution 7 Fund of Funds 10 122 - - - - - - - - - SMMI Protection Solution 3 Fund of Funds 3 510 - - - - - - - - - SMMI Prudential Income Provider Fund Two 2 894 716 - 5 212 1 210 - - - - 1 113


28

4.5 Foreign currency risk (continued)

2014

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

Brackenham SCI Managed Fund 5 030 - - 1 797 18 - 1 206 - - 551.94 Graviton SCI Balanced Fund 12107 67 - 72 7 003 - 64 - - - Graviton SCI Capital Growth Fund

16 941 0.00 - 24 - - - - - -

Graviton SCI Flexible Income Fund (32) 239 - 333 257 - - - - - Graviton SCI Low Equity Fund 12 107 67 - 72 7 003 - 64 - - -

Lynx SCI Global Diversified Fund of Funds 12 935 - - - - - - - - -

Sanlam African Frontier Markets Feeder Fund 2 678 - - - - - - - - -

Sanlam Asia Pacific Fund of Funds 7 859 - - - - - - 1 789 - - Sanlam Global Cautious Fund of Funds (ex: Sanlam International Cautious Fund of Funds) 3 034 - - - - - - - - -

Sanlam Global Equity Fund 66 861 - 2 129 8 391 12 779 3 088 2 636 5 655 1 610 4 176

Sanlam Global Index Fund of Funds 1 954 - - - - - - - - -

Sanlam India Opportunities Feeder Fund 17 623 - - - - - - - - - Sanlam Multi Managed Aggressive Fund of Funds 2 455 - - - - - - - - -

Sanlam Multi Managed Cautious Fund of Funds 2 - - - - - - - - -

Sanlam Multi Managed Conservative Fund of Funds 3 - - - - - - - - - Sanlam Multi Managed Institutional General Equity Fund One 1 463 - 344 - - - - - 523 - Sanlam Multi Managed Institutional Prudential Balanced Fund One 9 347 - - - - - - - - - Sanlam Multi Managed Institutional Prudential Income Provider Fund Two 2 963 2 114 - 3 721 1 873 - - - - 1 584 Sanlam Select Absolute Fund (Ex Sanlam Multi Managed Institutional Prudential Low Equity Two) 2 595 - 486 - - - - - 507 - Sanlam Multi Managed Moderate Aggressive Fund of Funds 3 - - - - - - - - -

Sanlam Multi Managed Moderate Fund of Funds 1 - - - - - - - - - Sanlam Pan-Europe Fund 53 - - 3 907 4 727 - 968 - - 475 Sanlam Select Defensive Balanced Fund (Sanlam Multi Managed Institutional Prudential Low Equity One) 8 649 - - - - - - - - -

SIM Balanced Fund 224 506 2 935 - 4 016 25 845 - 3 069 - - - SIM Financial Fund 2 119 - - 3 241 173 - - - - - SIM General Equity Fund 25 994 - - 10 550 1 910 - 4 207 - - 2 043 SIM Global Best Ideas Feeder Fund 64 846 - - - - - - - - -

SIM Global Equity Income Feeder Fund 2 242 - - - - - - - - -


29

Change in

Change in

Change in

Change in

Change in

Chang in

Change in

Change in

Change in

Change in

2014 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

SIM Global Financial Feeder Fund 11 255 - - - - - - - - -

SIM Industrial Fund 5 257 - - 182 4 394 - - - - 2 148

SIM Inflation Plus Fund 78 673 1 204 - 1 309 15 815 - 1 201 - - -

SIM Low Equity Fund 14 804 182 - 280 2 241 - 169 - - -

SIM Managed Aggressive Fund of Funds 9 922 - - - - - - - - -

SIM Managed Cautious Fund of Funds 16 592 - - - - - - - - -

SIM Managed Conservative Fund of Funds 5 347 - - - - - - - - - SIM Managed Moderate Aggressive Fund of Funds 21 765 - - - - - - - - -

SIM Managed Moderate Fund of Funds 61 402 - - - - - - - - -

SIM Market Allocator Fund 866 - - - - - - - - -

SIM Resources Fund 111 - - 554 - - 1 - - 1

SIM Small Cap Fund 30 - - - - - - - - (21)

SIM Value Fund 69 532 1 - 18 586 686 - - - - - SMMI Absolute Solution 5 Fund of Funds 9 690 - - - - - - - - -

SMMI Defensive Fund of Funds - - - - - - - - - - SMMI Equity Fund of Funds 1 348 - - - - - - - - -

SMMI Long-Term Growth Solution 7 Fund of Funds 8 494 - - - - - - - - -

SMMI Protection Solution 3 Fund of Funds 3 220 - - - - - - - - -

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 2015 or 31 December 2014. 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


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.

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.


30

4.7 Liquidity risk (continued)

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.

The fair value of money market instruments, including Gilts, longer term Negotiable Certificates of Deposit, Promissory Notes and Treasury Bills, 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 bank balances 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 Sanlam Money Market Fund approximate 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 Funds use 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.


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

There are no level 3 financial instruments.


31

6. SCRIPLENDING

Certain Funds engaged in scriplending activities during the year under review. A summary of open positions per portfolio, at 31 December 2015 and 2014 respectively, is listed in the tables below:

Fund nameShare

Code

Price

(cents)Loans Value

SANLAM INSTITUTIONAL SPECIAL

OPPORTUNITIES FUND LEW 54.92 138,030 7,580,608


OPPORTUNITIES FUND AWA 8.44 30,672 258,872


OPPORTUNITIES FUND CLR 17 102,179 1,737,043


OPPORTUNITIES FUND HAR 15.6 1,518,795 23,693,202


OPPORTUNITIES FUND PNC 12.4 45,000 558,000


OPPORTUNITIES FUND RFG 23.4 29,757 696,314

1,864,433 34,524,038

SIM PROPERTY FUND FFB 34.83 449,634 15,660,752

SIM PROPERTY FUND RES 115.5 244,633 28,255,112

SIM PROPERTY FUND SAC 4.6 7,340,000 33,764,000

8,034,267 77,679,864

SIM GENERAL EQUITY FUND AVL 2.32 495 1,148

495 1,148

SANLAM STABLE GROWTH FUND KIO 41.2 22,000 906,400

22,000 906,400

SIM BALANCED FUND EXX 44.04 395,202 17,404,696

SIM BALANCED FUND R 186 1.05362 100,000,000 105,362,040

100,395,202 122,766,736

TOTAL 110,316,397 235,878,186

Total collateral placed with Standard

Trustees in respect of securities lent: Cash 247,672,096

Collateral % 105%

2015

Fund nameShare

CodePrice (cents) Loans Value


OPPORTUNITIES FUND LEW 7 401 400,000 29,604,000

400,000 29,604,000

SIM PROPERTY FUND HYP 9 750 271,000 26,422,500

SIM PROPERTY FUND NEP 11 400 50,000 5,700,000

SIM PROPERTY FUND RDF 1 070 2,602,934 27,851,394

SIM PROPERTY FUND RES 8 399 617,255 51,843,247

3,541,189 111,817,141

SIM BALANCED FUND AIP 4 900 100,000 4,900,000

SIM BALANCED FUND LEW 7 401 200,000 14,802,000

300,000 19,702,000

TOTAL 4,241,189 161,123,141

Total collateral placed with Standard

Trustees in respect of securities lent: Cash 193,957,000

Collateral % 120%

2014

BRACKENHAM SCI MANAGED FUND

2015 2014

R'000 R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015

Income 52 354 8 801

Dividend revenue 7 935 648 Interest revenue 9 533 1 272 Rebates earned 21 2 Income adjustment due to creation and cancellation of participatory interests 290 109 Net fair value gains on financial instruments 34 575 6 770

Expenses 9 370 1 352

Service fees 8 450 1 228 Audit fees 60 22 Withholding tax 170 30 Custodian, trustee and bank charges 106 10 Transaction costs 584 62

Operating profit 42 984 7 449

Finance costs 11 224 700

Distributions to unit holders 11 224 700

Change in net assets attributable to unit holders 31 760 6 749

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015

Assets

Investments 523 691 411 811

Equities and specialist securities - Local 227 426 192 838 Equities and specialist securities - Foreign - 63 004 Participatory Interest in Collective Investment Schemes - Local 173 471 155 969 Participatory Interest in Collective Investment Schemes - Foreign 122 794 -

Accrued income and debtors 716 784

Cash and bank balances 6 060 36 264

Total assets 530 467 448 859

Liabilities 5 229 1 415

Trade and other payables 54 20 Related parties payable 756 644 Distributions payable 4 419 751

Net assets attributable to unit holders 525 238 447 444

Balance at the beginning of the year 447 444 - Change in net assets attributable to unit holders 31 760 6 749 Creation of participatory interests 87 375 447 377 Liquidation of participatory interests (41 341) (6 682)

Balance at the end of the year 525 238 447 444

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

YEAR ENDED 31 DECEMBER 2015

32


2015 2014

R'000 R'000

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2015

Cash flow from operating activities

Operating profit before finance costs 42 984 7 449 Adjusted for:Dividend revenue (7 935) (648) Interest revenue (9 533) (1 272) Income adjustment due to creation and cancellation of participatory interests (290) (109) Net fair value gains on investments (34 575) (6 770) Operating loss before working capital changes (9 349) (1 350)

Working capital changes: 214 (120) Decrease/(increase) in accrued income and debtors 68 (784) Increase in trade, related parties and other payables 146 664

Cash utilised by operations (9 135) (1 470) Interest received 9 533 1 272 Dividends received 7 935 648 Foreign exchange gains - 1 053

Net cash inflow from operating activities 8 333 1 503

Cash flow from investing activities

Net purchase of securities (77 305) (406 094)

Net cash outflow from investing activities (77 305) (406 094)

Cash flow from financing activities

Net creation of participatory interest 46 324 440 804 Cash (distributed to)/reinvested by unit holders (7 556) 51

Net cash inflow from financing activities 38 768 440 855

Net (decrease)/increase in cash and cash equivalents (30 204) 36 264 Cash and cash equivalents at beginning of the year 36 264 -

Cash and cash equivalents at end of the year 6 060 36 264

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

1. BANK BALANCES

Bank balances consist of the following:

2015 2014

Current accounts 6 060 027 13 247 091 Total 6 060 027 13 247 091

Interest was earned at 5.25% (2014: 4.75%) 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 A - 1.71% (2014: 1.71%) Class B1 - 0.17% (2014: N/A)

33

FIRST AVENUE SCI EQUITY FUND

2015 2014

R'000 R'000


Income 176 363 195 478

Dividend revenue 58 932 43 167 Interest revenue 3 962 1 899 Income adjustment due to creation and cancellation of participatory interests 1 009 1 596 Net fair value gains on financial instruments 112 460 148 816

Expenses 11 836 5 280

Service fees 4 948 2 213 Performance fees 475 436 Audit fees 98 52 Withholding tax 228 292 Custodian, trustee and bank charges 242 195 Transaction costs 5 845 2 092


Finance costs 57 902 43 469

Distributions to unit holders 57 902 43 469



Assets

Investments 1 893 718 1 600 486

Equities and specialist securities - Local 1 893 718 1 600 486



Total assets 1 947 008 1 663 831


Trade and other payables 109 62 Related parties payable 738 277 Distributions payable 21 035 20 489

Net assets attributable to unit holders 1 925 126 1 643 003

Balance at the beginning of the year 1 643 003 936 102 Change in net assets attributable to unit holders 106 625 146 729 Creation of participatory interests 428 721 793 005 Liquidation of participatory interests (253 223) (232 833)

Balance at the end of the year 1 925 126 1 643 003



34

FIRST AVENUE SCI EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 164 527 190 198 Adjusted for:Dividend revenue (58 932) (43 167) Interest revenue (3 962) (1 899) Income adjustment due to creation and cancellation of participatory interests (1 009) (1 596) Net fair value gains on investments (112 460) (148 816) Operating loss before working capital changes (11 836) (5 280)

Working capital changes: 514 866 Decrease in accrued income and debtors 6 1 690 Increase/(decrease) in trade, related parties and other payables 508 (824)

Cash utilised by operations (11 322) (4 414) Interest received 3 962 1 899 Dividends received 58 932 43 167






Net creation of participatory interest 176 507 525 533 Cash (distributed to)/reinvested by units holders (57 356) 7


Net (decrease)/increase in cash and cash equivalents (10 049) 19 055 Cash and cash equivalents at beginning of the year 63 278 44 223



1. BANK BALANCES


2015 2014



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 B1 - 1.42% (2014: 1.42%)Class B2 - 1.02% (2014: 1.02%)Class B3 - 0% (2014: 0%)Class B4 - 0% (2014: N/A)

35

GRAVITON SCI BALANCED FUND

2015 2014

R'000 R'000


Income 101 555 62 252

Dividend revenue 12 337 6 669 Interest revenue 18 972 8 959 Other income 50 14 Income adjustment due to creation and cancellation of participatory interests (2 556) 4 478 Net fair value gains on financial instruments 72 752 42 132


Service fees 3 356 4 824 Audit fees 89 67 Withholding tax 122 105 Custodian, trustee and bank charges 476 460 Transaction costs 1 086 838






Assets


Equities and specialist securities - Local 49 918 380 006 Participatory Interest in Collective Investment Schemes - Local 593 267 245 582 Participatory Interest in Collective Investment Schemes - Foreign 166 421 182 772 Bonds - Local 5 295 81 018 Money market instruments 134 9 406

Accrued income and debtors 185 2 645


Total assets 834 577 949 546


Trade and other payables 1 027 66 Related parties payable 254 923 Distributions payable 21 526 13 113


Balance at the beginning of the year 935 444 317 673 Change in net assets attributable to unit holders 60 389 38 912 Creation of participatory interests 796 126 640 317 Liquidation of participatory interests (980 189) (61 458)




36

GRAVITON SCI BALANCED FUND

2015 2014

R'000 R'000



Operating profit before finance costs 96 426 55 958 Adjusted for:Dividend revenue (12 337) (6 669) Interest revenue (18 972) (8 959) Income adjustment due to creation and cancellation of participatory interests 2 556 (4 478) Net fair value gains on investments (72 752) (42 132) Operating loss before working capital changes (5 079) (6 280)

Working capital changes: 2 752 (1 751) Decrease/(increase) in accrued income and debtors 2 460 (2 315) Increase in trade, related parties and other payables 292 564

Cash utilised by operations (2 327) (8 031) Interest received 18 972 8 959 Dividends received 12 337 6 669 Foreign exchange gains 4 475



Net sale/(purchase) of securities 156 497 (554 872)

Net cash inflow/(outflow) from investing activities 156 497 (554 872)


Net (cancellation)/creation of participatory interest (186 619) 583 337 Cash distributed to units holders (27 624) (6 897)

Net cash (outflow)/inflow from financing activities (214 243) 576 440




1. BANK BALANCES


2015 2014

Current accounts 19 320 565 11 594 797 Call deposits - 1 519 689 Foreign currency cash deposits 23 965 24 500 000 SAFEX 11 679 10 502 258 Total 19 356 209 48 116 744

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 4% - 6% (2014: 5.70%) on call deposits accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 A1 - 1.42% (2014: 1.42%) Class B1 - 1.14% (2014: 1.14%)

37

GRAVITON SCI CAPITAL GROWTH FUND

2015 2014

R'000 R'000


Income 55 656 70 829

Dividend revenue 7 964 8 834 Interest revenue 12 515 14 964 Other income 39 7 Income adjustment due to cancellation of participatory interests (10 184) (249) Net fair value gains on financial instruments 45 322 47 273








Assets


Equities and specialist securities - Local 11 899 266 356 Participatory Interest in Collective Investment Schemes - Local 68 631 182 761 Participatory Interest in Collective Investment Schemes - Foreign 24 003 169 407 Bonds - Local 4 726 100 906 Money market instruments - 3 005



Total assets 118 872 749 612








38

GRAVITON SCI CAPITAL GROWTH FUND

2015 2014

R'000 R'000



Operating profit before finance costs 48 922 63 650 Adjusted for:Dividend revenue (7 964) (8 834) Interest revenue (12 515) (14 964) Income adjustment due to cancellation of participatory interests 10 184 249 Net fair value gains on investments (45 322) (47 273) Operating loss before working capital changes (6 695) (7 172)

Working capital changes: 1 212 (533) Decrease/(increase) in accrued income and debtors 1 799 (389) Decrease in trade, related parties and other payables (587) (144)







Net (cancellation)/creation of participatory interest (672 745) 25 399 Cash (distributed to)/reinvested by unit holders (16 513) 10


Net decrease in cash and cash equivalents (15 765) (31 732) Cash and cash equivalents at beginning of the year 25 229 56 961



1. BANK BALANCES


2015 2014

Current accounts 9 463 044 12 961 570 Call deposits - 10 100 000 Foreign currency cash deposits 622 248 745 SAFEX - 1 917 825 Total 9 463 666 25 228 140

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 5.5% - 5.65%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at N/A (2014: 4.75%) on SAFEX 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 - 1.42% (2014: 1.42%) Class B1 - 1.14% (2014: 1.14%) Class B2 - 0% (2014: 0%)

39

GRAVITON SCI FLEXIBLE INCOME FUND

2015 2014

R'000 R'000


Income 37 399 30 047

Dividend revenue 833 472 Interest revenue 34 854 22 445 Other income 8 - Rebates earned - 149 Income adjustment due to creation and cancellation of participatory interests (1 887) 5 524 Net fair value gains on financial instruments 3 591 1 457








Assets


Equities and specialist securities - Local 21 035 19 918 Equities and specialist securities - Foreign 2 596 2 385 Participatory Interest in Collective Investment Schemes - Local 8 888 54 477 Participatory Interest in Collective Investment Schemes - Foreign 1 784 - Bonds - Local 162 715 182 022 Bonds - Foreign 6 334 4 737 Money market instruments 124 330 307 516

Accrued income and debtors 4 274 5 904


Total assets 341 246 590 231








40

GRAVITON SCI FLEXIBLE INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 36 010 27 509 Adjusted for:Dividend revenue (833) (472) Interest revenue (34 854) (22 445) Income adjustment due to creation and cancellation of participatory interests 1 887 (5 524) Net fair value gains on investments (3 591) (1 457) Operating loss before working capital changes (1 381) (2 389)

Working capital changes: 1 337 (4 552) Decrease/(increase) in accrued income and debtors 1 630 (4 737) (Decrease)/increase in trade, related parties and other payables (293) 185

Cash utilised by operations (44) (6 941) Interest received 34 854 22 445 Dividends received 833 472 Foreign exchange gains/(losses) 175 (4)






Net (cancellation)/creation of participatory interest (249 749) 342 388 Cash distributed to unit holders (36 840) (108)





1. BANK BALANCES


2015 2014

Current accounts 2 647 558 5 604 157 Call deposits 837 902 616 719 Foreign currency cash deposits 2 930 771 6 200 000 SAFEX 2 872 671 851 154 Total 9 288 902 13 272 030

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 6.20% (2014: 5.70%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX deposits.

2. CHARGES


41

GRAVITON SCI LOW EQUITY FUND

2015 2014

R'000 R'000


Income 84 742 80 206

Dividend revenue 5 839 5 629 Interest revenue 29 136 23 511 Other income 16 2 Rebates earned 615 527 Income adjustment due to creation and cancellation of participatory interests (10 189) 2 334 Net fair value gains on financial instruments 59 325 48 203








Assets


Equities and specialist securities - Local 14 500 184 813 Equities and specialist securities - Foreign - 1 658 Participatory Interest in Collective Investment Schemes - Local 244 763 346 575 Participatory Interest in Collective Investment Schemes - Foreign 46 314 177 403 Bonds - Local 9 186 241 385 Money market instruments 12 303 23 663



Total assets 421 802 1 038 114


Trade and other payables 78 63 Related parties payable 50 1 007 Distributions payable 16 486 17 221

Net assets attributable to unit holders 405 188 1 019 823

Balance at the beginning of the year 1 019 823 722 286 Change in net assets attributable to unit holders 46 350 45 383 Creation of participatory interests 454 840 403 201 Liquidation of participatory interests (1 115 825) (151 047)

Balance at the end of the year 405 188 1 019 823



42

GRAVITON SCI LOW EQUITY FUND

2015 2014

R'000 R'000





Cash utilised by operations (1 017) (9 083) Interest received 29 136 23 511 Dividends received 5 839 5 629 Foreign exchange gains 1 644 308






Net (cancellation)/creation of participatory interest (671 174) 236 159 Cash (distributed to)/reinvested by unit holders (34 037) 17


Net increase in cash and cash equivalents 36 503 44 209 Cash and cash equivalents at beginning of the year 57 837 13 628



1. BANK BALANCES


2015 2014

Current accounts 65 772 182 20 379 578 Call deposits 145 743 20 817 547 Foreign currency cash deposits 28 421 988 14 073 741 SAFEX - 2 566 292 Total 94 339 913 57 837 158

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 5-6%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX accounts.

2. CHARGES


43

LYNX SCI BALANCED FUND OF FUNDS

2015 2014

R'000 R'000


Income 52 858 62 699

Dividend revenue 3 852 6 726 Interest revenue 11 665 12 014 Other income - 4 Rebates earned 823 826 Income adjustment due to creation and cancellation of participatory interests (182) (149) Net fair value gains on financial instruments 36 700 43 278

Expenses 10 038 17 928

Service fees 9 522 11 952 Performance fees 369 5 664 Audit fees 50 65 Withholding tax 58 202 Custodian, trustee and bank charges 39 45






Assets


Participatory Interest in Collective Investment Schemes - Local 447 937 458 764



Total assets 451 472 466 589








44

LYNX SCI BALANCED FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 42 820 44 771 Adjusted for:Dividend revenue (3 852) (6 726) Interest revenue (11 665) (12 014) Income adjustment due to creation and cancellation of participatory interests 182 149 Net fair value gains on investments (36 700) (43 278) Operating loss before working capital changes (9 215) (17 098)

Working capital changes: (47) (1 254) Decrease in accrued income and debtors 3 68 Decrease in trade, related parties and other payables (50) (1 322)


Net cash inflow from operating activities 6 255 388


Net sale of securities 47 527 155 578

Net cash inflow from investing activities 47 527 155 578


Net cancellation of participatory interest (55 241) (234 097) Cash distributed to unit holders (2 828) (47)

Net cash outflow from financing activities (58 069) (234 144)




1. BANK BALANCES


2015 2014



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 - 0.79% (2014: 0.79%) Class A2 - 0.79% (2014: 0.79%) Class B1 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%) Class C2 - 2.16% (2014: 2.16%)

45

LYNX SCI CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000


Income 25 017 33 243

Dividend revenue 1 260 2 104 Interest revenue 7 131 15 471 Other income - 6 Rebates earned 470 991 Income adjustment due to creation and cancellation of participatory interests (203) (519) Net fair value gains on financial instruments 16 359 15 190

Expenses 4 042 10 099







Assets





Total assets 187 454 208 726








46

LYNX SCI CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: (76) (854) (Increase)/decrease in accrued income and debtors (1) 34 Decrease in trade, related parties and other payables (75) (888)







Net cancellation of participatory interest (38 504) (300 095) Cash distributed to unit holders (3 871) (7 159)


Net decrease in cash and cash equivalents (10) (39 062) Cash and cash equivalents at beginning of the year 3 548 42 610



1. BANK BALANCES


2015 2014



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 - 0.79% (2014: 0.79%) Class A2 - 0.79% (2014: 0.79%) Class B1 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%) Class C2 - 2.16% (2014: 2.16%)

47

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS

2015 2014

R'000 R'000


Income 96 620 34 923

Dividend revenue 1 732 1 061 Interest revenue 1 170 1 508 Other income (254) - Rebates earned 423 210 Income adjustment due to creation and cancellation of participatory interests (293) (120) Net fair value gains on financial instruments 93 842 32 264


Service fees 5 576 4 822 Performance fees - 1 213 Audit fees 50 59 Withholding tax 275 192 Custodian, trustee and bank charges 38 35 Transaction costs 24 53


Finance costs - 35

Distributions to unit holders - 35



Assets


Equities and specialist securities - Local 83 443 52 834 Participatory Interest in Collective Investment Schemes - Local 201 657 161 824 Participatory Interest in Collective Investment Schemes - Foreign 138 446 129 344



Total assets 442 723 348 787

Liabilities 634 529

Trade and other payables 57 61 Related parties payable 577 432 Distributions payable - 36






48

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: 116 (591) Increase in accrued income and debtors (25) (4) Increase/(decrease) in trade, related parties and other payables 141 (587)

Cash utilised by operations (5 678) (6 755) Interest received 1 170 1 508 Dividends received 1 732 1 061 Foreign exchange gains 32 -

Net cash outflow from operating activities (2 744) (4 186)





Net creation/(cancellation) of participatory interest 2 881 (16 700) Cash (distributed to)/reinvested by unit holders (36) 1

Net cash inflow/(outflow) from financing activities 2 845 (16 699)

Net increase/(decrease) in cash and cash equivalents 14 367 (3 305) Cash and cash equivalents at beginning of the year 4 781 8 086



1. BANK BALANCES


2015 2014

Current accounts 18 912 027 4 773 601 Foreign currency cash deposits 235 658 7 039 Total 19 147 685 4 780 640

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 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 A1 - 1.65% (2014: 1.65%) Class B - 0.79% (2014: 0.79%) Class B1 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%)

49

LYNX SCI OPPORTUNITIES FUND OF FUNDS

2015 2014

R'000 R'000


Income 4 838 7 378

Dividend revenue 1 098 950 Interest revenue 242 180 Rebates earned 14 53 Income adjustment due to creation and cancellation of participatory interests 27 (1) Net fair value gains on financial instruments 3 457 6 196


Service fees 1 276 1 286 Performance fees 2 - Audit fees 35 52 Withholding tax 15 12 Custodian, trustee and bank charges 24 25 Transaction costs - 16


Finance costs 66 41

Distributions to unit holders 66 41



Assets





Total assets 62 180 60 690

Liabilities 186 165

Trade and other payables 41 54 Related parties payable 105 105 Distributions payable 40 6


Balance at the beginning of the year 60 525 63 113 Change in net assets attributable to unit holders 3 420 5 946 Creation of participatory interests 3 427 564 Liquidation of participatory interests (5 378) (9 098)




50

LYNX SCI OPPORTUNITIES FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 3 486 5 987 Adjusted for:Dividend revenue (1 098) (950) Interest revenue (242) (180) Income adjustment due to creation and cancellation of participatory interests (27) 1 Net fair value gains on investments (3 457) (6 196) Operating loss before working capital changes (1 338) (1 338)

Working capital changes: (15) 6 (Increase)/decrease in accrued income and debtors (2) 1 (Decrease)/increase in trade, related parties and other payables (13) 5

Cash utilised by operations (1 353) (1 332) Interest received 242 180 Dividends received 1 098 950

Net cash outflow from operating activities (13) (202)





Net cancellation of participatory interest (1 924) (8 569) Cash distributed to unit holders (32) (1)


Net increase/(decrease) in cash and cash equivalents 1 131 (500) Cash and cash equivalents at beginning of the year 1 209 1 709



1. BANK BALANCES


2015 2014



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 - 0.79% (2014: 0.79%) Class A2 - 0.79% (2014: 0.79%) Class B1 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%) Class C2 - 2.16% (2014: 2.16%)

51

MEGAFIN SCI BALANCED FUND OF FUNDS [11 months]2015

R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2015

Income 44 482

Dividend revenue 6 250 Interest revenue 8 218 Income adjustment due to creation and cancellation of participatory interests 1 025 Net fair value gains on financial instruments 28 989

Expenses 5 556

Service fees 5 317 Audit fees 56 Withholding tax 132 Custodian, trustee and bank charges 51

Operating profit 38 926

Finance costs 9 890


Change in net assets attributable to unit holders 29 036


Assets

Investments 776 798

Participatory Interest in Collective Investment Schemes - Local 776 798

Accrued income and debtors 6

Cash and bank balances 4 776

Total assets 781 580

Liabilities 6 408

Trade and other payables 61 Related parties payable 553 Distributions payable 5 794

Net assets attributable to unit holders 775 172

Balance at the beginning of the period - Change in net assets attributable to unit holders 29 036 Creation of participatory interests 824 881 Liquidation of participatory interests (78 745)

Balance at the end of the period 775 172

Comparatives not stated, since the Megafin SCI Balanced Fund of Funds was established on 09 February 2015.


PERIOD ENDED 31 DECEMBER 2015

52

MEGAFIN SCI BALANCED FUND OF FUNDS [11 months]2015

R'000

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2015


Operating profit before finance costs 38 926 Adjusted for:Dividend revenue (6 250) Interest revenue (8 218) Income adjustment due to creation and cancellation of participatory interests (1 025) Net fair value gains on investments (28 989) Operating loss before working capital changes (5 556)

Working capital changes: 608 Increase in accrued income and debtors (6) Increase in trade, related parties and other payables 614

Cash utilised by operations (4 948) Interest received 8 218 Dividends received 6 250

Net cash inflow from operating activities 9 520


Net purchase of securities (747 809)

Net cash outflow from investing activities (747 809)


Net creation of participatory interest 747 161 Cash distributed to units holders (4 096)

Net cash inflow from financing activities 743 065

Net increase in cash and cash equivalents 4 776 Cash and cash equivalents at beginning of the period -

Cash and cash equivalents at end of the period 4 776

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2015

1. BANK BALANCES


2015

Current accounts 4 775 845 Total 4 775 845

Interest was earned at 5.25% (2014: N/A) 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 - 1.19% (2014: N/A) Class B1 - 0.85% (2014: N/A)

53

MEGAFIN SCI GROWTH FUND OF FUNDS

[11 months]2015

R'000


Income 9 722

Dividend revenue 350 Interest revenue 277 Rebates earned 4 Income adjustment due to creation and cancellation of participatory interests (11) Net fair value gains on financial instruments 9 102

Expenses 469

Service fees 391 Audit fees 22 Withholding tax 28 Custodian, trustee and bank charges 28


Finance costs 150

Distributions to unit holders 150



Assets

Investments 62 013




Total assets 63 042

Liabilities 220

Trade and other payables 24 Related parties payable 45 Distributions payable 151




Comparatives not stated, since the Megafin SCI Growth Fund of Funds was established on 9 February 2015.



54

MEGAFIN SCI GROWTH FUND OF FUNDS

[11 months]2015

R'000



Operating profit before finance costs 9 253 Adjusted for:Dividend revenue (350) Interest revenue (277) Income adjustment due to creation and cancellation of participatory interests 11 Net fair value gains on investments (9 102) Operating loss before working capital changes (465)


Cash utilised by operations (397) Interest received 277 Dividends received 350

Net cash inflow from operating activities 230





Net creation of participatory interest 53 708 Cash reinvested by unit holders 1





1. BANK BALANCES


2015



2. CHARGES


55

MEGAFIN SCI STABLE FUND OF FUNDS

[11 months]2015

R'000


Income 12 084

Dividend revenue 679 Interest revenue 3 055 Income adjustment due to creation and cancellation of participatory interests 54 Net fair value gains on financial instruments 8 296

Expenses 1 369

Service fees 1 297 Audit fees 39 Withholding tax 11 Custodian, trustee and bank charges 22


Finance costs 2 408




Assets

Investments 180 840





Liabilities 2 581





Comparatives not stated, since the Megafin SCI Stable Fund of Funds was established on 09 February 2015.



56

MEGAFIN SCI STABLE FUND OF FUNDS

[11 months]2015

R'000



Operating profit before finance costs 10 715 Adjusted for:Dividend revenue (679) Interest revenue (3 055) Income adjustment due to creation and cancellation of participatory interests (54) Net fair value gains on investments (8 296) Operating loss before working capital changes (1 369)


Cash utilised by operations (1 200) Interest received 3 055 Dividends received 679






Net creation of participatory interest 171 678 Cash reinvested by unit holders 2





1. BANK BALANCES


2015



2. CHARGES


57

OBSIDIAN SCI BALANCED FUND

2015 2014

R'000 R'000


Income 35 512 9 524

Dividend revenue 7 857 993 Interest revenue 6 821 1 147 Other income (96) - Income adjustment due to creation and cancellation of participatory interests 3 910 738 Net fair value gains on financial instruments 17 020 6 646


Service fees 1 956 234 Audit fees 55 52 Withholding tax 141 9 Custodian, trustee and bank charges 53 100 Transaction costs 4 491 746






Assets


Equities and specialist securities - Local 478 330 113 470 Bonds - Local 58 004 17 575



Total assets 699 292 145 894








58

OBSIDIAN SCI BALANCED FUND

2015 2014

R'000 R'000



Operating profit before finance costs 28 816 8 383 Adjusted for:Dividend revenue (7 857) (993) Interest revenue (6 821) (1 147) Income adjustment due to creation and cancellation of participatory interests (3 910) (738) Net fair value gains on investments (17 020) (6 646) Operating loss before working capital changes (6 792) (1 141)

Working capital changes: (546) 61 Increase in accrued income and debtors (859) (42) Increase in trade, related parties and other payables 313 103

Cash utilised by operations (7 338) (1 080) Interest received 6 821 1 147 Dividends received 7 857 993






Net creation of participatory interest 536 717 123 964 Cash distributed to units holders (8 538) (39)





1. BANK BALANCES


2015 2014

Current accounts 137 822 794 12 865 312 SAFEX 24 215 826 1 924 114 Total 162 038 620 14 789 426

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 B1 - 1.14% (2014: 1.14%) Class B2 - 0.79% (2014: 0.79%) Class B3 - 0.22% (2014: 0.22%) Class B4 - 0.57% (2014: 0.57%)

59

OBSIDIAN SCI EQUITY FUND

[1 month]2015

R'000


Income 1

Interest revenue 1

Expenses 6

Custodian, trustee and bank charges 2 Transaction costs 4

Operating loss (5)

Finance costs -

Distributions to unit holders -

Change in net assets attributable to unit holders (5)


Assets

Investments 982

Equities and specialist securities - Local 982



Total assets 1 986

Liabilities 988

Trade and other payables 988 Related parties payable - Distributions payable -

Net assets attributable to unit holders 998

Balance at the beginning of the period - Change in net assets attributable to unit holders (5) Creation of participatory interests 1 003 Liquidation of participatory interests -

Balance at the end of the period 998

Comparatives not stated, since the Obsidian SCI Equity Fund was established on 28 December 2015.



60

OBSIDIAN SCI EQUITY FUND

[1 month]2015

R'000



Operating loss before finance costs (5) Adjusted for:Interest revenue (1) Operating loss before working capital changes (6)


Cash generated by operations 981 Interest received 1

Net cash inflow from operating activities 982


Net purchase of securities (982)

Net cash outflow from investing activities (982)


Net creation of participatory interest 1 003 Cash distributed to unit holders -





1. BANK BALANCES


2015



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 B1 - 1.14% (2014: N/A ) Class B2 - 0.79% (2014: N/A ) Class B3 - 0.14% (2014: N/A ) Class B4 - 0.57% (2014: N/A )

61


[8 Months] [12 Months]2015 2014

R'000 R'000

Income (2 608) 542

Interest revenue 23 15Income adjustment due to creation and cancellation of participatory interests (501) (4) Net fair value (losses)/gains on financial instruments (2 130) 531

Expenses 58 96

Service fees 5 7Audit fees 31 52Custodian, trustee and bank charges 22 37

Operating (loss)/profit (2 666) 446

Finance costs - -

Distributions to unit holders - -

Change in net assets attributable to unit holders (2 666) 446


R'000

Assets

Investments - 26 774

Participatory Interest in Collective Investment Schemes - Foreign - 26 774

Cash and bank balances - 435 Total assets - 27 209

Liabilities - 54

Trade and other payables - 53 Related parties payable - 1

Net assets attributable to unit holders - 27 155



Balance at the beginning of the period 27 155 1 234Change in net assets attributable to unit holders (2 666) 446Creation of participatory interests 1 535 27 135Liquidation of participatory interests (26 024) (1 660)

Balance at the end of the period - 27 155

The fund was closed on 28 August 2015.

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND

62

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND


[8 Months] [12 Months]2015 2014

R'000 R'000


Operating (loss)/profit before finance costs (2 666) 446Adjusted for:Interest revenue (23) (15) Income adjustment due to creation and cancellation of participatory interests 501 4Net fair value losses/(gains) on investments 2 130 (531) Operating loss before working capital changes (58) (96)

Working capital changes: (54) 53(Decrease)/increase in trade, related parties and other payables (54) 53

Cash utilised by operations (112) (43) Interest received 23 15Foreign exchange gains - -






Net (cancellation)/creation of participatory interest (24 990) 25 471


Net (decrease)/increase in cash and cash equivalents (435) 394Cash and cash equivalents at beginning of the period 435 41

Cash and cash equivalents at end of the period - 435


1. BANK BALANCES


2015 2014

Current accounts - 434 395Foreign currency cash deposits - 1 081Total - 435 476


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. - 0.57% (2014: 0.57%) Class B1 - 0.39% (2014: 0.39%) Class B2- 0.28% (2014: 0.28%) Class B3- 0% (2014: 0 %)

63

SANLAM ALTERNATIVE INCOME FUND

2015 2014

R'000 R'000


Income 492 141 403 784

Dividend revenue 397 224 324 473 Interest revenue 95 071 79 201 Rebates earned - 110 Net fair value losses on financial instruments (154) -

Expenses 63 189 49 820

Service fees 62 378 49 116 Audit fees 162 151 Custodian, trustee and bank charges 645 553 Transaction costs 4 -




Change in net assets attributable to unit holders (152) 3


Assets

Investments 8 023 735 7 442 581

Equities and specialist securities - Local 7 202 836 6 593 000 Participatory Interest in Collective Investment Schemes - Local 700 914 849 581 Money market instruments 119 985 -



Total assets 8 161 080 7 535 727


Trade and other payables 215 198 Related parties payable 5 553 4 245 Distributions payable 48 262 31 763


Balance at the beginning of the year 7 499 521 6 303 425 Change in net assets attributable to unit holders (152) 3 Creation of participatory interests 14 916 874 9 764 022 Liquidation of participatory interests (14 309 193) (8 567 929)




64

SANLAM ALTERNATIVE INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 428 952 353 964 Adjusted for:Dividend revenue (397 224) (324 473) Interest revenue (95 071) (79 201) Net fair value loss on investments 154 - Operating loss before working capital changes (63 189) (49 710)

Working capital changes: (54 571) (39 452) Decrease in accrued income and debtors (55 896) (39 343) Increase/(decrease) in trade, related parties and other payables 1 325 (109)




Net purchase of securities (581 308) (1 168 339)

Net cash outflow from investing activities (581 308) (1 168 339)


Net creation of participatory interest 607 681 980 620 Cash distributed to units holders (412 605) (131 553)





1. BANK BALANCES


2015 2014



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% (2014: 1.31%) Class B1 – 0.96% (2014: 0.96%) Class B2 – 0.85% (2014: 0.85%) Class B3 – 0.68% (2014: 0.68%) Class B4 – 1.31% (2014: 1.31%) Class B5 – 0.45% (2014: 0.45%) Class B6 – 0% (2014: 0%) Class B7 – 0.57% (2014: 0.57%) Class B8 – 1.02% (2014: N/A)

65

SANLAM ASIA PACIFIC FUND OF FUNDS

2015 2014

R'000 R'000


Income 30 917 9 080

Interest revenue 73 113 Income adjustment due to creation and cancellation of participatory interests (51) (74) Net fair value gains on financial instruments 30 895 9 041


Service fees 1 759 1 240 Audit fees 39 56 Custodian, trustee and bank charges 64 43 Transaction costs 10 51


Finance costs - -




Assets


Participatory Interest in Collective Investment Schemes - Foreign 141 774 96 211




Liabilities 219 149

Trade and other payables 51 56 Related parties payable 168 93






66

SANLAM ASIA PACIFIC FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 29 045 7 690 Adjusted for:Interest revenue (73) (113) Income adjustment due to creation and cancellation of participatory interests 51 74 Net fair value gains on investments (30 895) (9 041) Operating loss before working capital changes (1 872) (1 390)

Working capital changes: (1 952) (6) Increase in accrued income and debtors (2 022) - Increase/(decrease) in trade, related parties and other payables 70 (6)

Cash utilised by operations (3 824) (1 396) Interest received 73 113

Net cash outflow from operating activities (3 751) (1 283)





Net creation of participatory interest 17 613 2 480


Net decrease in cash and cash equivalents (806) (179) Cash and cash equivalents at beginning of the year 879 1 058

Cash and cash equivalents at end of the year 73 879


1. BANK BALANCES


2015 2014

Current accounts 64 138 631 810 Foreign currency cash deposits 8 963 247 484 Total 73 101 879 294


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 - 1.42% (2014: 1.42%) Class B1 - 0.85% (2014: 0.85%)

67

SANLAM DIVERSIFIED INCOME FUND OF FUNDS

2015 2014

R'000 R'000


Income 47 349 55 563

Dividend revenue 28 917 33 169 Interest revenue 7 727 6 730 Other income - 1 338 Rebates earned 272 324 Income adjustment due to creation and cancellation of participatory interests (1 388) (17) Net fair value gains on financial instruments 11 821 14 019


Service fees 3 190 3 622 Audit fees 56 49 Custodian, trustee and bank charges 66 79






Assets

Investments 538 431 1 039 770

Equities and specialist securities - Local 398 346 - Participatory Interest in Collective Investment Schemes - Local 140 085 1 039 770


Cash and bank balances 1 883 868

Total assets 542 455 1 044 336




Balance at the beginning of the year 1 040 613 937 699 Change in net assets attributable to unit holders 11 727 13 990 Creation of participatory interests 861 848 604 007 Liquidation of participatory interests (1 374 023) (515 083)




68

SANLAM DIVERSIFIED INCOME FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 44 037 51 813 Adjusted for:Dividend revenue (28 917) (33 169) Interest revenue (7 727) (6 730) Income adjustment due to creation and cancellation of participatory interests 1 388 17 Net fair value gains on investments (11 821) (14 019) Operating loss before working capital changes (3 040) (2 088)








Net (cancellation)/creation of participatory interest (513 563) 52 760 Cash distributed to unit holders (33 731) (1 209)


Net increase/(decrease) in cash and cash equivalents 1 015 (506) Cash and cash equivalents at beginning of the year 868 1 374

Cash and cash equivalents at end of the year 1 883 868


1. BANK BALANCES

Bank balances consist of the following:2015 2014

Current accounts 1 883 280 867 546 Total 1 883 280 867 546


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 - 1.14% (2014: N/A) Class A2 - 0.85% (2014: 0.86%) Class A3 - 0.85% (2014: 0.86%) Class A4 - 0% (2014: 0%) Class B - 0.57% (2014: 0.57%) Class B2 - 0.68% (2014: 0.68%) Class B3 - 0.34% (2014: 0.63%)

69

SANLAM GLOBAL BALANCED FUND OF FUNDS

2015 2014

R'000 R'000


Income 13 768 3 363

Interest revenue 56 33 Income adjustment due to creation and cancellation of participatory interests (52) (29) Net fair value gains on financial instruments 13 764 3 359

Expenses 409 310

Service fees 309 174 Audit fees 39 66 Custodian, trustee and bank charges 61 70


Finance costs 349 -

Distributions to unit holders 349 -



Assets






Liabilities 174 82

Trade and other payables 40 64 Related parties payable 34 18 Distributions payable 100 -






70

SANLAM GLOBAL BALANCED FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 13 359 3 053 Adjusted for:Interest revenue (56) (33) Income adjustment due to creation and cancellation of participatory interests 52 29 Net fair value gains on investments (13 764) (3 359) Operating loss before working capital changes (409) (310)

Working capital changes: (8) 9 (Decrease)/increase in trade, related parties and other payables (8) 9

Cash utilised by operations (417) (301) Interest received 56 33 Foreign exchange gains 24 11






Net creation of participatory interest 19 415 6 717 Cash distributed to unit holders (249) -


Net increase/(decrease) in cash and cash equivalents 593 (132) Cash and cash equivalents at beginning of the year 1 103 1 235



1. BANK BALANCES


2015 2014

Current accounts 820 469 764 684 Foreign currency cash deposits 875 908 338 517 Total 1 696 377 1 103 201


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 0.68% (2014: 0.68%) Class B1 - 1.71% (2014: 1.17%) Class B2 - 0.68% (2014: 0.68%) Class B3 - 1.14% (2014: N/A ) Class B4 - 0.88% (2014: N/A ) Class B5 - 0.62% (2014: 0.63%)

71

SANLAM GLOBAL CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000


Income 14 567 4 061

Interest revenue 59 26 Income adjustment due to creation and cancellation of participatory interests (139) - Net fair value gains on financial instruments 14 647 4 035

Expenses 409 301



Finance costs - -




Assets






Liabilities 80 74







72

SANLAM GLOBAL CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 14 158 3 760 Adjusted for:Interest revenue (59) (26) Income adjustment due to creation and cancellation of participatory interests 139 - Net fair value gains on investments (14 647) (4 035) Operating loss before working capital changes (409) (301)

Working capital changes: 5 106 (Increase)/decrease in accrued income and debtors (1) 100 Increase in trade, related parties and other payables 6 6

Cash utilised by operations (404) (195) Interest received 59 26 Foreign exchange gains - 18



Net (purchase)/sale of securities (25 819) 273

Net cash (outflow)/inflow from investing activities (25 819) 273


Net creation/(cancellation) of participatory interest 27 354 (53)

Net cash inflow/(outflow) from financing activities 27 354 (53)

Net increase in cash and cash equivalents 1 190 69 Cash and cash equivalents at beginning of the year 1 060 991



1. BANK BALANCES


2015 2014

Current accounts 2 245 400 675 670 Foreign currency cash deposits 5 175 384 175 Total 2 250 575 1 059 845


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 - 0.68% (2014: 0.68%)

73

SANLAM GLOBAL EQUITY FUND

2015 2014

R'000 R'000


Income 203 970 97 454

Dividend revenue 20 040 17 579 Interest revenue 21 520 Income adjustment due to creation and cancellation of participatory interests (859) 243 Net fair value gains on financial instruments 184 768 79 112

Expenses 16 663 17 311

Service fees 12 010 12 282 Audit fees 72 66 Withholding tax 3 037 3 040 Custodian, trustee and bank charges 509 601 Transaction costs 1 035 1 322






Assets

Investments 799 849 1 050 649

Equities and specialist securities - Foreign 799 849 852 106 Participatory Interest in Collective Investment Schemes - Foreign - 198 543



Total assets 826 168 1 065 955


Cash and bank balances 6 306 - Trade and other payables 77 1 714 Related parties payable 873 1 104 Distributions payable 4 568 1 847


Balance at the beginning of the year 1 061 290 760 598 Change in net assets attributable to unit holders 177 742 76 169 Creation of participatory interests 1 315 331 1 279 618 Liquidation of participatory interests (1 740 019) (1 055 095)




74

SANLAM GLOBAL EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 187 307 80 143 Adjusted for:Dividend revenue (20 040) (17 579) Interest revenue (21) (520) Income adjustment due to creation and cancellation of participatory interests 859 (243) Net fair value gains on investments (184 768) (79 112) Operating loss before working capital changes (16 663) (17 311)

Working capital changes: (194) (29) Decrease/(increase) in accrued income and debtors 1 674 (2 000) (Decrease)/increase in trade, related parties and other payables (1 868) 1 971

Cash utilised by operations (16 857) (17 340) Interest received 21 520 Dividends received 20 040 17 579 Foreign exchange gains 1 302 14






Net cancellation of participatory interest (425 547) 222 999 Cash distributed to unit holders (6 844) (515)





1. BANK BALANCES


2015 2014

Current accounts (6 305 744) 10 833 151 Foreign currency cash deposits 25 438 699 1 918 797 Total 19 132 955 12 751 948


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.82% (2014: 1.82%) Class B1 - 3.24% (2014: 3.24%) Class B2 - 0% (2014: N/A) Class B3 - 1.42% (2014: 1.42%) Class R - 1.14% (2014: 1.14%)

75

[4 Months] [12 Months]2015 2014

R'000 R'000

Income 1 104 2 498

Interest revenue 3 6Income adjustment due to creation and cancellation of participatory interests 3 3Net fair value gains on financial instruments 1 098 2 489

Expenses 84 204

Service fees 43 118Audit fees 30 55Custodian, trustee and bank charges 11 31


Finance costs - -




Assets


Participatory Interest in Collective Investment Schemes - Foreign - 19 242

Accrued income and debtors - 100Cash and bank balances - 498

Total assets - 19 840

Liabilities - 66

Trade and other payables - 56Related parties payable - 10




Balance at the beginning of the period 19 774 18 319Change in net assets attributable to unit holders 1 020 2 294Creation of participatory interests 1 168 958Liquidation of participatory interests (21 962) (1 797)


The fund merged with Sanlam Global Balanced Fund of Funds on 30 April 2015, resulting in all the net assets beingtransferred to the other fund on the effective date.

SANLAM GLOBAL INDEX FUND OF FUNDS


76

SANLAM GLOBAL INDEX FUND OF FUNDS

[4 Months] [12 Months]2015 2014

R'000 R'000


Operating profit before finance costs 1 020 2 294Adjusted for:Interest revenue (3) (6) Income adjustment due to creation and cancellation of participatory interests (3) (3) Net fair value gains on investments (1 098) (2 489)

Operating loss before working capital changes (84) (204)

Working capital changes: 34 (97)Increase in accrued income and debtors 100 (100)Increase in trade, related parties and other payables (66) 3

Cash utilised by operations (50) (301)Interest received 3 6Foreign exchange gains - 3






Net cancellation of participatory interest (20 791) (836)

Net cash outflow from financing activities (20 791) (836)

Net (decrease)/increase in cash and cash equivalents (498) 89Cash and cash equivalents at beginning of the period 498 409

Cash and cash equivalents at end of the period - 498


1. BANK BALANCES


2015 2014

Current accounts - 196 569Foreign currency cash deposits - 301 282Total - 497 851

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 0%) on foreign currency 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 B1 - 0.62% (2014: 0.62%)


77

SANLAM GROWTH INSTITUTIONAL FUND

2015 2014

R'000 R'000


Income 78 813 254 988

Dividend revenue 71 363 77 213 Interest revenue 3 019 4 266 Income adjustment due to creation and cancellation of participatory interests (1 909) 1 027 Net fair value gains on financial instruments 6 340 172 482


Service fees 457 688 Audit fees 58 69 Custodian, trustee and bank charges 463 786 Transaction costs 4 204 5 038






Assets

Investments 2 300 420 2 891 942




Total assets 2 353 190 2 990 876


Trade and other payables 294 311 Distributions payable 6 120 12 227


Balance at the beginning of the year 2 978 338 1 850 098 Change in net assets attributable to unit holders 2 134 167 443 Creation of participatory interests 351 959 1 430 650 Liquidation of participatory interests (985 655) (469 853)




78

SANLAM GROWTH INSTITUTIONAL FUND

2015 2014

R'000 R'000











Net (cancellation)/creation of participatory interest (713 205) 887 353 Cash distributed to by units holders (3) (40)





1. BANK BALANCES


2015 2014

Current accounts 1 383 825 1 523 842 Call deposits 39 600 000 82 600 000 SAFEX 2 846 175 4 567 158 Total 43 830 000 88 691 000

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned between 6%-6.15% (2014: 5.5%) on call deposit accounts.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 B1 - 0% (2014: 0%) Class B2 - 0% (2014: 0%) Class B4 - 0.39% (2014: 0.39%) Class B5 - 0.93% (2014: 0.93%) Class B6 - 0.64% (2014: 0.64%) Class B8 - 0.79% (2014: 0.79%)

79

SANLAM INDIA OPPORTUNITIES FEEDER FUND

2015 2014

R'000 R'000


Income 63 481 30 106

Interest revenue (45) 101 Income adjustment due to creation and cancellation of participatory interests 74 (591) Net fair value gains on financial instruments 63 452 30 596




Finance costs - -




Assets



Accrued income and debtors - 4


Total assets 289 472 178 688

Liabilities 7 325 223

Cash and bank balances 6 963 - Trade and other payables 92 55 Related parties payable 270 168 Distributions payable - -






80

SANLAM INDIA OPPORTUNITIES FEEDER FUND

2015 2014

R'000 R'000



Operating profit before finance costs 60 388 28 966 Adjusted for:Interest revenue 45 (101) Income adjustment due to creation and cancellation of participatory interests (74) 591 Net fair value gains on investments (63 452) (30 596) Operating loss before working capital changes (3 093) (1 140)

Working capital changes: 143 110 Decrease/(increase) in accrued income and debtors 4 (4) Increase in trade, related parties and other payables 139 114

Cash utilised by operations (2 950) (1 030) Interest (paid)/received (45) 101 Foreign exchange gains 32 9

Net cash outflow from operating activities (2 963) (920)





Net creation of participatory interest 43 368 89 198 Cash distributed to unit holders - -


Net (decrease)/increase in cash and cash equivalents (11 777) 4 891 Cash and cash equivalents at beginning of the year 5 846 955

Cash and cash equivalents at end of the year (5 931) 5 846


1. BANK BALANCES


2015 2014

Current accounts (6 963 017) 2 458 021 Foreign currency cash deposits 1 032 458 3 388 128 Total (5 930 559) 5 846 149


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- 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% (2014: 1.14%) Class B1 - 0.57% (2014: N/A)

81

SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUND

2015 2014

R'000 R'000


Income (33 267) 339 121

Dividend revenue 57 412 39 404 Interest revenue 44 419 29 079 Other income 84 113 Income adjustment due to creation and cancellation of participatory interests (2 042) (773) Net fair value (losses)/gains on financial instruments (133 140) 271 298


Audit fees 90 49 Withholding tax 24 - Custodian, trustee and bank charges 303 387 Transaction costs 6 903 5 880

Operating (loss)/profit (40 587) 332 805



Change in net assets attributable to unit holders (140 027) 265 424


Assets

Investments 2 339 293 2 031 557




Total assets 2 359 447 2 092 034


Trade and other payables 2 139 23 167 Distributions payable 51 581 35 316


Balance at the beginning of the year 2 033 551 1 824 870 Change in net assets attributable to unit holders (140 027) 265 424 Creation of participatory interests 655 895 111 165 Liquidation of participatory interests (243 692) (167 908)




82

SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (40 587) 332 805 Adjusted for:Dividend revenue (57 412) (39 404) Interest revenue (44 419) (29 079) Income adjustment due to creation and cancellation of participatory interests 2 042 773 Net fair value losses/(gains) on investments 133 140 (271 298) Operating loss before working capital changes (7 236) (6 203)

Working capital changes: (14 220) 16 572 Decrease/(increase) in accrued income and debtors 6 808 (6 538) (Decrease)/increase in trade, related parties and other payables (21 028) 23 110

Cash (utilised)/generated by operations (21 456) 10 369 Interest received 44 419 29 079 Dividends received 57 412 39 404



Net (purchase)/sale of securities (440 876) 51 277

Net cash (outflow)/inflow from investing activities (440 876) 51 277


Net creation/(cancellation) of participatory interest 410 161 (129 212) Cash distributed to unit holders (83 175) (291)


Net (decrease)/increase in cash and cash equivalents (33 515) 626 Cash and cash equivalents at beginning of the year 50 767 50 141



1. BANK BALANCES


2015 2014



2. CHARGES

- No initial and service charges are payable.

83

SANLAM MARKET ALLOCATOR FUND

2015 2014

R'000 R'000


Income 4 610 6 288

Dividend revenue 1 251 1 200 Interest revenue 1 223 932 Rebates earned 102 - Income adjustment due to creation and cancellation of participatory interests (156) (26) Net fair value gains on financial instruments 2 190 4 182

Expenses 194 213

Service fees 89 34 Audit fees 38 59 Withholding tax 9 9 Custodian, trustee and bank charges 36 73 Transaction costs 22 38






Assets


Equities and specialist securities - Local 24 780 38 175 Participatory Interest in Collective Investment Schemes - Local 8 975 13 537 Participatory Interest in Collective Investment Schemes - Foreign 6 891 8 660




Liabilities 483 551







84

SANLAM MARKET ALLOCATOR FUND

2015 2014

R'000 R'000



Operating profit before finance costs 4 416 6 075 Adjusted for:Dividend revenue (1 251) (1 200) Interest revenue (1 223) (932) Income adjustment due to creation and cancellation of participatory interests 156 26 Net fair value gains on investments (2 190) (4 182) Operating loss before working capital changes (92) (213)

Working capital changes: (28) 1 493 (Increase)/decrease in accrued income and debtors (8) 1 488 (Decrease)/increase in trade, related parties and other payables (20) 5

Cash (utilised)/generated by operations (120) 1 280 Interest received 1 223 932 Dividends received 1 251 1 200











1. BANK BALANCES


2015 2014

Current accounts 1 226 787 3 236 769 Foreign currency cash deposits 33 25 SAFEX 465 129 340 340 Total 1 691 949 3 577 134

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 4.75% (2014: 4.75%) on SAFEX deposits.

2. CHARGES

- The initial charge did not exceed 4% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1- 1.14% (2014: 1.14%) Class B1 - 0% (2014: 0%) Class B2 - 0.68% (2014: 0.68%) Class B3 - 0.68% (2014: 0.68%)

85

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS

2015 2014

R'000 R'000


Income 62 933 46 016

Dividend revenue 5 331 2 624 Interest revenue 13 639 8 727 Other income 2 - Rebates earned 140 83 Income adjustment due to creation and cancellation of participatory interests 1 674 265 Net fair value gains on financial instruments 42 147 34 317








Assets


Participatory Interest in Collective Investment Schemes - Local 563 516 333 269 Participatory Interest in Collective Investment Schemes - Foreign 174 235 96 179



Total assets 792 021 438 277








86

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 56 513 42 286 Adjusted for:Dividend revenue (5 331) (2 624) Interest revenue (13 639) (8 727) Income adjustment due to creation and cancellation of participatory interests (1 674) (265) Net fair value gains on investments (42 147) (34 317) Operating loss before working capital changes (6 278) (3 647)

Working capital changes: 263 65 Increase in accrued income and debtors (35) (5) Increase in trade, related parties and other payables 298 70







Net creation of participatory interest 313 304 40 731 Cash distributed to by unit holders (14 697) (750)





1. BANK BALANCES


2015 2014

Current accounts 36 900 616 7 993 413 Foreign currency cash deposits 17 326 120 828 482 Total 54 226 736 8 821 895


2. CHARGES

- The initial charge did not exceed 4.1% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.02% (2014: 1.02%) Class A2 - 0.85% (2014: 0.85%) Class B1 - 0.74% (2014: 0.74%) Class B2 - 0.74% (2014: 0.74%) Class B3 - 0.88% (2014: 0.88%) Class B4 - 1.02% (2014: 1.02%) Class B9 - 1.14% (2014: 1.14%) Class C - 2.16% (2014: 2.16%) Class C2 - 2.49% (2014: 2.49%)

87

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 6 196 11 735

Dividend revenue 1 860 1 675 Interest revenue 1 802 1 809 Other income 3 1 Rebates earned 6 - Income adjustment due to creation and cancellation of participatory interests (65) (54) Net fair value gains on financial instruments 2 590 8 304


Service fees 1 218 1 372 Audit fees 38 59 Withholding tax 9 2 Custodian, trustee and bank charges 34 35 Transaction costs - 19






Assets





Total assets 105 224 110 687








88

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Cash flow from operating activities 4 897 10 248 Operating profit before finance costsAdjusted for: (1 860) (1 675) Dividend revenue (1 802) (1 809) Interest revenue 65 54 Income adjustment due to creation and cancellation of participatory interests (2 590) (8 304) Net fair value gains on investmentsOperating loss before working capital changes (1 290) (1 486)

Working capital changes: (57) 21 (Decrease)/increase in trade, related parties and other payables (57) 21







Net cancellation of participatory interest (8 464) (9 449) Cash (distributed to)/reinvested by unit holders (1 904) 42


Net increase/(decrease) in cash and cash equivalents 1 199 (2 064) Cash and cash equivalents at beginning of the year 959 3 023



1. BANK BALANCES


2015 2014

Current accounts 617 567 533 188 Foreign currency cash deposits 1 540 591 425 839 Total 2 158 158 959 027


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 market value as follows: Class A1 - 1.08% (2014: 1.08%) Class A2 - 1.19% (2014: 1.19%) Class B1 - 0.74% (2014: 0.74%) Class B9 - 1.53% (2014: 1.53%) Class C1 - 3.02% (2014: 3.02%)

89

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS

2015 2014

R'000 R'000


Income 105 139 30 241

Dividend revenue 13 782 2 342 Interest revenue 13 278 2 746 Other income - 1 Rebates earned 1 140 23 Income adjustment due to creation and cancellation of participatory interests 17 679 (52) Net fair value gains on financial instruments 59 260 25 181


Service fees 7 289 2 204 Audit fees 56 54 Withholding tax 233 - Custodian, trustee and bank charges 90 39 Transaction costs - 104






Assets

Investments 1 839 863 268 007

Participatory Interest in Collective Investment Schemes - Local 1 839 863 268 007



Total assets 1 875 026 270 191




Balance at the beginning of the year 268 228 250 415 Change in net assets attributable to unit holders 59 271 24 705 Creation of participatory interests 1 753 459 31 214 Liquidation of participatory interests (233 083) (38 106)




90

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 97 471 27 840 Adjusted for:Dividend revenue (13 782) (2 342) Interest revenue (13 278) (2 746) Income adjustment due to creation and cancellation of participatory interests (17 679) 52 Net fair value gains on investments (59 260) (25 181) Operating loss before working capital changes (6 528) (2 377)

Working capital changes: 468 259 Decrease in accrued income and debtors (34) - Increase in trade, related parties and other payables 502 259




Net (purchase)/sale of securities (1 512 596) 4 763

Net cash (outflow)/inflow from investing activities (1 512 596) 4 763


Net creation/(cancellation) of participatory interest 1 538 055 (10 529) Cash distributed to units holders (13 514) (24)

Net cash inflow/(outflow) from financing activities 1 524 541 (10 553)




1. BANK BALANCES


2015 2014



2. CHARGES

- The initital charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.42% (2014: 1.42%) Class A2 - 0.85% (2014: 0.85%) Class B - 0.85% (2014: 0.85%) Class B1 - 0.39% (2014: N/A) Class B2 - 0.57% (2014: 0.68%) Class B3 - 0.87% (2014: 0.88%) Class B9 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%)

91

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000


Income 17 195 16 556

Dividend revenue 1 114 595 Interest revenue 5 371 5 412 Other income 2 - Rebates earned 106 - Income adjustment due to creation and cancellation of participatory interests 111 (87) Net fair value gains on financial instruments 10 491 10 636








Assets



Accrued income and debtors - -

Cash and bank balances - 9

Total assets 171 345 165 244

Liabilities 414 525

Cash and bank balances 93 -

Trade and other payables 57 67 Related parties payable 264 274 Distributions payable - 184






92

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 13 903 13 148 Adjusted for:Dividend revenue (1 114) (595) Interest revenue (5 371) (5 412) Income adjustment due to creation and cancellation of participatory interests (111) 87 Net fair value gains on investments (10 491) (10 636) Operating loss before working capital changes (3 184) (3 408)

Working capital changes: (20) (5) Decrease in trade, related parties and other payables (20) (5)









Net decrease in cash and cash equivalents (102) (9 362) Cash and cash equivalents at beginning of the year 9 9 371

Cash and cash equivalents at end of the year (93) 9


1. BANK BALANCES


2015 2014

Current accounts (92 681) (6 037) Foreign currency cash deposits - 15 374 Total (92 681) 9 337

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 0%) on foreign currency cash deposits.

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 market value as follows: Class A1- 1.08% (2014: 1.08%) Class A2 - 1.19% (2014: 1.19%) Class B1- 0.74% (2014: 0.74%) Class B9 - 1.53% (2014: 1.53%) Class C1 - 3.02% (2014: 3.02%)

93

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 42 555 51 576

Dividend revenue 1 531 1 106 Interest revenue 28 309 31 166 Other income 6 - Rebates earned 328 - Income adjustment due to creation and cancellation of participatory interests (1 074) (1 305) Net fair value gains on financial instruments 13 455 20 609

Expenses 9 150 11 173







Assets




Cash and bank balances - -

Total assets 469 754 552 305


Cash and bank balances 686 905 Trade and other payables 61 69 Related parties payable 703 838 Distributions payable 3 209 4 314






94

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 33 405 40 403 Adjusted for:Dividend revenue (1 531) (1 106) Interest revenue (28 309) (31 166) Income adjustment due to creation and cancellation of participatory interests 1 074 1 305 Net fair value gains on investments (13 455) (20 609) Operating loss before working capital changes (8 816) (11 173)

Working capital changes: (143) (190) Decrease in accrued income and debtors - 1 Decrease in trade, related parties and other payables (143) (191)







Net cancellation of participatory interest (95 609) (164 280) Cash distributed to unit holders (21 059) -


Net increase/(decrease) in cash and cash equivalents 219 (20 373) Cash and cash equivalents at beginning of the year (905) 19 468

Cash and cash equivalents at end of the year (686) (905)


1. BANK BALANCES


2015 2014

Current accounts (686 313) (932 956) Total (686 313) (932 956)


2. CHARGES


95

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 42 106 19 275

Dividend revenue 2 142 883 Interest revenue 11 238 6 198 Rebates earned 303 - Income adjustment due to creation and cancellation of participatory interests 3 921 (120) Net fair value gains on financial instruments 24 502 12 314


Service fees 4 078 3 070 Audit fees 55 52 Withholding tax 105 - Custodian, trustee and bank charges 40 38 Transaction costs - 43






Assets





Total assets 649 586 245 461








96

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 37 828 16 072 Adjusted for:Dividend revenue (2 142) (883) Interest revenue (11 238) (6 198) Income adjustment due to creation and cancellation of participatory interests (3 921) 120 Net fair value gains on investments (24 502) (12 314) Operating loss before working capital changes (3 975) (3 203)

Working capital changes: 200 (1) Increase in accrued income and debtors (3) - Increase/(decrease) in trade, related parties and other payables 203 (1)

Cash utilised by operations (3 775) (3 204) Interest received 11 238 6 198 Dividends received 2 142 883 Foreign exchange gains 1 -






Net creation/(cancellation) of participatory interest 376 698 (18 767) Cash distributed to units holders (6 683) (39)





1. BANK BALANCES


2015 2014

Current accounts 4 806 284 893 877 Foreign currency cash deposits 1 764 1 395 Total 4 808 048 895 272


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 0.91% (2014: 1.42%) Class A2 - N/A (2014: 0.85%) Class B1 - 0% (2014: N/A) Class B2 - 0% (2014: 0.68%) Class B3 - 0.79% (2014: 0.88%) Class B4 - 1.02% (2014: N/A) Class B9 - N/A (2014: 1.14%) Class C1 - N/A (2014: 2.16%)

97

SANLAM MULTI MANAGED EQUITY FUND

2015 2014

R'000 R'000


Income (7 793) 145 585

Dividend revenue 24 459 38 211 Interest revenue 1 194 1 550 Other income 42 19 Income adjustment due to creation and cancellation of participatory interests (152) (4 943) Net fair value (losses)/gains on financial instruments (33 336) 110 748


Service fees 78 1 578 Performance fees 180 - Audit fees 72 58 Withholding tax 57 170 Custodian, trustee and bank charges 229 756 Transaction costs 1 758 2 710






Assets


Equities and specialist securities - Local 591 675 802 948 Participatory Interest in Collective Investment Schemes - Local 106 159 -



Total assets 720 973 814 980




Balance at the beginning of the year 803 171 1 532 466 Change in net assets attributable to unit holders (35 096) 108 014 Creation of participatory interests 62 242 100 459 Liquidation of participatory interests (121 271) (937 768)




98

SANLAM MULTI MANAGED EQUITY FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (10 167) 140 313 Adjusted for:Dividend revenue (24 459) (38 211) Interest revenue (1 194) (1 550) Income adjustment due to creation and cancellation of participatory interests 152 4 943 Net fair value losses/(gains) on investments 33 336 (110 748) Operating loss before working capital changes (2 332) (5 253)

Working capital changes: 417 122 083 Decrease in accrued income and debtors 394 134 861 Increase/(decrease) in trade, related parties and other payables 23 (12 778)

Cash (utilised)/generated by operations (1 915) 116 830 Interest received 1 194 1 550 Dividends received 24 459 38 211











1. BANK BALANCES


2015 2014

Current accounts 19 639 843 6 449 246 Foreign currency cash deposits 2 400 000 4 100 000 SAFEX 223 827 213 923 Total 22 263 670 10 763 169


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 B1 - 0% (2014: 0%) Class B4 - 1.02% (2014: 1.02%) Class B6 - 0.91% (2014: 0.91%) Class B8 - 1.25% (2014: 1.25%) Class B9 - 0.85% (2014: 0.85%) Class B10 - 0.96% (2014: 0.96%)

99

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS

2015 2014

R'000 R'000


Income 1 583 10 199

Dividend revenue 1 440 1 614 Interest revenue 120 157 Rebates earned 2 - Income adjustment due to cancellation of participatory interests (59) (256) Net fair value gains on financial instruments 80 8 684


Service fees 842 945 Audit fees 37 49 Withholding tax 21 - Custodian, trustee and bank charges 178 159 Transaction costs 4 22

Operating profit 501 9 024

Finance costs 488 469


Change in net assets attributable to unit holders 13 8 555


Assets


Participatory Interest in Collective Investment Schemes - Local 59 020 53 490 Participatory Interest in Collective Investment Schemes - Foreign - 13 393




Liabilities 405 294



Balance at the beginning of the year 67 542 93 819 Change in net assets attributable to unit holders 13 8 555 Creation of participatory interests 3 621 28 057 Liquidation of participatory interests (12 382) (62 889)




100

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 501 9 024 Adjusted for:Dividend revenue (1 440) (1 614) Interest revenue (120) (157) Income adjustment due to cancellation of participatory interests 59 256 Net fair value gains on investments (80) (8 684) Operating loss before working capital changes (1 080) (1 175)

Working capital changes: (35) 2 210 Decrease in accrued income and debtors 1 2 199 (Decrease)/increase in trade, related parties and other payables (36) 11

Cash (utilised)/generated by operations (1 115) 1 035 Interest received 120 157 Dividends received 1 440 1 614 Foreign exchange gains - 3






Net cancellation of participatory interest (8 820) (35 594) Cash distributed to units holders (341) (13)


Net decrease in cash and cash equivalents (773) (638) Cash and cash equivalents at beginning of the year 952 1 590



1. BANK BALANCES


2015 2014

Current accounts 178 582 894 751 Foreign currency cash deposits - 56 847 Total 178 582 951 598


2. CHARGES

The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 1.42% (2014: 1.42%) Class A2 - 0.85% (2014: 0.85%) Class B1 - 0.39% (2014: N/A) Class B2 - 0.68% (2014: 0.68%) Class B3 - 0.87% (2014: 0.88%) Class B9 - 1.14% (2014: 1.14%) Class C1 - 2.16% (2014: 2.16%)

101

SANLAM MULTI MANAGED EQUITY INDEX FUND

2015 2014

R'000 R'000


Income 24 302 74 714

Dividend revenue 14 679 14 529 Interest revenue 1 370 1 484 Income adjustment due to creation and cancellation of participatory interests (2 887) 781 Net fair value gains on financial instruments 11 140 57 920

Expenses 1 265 970

Service fees 261 248 Audit fees 56 49 Withholding tax 69 70 Custodian, trustee and bank charges 39 72 Transaction costs 840 531






Assets


Equities and specialist securities - Local 442 095 604 104



Total assets 444 349 608 174








102

SANLAM MULTI MANAGED EQUITY INDEX FUND

2015 2014

R'000 R'000



Operating profit before finance costs 23 037 73 744 Adjusted for:Dividend revenue (14 679) (14 529) Interest revenue (1 370) (1 484) Income adjustment due to creation and cancellation of participatory interests 2 887 (781) Net fair value gains on investments (11 140) (57 920) Operating loss before working capital changes (1 265) (970)

Working capital changes: 77 (1 068) Decrease in accrued income and debtors 73 1 154 Increase/(decrease) in trade, related parties and other payables 4 (2 222)




Net sale of securities 173 149 (57 514)



Net (cancellation)/creation of participatory interest (175 015) 57 309 Cash distributed to unit holders (14 738) (14 535)


Net decrease in cash and cash equivalents (1 743) (765) Cash and cash equivalents at beginning of the year 3 996 4 761



1. BANK BALANCES


Current accounts 2 142 373 3 800 055 SAFEX 110 745 196 350 Total 2 253 118 3 996 405

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.75% (2014: 5.25%) on SAFEX 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 B1 - 0% (2014: 0%) Class B2 - 0.64% (2014: N/A) Class B3 - 0.09% (2014: N/A) Class B4 - 0.39% (2014: 0.39%) Class B5 - 0.57% (2014: 0.57%)

103

SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND

2015 2014

R'000 R'000


Income 133 154 122 710

Dividend revenue 21 677 16 798 Interest revenue 13 397 13 923 Income adjustment due to creation and cancellation of participatory interests 281 285 Net fair value gains on financial instruments 97 799 91 704


Service fees 1 894 1 431 Audit fees 98 73 Withholding tax (37) 83 Custodian, trustee and bank charges 148 218 Transaction costs 5 622 4 865






Assets

Investments 1 093 413 777 313

Equities and specialist securities - Local 1 021 067 709 810 Participatory Interest in Collective Investment Schemes - Local 7 808 7 496 Bonds - Local 64 538 60 007



Total assets 1 193 762 864 590








104

SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 125 429 116 040 Adjusted for:Dividend revenue (21 677) (16 798) Interest revenue (13 397) (13 923) Income adjustment due to creation and cancellation of participatory interests (281) (285) Net fair value gains on investments (97 799) (91 704) Operating loss before working capital changes (7 725) (6 670)

Working capital changes: (439) 1 029 (Increase)/decrease in accrued income and debtors (349) 758 (Decrease)/increase in trade, related parties and other payables (90) 271












1. BANK BALANCES


2015 2014



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 B3 - 0% (2014: 0%) Class B4 - 0.79% (2014: 0.79%) Class B7 - 0.53% (2014: 0.53%) Class B9 - 1.02% (2014: 1.02%)

105

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND

2015 2014

R'000 R'000


Income 12 747 108 237

Interest revenue 10 907 23 165 Income adjustment due to creation and cancellation of participatory interests (239) (2 468) Net fair value gains on financial instruments 2 079 87 540

Expenses 293 671

Service fees 188 407 Audit fees 55 66 Custodian, trustee and bank charges 48 193 Transaction costs 2 5






Assets


Bonds - Local 545 023 766 282



Total assets 552 277 771 598




Balance at the beginning of the year 767 286 1 553 806 Change in net assets attributable to unit holders 2 075 87 527 Creation of participatory interests 232 858 143 886 Liquidation of participatory interests (453 631) (1 017 933)




106

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND

2015 2014

R'000 R'000



Operating profit before finance costs 12 454 107 566 Adjusted for:Interest revenue (10 907) (23 165) Income adjustment due to creation and cancellation of participatory interests 239 2 468 Net fair value gains on investments (2 079) (87 540) Operating loss before working capital changes (293) (671)

Working capital changes: 1 034 3 441 Decrease in accrued income and debtors 1 053 3 475 Decrease in trade, related parties and other payables (19) (34)

Cash generated by operations 741 2 770 Interest received 10 907 23 165






Net cancellation of participatory interest (221 012) (900 588) Cash distributed to by unit holders (10 983) -


Net increase in cash and cash equivalents 2 991 (29 319) Cash and cash equivalents at beginning of the year 1 413 30 732



1. BANK BALANCES


2015 2014



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 B1 - 0.39% (2014: 0.39%) Class B2 - 0.57% (2014: 0.57%) Class B3 - 0% (2014: 0%)

107

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE

2015 2014

R'000 R'000


Income 2 327 6 057

Dividend revenue 838 787 Interest revenue 73 15 Income adjustment due to creation and cancellation of participatory interests (216) - Net fair value gains on financial instruments 1 632 5 255

Expenses 159 140

Audit fees 21 49 Withholding tax - (3) Custodian, trustee and bank charges 33 29 Transaction costs 105 65






Assets






Liabilities 285 545

Trade and other payables 23 50 Distributions payable 262 495


Balance at the beginning of the year 34 299 28 473 Change in net assets attributable to unit holders 1 527 5 189 Creation of participatory interests 3 867 777 Liquidation of participatory interests (21 791) (140)




108

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE

2015 2014

R'000 R'000



Operating profit before finance costs 2 168 5 917 Adjusted for:Dividend revenue (838) (787) Interest revenue (73) (15) Income adjustment due to creation and cancellation of participatory interests 216 - Net fair value gains on investments (1 632) (5 255) Operating loss before working capital changes (159) (140)

Working capital changes: (26) 4 Decrease in accrued income and debtors 1 - (Decrease)/Increase in trade, related parties and other payables (27) 4

Cash utilised by operations (185) (136)Interest received 73 15 Dividends received 838 787



Net sale/(purchase) of securities 17 718 (357)

Net cash inflow/(outflow) from investing activities 17 718 (357)


Net cancellation of participatory interest (18 140) (4 111) Cash (distributed to)/reinvested by unit holders (874) 4 111

Net cash outflow from financing activities (19 014) -

Net (decrease)/increase in cash and cash equivalents (570) 309 Cash and cash equivalents at beginning of the year 692 383



1. BANK BALANCES


2015 2014

Current accounts 121 780 692 462 Total 121 780 692 462


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 B4 - N/A (2014: 0.93%) Class B6 - N/A (2014: 0.53%) Class B10 - 0% (2014: 0%)

109

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO

2015 2014

R'000 R'000


Income (238 491) 200 827

Dividend revenue 97 645 80 318 Interest revenue 4 336 5 637 Income adjustment due to creation and cancellation of participatory interests (7 389) 6 367 Net fair value (losses)/gains on financial instruments (333 083) 108 505

Expenses 13 235 12 056

Service fees 5 136 2 937 Audit fees 90 59 Withholding tax 6 - Custodian, trustee and bank charges 117 196 Transaction costs 7 886 8 864






Assets

Investments 1 887 239 2 614 089




Total assets 1 987 023 2 715 985




Balance at the beginning of the year 2 626 974 1 386 873 Change in net assets attributable to unit holders (340 964) 99 646 Creation of participatory interests 615 475 1 501 523 Liquidation of participatory interests (957 207) (361 068)




110

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (251 726) 188 771 Adjusted for:Dividend revenue (97 645) (80 318) Interest revenue (4 336) (5 637) Income adjustment due to creation and cancellation of participatory interests 7 389 (6 367) Net fair value losses/ (gains) on investments 333 083 (108 505) Operating loss before working capital changes (13 235) (12 056)

Working capital changes: (39 172) 39 343 Decrease/(increase) in accrued income and debtors 1 166 (1 241) (Decrease)/increase in trade, related parties and other payables (40 338) 40 584

Cash utilised by operations (52 407) 27 287 Interest received 4 336 5 637 Dividends received 97 645 80 318



Net sale/(purchase) of securities 393 767 (1 131 347)

Net cash inflow/(outflow) from investing activities 393 767 (1 131 347)


Net (cancellation)/creation of participatory interest (349 121) 1 077 967 Cash distributed to units holders (95 166) (47)

Net cash (outflow)/inflow from financing activities (444 287) 1 077 920

Net (decrease)/increase in cash and cash equivalents (946) 59 815 Cash and cash equivalents at beginning of the year 100 618 40 803



1. BANK BALANCES


2015 2014



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 B2 - 0% (2014: 0%) Class B3 - 0% (2014: 0%) Class B5 - 0.70% (2014: N/A) Class B6 - 0.51% (2014: 0.51%) Class B7 - 0.53% (2014: N/A) Class B9 - 1.02% (2014: 1.03%) Class B10 - 0.93% (2014: 0.93%) Class B11 - 0.93% (2014: 0.93%)

111

SANLAM MULTI MANAGED INSTITUTIONAL LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS

2015 2014

R'000 R'000


Income 45 554 45 332

Dividend revenue 4 564 2 970 Interest revenue 6 311 7 923 Other income 1 - Rebates earned 98 77 Income adjustment due to creation and cancellation of participatory interests 56 155 Net fair value gains on financial instruments 34 524 34 207








Assets





Total assets 433 957 386 258








112

SANLAM MULTI MANAGED INSTITUTIONAL LONG-TERM GROWTH SOLUTION FUND 7

2015 2014

R'000 R'000











Net creation of participatory interest 15 165 19 207 Cash distributed to by unit holders (9 257) (1 572)





1. BANK BALANCES


2015 2014



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 - 1.02% (2014: 1.02%) Class A2 - 0.85% (2014:0.85%) Class B1 - 0.68% (2014: 0.68%) Class B2 - 0.68% (2014: 0.68%) Class B3 - 0.88% (2014: 0.88%) Class B4 - 1.02% (2014: 1.14%) Class B9 - 1.14% (2014: 1.14%) Class C - 2.16% (2014: 2.16%) Class C2 - 2.45% (2014: 2.45%)

113

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR

2015 2014

R'000 R'000


Income 45 810 153 534

Dividend revenue 22 648 20 343 Interest revenue 31 011 36 615 Other income 29 - Income adjustment due to creation and cancellation of participatory interests 295 (424) Net fair value (losses)/gains on financial instruments (8 173) 97 000

Expenses 3 584 10 167

Service fees 3 343 3 355 Performance fees (1 258) 4 993 Audit fees 97 72 Withholding tax 219 146 Custodian, trustee and bank charges 121 149 Transaction costs 1 062 1 452






Assets


Equities and specialist securities - Local 741 826 763 192 Bonds - Local 120 337 50 128 Money market instruments 18 500 10 000



Total assets 1 185 759 1 061 449


Trade and other payables 1 111 79 Related parties payable 278 2 588 Distributions payable 2 797 426






114

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR

2015 2014

R'000 R'000



Operating profit before finance costs 42 226 143 367 Adjusted for:Dividend revenue (22 648) (20 343) Interest revenue (31 011) (36 615) Income adjustment due to creation and cancellation of participatory interests (295) 424 Net fair value losses/(gains) on investments 8 173 (97 000) Operating loss before working capital changes (3 555) (10 167)

Working capital changes: (2 729) (101) Increase in accrued income and debtors (1 451) (1 187) (Decrease)/increase in trade, related parties and other payables (1 278) 1 086







Net creation/(cancellation) of participatory interest 132 731 (203 412) Cash distributed to unit holders (49 074) (43)





1. BANK BALANCES


2015 2014

Current accounts 5 672 212 2 156 283 Call deposit accounts 294 000 000 232 000 000 Total 299 672 212 234 156 283

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned between 5.18% - 7.50% (2014: 5.50% - 5.65% ) on call deposit 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 B3 - 0% (2014: 0%) Class B5 - 0.95% (2014: 0.95%) Class B7 - 1.08% (2014: 1.08%) Class B9 - 0.79% (2014: 0.79%)

115

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE

2015 2014

R'000 R'000


Income 62 103 111 623

Dividend revenue 16 547 24 546 Interest revenue 20 400 20 471 Income adjustment due to creation and cancellation of participatory interests (598) (344) Net fair value gains on financial instruments 25 754 66 950


Service fees (1 070) 2 536 Performance fees 3 727 5 693 Audit fees 58 87 Custodian, trustee and bank charges 223 216 Transaction costs 1 513 1 345






Assets


Equities and specialist securities - Local 302 480 752 287 Equities and specialist securities - Foreign 46 979 - Bonds - Local 88 063 205 540 Bonds - Foreign 19 240 -



Total assets 574 131 1 054 541


Trade and other payables - 3 028 Related parties payable 75 - Distributions payable 2 649 2 512


Balance at the beginning of the year 1 049 001 1 069 154 Change in net assets attributable to unit holders 30 661 74 149 Creation of participatory interests 186 583 226 732 Liquidation of participatory interests (694 838) (321 034)




116

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE

2015 2014

R'000 R'000




Working capital changes: (1 614) (1 828) Increase in accrued income and debtors 1 339 (200) Increase/(decrease) in trade, related parties and other payables (2 953) (1 628)

Cash utilised by operations (6065) (11 705) Interest received 20 400 20 471 Dividends received 16 547 24 546 Foreign exchange gains 2 600 -



Net (purchase)/sale of securities 524 219 125 666

Net cash (outflow)/inflow from investing activities 524 219 125 666


Net creation/(cancellation) of participatory interest (508 853) (124 434) Cash distributed to unit holders (26 854) (11)

Net cash inflow/(outflow) from financing activities (535 707) (124 445)




1. BANK BALANCES


2015 2014

Current accounts 85 911 862 1 280 875 Call deposits 30 079 531 79 317 250 Foreign currency cash deposits - - SAFEX - 13 400 000 Total 115 991 393 93 998 125

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 5.70%) on call accounts.Interest was earned at 0% (2014: N/A) on foreign currency cash deposits.Interest was earned at N/A (2014: 4.75%) on SAFEX 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 B3 - 0.79% (2014: 0%) Class B5 - 1.14% (2014: 0.73%) Class B6 - 1.14% (2014: 1.14%) Class B7 - 0% (2014: 0.55%) Class B9 - 0.55% (2014: 0.91%) Class B10 - 0.72% (2014: 0.8%)

117

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO

2015 2014

R'000 R'000


Income 35 029 47 243

Dividend revenue 7 19 Interest revenue 35 479 50 889 Income adjustment due to creation and cancellation of participatory interests (678) (1 609) Net fair value gains/(losses) on financial instruments 221 (2 056)

Expenses 999 1 291

Service fees 860 1 042 Audit fees 73 65 Withholding tax - (1) Custodian, trustee and bank charges 60 148 Transaction costs 6 37




Change in net assets attributable to unit holders 204 (2 088)


Assets


Equities and specialist securities - Local 3 174 3 057 Participatory Interest in Collective Investment Schemes - Local 2 321 8 090 Bonds - Local 71 011 76 905 Money market instruments 318 909 432 954



Total assets 407 727 569 363




Balance at the beginning of the year 565 995 1 037 112 Change in net assets attributable to unit holders 204 (2 088) Creation of participatory interests 163 971 170 939 Liquidation of participatory interests (325 057) (639 968)




118

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO

2015 2014

R'000 R'000



Operating profit before finance costs 34 030 45 952 Adjusted for:Dividend revenue (7) (19) Interest revenue (35 479) (50 889) Income adjustment due to creation and cancellation of participatory interests 678 1 609 Net fair value (gains)/losses on investments (221) 2 056 Operating loss before working capital changes (999) (1 291)

Working capital changes: 792 2 839 Decrease in accrued income and debtors 830 2 842 Decrease in trade, related parties and other payables (38) (3)

Cash (utilised by)/generated by operations (207) 1 548 Interest received 35 479 50 889 Dividends received 7 19






Net cancellation of participatory interest (161 764) (601 140) Cash (distributed to)/reinvested by unit holders (34 542) 79 649





1. BANK BALANCES


2015 2014

Current accounts 6 339 811 14 411 236 Call deposits - 27 144 391 Total 6 339 811 41 555 627

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 5.6%) on call deposit 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 B2 - 0% (2014: 0%) Class B4 - 0.70% (2014: 0.70%) Class B6 - 0.53% (2014: 0.53%) Class B8 - 0.96% (2014: 0.96%) Class B10 - 0.79% (2014: 0.79%)

119

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE

2015 2014

R'000 R'000


Income 61 160 43 328

Dividend revenue 5 349 4 960 Interest revenue 10 259 5 629 Other income - 25 Income adjustment due to creation and cancellation of participatory interests 477 489 Net fair value gains on financial instruments 45 075 32 225








Assets


Equities and specialist securities - Local 142 337 156 891 Participatory Interest in Collective Investment Schemes - Local 149 146 108 019 Participatory Interest in Collective Investment Schemes - Foreign 116 233 93 395 Bonds - Local 43 102 6 256



Total assets 467 214 369 776








120

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE

2015 2014

R'000 R'000
















1. BANK BALANCES


2015 2014

Current accounts 14 933 353 4 174 603 SAFEX - 238 848 Total 14 933 353 4 413 451

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.75%% (2014: 4.75%) on SAFEX 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 B1 - 0% (2014: 0%) Class B2 -1.02% (2014: 1.02%) Class B3 - 1.14% (2014: 1.14%)

121

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO

2015 2014

R'000 R'000


Income 99 402 130 803

Dividend revenue 5 681 7 678 Interest revenue 93 490 106 658 Other income 45 14 Income adjustment due to creation and cancellation of participatory interests (4 456) (6 410) Net fair value gains on financial instruments 4 642 22 863


Service fees 849 1 190 Audit fees 90 52 Withholding tax 30 186 Custodian, trustee and bank charges 384 374 Transaction costs 180 266




Change in net assets attributable to unit holders 869 21 279


Assets

Investments 1 148 880 1 423 278

Equities and specialist securities - Local 117 165 150 400 Equities and specialist securities - Foreign 20 451 21 139 Bonds - Local 652 077 612 332 Bonds - Foreign 85 187 101 407 Money market instruments 274 000 538 000



Total assets 1 220 192 1 545 750




Balance at the beginning of the year 1 521 660 2 181 425 Change in net assets attributable to unit holders 869 21 279 Creation of participatory interests 428 071 477 555 Liquidation of participatory interests (752 938) (1 158 599)




122

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO

2015 2014

R'000 R'000



Operating profit before finance costs 97 869 128 735 Adjusted for:Dividend revenue (5 681) (7 678) Interest revenue (93 490) (106 658) Income adjustment due to creation and cancellation of participatory interests 4 456 6 410 Net fair value gains on investments (4 642) (22 863) Operating loss before working capital changes (1 488) (2 054)

Working capital changes: 739 3 194 Decrease in accrued income and debtors 690 3 246 Increase/(decrease) in trade, related parties and other payables 49 (52)

Cash utilised by operations (749) 1 140 Interest received 93 490 106 658 Dividends received 5 681 7 678 Foreign exchange gains 199 -



Net purchase of securities 278 841 713 329

Net cash outflow from investing activities 278 841 713 329


Net creation of participatory interest (329 323) (803 384) Cash distributed to unit holders (98 609) (2)

Net cash inflow from financing activities (427 932) (803 386)




1. BANK BALANCES


2015 2014

Current accounts 3 420 982 2 221 552 Call deposit accounts 35 600 000 95 100 000 Foreign currency cash deposits 5 701 874 12 SAFEX 7 402 010 5 271 860 Total 52 124 866 102 593 424

Interest was earned at 5.25% (2014: 4%) on current accounts.Interest was earned at 4-6% (2014: 4-6%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 B1 - 0.00% (2014: 0.00%) Class B2 - 0.51% (2014: 0.51%) Class B3 - 0.68% (2014: 0.68%)

123

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO

2015 2014

R'000 R'000


Income 24 142 29 527

Interest revenue 24 782 28 761 Income adjustment due to creation and cancellation of participatory interests (372) (492) Net fair value (losses)/gains on financial instruments (268) 1 258

Expenses 275 442





Change in net assets attributable to unit holders (264) 1 261


Assets


Bonds - Local 216 154 176 033 Money market instruments 79 437 186 926



Total assets 315 588 390 480




Balance at the beginning of the year 388 239 537 865 Change in net assets attributable to unit holders (264) 1 261 Creation of participatory interests 31 482 53 301 Liquidation of participatory interests (105 964) (204 188)




124

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO

2015 2014

R'000 R'000



Operating profit before finance costs 23 867 29 085 Adjusted for:Interest revenue (24 782) (28 761) Income adjustment due to creation and cancellation of participatory interests 372 492 Net fair value gains/(losses) on investments 268 (1 258) Operating loss before working capital changes (275) (442)

Working capital changes: 256 1 926 Decrease in accrued income and debtors 202 1 927 Increase/(decrease) in trade, related parties and other payables 54 (1)

Cash (utilised)/generated by operations (19) 1 484 Interest received 24 782 28 761











1. BANK BALANCES


2015 2014


Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.25% (2014: 5.5%) on call deposit 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 B2 - 0% (2014: 0%) Class B4 - 0.34% (2014: N/A) Class B6 - 0.39% (2014: 0.40%) Class B8 - 0.68% (2014: 0.68%)

125

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 81 002 85 268

Dividend revenue 10 735 9 900 Interest revenue 15 464 16 677 Other income 10 - Rebates earned 410 4 Income adjustment due to creation and cancellation of participatory interests (280) (844) Net fair value gains on financial instruments 54 663 59 531

Expenses 15 020 15 488







Assets




Cash and bank balances - -

Total assets 794 633 793 940


Cash and bank balances 233 601 Trade and other payables 77 58 Related parties payable 1 200 1 387 Distributions payable 6 056 5 014






126

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: (168) (4) Decrease in accrued income and debtors - 2 Decrease in trade, related parties and other payables (168) (6)







Net cancellation of participatory interest (54 761) (107 175) Cash distributed to units holders (10 272) (12 644)


Net increase/(decrease) in cash and cash equivalents 368 (14 050) Cash and cash equivalents at beginning of the year (601) 13 449

Cash and cash equivalents at end of the year (233) (601)


1. BANK BALANCES


2015 2014

Current accounts (233 412) (632 176) Foreign currency cash deposits - 31 346 Total (233 412) (600 830)


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 - 1.08% (2014 1.08%) Class A2 - 1.19% (2014: 1.19%) Class B1 - 0.74% (2014: 0.74%) Class B9 - 1.53% (2014: 1.53%) Class C1 - 3.02% (2014: 3.02%)

127

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS

2015 2014

R'000 R'000


Income 22 493 16 307

Dividend revenue 1 872 1 244 Interest revenue 5 263 4 027 Other income 4 - Rebates earned 130 - Income adjustment due to creation and cancellation of participatory interests 874 318 Net fair value gains on financial instruments 14 350 10 718








Assets





Total assets 267 869 182 242








128

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: 65 57 (Increase)/decrease in accrued income and debtors (7) 2 Increase in trade, related parties and other payables 72 55

Cash utilised by operations (2 151) (1 423)

Interest received 5 263 4 027 Dividends received 1 872 1 244











1. BANK BALANCES


2015 2014

Current accounts 7 377 281 760 359 Foreign currency cash deposits - 5 760 Total 7 377 281 766 119

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 0%) on foreign currency cash deposits.

2. CHARGES


129

SANLAM MULTI MANAGED PROPERTY FUND

2015 2014

R'000 R'000


Income 73 655 162 062

Dividend revenue 3 691 1 794 Interest revenue 49 810 41 322 Income adjustment due to creation and cancellation of participatory interests (5 105) 133 Net fair value gains on financial instruments 25 259 118 813








Assets




Cash and bank balances - 983

Total assets 708 807 751 410


Cash and bank balances 571 - Trade and other payables 76 67 Related parties payable 45 42 Distributions payable 18 451 21 427






130

SANLAM MULTI MANAGED PROPERTY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 71 958 161 026 Adjusted for:Dividend revenue (3 691) (1 794) Interest revenue (49 810) (41 322) Income adjustment due to creation and cancellation of participatory interests 5 105 (133) Net fair value gains on investments (25 259) (118 813) Operating loss before working capital changes (1 697) (1 036)

Working capital changes: (2 678) 17 (Increase)/decrease in accrued income and debtors (2 690) 2 Increase in trade, related parties and other payables 12 15







Net cancellation of participatory interest (69 674) (12 315) Cash distributed to units holders (50 575) (6)


Net decrease in cash and cash equivalents (1 554) (1 022) Cash and cash equivalents at beginning of the year 983 2 005

Cash and cash equivalents at end of the year (571) 983


1. BANK BALANCES


2015 2014

Current accounts (571 281) 983 213 Total (571 281) 983 213


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 B2 - 0% (2014: 0%) Class B4 - 0.57% (2014: 0.57%) Class B6 - 0.17% (2014: 0.17%) Class B8 - 0.39% (2014: 0.39%)

131

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS

2015 2014

R'000 R'000


Income 16 369 15 576

Dividend revenue 1 042 572 Interest revenue 5 391 4 368 Rebates earned 40 36 Income adjustment due to creation and cancellation of participatory interests (43) 57 Net fair value gains on financial instruments 9 939 10 543








Assets





Total assets 164 827 157 984








132

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 14 647 14 051 Adjusted for:Dividend revenue (1 042) (572) Interest revenue (5 391) (4 368) Income adjustment due to creation and cancellation of participatory interests 43 (57) Net fair value gains on investments (9 939) (10 543) Operating loss before working capital changes (1 682) (1 489)


Cash utilised by operations (1 681) (1 468) Interest received 5 391 4 368 Dividends received 1 042 572 Foreign exchange gains 63 24






Net (cancellation)/creation of participatory interest (3 317) 8 164 Cash distributed to units holders (4 535) (306)


Net increase in cash and cash equivalents 3 873 979 Cash and cash equivalents at beginning of the year 2 243 1 264



1. BANK BALANCES


2015 2014



2. CHARGES

The initial charge did not exceed 4.1%(ex VAT) of the selling price- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.02% (2014: 1.02%) Class A2 - 0.85% (2014: 0.85%) Class B1 - 0.79% (2014: 0.79%) Class B2 - 0.79% (2014: N/A) Class B3 - 0.88% (2014: 0.88%) Class B4 - 1.02% (2014: 1.02%) Class B9 - 1.14% (2014: 1.14%) Class C - 2.16% (2014: 2.16%) Class C2 - 2.57% (2014: 2.57%)

133

SANLAM OPTIMISED INCOME FUND

2015 2014

R'000 R'000


Income 4 481 7 868

Dividend revenue 4 224 14 477 Interest revenue 809 1 826 Other income - 23 Rebates earned 58 113 Income adjustment due to creation and cancellation of participatory interests (880) (4) Net fair value gains/(losses) on financial instruments 270 (8 567)

Expenses 387 1 930

Service fees 63 1 727 Audit fees 81 63 Withholding tax (1) 1 Custodian, trustee and bank charges 44 37 Transaction costs 200 102




Change in net assets attributable to unit holders 24 (8 689)


Assets

Investments 860 314 995

Equities and specialist securities - Local 218 174 207 Participatory Interest in Collective Investment Schemes - Local 642 140 788




Liabilities 96 972

Trade and other payables 32 67 Related parties payable - 142 Distributions payable 64 763


Balance at the beginning of the year 317 026 345 850 Change in net assets attributable to unit holders 24 (8 689) Creation of participatory interests 5 782 17 061 Liquidation of participatory interests (321 773) (37 196)




134

SANLAM OPTIMISED INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 4 094 5 938 Adjusted for:Dividend revenue (4 224) (14 477) Interest revenue (809) (1 826) Income adjustment due to creation and cancellation of participatory interests 880 4 Net fair value (losses)/gains on investments (270) 8 567 Operating loss before working capital changes (329) (1 794)


Cash generated/(utilised) by operations 955 (2 247) Interest received 809 1 826 Dividends received 4 224 14 477











1. BANK BALANCES


2015 2014



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 B1 - 1.31% (2014: 1.31%) Class B2 - 0.00% (2014: 0.45%) Class B3 - 1.31% (2014: 1.31%) Class B4 - 0.79% (2014: 0.79%) Class B5 - 1.02% (2014: 1.02%)

3. SUBSEQUENT EVENTS

There may be a cessation of the Sanlam Optimised Income Fund in 2016. We are currently still awaiting the cessation deed before the closure of this fund can be finalised.

135

SANLAM PAN-EUROPE FUND

2015 2014

R'000 R'000


Income 29 543 1 634

Dividend revenue 2 288 2 316 Interest revenue 29 23 Income adjustment due to creation and cancellation of participatory interests 2 58 Net fair value gains/(losses) on financial instruments 27 224 (763)



Operating profit/(loss) 26 781 (1 400)



Change in net assets attributable to unit holders 26 714 (2 129)


Assets


Equities and specialist securities - Foreign 78 397 63 460 Participatory Interest in Collective Investment Schemes - Foreign 45 004 36 942



Total assets 124 583 101 679

Liabilities 226 196



Balance at the beginning of the year 101 483 108 226 Change in net assets attributable to unit holders 26 714 (2 129) Creation of participatory interests 6 703 11 174 Liquidation of participatory interests (10 543) (15 788)




136

SANLAM PAN-EUROPE FUND

2015 2014

R'000 R'000



Operating profit/(loss) before finance costs 26 781 (1 400) Adjusted for:Dividend revenue (2 288) (2 316) Interest revenue (29) (23) Income adjustment due to creation and cancellation of participatory interests (2) (58) Net fair value gains on investments (27 224) 763 Operating loss before working capital changes (2 762) (3 034)

Working capital changes: 10 (11) (Increase)/decrease in accrued income and debtors (20) 20 Increase/(decrease) in trade, related parties and other payables 30 (31)

Cash utilised by operations (2 752) (3 045) Interest received 29 23 Dividends received 2 288 2 316 Foreign exchange gains 38 (3)






Net cancellation of participatory interest (3 838) (4 556) Cash distributed to unit holders (67) (729)


Net decrease in cash and cash equivalents (115) (1 325) Cash and cash equivalents at beginning of the year 1 235 2 560



1. BANK BALANCES


2015 2014

Current accounts 671 315 (62 218) Foreign currency cash deposits 449 092 1 297 392 Total 1 120 407 1 235 174


2. CHARGES

- The initial charge did not exceed 5% of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1- 1.82% (2014: 1.82%)

137

SANLAM SELECT ABSOLUTE FUND

2015 2014

R'000 R'000


Income 46 090 33 274

Dividend revenue 7 691 2 626 Interest revenue 7 651 3 384 Income adjustment due to creation and cancellation of participatory interests 2 658 (117) Net fair value gains on financial instruments 28 090 27 381


Service fees 849 (3) Performance fees 1 775 - Audit fees 72 55 Withholding tax 470 95 Custodian, trustee and bank charges 123 102 Transaction costs 4 663 1 743






Assets


Equities and specialist securities - Local 660 335 168 009 Equities and specialist securities - Foreign 157 322 33 430



Total assets 1 082 987 219 755


Trade and other payables 79 58 Related parties payable 1 943 - Distributions payable 9 710 2 421






138

SANLAM SELECT ABSOLUTE FUND

2015 2014

R'000 R'000



Operating profit before finance costs 38 138 31 282 Adjusted for:Dividend revenue (7 691) (2 626) Interest revenue (7 651) (3 384) Income adjustment due to creation and cancellation of participatory interests (2 658) 117 Net fair value gains on investments (28 090) (27 381) Operating loss before working capital changes (7 952) (1 992)

Working capital changes: (4 160) (753) Increase in accrued income and debtors (6 124) (314) Increase/(decrease) in trade, related parties and other payables 1 964 (439)







Net creation/(cancellation) of participatory interest 833 333 (16 002) Cash distributed to units holders (7 545) (2)





1. BANK BALANCES


2015 2014

Current accounts 204 136 829 6 120 765 Foreign currency cash deposits 33 654 276 2 451 920 SAFEX 21 075 111 9 403 228 Total 258 866 216 17 975 913

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 - 0.91% (2014: 0.91%) Class B1 - 0% (2014: 0%) Class B2 - 0% (2014: 0%) Class B3 - 0.79% (2014: 0.80%) Class B4 - 1.02% (2014: 1.03%)

139

SANLAM SELECT BOND PLUS FUND

2015 2014

R'000 R'000


Income (32 235) 36 533

Interest revenue 42 375 28 748 Income adjustment due to creation and cancellation of participatory interests 1 265 (406) Net fair value (losses)/gains on financial instruments (75 875) 8 191

Expenses 117 213







Assets


Bonds - Local 602 329 282 379 Money market instruments 78 000 30 000



Total assets 714 023 323 248




Balance at the beginning of the year 321 017 386 773 Change in net assets attributable to unit holders (75 872) 8 190 Creation of participatory interests 482 224 97 189 Liquidation of participatory interests (18 757) (171 135)




140

SANLAM SELECT BOND PLUS FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (32 352) 36 320 Adjusted for:Interest revenue (42 375) (28 748) Income adjustment due to creation and cancellation of participatory interests (1 265) 406 Net fair value losses/(gains) on investments 75 875 (8 191) Operating loss before working capital changes (117) (213)

Working capital changes: (10 707) 64 (Increase)/decrease in accrued income and debtors (10 708) 68 Increase/(decrease) in trade, related parties and other payables 1 (4)

Cash utilised by operations (10 824) (149) Interest received 42 375 28 748






Net creation/(cancellation) of participatory interest 464 732 (102 750) Cash distributed to unit holders (40 341) -





1. BANK BALANCES


2015 2014

Current accounts 14 101 917 3 472 373 SAFEX 1 487 174 - Total 15 589 091 3 472 373

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.75% (2014: N/A) on SAFEX 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 B1 - 0% (2014: 0%) Class B2 - 0% (2014: N/A) Class B3 - 0.57% (2014: 0.57%) Class B4 - 0.39% (2014: N/A) Class B6 - 0.51% (2014: 0.51%) Class B8 - 0.68% (2014: 0.68%)

141

SANLAM SELECT DEFENSIVE BALANCED FUND

2015 2014

R'000 R'000


Income 47 389 20 869

Dividend revenue 4 701 1 313 Interest revenue 22 803 5 933 Income adjustment due to creation and cancellation of participatory interests 595 5 503 Net fair value gains on financial instruments 19 290 8 120


Service fees 1 424 104 Performance fees 1 114 38 Audit fees 55 55 Withholding tax 620 231 Custodian, trustee and bank charges 136 121 Transaction costs 1 543 695






Assets


Equities and specialist securities - Local 100 093 75 303 Equities and specialist securities - Foreign 96 131 72 200 Participatory Interest in Collective Investment Schemes - Foreign 4 921 - Bonds - Local 167 159 163 901 Money market instruments 186 000 83 985



Total assets 615 387 441 366


Trade and other payables 3 390 4 373 Related parties payable 742 127 Distributions payable 16 310 7 887






142

SANLAM SELECT DEFENSIVE BALANCED FUND

2015 2014

R'000 R'000



Operating profit before finance costs 42 497 19 625 Adjusted for:Dividend revenue (4 701) (1 313) Interest revenue (22 803) (5 933) Income adjustment due to creation and cancellation of participatory interests (595) (5 503) Net fair value gains on investments (19 290) (8 120) Operating loss before working capital changes (4 892) (1 244)

Working capital changes: (2 506) (6 358) Increase in accrued income and debtors (2 138) (10 856) (Decrease)/increase in trade, related parties and other payables (368) 4 498


Net cash inflow/(outflow) from operating activities 25 129 (206)










1. BANK BALANCES


2015 2014

Current accounts 17 448 082 20 827 593 Foreign curreny cash deposits 30 639 653 14 292 012 Total 48 087 735 35 119 605


2. CHARGES


143

SANLAM SELECT FLEXIBLE EQUITY FUND

2015 2014

R'000 R'000


Income 67 575 36 140

Dividend revenue 6 220 919 Interest revenue 3 764 18 814 Income adjustment due to creation and cancellation of participatory interests (2 392) (226) Net fair value gains on financial instruments 59 983 16 633

Expenses 15 395 811

Service fees 1 558 86 Performance fees 11 031 - Audit fees 55 84 Withholding tax 33 37 Custodian, trustee and bank charges (8) 29 Transaction costs 2 726 575






Assets


Equities and specialist securities - Local 809 014 174 919 Equities and specialist securities - Foreign 32 809 - Participatory Interest in Collective Investment Schemes - Foreign 9 993 -



Total assets 1 082 663 203 349


Trade and other payables 3 176 85 Related parties payable 5 353 - Distributions payable 226 282






144

SANLAM SELECT FLEXIBLE EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 52 180 35 329 Adjusted for:Dividend revenue (6 220) (919) Interest revenue (3 764) (18 814) Income adjustment due to creation and cancellation of participatory interests 2 392 226 Net fair value gains on investments (59 983) (16 633) Operating loss before working capital changes (15 395) (811)

Working capital changes: 8 228 6 668 (Increase)/decrease in accrued income and debtors (216) 6 678 Increase/(decrease) in trade, related parties and other payables 8 444 (10)

Cash utilised by operations (7 167) 5 857 Interest received 3 764 18 814 Dividends received 6 220 919 Foreign exchange gains 2 887 -

Net cash inflow/(outflow) from operating activities 5 704 25 590


Net purchase of securities (619 801) 167 177



Net creation of participatory interest 819 855 (174 460) Cash distributed to units holders (3 557) -

Net cash inflow from financing activities 816 298 (174 460)

Net increase/(decrease) in cash and cash equivalents 202 201 18 307 Cash and cash equivalents at beginning of the year 28 401 10 094



1. BANK BALANCES


2015 2014

Current accounts 196 743 560 28 401 323 Foreign currency cash deposits 33 857 704 - Total 230 601 264 28 401 323

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: N/A) 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 B1 - 0% (2014: 0%) Class B2 - 0% (2014: 0%) Class B4 - 1.02% (2014: 1.03%) Class B6 - 0.91% (2014: 0.91%) Class B8 - 1.14% (2014: 1.14%)

145

SANLAM SELECT MANAGED FUND

2015 2014

R'000 R'000


Income 60 862 20 753

Dividend revenue 11 381 5 051 Interest revenue 16 696 4 117 Income adjustment due to creation and cancellation of participatory interests 2 618 1 476 Net fair value gains on financial instruments 30 167 10 109


Service fees 2 762 268 Performance fees 2 591 - Audit fees 72 55 Withholding tax 136 20 Custodian, trustee and bank charges 104 123 Transaction costs 3 240 2 298






Assets


Equities and specialist securities - Local 476 109 247 872 Bonds - Local 121 260 34 945 Money market instruments 9 850 -



Total assets 876 079 380 385


Trade and other payables 4 870 83 Related parties payable 1 988 62 Distributions payable 13 168 6 132






146

SANLAM SELECT MANAGED FUND

2015 2014

R'000 R'000




Working capital changes: 3 523 (1 635) Increase in accrued income and debtors (3 190) (1 778) Increase in trade, related parties and other payables 6 713 143







Net creation of participatory interest 458 673 362 724 Cash distributed to unit holders (19 031) (1)





1. BANK BALANCES


2015 2014

Current accounts 59 382 117 21 952 111 Call deposits 117 057 001 56 474 965 SAFEX 87 451 550 17 361 943 Total 263 890 668 95 789 019

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 4 - 6% (2014: 4 - 6%) on call deposit accounts.Interest was earned at 5.75% (2014: 4.75%) on SAFEX deposits.

2. CHARGES


147

SANLAM SELECT OPTIMISED EQUITY FUND

2015 2014

R'000 R'000


Income 22 234 80 783

Dividend revenue 7 870 7 057 Interest revenue 470 576 Income adjustment due to creation and cancellation of participatory interests (33) (1 310) Net fair value gains on financial instruments 13 927 74 460


Service fees 183 - Performance fees 1 585 - Audit fees 55 70 Withholding tax 131 (40) Custodian, trustee and bank charges 279 617 Transaction costs 1 821 2 481






Assets


Equities and specialist securities - Local 212 834 208 351 Equities and specialist securities - Foreign 44 761 22 566



Total assets 275 329 237 315


Trade and other payables 360 125 Related parties payable 1 604 1 Distributions payable 1 630 2 986


Balance at the beginning of the year 234 203 2 309 801 Change in net assets attributable to unit holders 12 061 72 273 Creation of participatory interests 43 609 1 673 611 Liquidation of participatory interests (18 138) (3 821 482)




148

SANLAM SELECT OPTIMISED EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 18 180 77 655 Adjusted for:Dividend revenue (7 870) (7 057) Interest revenue (470) (576) Income adjustment due to creation and cancellation of participatory interests 33 1 310 Net fair value gains on investments (13 927) (74 460) Operating loss before working capital changes (4 054) (3 128)

Working capital changes: (394) 261 510 (Increase)/decrease in accrued income and debtors (2 232) 269 628 Increase/(decrease) in trade, related parties and other payables 1 838 (8 118)

Cash (utilised)/generated by operations (4 448) 258 382 Interest received 470 576 Dividends received 7 870 7 057 Foreign exchange gains 821 30



Net (purchase)/sale of securities (13 572) 1 879 499

Net cash (outflow)/inflow from investing activities (13 572) 1 879 499


Net creation/(cancellation) of participatory interest 25 438 (2 189 628) Cash (distributed to)/reinvested by unit holders (7 475) 96

Net cash inflow/(outflow) from financing activities 17 963 (2 189 532)




1. BANK BALANCES


2015 2014

Current accounts 5 811 330 5 080 530 Call deposit accounts - 11 060 Foreign currency cash deposits 8 030 070 732 828 SAFEX 1 408 819 321 730 Total 15 250 219 6 146 148

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at N/A (2014: 0%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 B2 - 0% (2014: 0%) Class B3 - 0% (2014: 0%) Class B4 - 0.93% (2014: 0.93%) Class B5 - 0.70% (2014: 0.70%) Class B6 - 0.71% (2014: 0.71%) Class B7 - 0.91% (2014: 0.53%) Class B9 - 0.79% (2014: 0.79%) Class B10 - 0% (2014: 0%)

149

SANLAM SELECT STRATEGIC INCOME FUND

2015 2014

R'000 R'000


Income 24 721 15 268

Dividend revenue 4 545 1 021 Interest revenue 43 885 12 984 Income adjustment due to creation and cancellation of participatory interests 3 314 (40) Net fair value (losses)/gains on financial instruments (27 023) 1 303

Expenses 4 236 270

Service fees 3 577 - Performance fees (1) 1 Audit fees 56 55 Custodian, trustee and bank charges 178 72 Transaction costs 426 142






Assets

Investments 1 092 180 193 838

Equities and specialist securities - Local 157 220 21 209 Bonds - Local 854 962 102 785 Money market instruments 79 998 69 844



Total assets 1 139 256 212 988




Balance at the beginning of the year 209 281 201 032 Change in net assets attributable to unit holders (27 440) 1 166 Creation of participatory interests 1 145 664 16 061 Liquidation of participatory interests (206 395) (8 978)




150

SANLAM SELECT STRATEGIC INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 20 485 14 998 Adjusted for:Dividend revenue (4 545) (1 021) Interest revenue (43 885) (12 984) Income adjustment due to creation and cancellation of participatory interests (3 314) 40 Net fair value losses/(gains) on investments 27 023 (1 303) Operating loss before working capital changes (4 236) (270)

Working capital changes: (9 930) (1 278) Increase in accrued income and debtors (10 606) (1 335) Increase in trade, related parties and other payables 676 57







Net creation of participatory interest 942 583 (3 812) Cash distributed to unit holders (34 161) (3)

Net cash inflow from financing activities 908 422 (3 815)




1. BANK BALANCES


2015 2014

Current accounts 7 869 057 3 067 650 Call deposits 25 198 814 14 000 000 SAFEX 1 320 000 - Total 34 387 871 17 067 650

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 5.6%) on call deposit accounts.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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 - 0.68% (2014: 0.68%) Class B1 - 0% (2014: 0%) Class B2 - 0% (2014: 0%) Class B3 - 0.62% (2014: 0.63%) Class B4 - 0.79% (2014: 0.80%) Class B5 - 0.80% (2014: N/A) Class B6 - 0.77% (2014: N/A)

151

SANLAM SELECT THEMATIC EQUITY FUND

2015 2014

R'000 R'000


Income (91 685) 15 268

Dividend revenue 22 577 1 040 Interest revenue 3 725 457 Income adjustment due to creation and cancellation of participatory interests 4 781 3 324 Net fair value (losses)/gains on financial instruments (122 768) 10 447


Service fees 203 - Audit fees 96 71 Withholding tax (9) 7 Custodian, trustee and bank charges 149 32 Transaction costs 8 104 983

Operating (loss)/ profit (100 228) 14 175





Assets

Investments 1 014 639 231 296

Equities and specialist securities - Local 1 014 639 231 296



Total assets 1 020 936 231 882


Trade and other payables 103 70 Related parties payable 16 - Distributions payable 7 430 1 512


Balance at the beginning of the year 230 300 2 Change in net assets attributable to unit holders (130 866) 9 464 Creation of participatory interests 997 830 220 835 Liquidation of participatory interests (83 877) (1)




152

SANLAM SELECT THEMATIC EQUITY FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (100 228) 14 175 Adjusted for:Dividend revenue (22 577) (1 040) Interest revenue (3 725) (457) Income adjustment due to creation and cancellation of participatory interests (4 781) (3 324) Net fair value losses/(gains) on investments 122 768 (10 447) Operating loss before working capital changes (8 543) (1 093)

Working capital changes: 140 (86) Decrease/(increase) in accrued income and debtors 91 (98) Increase in trade, related parties and other payables 49 12

Cash utilised by operations (8 403) (1 179) Interest received 3 725 457 Dividends received 22 577 1 040








Net increase in cash and cash equivalents 5 802 426 Cash and cash equivalents at beginning of the year 486 60



1. BANK BALANCES


2015 2014



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 B1 - 0.91% (2014: 0.79%) Class B2 - 1.14% (2014: N/A) Class B3 - 0% (2014: 0%) Class B4 - 0% (2014: N/A) Class B10 - 1.02% (2014: 0.93%)

153

SANLAM STABLE GROWTH FUND

2015 2014

R'000 R'000


Income 13 829 27 397

Dividend revenue 15 316 14 707 Interest revenue 3 308 3 073 Income adjustment due to creation and cancellation of participatory interests (8) 169 Net fair value (losses)/gains on financial instruments (4 787) 9 448








Assets


Equities and specialist securities - Local 400 636 356 211 Participatory Interest in Collective Investment Schemes - Local 2 576 35 519



Total assets 467 282 470 848








154

SANLAM STABLE GROWTH FUND

2015 2014

R'000 R'000



Operating profit before finance costs 11 999 25 467 Adjusted for:Dividend revenue (15 316) (14 707) Interest revenue (3 308) (3 073) Income adjustment due to creation and cancellation of participatory interests 8 (169) Net fair value losses/(gains) on investments 4 787 (9 448) Operating loss before working capital changes (1 830) (1 930)

Working capital changes: (1 767) 44 Increase in accrued income and debtors (800) (87) (Decrease)/increase in trade, related parties and other payables (967) 131












1. BANK BALANCES


2015 2014



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 - 1.39% (2014: 1.39%) Class B1 - 1.02% (2014: 1.03%) Class B2 - 0.99% (2014: 0.99%) Class B3 - 0.28% (2014: 0.29%) Class B4 - 0.79% (2014: 0.80%) Class B5 - 0.45% (2014: 0.45%)

155

SANLAM VALUE INSTITUTIONAL FUND

2015 2014

R'000 R'000


Income 79 249 237 683

Dividend revenue 51 705 49 834 Interest revenue 2 346 3 824 Income adjustment due to creation and cancellation of participatory interests (696) (585) Net fair value gains on financial instruments 25 894 184 610


Performance fees - (1 219) Audit fees 90 49 Withholding tax (7) (66) Custodian, trustee and bank charges 244 303 Transaction costs 978 2 447






Assets

Investments 1 604 151 1 680 998




Total assets 1 631 961 1 704 524


Trade and other payables 103 62 Distributions payable 11 035 9 840






156

SANLAM VALUE INSTITUTIONAL FUND

2015 2014

R'000 R'000




Working capital changes: 1 192 4 048 Decrease in accrued income and debtors 1 151 4 045 Increase in trade, related parties and other payables 41 3

Cash (utilised)/generated by operations (113) 2 534 Interest received 2 346 3 824 Dividends received 51 705 49 834 Foreign exchange gains - -






Net cancellation of participatory interest (99 404) (138 568) Cash distributed to units holders (51 840) (1 710)





1. BANK BALANCES


2015 2014



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 B1 - 0% (2014: 0%) Class B2 - 0% (2014: 0%) Class B3 - 0.79% (2014: 0.80%) Class B4 - 0% (2014: N/A) Class B5 - 0.93% (2014: 0.93%) Class B6 - 0.64% (2014: N/A) Class B8 -1.14 % (2014: N/A) Class B10 -0.99 % (2014: N/A)

157

SESFIKILE SCI PROPERTY FUND

[9 Months] [12 Months]2015 2014

R'000 R'000

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 December 2015

Income 83 035 89 226

Dividend revenue 810 - Interest revenue 24 149 17 184Income adjustment due to creation and cancellation of participatory interests 1 403 2 183Net fair value gains on financial instruments 56 673 69 859


Service fees 3 141 2 315Audit fees 67 58Custodian, trustee and bank charges 102 114Transaction costs 1 214 928






Assets


Equities and specialist securities - Local - 408 476

Accrued income and debtors - 88Cash and bank balances - 24 947

Total assets - 433 511

Liabilities - 15 473

Trade and other payables - 4 969Related parties payable - 284Distributions payable - 10 220




Balance at the beginning of the period 418 038 190 315Change in net assets attributable to unit holders 55 456 68 932Creation of participatory interests (112 976) 223 377Liquidation of participatory interests (360 518) (64 586)


On 30 September 2015 the fund transferred to a new management company.

158

SESFIKILE SCI PROPERTY FUND


[9 Months] [12 Months]2015 2014

R'000 R'000


Operating profit before finance costs 78 511 85 811Adjusted for:Dividend revenue (810) - Interest revenue (24 149) (17 184) Income adjustment due to creation and cancellation of participatory interests (1 403) (2 183) Net fair value gains on investments (56 673) (69 859)

Operating loss before working capital changes (4 524) (3 415)

Working capital changes: (5 165) 4 024 Decrease/(increase) in accrued income and debtors 88 351 (Decrese)/Increase in trade, related parties and other payables (5 253) 3 673

Cash (utilised)/generated by operations (9 689) 609 Interest received 24 149 17 184Dividends received 810



Net purchase of securities 465 149 (148 631)



Net (cancellation)/creation of participatory interest (472 091) 149 096Cash distributed to unit holders (33 275) (40)


Net increase in cash and cash equivalents (24 947) 18 218Cash and cash equivalents at beginning of the period 24 947 6 729

Cash and cash equivalents at end of period - 24 947


1. BANK BALANCES


Current accounts - 24 946 557Total - 24 946 557


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 - 1.25% (2014: 1.25%) Class B1 - 1.02% (2014: 1.02%) Class B2 - 0.74% (2014: 0.74%)

159

SIM ABSOLUTE RETURN INCOME FUND

2015 2014

R'000 R'000


Income 60 200 71 245

Dividend revenue 17 28 Interest revenue 61 799 78 363 Other income - 1 Income adjustment due to creation and cancellation of participatory interests (3 825) (3 885) Net fair value gains/(losses) on financial instruments 2 209 (3 262)


Service fees 3 222 3 669 Audit fees 73 79 Withholding tax - (16) Custodian, trustee and bank charges 120 159 Transaction costs 12 32




Change in net assets attributable to unit holders 2 218 (3 328)


Assets


Equities and specialist securities - Local 6 241 5 367 Participatory Interest in Collective Investment Schemes - Local 6 245 14 258 Bonds - Local 149 296 148 907 Money market instruments 624 051 767 298



Total assets 837 050 1 003 715




Balance at the beginning of the year 970 489 1 088 455 Change in net assets attributable to unit holders 2 218 (3 328) Creation of participatory interests 923 525 526 900 Liquidation of participatory interests (1 088 009) (641 538)




160

SIM ABSOLUTE RETURN INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 56 773 67 322 Adjusted for:Dividend revenue (17) (28) Interest revenue (61 799) (78 363) Income adjustment due to creation and cancellation of participatory interests 3 825 3 885 Net fair value (gains)/losses on investments (2 209) 3 262 Operating loss before working capital changes (3 427) (3 922)

Working capital changes: 2 048 (835) Decrease/(increase) in accrued income and debtors 2 155 (848) (Decrease)/increase in trade, related parties and other payables (107) 13

Cash utilised by operations (1 379) (4 757) Interest received 61 799 78 363 Dividends received 17 28






Net creation of participatory interest (168 309) (194 529) Cash distributed to units holders (58 847) (292)





1. BANK BALANCES


2015 2014



2. CHARGES

- The initial charge did not exceed 2% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.41% (2014: 1.41%) Class A1 - 1.25% (2014: 1.25%) Class B1 - 0% (2014: 0%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.91% (2014: 0.91%) Class B4 - 0.68% (2014: 0.68%) Class B5 - 0.45% (2014: 0.46%)

161

SIM ACTIVE INCOME FUND

2015 2014

R'000 R'000


Income 376 962 400 117

Dividend revenue 76 160 Interest revenue 422 201 355 765 Other income 1 5 Income adjustment due to creation and cancellation of participatory interests (1 567) (2 036) Net fair value (losses)/gains on financial instruments (43 749) 46 223

Expenses 46 719 44 502

Service fees 45 857 43 695 Audit fees 98 84 Withholding tax - (49) Custodian, trustee and bank charges 703 655 Transaction costs 61 117






Assets

Investments 5 741 533 5 075 039

Equities and specialist securities - Local 40 634 29 195 Participatory Interest in Collective Investment Schemes - Local 38 115 77 524 Bonds - Local 882 952 673 458 Money market instruments 4 779 832 4 294 862



Total assets 5 896 788 5 409 286




Balance at the beginning of the year 5 322 681 5 299 524 Change in net assets attributable to unit holders (43 714) 46 167 Creation of participatory interests 2 532 367 1 901 576 Liquidation of participatory interests (2 018 153) (1 924 586)




162

SIM ACTIVE INCOME FUND

2015 2014

R'000 R'000



Operating profit before finance costs 330 243 355 615 Adjusted for:Dividend revenue (76) (160) Interest revenue (422 201) (355 765) Income adjustment due to creation and cancellation of participatory interests 1 567 2 036 Net fair value gains on investments 43 749 (46 223) Operating loss before working capital changes (46 718) (44 497)

Working capital changes: (12 279) (3 338) Increase in accrued income and debtors (12 113) (3 290) Decrease in trade, related parties and other payables (166) (48)

Cash utilised by operations (58 997) (47 835) Interest received 422 201 355 765 Dividends received 76 160






Net creation/(cancellation) of participatory interest 512 647 (327 384) Cash distributed to units holders (356 789) (4 805)





1. BANK BALANCES


2015 2014



2. CHARGES

The initial charge did not exceed 1.5% (excl. VAT) of the selling price- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 0.91% (2014: 0.91%) Class B1 - 0% (2014: 0%) Class B2 - 0.45% (2014: 0.46%) Class B3 - 0.85% (2014: 0.86%) Class B4 - 0.68% (2014: 0.68%) Class B5 - 0.51% (2014: 0.51%) Class B6 - 0.57% (2014: 0.57%) Class B7 - 1.42% (2014: 1.43%) Class B8 - 1.31% (2014: N/A) Class B9 - 1.14% (2014: 1.14%) Class B10 - 0.43% (2014: 0.43%) Class C - 2.39% (2014: 2.39%)

163

SIM BALANCED FUND

2015 2014

R'000 R'000


Income 745 140 946 308

Dividend revenue 200 516 133 600 Interest revenue 288 186 217 531 Other income 96 332 Income adjustment due to creation and cancellation of participatory interests 11 584 21 425 Net fair value gains on financial instruments 244 758 573 420

Expenses 105 318 100 603

Service fees 81 788 67 055 Performance fees 2 121 17 728 Audit fees 97 85 Withholding tax 4 024 3 563 Custodian, trustee and bank charges 1 837 1 465 Transaction costs 15 451 10 707






Assets

Investments 11 992 097 9 909 224

Equities and specialist securities - Local 5 466 602 4 647 515 Equities and specialist securities - Foreign 437 488 313 192 Participatory Interest in Collective Investment Schemes - Local 1 481 060 1 502 787 Participatory Interest in Collective Investment Schemes - Foreign 2 625 068 1 962 885 Bonds - Local 1 981 879 1 482 845



Total assets 12 570 624 10 489 945


Trade and other payables 99 339 23 812 Related parties payable 7 005 7 035 Distributions payable 254 021 154 287


Balance at the beginning of the year 10 304 811 7 337 046 Change in net assets attributable to unit holders 168 597 552 791 Creation of participatory interests 2 687 034 2 802 499 Liquidation of participatory interests (950 183) (387 525)




164

SIM BALANCED FUND

2015 2014

R'000 R'000




Working capital changes: 42 150 (17 485) Increase in accrued income and debtors (33 347) (38 236) Increase in trade, related parties and other payables 75 497 20 751

Cash utilised by operations (63 072) (117 756) Interest received 288 186 217 531 Dividends received 200 516 133 600 Foreign exchange gains 37 294 10 568



Net purchase of securities (1 875 409) (2 291 278)

Net cash outflow from investing activities (1 875 409) (2 291 278)


Net creation of participatory interest 1 748 435 2 184 211 Cash distributed to units holders (371 491) (4 157)

Net cash inflow from financing activities 1 376 944 2 180 054




1. BANK BALANCES


2015 2014

Current accounts 179 485 758 193 172 247 Call deposits 287 977 391 - Foreign currency cash deposits 17 812 337 327 644 185 Total 485 275 486 520 816 432

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.25% (2014: 4.75%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.

2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.25% (2014: 1.25%) Class B9 - 1.25% (2014: 1.25%) Class A1 - 1.42% (2014: 1.42%) Class B10 - 0% (2014: 0%) Class B - 0.85% (2014: 0.85%) Class B11 - 0.85% (2014: 0.86%) Class B1 - 2.39% (2014: 2.39%) Class R - 1.14% (2014: 1.14%) Class B2 - 0.39% (2014: N/A) Class B3 - 0.68 % (2014: 0.68%) Class B4 - 0.39% (2014: 0.39%) Class B5 - 0.91% (2014: N/A) Class B6 - 0.22% (2014: 0.22%) Class B7 - 0.68% (2014: 0.68%) Class B8 - 0.68% (2014: 0.68%)

165

SIM BOND PLUS FUND

2015 2014

R'000 R'000


Income (71 769) 147 392

Interest revenue 132 494 112 149 Income adjustment due to creation and cancellation of participatory interests 2 847 2 140 Net fair value (losses)/gains on financial instruments (207 110) 33 103








Assets

Investments 1 510 951 1 463 894

Bonds - Local 1 510 951 1 463 894



Total assets 1 557 742 1 505 627








166

SIM BOND PLUS FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (73 109) 145 940 Adjusted for:Interest revenue (132 494) (112 149) Income adjustment due to creation and cancellation of participatory interests (2 847) (2 140) Net fair value gains on investments 207 110 (33 103) Operating loss before working capital changes (1 340) (1 452)

Working capital changes: (9 152) (7 509) Increase in accrued income and debtors (9 170) (7 514) Increase in trade, related parties and other payables 18 5

Cash utilised by operations (10 492) (8 961) Interest received 132 494 112 149











1. BANK BALANCES


2015 2014

Current accounts 5 930 678 10 042 974 Call deposits 253 880 253 880 Total 6 184 558 10 296 854

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 0%) on call deposit accounts.

2. CHARGES

- The initial charge did not exceed 1.5% (excl. VAT) of the selling price- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 0.85% (2014: 0.85%) Class B1 - 0.68% (2014: N/A) Class B2 - 0.22% (2014: 0.22%) Class B3 - 0% (2014: 0%)

167

SIM ENHANCED YIELD FUND

2015 2014

R'000 R'000


Income 166 024 175 342

Interest revenue 199 680 176 905 Income adjustment due to creation and cancellation of participatory interests 1 036 (476) Net fair value losses on financial instruments (34 692) (1 087)






Change in net assets attributable to unit holders (34 732) (1197)


Assets

Investments 2 756 879 2 499 695

Bonds - Local 1 259 217 1 288 808 Money market instruments 1 497 662 1 210 887



Total assets 2 829 268 2 552 011




Balance at the beginning of the year 2 536 026 2 363 716 Change in net assets attributable to unit holders (34 732) (1 197) Creation of participatory interests 1 428 399 1 152 287 Liquidation of participatory interests (1 118 607) (978 780)




168

SIM ENHANCED YIELD FUND

2015 2014

R'000 R'000



Operating profit before finance costs 164 105 173 303 Adjusted for:Interest revenue (199 680) (176 905) Income adjustment due to creation and cancellation of participatory interests (1 036) 476 Net fair value gains on investments 34 692 1 087 Operating loss before working capital changes (1 919) (2 039)

Working capital changes: (4 195) (12 927) Increase in accrued income and debtors (4 303) (12 907) Increase/(decrease) in trade, related parties and other payables 108 (20)







Net creation of participatory interest 310 828 964 Cash distributed to units holders (196 748) (395)

Net cash inflow from financing activities 114 080 569




1. BANK BALANCES


2015 2014

Current accounts 25 798 709 11 185 540 Call deposits accounts 1 483 328 326 079 Total 27 282 037 11 511 619

Interest was earned at 5.25% (2014: 4.75%) on current accounts.interest was earned at 0% (2014: 0%) on call deposit accounts

2. CHARGES

- The initial charge did not exceed 0.3% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 0.47% (2014: 0.47%) Class B1 - 0.47 % (2014: 0.47%) Class B2 - 0.34 % (2014: 0.34%) Class B3 - 0% (2014: 0%)

169

SIM FINANCIAL FUND

2015 2014

R'000 R'000


Income 5 128 59 185

Dividend revenue 12 078 10 531 Interest revenue 898 580 Other income - 41 Income adjustment due to creation and cancellation of participatory interests 15 236 Net fair value (losses)/gains on financial instruments (7 863) 47 797



Operating profit (158) 54 477





Assets


Equities and specialist securities - Local 224 891 228 575 Equities and specialist securities - Foreign 54 787 43 738 Participatory Interest in Collective Investment Schemes - Foreign - 11 513



Total assets 280 514 285 633


Cash and bank balances 1 596 - Trade and other payables 69 55 Related parties payable 370 361 Distributions payable 4 616 3 205






170

SIM FINANCIAL FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (158) 54 477 Adjusted for:Dividend revenue (12 078) (10 531) Interest revenue (898) (580) Income adjustment due to creation and cancellation of participatory interests (15) (236) Net fair value gains on investments 7 863 (47 797) Operating loss before working capital changes (5 286) (4 667)


Cash utilised by operations (5 262) (4 619) Interest received 898 580 Dividends received 12 078 10 531 Foreign exchange gains 84 -




Net cash inflow/(outflow) from investing activities (3 799) 11 649


Net creation/(cancellation) of participatory interest 477 (10 623) Cash distributed to unit holders (7 042) (7 589)


Net decrease in cash and cash equivalents (2 566) (71) Cash and cash equivalents at beginning of the year 1 804 1 875

Cash and cash equivalents at end of the year (762) 1 804


1. BANK BALANCES


2015 2014

Current accounts (1 596 488) 1 711 072 Foreign currency cash deposits 833 928 93 172 Total (762 560) 1 804 244


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.71% (2014: 1.71%) Class B1 - 2.39% (2014: 2.39%) Class B2 - 0.68% (2014: 0.68%)

171

SIM GENERAL EQUITY FUND

2015 2014

R'000 R'000


Income 256 838 597 699

Dividend revenue 201 388 147 693 Interest revenue 19 071 10 475 Other income 20 207 Income adjustment due to creation and cancellation of participatory interests (332) 636 Net fair value gains on financial instruments 36 691 438 688

Expenses 82 756 87 386

Service fees 62 728 55 759 Performance fees 5 046 15 914 Audit fees 98 69 Withholding tax 1 806 2 319 Custodian, trustee and bank charges 943 796 Transaction costs 12 135 12 529






Assets

Investments 7 434 954 5 165 792

Equities and specialist securities - Local 6 792 957 4 720 155 Equities and specialist securities - Foreign 434 436 340 012 Participatory Interest in Collective Investment Schemes - Foreign 207 561 105 625



Total assets 7 502 028 5 316 983


Trade and other payables 144 9 808 Related parties payable 4 579 5 759 Distributions payable 89 246 44 712


Balance at the beginning of the year 5 256 704 4 573 956 Change in net assets attributable to unit holders 19 794 425 512 Creation of participatory interests 5 243 257 805 611 Liquidation of participatory interests (3 111 696) (548 375)


On 30 April 2015, SIM Index Fund merged into SIM General Equity Fund, resulting in all the assets being transferred into the fund at the effective date.

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS

FOR THE YEAR ENDED 31 DECEMBER 2015

172

SIM GENERAL EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 174 082 510 313 Adjusted for:Dividend revenue (201 388) (147 693) Interest revenue (19 071) (10 475) Income adjustment due to creation and cancellation of participatory interests 332 (636) Net fair value gains on investments (36 691) (438 688) Operating loss before working capital changes (82 736) (87 179)

Working capital changes: (9 453) (23 276) Decrease/(increase) in accrued income and debtors 1 391 (5 817) Decrease in trade, related parties and other payables (10 844) (17 459)




Net purchase of securities (2 233 351) (237 929)

Net cash outflow from investing activities (2 233 351) (237 929)


Net creation of participatory interest 2 131 229 187 026 Cash distributed to units holders (109 754) (6 165)

Net cash inflow from financing activities 2 021 475 180 861




1. BANK BALANCES


2015 2014

Current accounts 26 910 866 142 595 072 Foreign currency cash deposits 18 567 768 1 412 638 SAFEX 15 803 040 - Total 61 281 674 144 007 710


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 - 1.25% (2014: 1.25%) Class B6 - 0.68% (2014: 0.68%) Class A1 - 1.42% (2014: N/A) Class B7 - 0.68% (2014: N/A) Class A2 - 0.51% (2014: N/A) Class B8 - 0.85% (2014: N/A) Class B1 - 2.39% (2014: 2.39%) Class B9 - 1.25% (2014: 1.25%) Class B2 - 0.39% (2014: N/A) Class B10 - 2.39% (2014: N/A) Class B3 - 0.68% (2014: N/A) Class B11 - 0.45% (2014: N/A) Class B4 - 1.02% (2014: 1.02%) Class B12 - 0% (2014: N/A) Class B5 - 0.39% (2014: 0.39%) Class R - 1.14% (2014: 1.14%)

173

SIM GLOBAL BEST IDEAS FEEDER FUND

2015 2014

R'000 R'000


Income 161 864 77 907

Interest revenue 69 38 Income adjustment due to creation and cancellation of participatory interests 1 274 538 Net fair value gains on financial instruments 160 521 77 331




Finance costs - -




Assets





Total assets 710 225 657 446

Liabilities 847 874







174

SIM GLOBAL BEST IDEAS FEEDER FUND

2015 2014

R'000 R'000



Operating profit before finance costs 152 580 68 232 Adjusted for:Interest revenue (69) (38) Income adjustment due to creation and cancellation of participatory interests (1 274) (538) Net fair value gains on investments (160 521) (77 331) Operating loss before working capital changes (9 284) (9 675)

Working capital changes: (17) 10 496 Increase in accrued income and debtors 10 10 545 Decrease in trade, related parties and other payables (27) (49)

Cash (utilised)/generated by operations (9 301) 821 Interest received 69 38

Net cash (outflow)/inflow from operating activities (9 232) 859





Net cancellation of participatory interest (98 500) (59 963)


Net increase in cash and cash equivalents 3 408 9 479 Cash and cash equivalents at beginning of the year 8 980 (499)



1. BANK BALANCES


2015 2014



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 - 1.42% (2014: 1.42%) Class A1 - 1.14% (2014: 1.14%) Class B1 - 0.51% (2014: 0.51%) Class B2 - 0.85% (2014: 0.85%) Class B3 - 0.85% (2014: N/A) Class C - 2.56% (2014: 2.56%)

175

SIM GLOBAL EQUITY INCOME FEEDER FUND

2015 2014

R'000 R'000


Income 12 528 1 869

Dividend revenue 1 171 773 Interest revenue 59 25 Income adjustment due to creation and cancellation of participatory interests 110 (12) Net fair value gains on financial instruments 11 188 1 083

Expenses 299 206







Assets






Liabilities 797 525







176

SIM GLOBAL EQUITY INCOME FEEDER FUND

2015 2014

R'000 R'000



Operating profit before finance costs 12 229 1 663 Adjusted for:Dividend revenue (1 171) (773) Interest revenue (59) (25) Income adjustment due to creation and cancellation of participatory interests (110) 12 Net fair value gains on investments (11 188) (1 083) Operating loss before working capital changes (299) (206)

Working capital changes: (20) 4 Increase in accrued income and debtors (2) (1) (Decrease)/increase in trade, related parties and other payables (18) 5

Cash utilised by operations (319) (202) Interest received 59 25 Dividends received 1 171 773 Foreign exchange gains 118 18






Net creation of participatory interest 13 291 10 275 Cash distributed to units holders (850) (26)


Net increase in cash and cash equivalents 1 055 914 Cash and cash equivalents at beginning of the year 1 311 397



1. BANK BALANCES


2015 2014

Current accounts 1 460 643 737 381 Foreign currency cash deposits 904 857 574 145 Total 2 365 500 1 311 526


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- 0.85% (2014: 0.85%) Class B1 - 0.68% (2014: 0.68%)

177

SIM GLOBAL FINANCIAL FEEDER FUND

2015 2014

R'000 R'000


Income 22 400 11 979

Interest revenue 7 37 Income adjustment due to creation and cancellation of participatory interests 72 (117) Net fair value gains on financial instruments 22 321 12 059


Service fees 1 088 938 Audit fees 38 58 Custodian, trustee and bank charges 32 41


Finance costs 22 15




Assets





Total assets 127 970 113 495

Liabilities 157 161







178

SIM GLOBAL FINANCIAL FEEDER FUND

2015 2014

R'000 R'000



Operating profit before finance costs 21 242 10 942 Adjusted for:Interest revenue (7) (37) Income adjustment due to creation and cancellation of participatory interests (72) 117 Net fair value gains on investments (22 321) (12 059) Operating loss before working capital changes (1 158) (1 037)

Working capital changes: (10) 31 Decrease/(increase) in accrued income and debtors 1 (1) (Decrease)/increase in trade, related parties and other payables (11) 32

Cash utilised by operations (1 168) (1 006) Interest received 7 37

Net cash outflow from operating activities (1 161) (969)





Net (cancellation)/creation of participatory interest (6 669) 27 821 Cash distributed to by unit holders (15) (1)


Net increase in cash and cash equivalents 2 428 576 Cash and cash equivalents at beginning of the year 941 365



1. BANK BALANCES


2015 2014

Current accounts 3 366 899 939 562 Foreign currency cash deposits 2 272 1 256 Total 3 369 171 940 818


2. CHARGES

- The initial charge did not exceed 4.1% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 1.14% (2014: 1.14%) Class B1 - 0.85% (2014: 0.85%) Class B2 - 0% (2014: N/A)

179

SIM INDEX FUND


[4 Months] [12 Months]2015 2014

R'000 R'000

Income 206 795 180 693

Dividend revenue 26 365 59 915Interest revenue 1 181 1 653Income adjustment due to creation and cancellation of participatory interests (189) (1 547) Net fair value gains on financial instruments 179 438 120 672

Expenses 9 388 25 251

Service fees 7 462 23 511Audit fees 31 52Withholding tax (214) 773Custodian, trustee and bank charges 119 304Transaction costs 1 990 611






2015 2014

R'000 R'000

Assets

Investments - 1 917 317

Equities and specialist securities - Local - 1 917 317


Cash and bank balances - 17 384

Total assets - 1 934 745

Liabilities - 20 636

Trade and other payables - 64Related parties payable - 1 844Distributions payable - 18 728

Net assets attributable to unit holders - 1 914 109



R'000 R'000

Balance at the beginning of the period 1 914 109 2 000 674Change in net assets attributable to unit holders 177 443 120 064Creation of participatory interests 40 382 53 726Liquidation of participatory interests (2 131 934) (260 355)

Balance at the end of the period - 1 914 109

The fund merged with the SIM General Equity Fund on 30 April 2015, resulting in the assets being transferred to the fundon the effective date.

180

SIM INDEX FUND


[4 Months] [12 Months]2015 2014

R'000 R'000


Operating profit before finance costs 197 407 155 442Adjusted for:Dividend revenue (26 365) (59 915) Interest revenue (1 181) (1 653) Income adjustment due to creation and cancellation of participatory interests 189 1 547Net fair value gains on investments (179 438) (120 672) Operating loss before working capital changes (9 388) (25 251)

Working capital changes: (1 864) (30) Decrease in accrued income and debtors 44 2Decrease increase in trade, related parties and other payables (1 908) (32)

Cash utilised by operations (11 252) (25 281) Interest received 1 181 1 653Dividends received 26 365 59 915



Net sale of securities 2 096 755 210 150

Net cash inflow from investing activities 2 096 755 210 150


Net cancellation of participatory interest (2 091 741) (238 452) Cash distributed to unit holders (38 692) (4 494)

Net cash outflow from financing activities (2 130 433) (242 946)

Net (decrease)/increase in cash and cash equivalents (17 384) 3 491Cash and cash equivalents at beginning of the period 17 384 13 893

Cash and cash equivalents at end of the period - 17 384


1. BANK BALANCES


2015 2014

Current accounts - 16 309 047SAFEX - 1 074 816Total - 17 383 863

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.75% (2014: 4.75%) on SAFEX accounts.

2. CHARGES

The initial charge did not exceed 5% (excl. VAT) of the selling price.- 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% (2014: 1.14%)Class A1 – 0.51% (2014: 0.51%)Class B1 – 2.39% (2014: 2.39%)Class B2 – 0.45% (2014: 0.45%)

181

SIM INDUSTRIAL FUND

2015 2014

R'000 R'000


Income 350 747 301 174

Dividend revenue 29 051 24 752 Interest revenue 2 338 2 845 Other income - 2 Income adjustment due to creation and cancellation of participatory interests (102) (219) Net fair value gains on financial instruments 319 460 273 794

Expenses 27 762 20 643

Service fees 22 233 17 750 Audit fees 89 52 Withholding tax 683 386 Custodian, trustee and bank charges 473 254 Transaction costs 4 284 2 201






Assets

Investments 1 870 692 1 537 984

Equities and specialist securities - Local 1 714 756 1 424 330 Equities and specialist securities - Foreign 155 936 113 654



Total assets 1 962 711 1 612 399








182

SIM INDUSTRIAL FUND

2015 2014

R'000 R'000




Working capital changes: 1 024 (288) Decrease/(increase) in accrued income and debtors 557 (628) Increase in trade, related parties and other payables 467 340







Net creation/(cancellation) of participatory interest 38 383 (1 908) Cash distributed to unit holders (11 625) (5 873)





1. BANK BALANCES


2015 2014

Current accounts 79 695 605 67 614 018 Foreign currency cash deposits 12 229 647 6 151 207 Total 91 925 252 73 765 225


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.71 % (2014: 1.71 %) Class B1 - 2.39% (2014: 2.39 %) Class B2 - 0.68 % (2014: 0.68 %) Class R - 1.14 % (2014: 1.14 %)

183

SIM INFLATION PLUS FUND

2015 2014

R'000 R'000


Income 711 342 358 428

Dividend revenue 49 715 33 318 Interest revenue 226 217 150 428 Other income 3 24 Income adjustment due to creation and cancellation of participatory interests 32 921 15 361 Net fair value gains on financial instruments 402 486 159 297

Expenses 61 763 43 154

Service fees 54 313 37 564 Performance fees 2 040 1 425 Audit fees 98 82 Withholding tax 1 533 1 141 Custodian, trustee and bank charges 912 752 Transaction costs 2 867 2 190






Assets

Investments 7 505 955 4 295 124

Equities and specialist securities - Local 1 531 853 1 082 164 Equities and specialist securities - Foreign 210 990 109 265 Participatory Interest in Collective Investment Schemes - Local 131 943 135 621 Participatory Interest in Collective Investment Schemes - Foreign 1 559 312 791 453 Bonds - Local 859 978 378 245 Money market instruments 3 211 879 1 798 376



Total assets 7 987 597 4 597 032




Balance at the beginning of the year 4 507 918 2 896 644 Change in net assets attributable to unit holders 378 490 150 475 Creation of participatory interests 3 548 219 1 808 176 Liquidation of participatory interests (624 470) (347 377)




184


2015 2014

R'000 R'000




Working capital changes: (24 408) (11 028) Increase in accrued income and debtors (26 427) (12 086) Increase in trade, related parties and other payables 2 019 1 058




Net purchase of securities (2 826 401) (1 390 358)

Net cash outflow from investing activities (2 826 401) (1 390 358)


Net creation of participatory interest 2 956 670 1 341 998 Cash distributed to units holders (184 782) (4 371)

Net cash inflow from financing activities 2 771 888 1 337 627




1. BANK BALANCES


2015 2014

Current accounts 138 858 738 97 987 408 Call deposits 2 981 851 40 427 356 Foreign currency cash deposits 189 861 990 81 300 099 SAFEX 94 519 233 53 200 362 Total 426 221 812 272 915 225

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 5.25% (2014: 4.7%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX 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% (2014: 1.14%) Class B9 - 1.14% (2014: 1.14%) Class B1 - 2.39% (2014: 2.39%) Class B2 - 0% (2014: 0%) Class B3 - 0.39% (2014: 0.39%) Class B4 - 0.68% (2014: 0.68%) Class B5 - 0.91% (2014: 0.91%) Class B6 - 0.39% (2014: 0.39%) Class B7 - 0.91% (2014: 0.91%) Class B8 - 0.22% (2014: 0.22%)

185

SIM LOW EQUITY FUND

2015 2014

R'000 R'000


Income 89 788 71 858

Dividend revenue 6 754 6 077 Interest revenue 30 368 28 456 Other income - 1 Income adjustment due to creation and cancellation of participatory interests (1 558) 900 Net fair value gains on financial instruments 54 224 36 424

Expenses 13 581 13 388







Assets


Equities and specialist securities - Local 168 107 181 778 Equities and specialist securities - Foreign 20 158 15 897 Participatory Interest in Collective Investment Schemes - Local 7 722 13 508 Participatory Interest in Collective Investment Schemes - Foreign 150 938 146 710 Bonds - Local 86 808 74 439 Money market instruments 229 320 312 610



Total assets 729 580 803 739




Balance at the beginning of the year 790 952 623 414 Change in net assets attributable to unit holders 50 645 35 754 Creation of participatory interests 948 440 971 784 Liquidation of participatory interests (1 074 584) (840 000)




186

SIM LOW EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 76 207 58 470 Adjusted for:Dividend revenue (6 754) (6 077) Interest revenue (30 368) (28 456) Income adjustment due to creation and cancellation of participatory interests 1 558 (900) Net fair value gains on investments (54 224) (36 424) Operating loss before working capital changes (13 581) (13 387)

Working capital changes: 494 (1 801) Decrease/(increase) in accrued income and debtors 583 (2 004) (Decrease)/increase in trade, related parties and other payables (89) 203







Net (cancellation)/creation of participatory interest (127 702) 111 847 Cash distributed to units holders (24 133) (66)





1. BANK BALANCES


2015 2014

Current accounts 36 717 807 31 055 421 Call deposit accounts 214 930 72 903 Foreign currency cash deposits 14 819 616 14 161 875 SAFEX 10 252 770 8 401 941 Total 62 005 123 53 692 140

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned at 0% (2014: 0%) on call deposit accounts.Interest was earned at 0% (2014: 0%) on foreign currency cash deposits.Interest was earned at 5.75% (2014: 4.75%) on SAFEX deposits.

2. CHARGES

- The initial charge did not exceed 2.0% (excl. VAT).- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 1.42% (2014: 1.42%) Class B1 - 1.42% (2014: 1.42%) Class B2 - 0% (2014: 0%) Class B3 - 1.02% (2014: 1.02%) Class B4 - 0.85% (2014: 0.85%) Class C - 2.73% (2014: 2.73 %)

187

SIM MANAGED AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 62 116 67 331

Dividend revenue 8 060 5 288 Interest revenue 11 360 8 520 Other income 3 10 Rebates earned 2 138 3 370 Income adjustment due to creation and cancellation of participatory interests 1 178 1 047 Net fair value gains on financial instruments 39 377 49 096


Service fees 4 862 3 968 Performance fees 3 410 Audit fees 63 58 Withholding tax 95 144 Custodian, trustee and bank charges 64 58






Assets





Total assets 782 152 632 791








188

SIM MANAGED AGGRESSIVE FUND OF FUND

2015 2014

R'000 R'000
















1. BANK BALANCES


2015 2014



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 market value as follows: Class A1 - 0.85% (2014: 0.85%) Class A2 - 1.02% (2014: N/A) Class B1 - 0.51% (2014: 0.51%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.68% (2014: N/A) Class B4 - 2.39% (2014: 2.39%) Class B5 - 0.68% (2014: 0.68%) Class B6 - 0.85% (2014: N/A) Class B9 - 1.14% (2014: 1.14%)

189

SIM MANAGED CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000


Income 101 279 141 003

Dividend revenue 5 180 3 887 Interest revenue 58 710 56 888 Other income 7 13 Rebates earned 1 355 2 294 Income adjustment due to creation and cancellation of participatory interests (27) (224) Net fair value gains on financial instruments 36 054 78 145

Expenses 16 991 13 643

Service fees 10 507 10 028 Performance fees 6 251 3 353 Audit fees 64 65 Withholding tax 59 99 Custodian, trustee and bank charges 110 98






Assets

Investments 1 228 925 1 239 246

Participatory Interest in Collective Investment Schemes - Local 1 067 582 1 074 671 Participatory Interest in Collective Investment Schemes - Foreign 161 343 164 575



Total assets 1 283 404 1 252 208








190

SIM MANAGED CAUTIOUS FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: (198) 158 (Increase)/decrease in accrued income and debtors (10) 4 (Decrease)/increase in trade, related parties and other payables (188) 154












1. BANK BALANCES


2015 2014



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 market value as follows: Class A1 - 0.85% (2014: 0.85%) Class A2 - 1.02% (2014: N/A) Class B1 - 0.51% (2014: 0.51%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.68% (2014: N/A) Class B4 - 2.39% (2014: 2.39%) Class B5 - 0.68% (2014: 0.68%) Class B9 - 1.14% (2014: 1.14%)

191

SIM MANAGED CONSERVATIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 32 536 41 042

Dividend revenue 372 210 Interest revenue 21 654 20 968 Other income 2 3 Rebates earned 71 102 Income adjustment due to creation and cancellation of participatory interests (289) (42) Net fair value gains on financial instruments 10 726 19 801








Assets





Total assets 378 778 385 604








192

SIM MANAGED CONSERVATIVE FUND OF FUNDS

2015 2014

R'000 R'000



Operating profit before finance costs 28 023 37 586 Adjusted for:Dividend revenue (372) (210) Interest revenue (21 654) (20 968) Income adjustment due to creation and cancellation of participatory interests 289 42 Net fair value gains on investments (10 726) (19 801) Operating loss before working capital changes (4 440) (3 351)

Working capital changes: (27) 8 Increase in accrued income and debtors - (8) (Decrease)/increase in trade, related parties and other payables (27) 16

Cash utilised by operations (4 467) (3 343) Interest received 21 654 20 968 Dividends received 372 210 Foreign exchange gains 1 386 88











1. BANK BALANCES


2015 2014



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 market value as follows: Class A1 - 0.85% (2014: 0.85%) Class A2 - 1.02% (2014: 1.25%) Class B1 - 0.51% (2014: 0.51%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.68% (2014: 0.68%) Class B4 - 2.39% (2014: 2.4%) Class B5 - 0.68% (2014: 0.68%) Class B6 - 0.85% (2014: 0.86%) Class B9 - 1.14% (2014: 1.14%)

193

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000


Income 124 608 141 871


Expenses 11 259 10 812

Service fees 10 910 9 523 Performance fees 3 875 Audit fees 64 55 Withholding tax 162 255 Custodian, trustee and bank charges 120 104






Assets

Investments 1 484 932 1 286 506




Total assets 1 547 687 1 329 495








194

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS

2015 2014

R'000 R'000




Working capital changes: 94 (580) (Increase)/decrease in accrued income and debtors (19) (5) Increase/(decrease) in trade, related parties and other payables 113 (575)












1. BANK BALANCES


2015 2014



2. CHARGES

- The initial service 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 market value as follows: Class A1 - 0.85% (2014: 0.85%) Class A2 - 1.02% (2014: N/A) Class B1 - 0.51% (2014: 0.51%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.68% (2014: N/A) Class B4 - 0.85% (2014: N/A) Class B5 - 0.68% (2014: 0.68%) Class B9 - 1.14% (2014: 1.14%)

195

SIM MANAGED MODERATE FUND OF FUNDS

2015 2014

R'000 R'000


Income 313 682 406 440


Expenses 28 033 30 264

Service fees 27 294 24 021 Performance fees - 5 296 Audit fees 63 65 Withholding tax 362 608 Custodian, trustee and bank charges 314 274






Assets

Investments 3 888 936 3 690 283




Total assets 4 082 156 3 824 068








196

SIM MANAGED MODERATE FUND OF FUNDS

2015 2014

R'000 R'000
















1. BANK BALANCES


2015 2014



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 market value as follows: Class A1 - 0.85% (2014: 0.85%) Class A2 - 1.02% (2014: 1.25%) Class B1 - 0.51% (2014: 0.51%) Class B2 - 2.39% (2014: 2.39%) Class B3 - 0.22% (2014: 0.22%) Class B4 - 2.39% (2014: 2.39%) Class B5 - 0.68% (2014: 0.68%) Class B6 - 0.68% (2014: 0.68%) Class B7 - 0.85% (2014: 0.85%) Class B9 - 1.14% (2014: 1.14%)

197

SIM MONEY MARKET FUND

2015 2014

R'000 R'000


Income 432 228 384 871

Interest revenue 437 431 383 160 Net fair value (losses)/gains on financial instruments (5 203) 1 711

Expenses 28 592 28 245







Assets

Investments 6 061 499 6 134 919

Money market instruments 6 061 499 6 134 919



Total assets 6 362 155 6 287 462




Balance at the beginning of the year 6 254 111 6 623 162 Change in net assets attributable to unit holders (5 263) 1 725 Creation of participatory interests 13 451 850 9 976 579 Liquidation of participatory interests (13 377 839) (10 347 355)




198

SIM MONEY MARKET FUND

2015 2014

R'000 R'000



Operating profit before finance costs 403 636 356 626 Adjusted for:Interest revenue (437 431) (383 160) Net fair value losses/(gains) on investments 5 203 (1 711) Operating loss before working capital changes (28 592) (28 245)

Working capital changes: 3 600 (22 415) Decrease/(increase) in accrued income and debtors 3 361 (22 076) Increase/(decrease) in trade, related parties and other payables 239 (339)







Net creation/(cancellations) of participatory interest 74 011 (676 577) Cash distributed to unit holders (403 193) (48 230)





1. BANK BALANCES


2015 2014

Current accounts 54 091 906 32 617 964 Call deposits 160 000 000 30 000 000 Total 214 091 906 62 617 964


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 - 0.57% (2014: 0%) Class A2 - 0% (2014: N/A) Class A3 - 0% (2014: N/A) Class A4 - 0% (2014: N/A) Class B2 - 0.22% (2014: 0.22%) Class B3 - 0.91% (2014: 0%) Class B4 - 0.11% (2014: 0.11%) Class B5 - 0.57% (2014: 0%) Class B6 - 0.11% (2014: 0%) Class B7 - 0.34% (2014: 0.34%) Class B8 - 0.28% (2014: 0.28%) Class B10 - 0.23% (2014: 0.23%) Class R - 0.57% (2014: 0.57%)

199

SIM PROPERTY FUND

2015 2014

R'000 R'000


Income 406 220 1 147 560

Dividend revenue 10 974 293 Interest revenue 314 876 299 689 Other income 213 136 Income adjustment due to creation and cancellation of participatory interests (456) (3 108) Net fair value gains on financial instruments 80 613 850 550


Service fees 4 973 3 760 Audit fees 90 49 Custodian, trustee and bank charges 638 728 Transaction costs 3 196 2 380

Operating profit 397 323 1 140 643





Assets

Investments 5 152 439 4 971 346




Total assets 5 195 508 5 005 904


Trade and other payables 1 872 3 751 Related parties payable 439 343 Distributions payable 62 496 60 325


Balance at the beginning of the year 4 941 485 4 074 377 Change in net assets attributable to unit holders 77 442 848 192 Creation of participatory interests 1 126 488 684 413 Liquidation of participatory interests (1 014 714) (665 497)




200

SIM PROPERTY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 397 323 1 140 643 Adjusted for:Dividend revenue (10 974) (293) Interest revenue (314 876) (299 689) Income adjustment due to creation and cancellation of participatory interests 456 3 108 Net fair value gains on investments (80 613) (850 550) Operating loss before working capital changes (8 684) (6 781)

Working capital changes: (42 975) 2 776 Increase in accrued income and debtors (41 192) (925) (Decrease)/increase in trade, related parties and other payables (1 783) 3 701







Net creation of participatory interest 111 318 (274 848) Cash distributed to unit holders (317 710) (198)





1. BANK BALANCES


2015 2014



2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.71% (2014: 1.71%) Class B1 - 0.68% (2014: 0.68%) Class B2 - 0% (2014: 0%) Class B3 - 0% (2014: 0%) Class B9 - 1.71% (2014: 1.71%)

201

SIM RESOURCES FUND

2015 2014

R'000 R'000


Income (13 134) (4 939)

Dividend revenue 2 548 1 829 Interest revenue 9 36 Other income - 6 Income adjustment due to creation and cancellation of participatory interests (59) 10 Net fair value losses on financial instruments (15 632) (6 820)



Operating loss (14 406) (6 613)



Change in net assets attributable to unit holders (15 912) (7 216)


Assets


Equities and specialist securities - Local 29 111 49 652 Equities and specialist securities - Foreign 6 324 6 469 Participatory Interest in Collective Investment Schemes - Foreign 523 -




Liabilities 562 452



Balance at the beginning of the year 57 187 56 661 Change in net assets attributable to unit holders (15 912) (7 216) Creation of participatory interests 49 581 62 321 Liquidation of participatory interests (54 086) (54 579)




202

SIM RESOURCES FUND

2015 2014

R'000 R'000



Operating loss before finance costs (14 406) (6 613) Adjusted for:Dividend revenue (2 548) (1 829) Interest revenue (9) (36) Income adjustment due to creation and cancellation of participatory interests 59 (10) Net fair value losses on investments 15 632 6 820 Operating loss before working capital changes (1 272) (1 668)

Working capital changes: 46 60 Decrease in accrued income and debtors 80 54 (Decrease)/increase in trade, related parties and other payables (34) 6

Cash utilised by operations (1 226) (1 608) Interest received 9 36 Dividends received 2 548 1 829 Foreign exchange gains 17 10








Net (decrease)/increase in cash and cash equivalents (64) 564 Cash and cash equivalents at beginning of the year 1 407 843



1. BANK BALANCES


2015 2014



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 - 1.71% (2014: 1.71%)

203

SIM SMALL CAP FUND

2015 2014

R'000 R'000


Income 44 089 57 876

Dividend revenue 9 812 6 750 Interest revenue 271 236 Other income - 37 Income adjustment due to creation and cancellation of participatory interests (48) 69 Net fair value gains on financial instruments 34 054 50 784








Assets





Total assets 396 085 343 616

Liabilities 2 754 2 642 Trade and other payables 70 818 Related parties payable 351 318 Distributions payable 2 333 1 506






204

SIM SMALL CAP FUND

2015 2014

R'000 R'000



Operating profit before finance costs 39 082 53 444 Adjusted for:Dividend revenue (9 812) (6 750) Interest revenue (271) (236) Income adjustment due to creation and cancellation of participatory interests 48 (69) Net fair value gains on investments (34 054) (50 784) Operating loss before working capital changes (5 007) (4 395)

Working capital changes: (2 726) 1 629 (Decrease)/increase in accrued income and debtors (2 011) 821 (Decrease)/increase in trade, related parties and other payables (715) 808

Cash utilised by operations (7 733) (2 766) Interest received 271 236 Dividends received 9 812 6 750 Foreign exchange gains 90 26











1. BANK BALANCES


2015 2014

Current accounts 5 091 903 7 622 650 Foreign currency cash deposits 483 491 (8 779) Total 5 575 394 7 613 871


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.71% (2014: 1.71%) Class B1 - 2.39% (2014: 2.39%) Class B2 - 1.02% (2014: 1.02%) Class B3 - 0.68% (2014: 0.68%) Class B9 -1.71% (2014: 1.71% ) Class R - 1.14% (2014: 1.14%)

205

SIM TOP CHOICE EQUITY FUND

2015 2014

R'000 R'000


Income 69 620 90 211

Dividend revenue 29 037 20 938 Interest revenue 5 166 2 684 Other income - 57 Income adjustment due to creation and cancellation of participatory interests 494 943 Net fair value gains on financial instruments 34 923 65 589


Service fees 3 338 2 642 Performance fees 195 2 193 Audit fees 64 58 Withholding tax (12) - Custodian, trustee and bank charges 119 130 Transaction costs 2 186 2 342






Assets





Total assets 1 007 800 871 780








206

SIM TOP CHOICE EQUITY FUND

2015 2014

R'000 R'000




Working capital changes: 564 (579) Decrease/(increase) in accrued income and debtors 430 (452) Increase/(decrease) in trade, related parties and other payables 134 (127)












1. BANK BALANCES


2015 2014



2. CHARGES

- The initial charge did not exceed 4% (excl. VAT).- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A1 - 1.02% (2014: 1.02%) Class A2 - 1.42% (2014: N/A) Class B1 - 0% (2014: 0%) Class B2 - 0.57% (2014: 0.57%) Class B3 - 1.02% (2014: 1.02%) Class B4 - 0.85% (2014: 0.85%) Class B5 - 0.45% (2014: 0.45%) Class B6 - 1.02% (2014: N/A) Class B9 - 1.02% (2014: 1.02%) Class C - 2.56% (2014: 2.56%)

207

SIM VALUE FUND

2015 2014

R'000 R'000


Income (141 167) 402 590

Dividend revenue 130 830 115 795 Interest revenue 4 049 7 183 Other income - 70 Income adjustment due to creation and cancellation of participatory interests (5 909) 2 853 Net fair value (losses)/gains on financial instruments (270 137) 276 689

Expenses 56 621 60 523

Service fees 43 863 48 147 Performance fees 878 1 803 Audit fees 98 75 Withholding tax 1 987 1 952 Custodian, trustee and bank charges 421 472 Transaction costs 9 374 8 074






Assets

Investments 2 862 833 3 621 172

Equities and specialist securities - Local 2 020 101 2 826 498 Equities and specialist securities - Foreign 698 950 684 103 Participatory Interest in Collective Investment Schemes - Foreign 143 782 110 571



Total assets 2 984 523 3 949 278


Trade and other payables 3 054 481 Related parties payable 2 941 3 943 Distributions payable 42 741 43 288


Balance at the beginning of the year 3 901 566 3 344 279 Change in net assets attributable to unit holders (293 052) 259 293 Creation of participatory interests 645 525 954 896 Liquidation of participatory interests (1 318 252) (656 902)




208

SIM VALUE FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (197 788) 342 067 Adjusted for:Dividend revenue (130 830) (115 795) Interest revenue (4 049) (7 183) Income adjustment due to creation and cancellation of participatory interests 5 909 (2 853) Net fair value gains on investments 270 137 (276 689) Operating loss before working capital changes (56 621) (60 453)

Working capital changes: 2 583 (269) Decrease/(increase) in accrued income and debtors 1 012 (502) Increase in trade, related parties and other payables 1 571 233







Net (cancellation)/creation of participatory interest (678 636) 222 100 Cash distributed to units holders (95 811) (3 831)





1. BANK BALANCES


2015 2014

Current accounts 57 195 634 220 392 388 Foreign currency cash deposits 23 408 780 93 378 613 SAFEX 39 375 561 11 613 461 Total 119 979 975 325 384 462


2. CHARGES

- The initial charge did not exceed 5% (excl. VAT) of the selling price.- The service charge is calculated per annum (incl. VAT) on a daily basis as a percentage of market value as follows: Class A - 1.53% (2014: 1.53%) Class B10 - 0% (2014: N/A) Class A1 - 1.71% (2014: 1.71%) Class B1 - 2.39% (2014: 2.93%) Class B2 - 0.68% (2014: 0.68%) Class B3 - 1.02% (2014: 1.02%) Class B4 - 1.14% (2014: N/A) Class B5 - 0.05% (2014: 0.05%) Class B6 - 0.68% (2014: 0.68%) Class B7 - 0.57% (2014: 0.57%) Class B8 - 0.85% (2014: 0.74%) Class B9 - 1.53% (2014: 1.53%)

209

SMMI BOND FUND

2015 2014

R'000 R'000


Income (52 221) 234 625

Interest revenue 189 936 183 710 Income adjustment due to creation and cancellation of participatory interests 3 175 1 934 Net fair value (losses)/gains on financial instruments (245 332) 48 981








Assets

Investments 2 427 729 1 837 804

Bonds - Local 2 368 763 1 765 804 Money market instruments 58 966 72 000



Total assets 2 635 409 1 918 628




Balance at the beginning of the year 1 905 096 1 055 794 Change in net assets attributable to unit holders (245 479) 49 111 Creation of participatory interests 1 147 964 1 507 295 Liquidation of participatory interests (232 343) (707 104)




210

SMMI BOND FUND

2015 2014

R'000 R'000



Operating (loss)/profit before finance costs (53 224) 233 329 Adjusted for:Interest revenue (189 936) (183 710) Income adjustment due to creation and cancellation of participatory interests (3 175) (1 934) Net fair value losses/(gains) on investments 245 332 (48 981) Operating loss before working capital changes (1 003) (1 296)

Working capital changes: (23 459) (16 107) Increase in accrued income and debtors (64 050) (15 971) Increase/(decrease) in trade, related parties and other payables 40 591 (136)












1. BANK BALANCES


2015 2014

Current accounts 59 396 597 31 177 393 Call deposits 39 117 686 15 000 000 SAFEX 10 479 700 10 744 Total 108 993 983 46 188 137

Interest was earned at 5.25% (2014: 4.75%) on current accounts.Interest was earned between 4% - 6% (2014: 4% - 6%) on call deposit accounts.Interest was earned at 5.75% (2014: 4.8%) on SAFEX 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 B1 - 0.57% (2014: 0.57%) Class B2 - 0% (2014: 0%) Class B3 - 0.39% (2014: 0.40%) Class B4 - 0.57% (2014: N/A) Class B4 - 0.28% (2014: N/A) Class B6 - 0.45% (2014: N/A) Class B8 - 0.68% (2014: N/A)

211

SPI EQUITY FUND

2015 2014

R'000 R'000


Income 11 888 5 543

Dividend revenue 3 496 1 669 Interest revenue 327 324 Other income (37) - Income adjustment due to creation and cancellation of participatory interests 106 142 Net fair value gains on financial instruments 7 996 3 408








Assets













212

SPI EQUITY FUND

2015 2014

R'000 R'000



Operating profit before finance costs 10 261 4 335 Adjusted for:Dividend revenue (3 496) (1 669) Interest revenue (327) (324) Income adjustment due to creation and cancellation of participatory interests (106) (142) Net fair value gains on investments (7 996) (3 408) Operating loss before working capital changes (1 664) (1 208)


Cash utilised by operations (1 645) (1 169) Interest received 327 324 Dividends received 3 496 1 669




Net outflow from investing activities (14 331) (22 278)


Net creation of participatory interest 15 116 27 372 Cash distributed by unit holders (2 148) (65)


Net increase in cash and cash equivalents 815 5 853 Cash and cash equivalents at beginning of the year 9 158 3 305



1. BANK BALANCES


2015 2014



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 - 1.71% (2014: 1.71%) Class B1 - 1.14% (2014: 1.14%) Class B2 - 0.85% (2014: 0.85%)

213

TRESOR SCI BALANCED FUND [12 months]2015

R'000


Income 22 733

Dividend revenue 2 199 Interest revenue 2 364 Other income (4) Income adjustment due to creation and cancellation of participatory interests 700 Net fair value gains on financial instruments 17 474

Expenses 2 806

Service fees 2 259 Audit fees 55 Withholding tax 87 Custodian, trustee and bank charges 60 Transaction costs 345


Finance costs 2 781




Assets

Investments 340 484

Equities and specialist securities - Local 74 699 Participatory Interest in Collective Investment Schemes - Local 265 785




Liabilities 3 115



Balance at the beginning of the year - Change in net assets attributable to unit holders 17 146 Creation of participatory interests 342 714 Liquidation of participatory interests (12 335)

Balance at the end of the year 347 525

Comparatives not stated, since the Tresor SCI Balanced Fund was established on 15 January 2015.



214

TRESOR SCI BALANCED FUND [12 months]2015

R'000



Operating profit before finance costs 19 927 Adjusted for:Dividend revenue (2 199) Interest revenue (2 364) Income adjustment due to creation and cancellation of participatory interests (700) Net fair value gains on investments (17 474) Operating loss before working capital changes (2 810)


Cash utilised by operations (2 432) Interest received 2 364 Dividends received 2 199






Net creation of participatory interest 331 079 Cash distributed to unit holders (56)


Net increase in cash and cash equivalents 10 144 Cash and cash equivalents at beginning of the year -



1. BANK BALANCES


2015



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 B1 - 1.14% (2014: N/A) Class B2 - 0.74% (2014: N/A)

215

TRESOR SCI FLEXIBLE FUND

[12 months]2015

R'000


Income 19 768

Dividend revenue 471 Interest revenue 296 Other income (2) Rebates earned 24 Income adjustment due to creation and cancellation of participatory interests (365) Net fair value gains on financial instruments 19 344

Expenses 1 301



Finance costs -

Distributions to unit holders -



Assets

Investments 149 653





Liabilities 202

Trade and other payables 41 Related parties payable 161




Comparatives not stated, since the Tresor SCI Flexible Fund was established on 15 January 2015.



216

TRESOR SCI FLEXIBLE FUND

[12 months]2015

R'000



Operating profit before finance costs 18 467 Adjusted for:Dividend revenue (471) Interest revenue (296) Income adjustment due to creation and cancellation of participatory interests 365 Net fair value gains on investments (19 344) Operating loss before working capital changes (1 279)

Working capital changes: (538) Increase in accrued income and debtors (740) Increase in trade, related parties and other payables 202

Cash utilised by operations (1 817) Interest received 296 Dividends received 471

Net cash outflow from operating activities (1 050)





Net creation of participatory interest 137 184





1. BANK BALANCES


2015



2. CHARGES


217

TRESOR SCI INCOME FUND

[12 months]2015

R'000


Income 3 211

Dividend revenue 57 Interest revenue 1 505 Other income 4 Income adjustment due to creation and cancellation of participatory interests 512 Net fair value gains on financial instruments 1 133

Expenses 314

Service fees 237 Audit fees 21 Withholding tax 1 Custodian, trustee and bank charges 49 Transaction costs 6


Finance costs 1 773




Assets

Investments 63 397

Equities and specialist securities - Local 2 117 Participatory Interest in Collective Investment Schemes - Local 55 276 Money market instruments 6 004



Total assets 70 179

Liabilities 915

Trade and other payables 24 Related parties payable 43 Distributions payable 848




Comparatives not stated, since the Tresor SCI Income Fund was established on 15 January 2015.



218

TRESOR SCI INCOME FUND

[12 months]2015

R'000



Operating profit before finance costs 2 897 Adjusted for:Dividend revenue (57) Interest revenue (1 505) Income adjustment due to creation and cancellation of participatory interests (512) Net fair value gains on investments (1 133) Operating loss before working capital changes (310)

Working capital changes: (94) Increase in accrued income and debtors (161) Increase in trade, related parties and other payables 67

Cash utilised by operations (404) Interest received 1 505 Dividends received 57






Net creation of participatory interest 68 652 Cash distributed to unit holders (925)





1. BANK BALANCES


2015



2. CHARGES


219

TRESOR SCI STABLE FUND

[12 months]2015

R'000


Income 15 706

Dividend revenue 972 Interest revenue 2 574 Other income 1 Income adjustment due to creation and cancellation of participatory interests 67 Net fair value gains on financial instruments 12 092

Expenses 1 915



Finance costs 1 882




Assets

Investments 200 082





Liabilities 6 938

Trade and other payables 4 857 Related parties payable 199 Distributions payable 1 882




Comparatives not stated, since the Tresor SCI Stable Fund was established on 15 January 2015.



220

TRESOR SCI STABLE FUND

[12 months]2015

R'000



Operating profit before finance costs 13 791 Adjusted for:Dividend revenue (972) Interest revenue (2 574) Income adjustment due to creation and cancellation of participatory interests (67) Net fair value gains on investments (12 092) Operating loss before working capital changes (1 914)

Working capital changes: 5 043 Increase in accrued income and debtors (13) Increase in trade, related parties and other payables 5 056

Cash generated by operations 3 129 Interest received 2 574 Dividends received 972






Net creation of participatory interest 193 032





1. BANK BALANCES


2015



2. CHARGES


221

CREATIONS AND CANCELLATIONS

Fund Name Issued Cancelled Issued Cancelled

BRACKENHAM SCI MANAGED FUND ANumber 49 223 973 23 234 849 263 010 758 3 895 205 Consideration (in Rands) 87 894 324 41 570 649 447 491 736 6 692 359

BRACKENHAM SCI MANAGED FUND B1Number 550 - - - Consideration (in Rands) 1 000 - - -

FIRST AVENUE SCI EQUITY FUND B1Number 9 785 121 3 365 442 293 969 66 752 Consideration (in Rands) 170 628 939 58 867 088 4 262 431 1 012 322

FIRST AVENUE SCI EQUITY FUND B2Number 3 435 642 2 376 251 9 665 133 1 151 744 Consideration (in Rands) 58 311 148 41 350 243 155 032 226 18 626 125

FIRST AVENUE SCI EQUITY FUND B3Number 11 647 595 8 713 462 41 728 984 13 399 769 Consideration (in Rands) 201 253 075 154 296 118 637 473 368 215 362 255

FIRST AVENUE SCI EQUITY FUND B4Number 61 - - - Consideration (in Rands) 1 000 - - -

GRAVITON SCI BALANCED FUND A1Number 5 095 091 1 372 989 1 504 868 879 575 Consideration (in Rands) 73 788 389 19 607 201 19 025 717 11 630 571

GRAVITON SCI BALANCED FUND B1Number 9 239 096 65 693 851 46 663 507 3 787 137 Consideration (in Rands) 132 379 594 911 799 712 626 319 939 50 378 317

GRAVITON SCI BALANCED FUND B2Number 43 598 579 3 485 480 - - Consideration (in Rands) 588 360 314 49 741 009 - -

GRAVITON SCI CAPITAL GROWTH FUND A1Number 118 916 163 350 503 453 22 482 Consideration (in Rands) 1 439 973 1 992 298 5 656 624 257 488

GRAVITON SCI CAPITAL GROWTH FUND B1Number 9 611 150 64 012 351 19 216 674 16 203 773 Consideration (in Rands) 115 127 185 787 322 089 217 205 651 185 727 814

GRAVITON SCI CAPITAL GROWTH FUND B2Number 86 - - - Consideration (in Rands) 1 000 - - -

GRAVITON SCI FLEXIBLE INCOME FUND A1Number 1 889 424 2 267 051 184 842 1 459 750 Consideration (in Rands) 19 338 061 23 211 587 1 866 587 14 777 413

GRAVITON SCI FLEXIBLE INCOME FUND B1Number 4 038 189 55 935 736 44 016 882 7 274 880 Consideration (in Rands) 41 080 097 566 481 773 448 537 243 73 771 860

GRAVITON SCI FLEXIBLE INCOME FUND B2Number 37 488 313 9 637 071 - - Consideration (in Rands) 378 044 820 98 517 055 - -

GRAVITON SCI LOW EQUITY FUND A1Number 475 690 205 198 650 098 166 917 Consideration (in Rands) 5 919 383 2 554 805 7 612 063 1 978 075

GRAVITON SCI LOW EQUITY FUND B1Number 3 118 958 84 283 506 33 345 581 12 734 298 Consideration (in Rands) 38 299 236 1 057 291 434 399 532 808 150 679 834

2015 2014

222



2015 2014

GRAVITON SCI LOW EQUITY FUND B2Number 33 776 521 5 071 353 - - Consideration (in Rands) 408 370 675 63 916 908 - -

LYNX SCI BALANCED FUND OF FUNDS A1Number 6 229 123 268 15 166 197 836 Consideration (in Rands) 165 547 3 359 246 376 198 4 939 956

LYNX SCI BALANCED FUND OF FUNDS A2Number 398 141 189 648 24 056 10 786 Consideration (in Rands) 10 938 326 5 248 463 601 390 272 411

LYNX SCI BALANCED FUND OF FUNDS B1Number 81 681 50 646 15 739 21 337 Consideration (in Rands) 2 263 077 1 386 673 397 283 530 860

LYNX SCI BALANCED FUND OF FUNDS C1Number 342 617 2 395 664 1 538 806 10 930 842 Consideration (in Rands) 8 980 784 62 604 106 36 290 292 263 807 271

LYNX SCI BALANCED FUND OF FUNDS C2Number 203 639 389 640 135 287 171 980 Consideration (in Rands) 5 500 125 10 490 229 3 305 703 4 213 127

LYNX SCI CAUTIOUS FUND OF FUNDS A1Number 125 937 28 449 14 023 200 529 Consideration (in Rands) 2 321 447 509 675 232 539 3 334 421

LYNX SCI CAUTIOUS FUND OF FUNDS A2Number 1 197 813 94 710 4 508 2 137 Consideration (in Rands) 20 932 346 1 678 308 75 121 35 136

LYNX SCI CAUTIOUS FUND OF FUNDS B1Number 3 819 710 5 455 997 Consideration (in Rands) 69 322 12 607 90 940 16 617

LYNX SCI CAUTIOUS FUND OF FUNDS C1Number 192 275 2 355 513 4 126 522 21 886 164 Consideration (in Rands) 3 330 486 41 750 674 67 935 878 365 986 698

LYNX SCI CAUTIOUS FUND OF FUNDS C2Number 53 899 1 271 406 344 455 288 954 Consideration (in Rands) 940 944 22 147 935 5 731 843 4 792 242

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1Number 4 816 045 2 468 681 11 724 742 6 659 590 Consideration (in Rands) 11 103 520 5 645 454 22 881 675 13 406 400

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS BNumber 9 962 584 26 222 986 16 547 100 44 657 189 Consideration (in Rands) 23 946 459 59 601 334 34 108 663 90 300 000

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1Number 221 594 130 915 115 960 111 503 Consideration (in Rands) 550 788 306 353 239 649 232 532

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1Number 18 110 285 3 784 210 20 693 951 5 084 859 Consideration (in Rands) 41 443 113 8 611 886 40 821 376 10 186 527

LYNX SCI OPPORTUNITIES FUND OF FUNDS A1Number 57 460 1 428 674 1 674 Consideration (in Rands) 1 561 385 38 762 16 821 41 056

223



2015 2014

LYNX SCI OPPORTUNITIES FUND OF FUNDS A2Number 58 798 281 - - Consideration (in Rands) 1 627 818 7 770 - -

LYNX SCI OPPORTUNITIES FUND OF FUNDS C1Number 82 277 182 801 16 756 370 954 Consideration (in Rands) 156 518 4 711 557 393 845 8 694 371

LYNX SCI OPPORTUNITIES FUND OF FUNDS C2Number 3 906 23 266 6 621 15 583 Consideration (in Rands) 102 269 613 422 153 525 363 317

MEGAFIN SCI BALANCED FUND OF FUNDS A1Number 97 - - - Consideration (in Rands) 1 000 - - -

MEGAFIN SCI BALANCED FUND OF FUNDS B1Number 81 961 225 7 769 289 - - Consideration (in Rands) 826 294 138 79 134 741 - -

MEGAFIN SCI GROWTH FUND OF FUNDS A1Number 90 - - - Consideration (in Rands) 1 000 - - -

MEGAFIN SCI GROWTH FUND OF FUNDS B1Number 5 777 575 455 945 - - Consideration (in Rands) 58 483 083 4 774 998 -

MEGAFIN SCI STABLE FUND OF FUNDS A1Number 96 - - - Consideration (in Rands) 1 000 - - -

MEGAFIN SCI STABLE FUND OF FUNDS B1Number 20 753 300 3 573 073 - - Consideration (in Rands) 208 316 206 36 639 379 - -

OBSIDIAN SCI BALANCED FUND B1Number 12 939 331 454 376 307 773 14 792 Consideration (in Rands) 161 402 883 5 605 734 3 427 676 162 669

OBSIDIAN SCI BALANCED FUND B3Number 176 347 3 304 746 4 292 121 103 945 Consideration (in Rands) 2 107 454 37 621 545 47 936 862 1 128 573

OBSIDIAN SCI BALANCED FUND B4Number 32 353 374 2 004 592 6 698 057 18 019 Consideration (in Rands) 403 156 472 25 101 850 74 522 470 202 130

OBSIDIAN SCI BALANCED FUND B5Number 3 366 546 87 - - Consideration (in Rands) 38 379 590 1 029 - -

OBSIDIAN SCI EQUITY FUND B1Number 100 - - - Consideration (in Rands) 1 000 - - -


OBSIDIAN SCI EQUITY FUND B3Number 100 000 - - - Consideration (in Rands) 1 000 000 - - -


224



2015 2014

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1Number 26 945 130 033 107 373 16 522 Consideration (in Rands) 302 176 1 424 131 1 228 371 187 194

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B1Number 20 433 90 519 102 655 32 669 Consideration (in Rands) 235 767 979 691 1 153 595 365 036

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B2Number - 100 - - Consideration (in Rands) - 1 057 - -

SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B3Number 90 874 2 267 893 2 177 020 100 000 Consideration (in Rands) 1 000 000 24 118 592 24 747 490 1 105 040

SANLAM ALTERNATIVE INCOME FUND A1Number 24 782 462 21 638 576 13 043 776 33 438 502 Consideration (in Rands) 24 782 462 21 638 576 13 043 776 33 438 502

SANLAM ALTERNATIVE INCOME FUND B1Number 6 638 508 606 6 362 256 814 3 871 479 653 3 109 404 237 Consideration (in Rands) 6 638 508 606 6 362 256 814 3 871 479 653 3 109 404 237

SANLAM ALTERNATIVE INCOME FUND B2Number 5 025 260 531 3 978 178 948 1 876 407 514 2 280 842 349 Consideration (in Rands) 5 025 260 531 3 978 178 948 1 876 407 514 2 280 842 349

SANLAM ALTERNATIVE INCOME FUND B3Number 707 342 830 540 473 974 763 349 979 290 517 652 Consideration (in Rands) 707 342 830 540 473 974 763 349 979 290 517 652



SANLAM ALTERNATIVE INCOME FUND B6Number 461 871 546 929 907 486 1 916 740 469 782 721 728 Consideration (in Rands) 461 871 546 929 907 486 1 916 740 469 782 721 728

SANLAM ALTERNATIVE INCOME FUND B7Number 15 315 798 261 801 000 600 000 000 1 299 999 000 Consideration (in Rands) 15 315 798 261 801 000 600 000 000 1 299 999 000

SANLAM ALTERNATIVE INCOME FUND B8Number 766 277 159 248 397 219 - - Consideration (in Rands) 766 277 159 248 397 219 - -

SANLAM ASIA PACIFIC FUND OF FUNDS A1Number 1 915 919 945 677 371 573 205 483 Consideration (in Rands) 34 098 590 16 507 473 5 387 844 2 919 780

SANLAM ASIA PACIFIC FUND OF FUNDS B1Number 1 147 52 769 - Consideration (in Rands) 21 861 898 11 953 -

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2Number 156 399 478 222 135 482 151 339 600 15 281 619 Consideration (in Rands) 164 571 641 234 855 678 157 600 429 15 935 000

225



2015 2014

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3Number 299 837 693 162 390 229 35 593 844 56 539 612 Consideration (in Rands) 317 811 392 171 820 163 37 014 522 58 797 450

SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4Number 17 410 724 496 066 998 208 891 746 - Consideration (in Rands) 18 352 844 525 653 579 218 057 936 -

SANLAM DIVERSIFIED INCOME FUND OF FUND BNumber 57 876 586 136 425 925 184 723 435 423 453 959 Consideration (in Rands) 61 143 329 144 002 195 191 915 485 441 246 501

SANLAM DIVERSIFIED INCOME FUND OF FUND B2Number 96 072 379 527 284 417 963 Consideration (in Rands) 101 157 400 073 297 465 1 009

SANLAM DIVERSIFIED INCOME FUND OF FUND B3Number 1 133 810 12 069 962 - Consideration (in Rands) 1 199 482 12 770 1 000 -

SANLAM GLOBAL BALANCED FUND OF FUNDS A1Number 645 573 139 165 326 559 55 803 Consideration (in Rands) 16 795 114 3 713 350 6 940 295 1 177 174

SANLAM GLOBAL BALANCED FUND OF FUNDS B2Number 342 922 382 796 166 777 123 008 Consideration (in Rands) 8 840 122 10 006 806 3 662 784 2 710 278

SANLAM GLOBAL BALANCED FUND OF FUNDS B5Number 1 084 570 801 543 42 - Consideration (in Rands) 29 477 773 21 977 141 1 000 -

SANLAM GLOBAL CAUTIOUS FUND OF FUNDSNumber 1 350 771 194 289 339 095 342 517 Consideration (in Rands) 31 780 957 4 425 685 6 603 024 6 656 912

SANLAM GLOBAL EQUITY FUND ANumber 171 612 316 176 458 974 135 680 672 127 598 685 Consideration (in Rands) 1 004 905 929 1 041 079 796 705 672 757 667 774 528

SANLAM GLOBAL EQUITY FUND B1Number 676 559 45 419 456 710 86 876 Consideration (in Rands) 3 601 006 257 200 2 296 919 423 411

SANLAM GLOBAL EQUITY FUND B2Number - - 13 411 750 35 012 818 Consideration (in Rands) - - 70 078 046 188 319 115

SANLAM GLOBAL EQUITY FUND B3Number 13 225 49 077 13 411 750 35 012 818 Consideration (in Rands) 78 575 291 612 70 078 046 188 319 115

SANLAM GLOBAL EQUITY FUND RNumber 48 917 959 113 738 833 94 076 748 37 012 135 Consideration (in Rands) 286 400 668 678 904 999 501 171 279 197 933 532

SANLAM GLOBAL INDEX FUND OF FUNDS B1Number 61 983 1 123 423 53 568 103 506 Consideration (in Rands) 1 166 581 21 957 436 952 822 1 789 653

SANLAM GROWTH INSTITUTIONAL FUND B1Number 413 090 1 083 763 435 441 902 853 Consideration (in Rands) 28 284 841 75 230 474 28 551 347 59 318 136

SANLAM GROWTH INSTITUTIONAL FUND B2Number 4 621 920 11 469 318 21 195 394 6 100 989 Consideration (in Rands) 295 559 027 824 834 217 1 364 546 008 397 282 911

226



2015 2014

SANLAM GROWTH INSTITUTIONAL FUND B4Number - 17 - - Consideration (in Rands) - 2 322 - -

SANLAM GROWTH INSTITUTIONAL FUND B5Number 214 030 1 083 333 444 659 179 848 Consideration (in Rands) 15 201 515 76 418 246 29 381 814 11 662 440

SANLAM GROWTH INSTITUTIONAL FUND B6Number 63 24 767 28 471 3 812 Consideration (in Rands) 4 101 1 602 830 1 732 185 252 863

SANLAM GROWTH INSTITUTIONAL FUND B8Number 47 539 - 98 351 - Consideration (in Rands) 3 345 165 - 6 247 568 -

SANLAM INDIA OPPORTUNITIES FEEDER FUND ANumber 8 020 226 5 422 782 6 412 350 301 071 Consideration (in Rands) 138 030 033 94 661 887 92 794 357 3 597 835

SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUNDNumber 14 582 632 5 579 668 2 730 317 4 090 241 Consideration (in Rands) 656 414 654 246 253 473 111 443 685 168 959 717

SANLAM MARKET ALLOCATOR FUND A1 Number 6 710 4 035 100 603 717 Consideration (in Rands) 79 151 48 451 1 156 559 7 924

SANLAM MARKET ALLOCATOR FUND B1 Number 166 780 2 243 460 171 089 818 420 Consideration (in Rands) 1 959 754 27 057 248 1 884 055 9 000 000

SANLAM MARKET ALLOCATOR FUND B1 (ring)Number 2 243 460 2 243 460 - - Consideration (in Rands) 27 057 248 27 140 961 - -

SANLAM MARKET ALLOCATOR FUND B2 Number 275 450 176 346 814 838 2 422 Consideration (in Rands) 3 298 693 2 088 893 9 373 076 27 712

SANLAM OPTIMISED INCOME FUND B1Number 61 131 18 327 407 2 701 343 6 701 027 Consideration (in Rands) 61 709 18 487 524 2 739 360 6 821 941

SANLAM OPTIMISED INCOME FUND B2Number 5 648 998 291 821 394 13 484 554 28 020 865 Consideration (in Rands) 5 661 802 294 121 099 13 764 767 28 323 049

SANLAM OPTIMISED INCOME FUND B3Number 35 672 9 731 982 391 967 2 028 247 Consideration (in Rands) 36 008 9 843 402 399 999 2 076 722

SANLAM OPTIMISED INCOME FUND B4Number - 990 - - Consideration (in Rands) - 996 - -

SANLAM OPTIMISED INCOME FUND B5Number 351 176 342 176 967 976 Consideration (in Rands) 352 178 226 178 819 981

SANLAM PAN-EUROPE FUNDNumber 1 561 236 2 429 406 2 756 439 4 012 540 Consideration (in Rands) 6 590 263 10 426 682 11 203 548 15 759 400

SANLAM SELECT ABSOLUTE FUND A1 Number 198 917 707 9 165 9 165 Consideration (in Rands) 2 380 637 8 517 99 823 99 710

227



2015 2014

SANLAM SELECT ABSOLUTE FUND B1 Number 44 738 226 6 797 525 550 155 1 662 347 Consideration (in Rands) 544 613 494 83 386 000 5 724 089 18 316 032

SANLAM SELECT ABSOLUTE FUND B2Number 10 600 524 - - 99 903 Consideration (in Rands) 128 844 855 - - 1 030 510

SANLAM SELECT ABSOLUTE FUND B3Number 22 121 243 1 952 471 - - Consideration (in Rands) 264 511 567 23 623 859 - -

SANLAM SELECT ABSOLUTE FUND B4Number 87 - - - Consideration (in Rands) 1 000 - - -

SANLAM SELECT BOND PLUS FUND B1Number 91 - - - Consideration (in Rands) 1 000 - - -

SANLAM SELECT BOND PLUS FUND B2 Number 44 192 680 1 292 519 8 928 522 12 891 604 Consideration (in Rands) 476 136 084 13 976 673 95 518 017 139 647 400

SANLAM SELECT BOND PLUS FUND B3Number 91 - - - Consideration (in Rands) 1 000 - - -

SANLAM SELECT BOND PLUS FUND B6Number 465 971 228 741 172 270 2 926 991 Consideration (in Rands) 5 177 992 2 551 011 1 840 204 32 068 312

SANLAM SELECT BOND PLUS FUND B8Number 286 5 537 475 15 Consideration (in Rands) 3 139 59 383 5 064 159

SANLAM SELECT DEFENSIVE BALANCED FUND A1Number 5 792 706 17 429 477 11 741 768 - Consideration (in Rands) 61 770 680 189 115 818 122 999 999 -

SANLAM SELECT DEFENSIVE BALANCED FUND B1 Number 3 518 430 2 514 266 29 714 004 146 981 Consideration (in Rands) 37 473 717 27 221 000 303 665 531 1 500 000

SANLAM SELECT DEFENSIVE BALANCED FUND B2 Number 3 457 645 - - 99 901 Consideration (in Rands) 38 135 399 - - 1 007 340

SANLAM SELECT DEFENSIVE BALANCED FUND B3Number 26 678 773 5 410 166 - - Consideration (in Rands) 288 584 029 58 169 813 - -

SANLAM SELECT DEFENSIVE BALANCED FUND B4Number 124 882 1 047 - - Consideration (in Rands) 1 347 129 11 408 - -

SANLAM SELECT FLEXIBLE EQUITY FUND B1Number 6 766 350 - - - Consideration (in Rands) 92 637 955 - - -

SANLAM SELECT FLEXIBLE EQUITY FUND B2 Number 584 727 1 629 996 30 045 597 39 913 810 Consideration (in Rands) 7 471 540 21 700 000 339 938 464 455 007 212

SANLAM SELECT FLEXIBLE EQUITY FUND B4Number 570 239 355 - - Consideration (in Rands) 7 503 043 4 720 - -

228



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SANLAM SELECT FLEXIBLE EQUITY FUND B6 Number 56 555 344 530 233 49 127 1 129 909 Consideration (in Rands) 738 640 505 6 823 796 542 923 12 492 311

SANLAM SELECT FLEXIBLE EQUITY FUND B8Number 287 529 121 409 547 548 2 867 695 Consideration (in Rands) 3 780 896 1 649 363 6 113 676 32 468 898

SANLAM SELECT MANAGED FUND A1 Number 20 271 332 27 773 945 7 541 100 38 495 Consideration (in Rands) 218 678 351 303 558 113 79 000 000 401 039

SANLAM SELECT MANAGED FUND B1Number 3 178 825 3 630 312 29 000 906 386 774 Consideration (in Rands) 33 008 362 38 852 000 293 242 001 4 061 026

SANLAM SELECT MANAGED FUND B2Number - - - 99 903 Consideration (in Rands) - - - 1 024 850

SANLAM SELECT MANAGED FUND B3Number 53 337 419 2 761 755 - - Consideration (in Rands) 578 668 924 30 036 613 - -

SANLAM SELECT MANAGED FUND B4Number 71 566 462 - - Consideration (in Rands) 768 819 4 968 - -

SANLAM SELECT OPTIMISED EQUITY FUND B10Number 236 526 173 222 335 439 5 815 792 Consideration (in Rands) 16 903 118 12 464 999 22 093 368 368 173 833

SANLAM SELECT OPTIMISED EQUITY FUND B2Number - - 467 943 29 121 661 Consideration (in Rands) - - 28 954 581 1 832 052 062

SANLAM SELECT OPTIMISED EQUITY FUND B4 Number 3 - 3 760 3 760 Consideration (in Rands) 217 - 253 739 255 847

SANLAM SELECT OPTIMISED EQUITY FUND B7Number 329 675 36 905 - - Consideration (in Rands) 23 670 497 2 671 388 - -

SANLAM SELECT STRATEGIC INCOME FUND A1Number 19 886 249 - - Consideration (in Rands) 201 679 2 515 - -

SANLAM SELECT STRATEGIC INCOME FUND B1Number 3 500 661 563 630 1 080 966 278 164 Consideration (in Rands) 35 453 077 5 711 000 10 880 680 2 831 008

SANLAM SELECT STRATEGIC INCOME FUND B2Number - - - 99 901 Consideration (in Rands) - - - 1 006 940

SANLAM SELECT STRATEGIC INCOME FUND B4Number 12 568 97 - - Consideration (in Rands) 127 904 983 - -

SANLAM SELECT STRATEGIC INCOME FUND B5Number 105 064 412 20 151 638 - - Consideration (in Rands) 1 068 655 174 200 001 007 - -

SANLAM SELECT STRATEGIC INCOME FUND B6Number 4 694 348 350 291 - - Consideration (in Rands) 47 415 234 3 554 002 - -

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SANLAM SELECT THEMATIC EQUITY FUND B1Number 817 141 72 992 - - Consideration (in Rands) 26 856 063 2 452 105 - -

SANLAM SELECT THEMATIC EQUITY FUND B2Number 31 - - - Consideration (in Rands) 1 000 - - -

SANLAM SELECT THEMATIC EQUITY FUND B3Number 27 798 129 2 321 581 3 - Consideration (in Rands) 971 156 385 76 829 302 84 2

SANLAM SELECT THEMATIC EQUITY FUND B4Number 31 - - - Consideration (in Rands) 1 000 - - -

SANLAM SELECT THEMATIC EQUITY FUND B10Number - - 7 161 360 35 Consideration (in Rands) 3 - 224 156 728 1 098

SANLAM STABLE GROWTH FUND A1Number 34 695 194 688 103 Consideration (in Rands) 360 943 1 997 7 022 1 050

SANLAM STABLE GROWTH FUND B1Number 4 516 12 008 7 505 100 Consideration (in Rands) 46 622 124 423 78 100 1 046

SANLAM STABLE GROWTH FUND B3Number 1 644 941 32 851 1 614 034 35 406 Consideration (in Rands) 16 992 175 339 896 16 475 792 367 336

SANLAM STABLE GROWTH FUND B4Number 79 894 2 579 - - Consideration (in Rands) 825 177 26 658 - -

SANLAM STABLE GROWTH FUND B5Number 26 292 1 472 663 1 470 537 1 255 292 Consideration (in Rands) 270 923 15 324 970 15 243 289 12 736 348

SANLAM VALUE INSTITUTIONAL FUND B1Number 1 881 725 3 516 461 2 014 500 3 506 391 Consideration (in Rands) 111 582 428 210 981 884 112 704 985 197 280 924

SANLAM VALUE INSTITUTIONAL FUND B2Number - 20 - - Consideration (in Rands) - 1 220 - -



SESFIKILE SCI PROPERTY FUND A1Number 1 430 842 2 374 223 712 795 2 537 766 Consideration (in Rands) 27 612 807 46 562 626 10 399 938 37 518 371

SESFIKILE SCI PROPERTY FUND B1Number 2 251 651 6 342 553 3 410 493 637 788 Consideration (in Rands) 43 505 487 124 187 874 54 480 571 10 710 589

SESFIKILE SCI PROPERTY FUND B2Number 13 064 184 31 910 472 10 650 734 1 105 397 Consideration (in Rands) 246 564 810 619 018 691 161 635 327 17 312 353

230



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SIM ABSOLUTE RETURN INCOME FUNDNumber 706 761 924 716 822 894 377 540 885 388 655 420 Consideration (in Rands) 850 286 832 862 705 201 452 171 170 465 874 006

SIM ABSOLUTE RETURN INCOME FUND A1Number 29 505 462 738 33 444 - Consideration (in Rands) 34 910 553 495 39 577 -

SIM ABSOLUTE RETURN INCOME FUND B1Number 39 165 776 110 741 713 44 533 833 102 762 719 Consideration (in Rands) 46 445 788 133 482 162 52 705 739 123 530 937


SIM ABSOLUTE RETURN INCOME FUND B3Number 144 003 497 869 194 645 503 826 Consideration (in Rands) 170 485 603 686 230 461 602 414


SIM ABSOLUTE RETURN INCOME FUND B5Number 169 574 106 723 86 875 145 782 Consideration (in Rands) 204 019 128 152 104 317 174 271

SIM ACTIVE INCOME FUND A1Number 28 124 559 26 307 926 26 676 882 51 452 462 Consideration (in Rands) 322 146 329 302 060 531 303 284 164 584 363 524

SIM ACTIVE INCOME FUND B1Number 14 642 818 5 354 426 18 583 908 25 168 771 Consideration (in Rands) 167 930 080 61 520 720 211 731 193 285 894 523



SIM ACTIVE INCOME FUND B3Number 3 016 702 2 383 979 341 151 233 900 Consideration (in Rands) 34 672 501 27 391 765 3 886 676 2 653 121



SIM ACTIVE INCOME FUND B6Number 12 506 309 12 213 251 6 519 863 726 024 Consideration (in Rands) 143 498 292 140 308 724 74 925 843 8 273 014

SIM ACTIVE INCOME FUND B7Number 1 154 1 391 2 101 2 291 Consideration (in Rands) 13 248 15 931 23 866 25 994

SIM ACTIVE INCOME FUND B8Number 17 182 032 4 514 727 - - Consideration (in Rands) 197 278 575 51 812 258 - -

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SIM ACTIVE INCOME FUND CNumber 3 950 311 17 806 178 5 056 057 19 286 402 Consideration (in Rands) 45 088 530 204 193 558 57 199 921 218 829 268

SIM BALANCED FUND ANumber 2 958 552 1 394 535 3 594 725 813 794 Consideration (in Rands) 219 060 845 103 637 577 254 372 305 57 516 773

SIM BALANCED FUND A1Number 33 106 1 533 - - Consideration (in Rands) 2 466 489 114 150 - -

SIM BALANCED FUND BNumber 87 257 93 267 86 954 232 088 Consideration (in Rands) 6 506 776 6 929 511 6 136 992 15 941 094

SIM BALANCED FUND B1Number 653 642 1 575 083 1 187 367 1 510 489 Consideration (in Rands) 48 057 023 116 755 812 83 450 767 105 952 945

SIM BALANCED FUND B10Number 2 162 908 302 469 3 853 613 69 557 Consideration (in Rands) 160 234 293 22 700 000 275 145 901 5 000 000

SIM BALANCED FUND B3Number 3 234 178 1 575 083 5 337 577 1 378 610 Consideration (in Rands) 239 797 183 116 755 812 377 964 163 97 762 648

SIM BALANCED FUND B4Number 19 006 043 4 285 276 20 027 420 624 515 Consideration (in Rands) 1 410 942 211 312 316 722 1 418 323 121 44 020 709

SIM BALANCED FUND B6Number 297 909 246 118 695 517 133 306 Consideration (in Rands) 22 077 039 18 197 822 50 033 980 9 217 752

SIM BALANCED FUND B7Number 7 369 613 203 666 4 078 818 403 684 Consideration (in Rands) 548 483 509 15 000 087 285 764 403 27 880 272

SIM BALANCED FUND B8Number 148 036 1 592 - - Consideration (in Rands) 11 035 473 117 764 - -

SIM BALANCED FUND B9Number 225 608 702 115 972 306 177 559 Consideration (in Rands) 16 570 689 52 106 504 68 266 269 12 638 018

SIM BALANCED FUND B11Number 14 735 392 - - Consideration (in Rands) 1 096 297 29 130 - -

SIM BALANCED FUND RNumber 235 548 261 731 101 366 200 768 Consideration (in Rands) 17 631 460 19 519 323 7 129 942 14 259 601

SIM BOND PLUS FUNDNumber 8 161 956 9 113 193 3 948 000 5 013 220 Consideration (in Rands) 69 681 092 77 791 230 32 859 955 42 071 270

SIM BOND PLUS FUND B2Number 2 156 415 1 606 781 1 560 150 410 873 Consideration (in Rands) 18 254 846 13 776 234 12 751 552 3 450 084

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SIM BOND PLUS FUND B3Number 32 710 916 2 343 452 33 265 585 1 092 311 Consideration (in Rands) 273 830 567 19 249 170 272 119 753 9 600 000

SIM ENHANCED YIELD FUND A1Number 33 218 315 36 568 126 70 747 308 118 122 758 Consideration (in Rands) 34 022 014 37 464 287 72 018 137 120 345 097

SIM ENHANCED YIELD FUND B1Number 231 320 534 42 253 933 30 702 207 61 249 941 Consideration (in Rands) 237 195 515 43 290 185 31 231 573 62 350 739

SIM ENHANCED YIELD FUND B2Number 144 959 886 121 226 774 377 933 467 382 668 778 Consideration (in Rands) 148 558 690 124 195 789 385 931 548 390 824 896

SIM ENHANCED YIELD FUND B3Number 989 664 386 898 460 219 651 952 496 401 004 678 Consideration (in Rands) 1 013 643 008 917 640 669 665 734 470 408 364 619

SIM FINANCIAL FUNDNumber 1 278 101 1 248 639 1 787 306 1 979 127 Consideration (in Rands) 80 244 716 76 990 165 93 480 348 103 941 384

SIM FINANCIAL FUND B1Number 1 681 2 199 1 079 22 231 Consideration (in Rands) 103 214 137 920 56 523 1 170 231

SIM FINANCIAL FUND B2Number 155 783 196 416 161 296 140 809 Consideration (in Rands) 9 891 312 12 442 883 8 661 186 7 709 833

SIM GENERAL EQUITY FUND ANumber 1 255 249 12 202 909 2 313 474 654 642 Consideration (in Rands) 259 038 345 2 571 207 535 457 904 849 128 992 360

SIM GENERAL EQUITY FUND A1Number 9 192 2 260 - - Consideration (in Rands) 1 932 267 469 965 - -

SIM GENERAL EQUITY FUND A2Number 25 277 4 096 - - Consideration (in Rands) 5 519 985 857 720 - -

SIM GENERAL EQUITY FUND B1Number 38 264 77 618 66 368 151 345 Consideration (in Rands) 7 954 872 16 468 598 12 927 291 29 695 245

SIM GENERAL EQUITY FUND B4Number 1 375 1 829 1 252 2 309 Consideration (in Rands) 289 592 385 104 243 678 444 047

SIM GENERAL EQUITY FUND B5Number 1 528 586 1 333 279 1 022 009 652 023 Consideration (in Rands) 321 743 747 274 730 130 202 393 595 123 933 133


SIM GENERAL EQUITY FUND B7Number 17 322 352 - - Consideration (in Rands) 3 661 300 74 357 - -

SIM GENERAL EQUITY FUND B8Number 2 142 166 - - Consideration (in Rands) 453 818 34 984 - -

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SIM GENERAL EQUITY FUND B10Number 296 14 - - Consideration (in Rands) 64 793 3 030 - -

SIM GENERAL EQUITY FUND B11Number 4 617 136 - - Consideration (in Rands) 1 010 928 29 070 - -

SIM GENERAL EQUITY FUND B12Number 11 588 105 5 - - Consideration (in Rands) 2 442 096 718 1 001 - -

SIM GENERAL EQUITY FUND RNumber 9 813 694 1 098 903 423 079 1 318 707 Consideration (in Rands) 2 146 214 324 230 632 297 82 924 142 257 238 687

SIM GLOBAL BEST IDEAS FEEDER FUND A 208 473 3 318 974 Number 2 969 295 47 925 427 462 039 6 468 574 Consideration (in Rands) - 5 631 448 79 438 951

SIM GLOBAL BEST IDEAS FEEDER FUND A1Number 454 131 2 330 440 1 344 445 4 754 012 Consideration (in Rands) 6 397 448 34 007 590 17 096 430 58 962 607

SIM GLOBAL BEST IDEAS FEEDER FUND B1Number - 311 581 - 65 490 Consideration (in Rands) - 4 521 171 - 868 363

SIM GLOBAL BEST IDEAS FEEDER FUND B2Number 4 999 502 1 631 299 8 857 637 1 558 002 Consideration (in Rands) 74 737 040 23 859 874 112 175 194 19 684 194

SIM GLOBAL BEST IDEAS FEEDER FUND CNumber 210 770 5 586 137 782 783 3 854 013 Consideration (in Rands) 2 793 745 75 264 704 9 149 235 45 059 670

SIM GLOBAL EQUITY INCOME FEEDER FUND A1Number 836 514 234 217 754 770 41 809 Consideration (in Rands) 12 208 148 3 317 597 9 054 633 503 775

SIM GLOBAL EQUITY INCOME FEEDER FUND B1Number 387 515 79 101 330 821 162 680 Consideration (in Rands) 5 544 102 1 143 636 3 952 814 1 949 740

SIM GLOBAL FINANCIAL FEEDER FUND A1Number 320 764 975 963 1 340 092 483 745 Consideration (in Rands) 6 238 590 19 353 269 24 688 427 8 642 475

SIM GLOBAL FINANCIAL FEEDER FUND B1Number 68 354 5 506 75 204 68 642 Consideration (in Rands) 1 341 910 110 824 1 343 091 1 269 157

SIM GLOBAL FINANCIAL FEEDER FUND B2Number 747 424 459 481 655 556 58 Consideration (in Rands) 15 215 017 10 000 000 11 708 468 1 040

SIM INDEX FUNDNumber 321 213 16 285 572 416 202 2 171 231 Consideration (in Rands) 39 800 316 2 117 640 313 49 549 755 260 689 626

SIM INDEX FUND A1Number 4 424 102 717 35 636 9 896 Consideration (in Rands) 544 002 13 399 700 4 267 506 1 186 041

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SIM INDEX FUND B1Number 4 499 9 750 Consideration (in Rands) 563 64 818 1 041 93 545

SIM INDEX FUND B2Number 421 7 954 339 579 Consideration (in Rands) 53 010 1 033 268 40 535 65 495

SIM INDEX FUND RINGNumber - - 939 604 939 604 Consideration (in Rands) - - 115 506 001 113 942 217

SIM INDUSTRIAL FUND ANumber 876 443 335 094 834 226 368 477 Consideration (in Rands) 162 458 483 60 675 818 128 003 799 55 525 327

SIM INDUSTRIAL FUND B1Number 1 202 2 374 913 2 074 Consideration (in Rands) 224 080 430 612 150 266 318 526

SIM INDUSTRIAL FUND B2Number 55 860 105 500 67 841 99 031 Consideration (in Rands) 10 195 781 19 500 453 10 127 117 15 181 731

SIM INDUSTRIAL FUND RNumber 253 726 537 169 78 338 528 234 Consideration (in Rands) 45 491 090 99 370 535 11 433 538 80 597 645

SIM INFLATION PLUS FUNDNumber 62 688 636 15 686 179 75 999 575 7 438 122 Consideration (in Rands) 289 683 604 72 246 590 331 555 737 32 306 846

SIM INFLATION PLUS FUND B1Number 18 260 118 37 193 708 51 854 477 7 417 820 Consideration (in Rands) 83 498 114 171 393 367 225 774 613 32 528 653


SIM INFLATION PLUS FUND B4Number 605 561 966 12 818 227 187 616 473 3 258 141 Consideration (in Rands) 2 823 001 401 58 422 962 822 925 647 14 460 471


SIM INFLATION PLUS FUND B7Number 6 628 243 914 968 1 223 194 3 059 608 Consideration (in Rands) 30 592 512 4 236 141 5 364 554 13 344 052



SIM LOW EQUITY FUND A1Number 576 998 926 580 599 067 530 466 161 542 235 939 Consideration (in Rands) 855 889 768 860 910 737 738 389 372 755 556 151

SIM LOW EQUITY FUND B1Number 3 798 981 13 244 555 15 173 268 5 559 744 Consideration (in Rands) 5 558 737 19 619 431 21 056 817 7 774 074

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SIM LOW EQUITY FUND B2Number - - 565 053 12 210 659 Consideration (in Rands) - - 775 458 17 032 648

SIM LOW EQUITY FUND B3Number 118 2 489 113 - Consideration (in Rands) 170 3 677 156 -

SIM LOW EQUITY FUND B4Number 52 139 442 94 684 284 126 044 153 26 986 070 Consideration (in Rands) 77 177 561 140 634 311 175 987 110 37 928 191

SIM LOW EQUITY FUND CNumber 12 324 641 42 382 225 31 578 440 20 808 139 Consideration (in Rands) 18 044 621 63 205 257 43 716 136 28 951 681

SIM MANAGED AGGRESSIVE FUND OF FUNDS A1Number 634 379 300 476 666 512 176 878 Consideration (in Rands) 15 508 615 7 321 383 15 068 572 4 003 541

SIM MANAGED AGGRESSIVE FUND OF FUNDS A2Number 772 325 - - Consideration (in Rands) 18 854 7 957 - -

SIM MANAGED AGGRESSIVE FUND OF FUNDS B1Number 5 794 871 1 364 629 4 089 912 841 252 Consideration (in Rands) 141 704 230 33 657 095 92 318 969 19 160 115

SIM MANAGED AGGRESSIVE FUND OF FUNDS B2Number 128 825 322 846 627 269 276 245 Consideration (in Rands) 3 108 322 7 778 744 13 637 884 6 167 838

SIM MANAGED AGGRESSIVE FUND OF FUNDS B3Number 10 000 184 - - Consideration (in Rands) 249 555 4 435 - -

SIM MANAGED AGGRESSIVE FUND OF FUNDS B4Number 52 727 36 741 67 770 33 614 Consideration (in Rands) 1 289 412 898 261 1 528 611 758 827

SIM MANAGED AGGRESSIVE FUND OF FUNDS B5Number 136 043 32 058 89 918 12 146 Consideration (in Rands) 3 359 321 784 230 2 000 995 279 460

SIM MANAGED AGGRESSIVE FUND OF FUNDS B6Number 233 108 - - Consideration (in Rands) 5 708 2 631 - -

SIM MANAGED AGGRESSIVE FUND OF FUNDS B9Number 79 357 167 727 328 434 125 253 Consideration (in Rands) 1 929 860 4 106 997 7 361 941 2 849 893

SIM MANAGED CAUTIOUS FUND OF FUNDS A1Number 2 778 266 1 631 964 1 998 673 1 882 822 Consideration (in Rands) 45 130 095 26 522 515 30 380 652 28 893 513

SIM MANAGED CAUTIOUS FUND OF FUNDS A2Number 1 955 65 - - Consideration (in Rands) 31 949 1 042 - -

SIM MANAGED CAUTIOUS FUND OF FUNDS B1Number 6 209 268 7 790 091 6 955 183 7 027 520 Consideration (in Rands) 100 578 228 126 711 971 105 539 762 107 513 229

SIM MANAGED CAUTIOUS FUND OF FUNDS B2Number 1 268 540 1 330 740 986 119 2 247 218 Consideration (in Rands) 20 433 558 21 615 485 14 910 427 34 143 233

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SIM MANAGED CAUTIOUS FUND OF FUNDS B3Number 1 602 235 - - Consideration (in Rands) 25 754 3 779 - -

SIM MANAGED CAUTIOUS FUND OF FUNDS B4Number 5 033 5 840 5 572 7 399 Consideration (in Rands) 81 717 95 003 84 623 112 016

SIM MANAGED CAUTIOUS FUND OF FUNDS B5Number 633 998 166 755 501 176 236 921 Consideration (in Rands) 10 345 888 2 695 635 7 778 528 3 698 762

SIM MANAGED CAUTIOUS FUND OF FUNDS B6Number 126 63 - - Consideration (in Rands) 2 000 1 017 - -

SIM MANAGED CAUTIOUS FUND OF FUNDS B9Number 854 505 887 317 768 993 636 738 Consideration (in Rands) 13 886 447 14 422 083 11 635 568 9 679 218

SIM MANAGED CONSERVATIVE FUND OF FUNDS A1Number 1 157 722 492 297 660 830 646 296 Consideration (in Rands) 16 217 204 6 920 086 8 727 547 8 475 531

SIM MANAGED CONSERVATIVE FUND OF FUNDS A2Number 2 867 74 - - Consideration (in Rands) 40 738 987 - -

SIM MANAGED CONSERVATIVE FUND OF FUNDS B1Number 2 512 117 4 881 610 3 735 162 3 540 605 Consideration (in Rands) 35 061 416 68 670 324 49 054 549 46 632 613

SIM MANAGED CONSERVATIVE FUND OF FUNDS B2Number 549 265 236 716 132 601 290 591 Consideration (in Rands) 7 732 907 3 319 051 1 755 471 3 786 156

SIM MANAGED CONSERVATIVE FUND OF FUNDS B3Number 1 240 145 - - Consideration (in Rands) 17 658 2 039 - -

SIM MANAGED CONSERVATIVE FUND OF FUNDS B4Number 41 829 27 953 52 375 22 634 Consideration (in Rands) 589 922 393 888 695 487 302 279

SIM MANAGED CONSERVATIVE FUND OF FUNDS B5Number 197 523 70 722 204 073 32 731 Consideration (in Rands) 2 796 972 999 855 2 792 738 444 190

SIM MANAGED CONSERVATIVE FUND OF FUNDS B6Number 1 900 1 815 - - Consideration (in Rands) 26 968 25 691 - -

SIM MANAGED CONSERVATIVE FUND OF FUNDS B9Number 224 421 164 498 189 865 247 539 Consideration (in Rands) 3 172 907 2 324 604 2 510 535 3 280 540

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A1Number 2 718 514 1 160 074 1 874 235 1 488 894 Consideration (in Rands) 55 963 543 24 086 231 36 112 565 28 628 152

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A2Number 2 341 91 - - Consideration (in Rands) 49 248 1 864 - -

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SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B1Number 10 964 833 3 475 548 7 979 518 2 512 087 Consideration (in Rands) 226 868 397 72 036 025 153 917 916 48 761 573

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B2Number 338 268 1 105 544 471 629 626 388 Consideration (in Rands) 6 933 822 22 861 478 9 061 908 12 150 296

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B3Number 13 212 233 - - Consideration (in Rands) 279 880 4 857 - -

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B4Number 3 737 167 - - Consideration (in Rands) 76 298 3 453 - -

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B5Number 853 620 555 305 700 617 125 366 Consideration (in Rands) 17 847 958 11 637 744 13 889 001 2 487 022

SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B9Number 390 250 1 549 499 1 355 187 993 588 Consideration (in Rands) 8 045 533 32 391 707 25 854 496 19 563 525

SIM MANAGED MODERATE FUND OF FUNDS A1Number 2 914 518 2 573 470 2 552 297 1 138 660 Consideration (in Rands) 59 343 153 52 851 915 48 879 696 21 904 643

SIM MANAGED MODERATE FUND OF FUNDS A2Number 9 037 1 732 - - Consideration (in Rands) 187 544 35 234 - -

SIM MANAGED MODERATE FUND OF FUNDS B1Number 23 634 678 16 609 004 24 264 570 11 175 641 Consideration (in Rands) 481 352 241 341 314 672 464 919 191 215 792 197

SIM MANAGED MODERATE FUND OF FUNDS B2Number 1 405 862 1 994 682 1 016 266 944 038 Consideration (in Rands) 28 557 462 40 649 469 19 331 742 18 054 665

SIM MANAGED MODERATE FUND OF FUNDS B3Number 146 224 354 114 192 801 296 254 Consideration (in Rands) 2 986 683 7 244 530 3 722 160 5 832 380

SIM MANAGED MODERATE FUND OF FUNDS B4Number 476 755 380 504 587 882 278 567 Consideration (in Rands) 9 756 010 7 772 029 11 238 904 5 320 538

SIM MANAGED MODERATE FUND OF FUNDS B5Number 1 106 992 220 732 972 996 60 650 Consideration (in Rands) 22 798 623 4 545 159 18 799 757 1 186 794

SIM MANAGED MODERATE FUND OF FUNDS B6Number 5 682 154 - - Consideration (in Rands) 117 649 3 117 - -

SIM MANAGED MODERATE FUND OF FUNDS B7Number 100 51 - - Consideration (in Rands) 2 000 1 014 - -

238



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SIM MANAGED MODERATE FUND OF FUNDS B9Number 579 032 1 804 399 1 622 837 826 698 Consideration (in Rands) 11 750 516 37 116 361 31 114 417 16 010 350

SIM MONEY MARKET FUND (LIQUID) A1Number - - 92 426 237 633 421 738 Consideration (in Rands) - - 92 426 237 633 421 738



SIM MONEY MARKET FUND (LIQUID) A4Number - - 247 396 5 748 539 Consideration (in Rands) - - 247 396 5 748 539

SIM MONEY MARKET FUND B1Number 289 113 362 256 064 480 161 607 583 32 894 453 Consideration (in Rands) 289 113 362 256 064 480 161 607 583 32 894 453



SIM MONEY MARKET FUND B4Number 9 665 390 471 10 208 065 663 7 126 274 298 6 430 836 059 Consideration (in Rands) 9 665 390 471 10 208 065 663 7 126 274 298 6 430 836 059



SIM MONEY MARKET FUND RNumber 1 948 633 531 1 654 118 252 1 577 183 302 1 360 425 126 Consideration (in Rands) 1 948 633 531 1 654 118 252 1 577 183 302 1 360 425 126

SIM PROPERTY FUND ANumber 2 996 203 1 306 116 616 105 1 304 527 Consideration (in Rands) 121 396 751 53 329 988 20 562 652 42 785 863

SIM PROPERTY FUND B1Number 217 482 305 533 165 356 389 873 Consideration (in Rands) 8 832 776 12 672 147 5 460 359 13 556 153

SIM PROPERTY FUND B2Number 10 299 217 15 533 336 12 259 510 13 688 773 Consideration (in Rands) 410 073 841 637 039 642 400 141 163 486 009 028

SIM PROPERTY FUND B3Number 13 214 755 6 741 618 7 461 111 3 209 316 Consideration (in Rands) 544 646 013 269 034 209 249 959 139 117 009 233

SIM PROPERTY FUND B9Number 204 208 243 186 280 142 312 151 Consideration (in Rands) 8 318 090 9 874 335 9 217 004 10 487 716

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SIM RESOURCES FUNDNumber 10 741 310 12 132 725 10 672 295 9 381 109 Consideration (in Rands) 49 744 614 54 308 415 62 514 449 54 762 114

SIM SMALL CAP FUND ANumber 434 162 375 007 248 688 241 215 Consideration (in Rands) 25 799 788 22 297 673 13 214 220 12 651 403

SIM SMALL CAP FUND B1Number 3 149 83 699 8 072 66 756 Consideration (in Rands) 188 071 5 083 553 419 461 3 525 192

SIM SMALL CAP FUND B2Number 9 154 16 051 11 955 30 238 Consideration (in Rands) 549 831 971 615 613 685 1 514 500

SIM SMALL CAP FUND B3Number 907 999 343 509 662 960 223 525 Consideration (in Rands) 54 560 559 20 688 291 34 873 752 11 610 522

SIM SMALL CAP FUND B9Number 5 482 9 716 8 582 1 381 Consideration (in Rands) 325 500 587 146 440 573 72 989

SIM SMALL CAP FUND RNumber 112 120 322 474 218 475 240 712 Consideration (in Rands) 6 731 356 19 498 322 11 591 378 12 559 014

SIM TOP CHOICE EQUITY FUND A1Number 1 315 120 743 565 2 532 888 1 835 124 Consideration (in Rands) 39 108 091 22 094 248 71 166 199 52 321 173

SIM TOP CHOICE EQUITY FUND A2Number 36 36 - - Consideration (in Rands) 1 000 1 012 - -

SIM TOP CHOICE EQUITY FUND B1Number 3 173 311 592 938 4 275 096 - Consideration (in Rands) 91 165 066 18 184 040 118 309 701 -

SIM TOP CHOICE EQUITY FUND B2Number 5 846 19 263 3 719 64 060 Consideration (in Rands) 174 318 575 476 99 839 1 701 039

SIM TOP CHOICE EQUITY FUND B4Number 1 060 283 767 665 2 957 456 697 058 Consideration (in Rands) 31 699 693 22 073 916 84 868 997 19 477 714

SIM TOP CHOICE EQUITY FUND B5Number 513 956 450 216 564 884 500 625 Consideration (in Rands) 15 205 701 13 412 253 15 594 651 13 863 804

SIM TOP CHOICE EQUITY FUND B6Number 36 36 - - Consideration (in Rands) 1 000 1 012 - -

SIM TOP CHOICE EQUITY FUND B9Number 114 203 84 855 194 256 56 256 Consideration (in Rands) 3 426 278 2 510 514 5 430 213 1 587 736

SIM TOP CHOICE EQUITY FUND CNumber 196 215 268 901 223 238 321 831 Consideration (in Rands) 5 797 134 7 940 180 6 229 295 8 710 432

SIM VALUE FUNDNumber 1 310 624 8 685 952 1 927 250 9 329 220 Consideration (in Rands) 46 282 788 312 429 043 66 206 365 328 506 254

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SIM VALUE FUND A1Number 11 213 1 738 - - Consideration (in Rands) 404 287 59 089 - -

SIM VALUE FUND B1Number 525 352 4 356 089 990 613 3 945 409 Consideration (in Rands) 18 731 966 154 231 629 34 093 468 134 977 173

SIM VALUE FUND B2Number 4 548 238 8 284 866 4 969 024 4 237 165 Consideration (in Rands) 163 146 944 288 454 971 171 935 196 144 344 903

SIM VALUE FUND B3Number 379 610 145 157 118 087 57 019 Consideration (in Rands) 13 459 148 5 267 311 4 099 383 1 993 557

SIM VALUE FUND B5Number 464 066 2 327 223 4 436 621 180 539 Consideration (in Rands) 16 394 588 81 909 554 158 182 376 6 147 527

SIM VALUE FUND B6Number 2 405 330 6 536 441 4 723 093 726 102 Consideration (in Rands) 88 484 687 230 844 920 162 924 803 25 544 584

SIM VALUE FUND B7Number 6 903 188 6 445 895 9 884 071 266 679 Consideration (in Rands) 247 083 360 221 275 440 341 623 957 9 376 089

SIM VALUE FUND B8Number 42 944 371 - - Consideration (in Rands) 1 486 560 12 573 - -

SIM VALUE FUND B9Number 158 596 698 659 626 211 256 300 Consideration (in Rands) 5 713 288 24 913 853 21 628 284 8 960 064

SIM VALUE FUND B10Number 1 231 640 143 300 - - Consideration (in Rands) 44 652 925 5 075 595 - -

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND A Number 21 458 520 2 553 942 542 675 37 688 Consideration (in Rands) 344 829 467 41 207 107 8 151 583 556 688

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND A2 Number 37 581 79 761 33 304 116 818 Consideration (in Rands) 611 940 1 274 434 506 280 1 757 230

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND B1 Number 1 226 431 1 424 832 1 239 382 992 470 Consideration (in Rands) 20 093 213 23 501 151 18 592 583 15 061 868

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND B2 Number 2 629 - 188 - Consideration (in Rands) 42 386 - 2 858 -

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND B3 Number - 86 - - Consideration (in Rands) - 1 409 - -

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SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND B4 Number 2 662 127 1 633 788 3 438 295 670 423 Consideration (in Rands) 43 992 936 26 804 772 52 627 625 10 097 261

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND B9 Number 96 359 208 161 77 945 283 785 Consideration (in Rands) 1 591 148 3 444 870 1 158 478 4 247 154

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND C Number 7 224 674 - 8 Consideration (in Rands) 115 284 10 827 7 113

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUND C2 Number 11 894 115 990 21 780 71 196 Consideration (in Rands) 193 266 1 922 498 325 504 1 065 948

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS A1Number 45 176 32 849 26 708 9 534 Consideration (in Rands) 803 666 582 917 447 924 158 221

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS A2Number 1 158 693 272 448 Consideration (in Rands) 20 113 12 283 4 535 7 604

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS B1Number 758 653 860 261 914 046 533 576 Consideration (in Rands) 13 380 136 15 219 709 15 069 316 8 931 917

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS B9Number 162 224 234 413 87 443 661 903 Consideration (in Rands) 2 895 876 4 177 363 1 450 924 10 737 197

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS C1Number 70 914 385 684 77 972 357 389 Consideration (in Rands) 1 255 990 6 828 912 1 252 028 5 945 862

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS A Number 1 604 388 667 034 320 022 408 576 Consideration (in Rands) 79 544 927 33 114 558 14 326 473 18 304 637

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS A2 Number 33 163 1 014 390 748 Consideration (in Rands) 1 674 555 51 376 17 182 33 775

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B Number 15 - 14 - Consideration (in Rands) 734 - 630 1

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B2 Number 33 594 774 3 362 097 77 176 4 410 Consideration (in Rands) 1 672 475 729 169 190 367 3 595 905 199 450

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SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B3 Number 265 681 563 197 303 925 444 680 Consideration (in Rands) 13 061 200 28 004 221 13 483 071 19 830 038

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B9Number - 32 - - Consideration (in Rands) - 1 614 - -

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS C1Number 33 590 214 - - Consideration (in Rands) 1 670 969 10 577 - -

SMMI BOND FUND B1Number 10 363 058 7 243 682 22 893 530 13 922 096 Consideration (in Rands) 64 713 792 46 245 090 147 989 187 90 212 335

SMMI BOND FUND B2Number 2 166 823 779 319 613 844 2 807 384 642 1 248 638 594 Consideration (in Rands) 1 054 313 748 156 346 457 1 349 004 167 618 251 154

SMMI BOND FUND B3Number 593 108 228 264 2 318 236 219 242 Consideration (in Rands) 3 823 587 1 462 558 15 016 858 1 421 657

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS A1Number 122 067 68 736 58 944 48 383 Consideration (in Rands) 1 607 252 907 421 728 086 602 403

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS A2Number 45 127 15 15 Consideration (in Rands) 576 1 626 191 191

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS B1Number 1 201 377 612 824 450 613 631 326 Consideration (in Rands) 15 582 820 7 931 310 5 482 721 7 693 953

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS B9Number 1 457 987 1 530 667 572 606 1 253 343 Consideration (in Rands) 19 132 924 20 160 149 7 097 064 15 461 632

SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS C1Number 352 702 1 173 670 326 395 761 287 Consideration (in Rands) 4 610 081 15 332 108 3 995 587 9 373 781

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS A1Number 11 123 11 515 25 688 49 424 Consideration (in Rands) 131 120 136 107 292 080 570 710

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS A2Number 10 101 13 160 Consideration (in Rands) 119 1 200 147 1 833

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS B1Number 141 442 176 183 109 935 310 824 Consideration (in Rands) 1 649 171 2 062 664 1 239 776 3 512 319

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2015 2014

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS B9Number 1 905 697 7 614 527 1 730 491 10 253 853 Consideration (in Rands) 22 271 358 89 748 456 19 591 544 117 028 286

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS C1Number 390 535 2 744 621 370 857 4 088 698 Consideration (in Rands) 4 566 998 32 279 281 4 203 211 46 575 631

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDSNumber 964 788 1 010 211 466 079 926 270 Consideration (in Rands) 24 247 731 25 519 709 11 151 876 22 304 993

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS A2Number 2 648 7 964 1 477 146 Consideration (in Rands) 67 304 204 847 35 063 3 482

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS B2Number 15 803 484 750 904 9 014 2 673 Consideration (in Rands) 402 767 336 19 101 479 221 941 65 003

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS B3 Number 126 121 343 031 119 272 223 561 Consideration (in Rands) 3 172 083 8 730 027 2 868 889 5 399 955

SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS B9 Number - 54 - - Consideration (in Rands) - 1 369 - -

SANLAM MULTI MANAGED EQUITY FUND B1Number 2 011 029 2 436 606 3 581 882 40 167 671 Consideration (in Rands) 37 605 482 46 660 000 64 290 278 719 063 018

SANLAM MULTI MANAGED EQUITY FUND B6Number 7 299 6 - Consideration (in Rands) 125 5 460 114 -

SANLAM MULTI MANAGED EQUITY FUND B8Number 3 503 10 338 5 721 136 994 Consideration (in Rands) 65 808 195 769 102 822 2 525 767

SANLAM MULTI MANAGED EQUITY FUND B9Number 27 816 2 701 419 2 024 200 11 924 109 Consideration (in Rands) 509 589 50 498 897 36 527 311 221 583 472

SANLAM MULTI MANAGED EQUITY FUND B10Number - 80 - - Consideration (in Rands) - 1 518 - -

SANLAM MULTI MANAGED EQUITY FUND OF FUNDSNumber 49 572 175 851 41 993 133 097 Consideration (in Rands) 3 303 582 11 853 629 2 694 500 8 610 954

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS A2 Number 177 1 32 61 Consideration (in Rands) 11 978 75 2 049 3 899

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS B2 Number 801 - 956 20 Consideration (in Rands) 53 883 - 59 447 1 260

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2015 2014

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS B3 Number 4 202 9 229 381 821 819 219 Consideration (in Rands) 283 290 630 860 25 658 081 54 717 480

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS B9Number - 24 - - Consideration (in Rands) - 1 588 - -

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS C1Number 225 - - - Consideration (in Rands) 14 999 - - -

SANLAM MULTI MANAGED EQUITY INDEX FUND B1Number 8 765 351 15 450 107 4 533 256 2 245 618 Consideration (in Rands) 215 970 383 386 694 511 106 391 636 50 234 590

SANLAM MULTI MANAGED EQUITY INDEX FUND B4Number - 55 - - Consideration (in Rands) - 1 388 - -

SANLAM MULTI MANAGED EQUITY INDEX FUND B5Number 49 164 219 426 210 147 134 222 Consideration (in Rands) 1 199 124 5 489 025 4 722 955 3 064 788

SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND B3Number 14 238 646 3 594 487 13 813 675 5 144 847 Consideration (in Rands) 279 502 571 71 035 156 229 232 074 89 482 285

SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND B4Number 592 185 2 971 124 2 196 722 5 674 225 Consideration (in Rands) 11 556 009 58 046 080 37 734 280 91 966 429

SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND B7 Number 4 939 594 1 113 663 5 283 084 221 527 Consideration (in Rands) 95 582 254 21 846 599 90 385 805 3 750 000

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND B1Number 489 526 1 584 474 345 639 6 165 865 Consideration (in Rands) 6 133 305 20 058 996 4 034 907 74 013 052

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND B2Number 342 727 1 249 924 1 075 784 3 206 767 Consideration (in Rands) 4 309 358 15 845 539 13 018 255 37 560 347

SANLAM MULTI MANAGED INFLATION LINKED BOND FUND B3Number 17 405 161 33 286 586 10 077 132 75 541 374 Consideration (in Rands) 222 098 517 417 648 223 121 047 879 903 042 881

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B10Number 24 200 252 384 11 657 1 997 Consideration (in Rands) 1 887 646 20 000 000 767 311 129 925

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B2Number 12 810 12 835 - - Consideration (in Rands) 1 000 000 1 023 725 - -

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2015 2014

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B4Number - 24 - - Consideration (in Rands) - 1 908 - -

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B6Number - 24 - - Consideration (in Rands) - 1 917 - -

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B10Number 145 680 1 848 378 941 979 244 881 Consideration (in Rands) 7 037 206 87 876 845 44 929 640 12 177 112

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B11Number 6 621 820 7 939 771 10 477 570 971 260 Consideration (in Rands) 321 604 368 373 368 222 510 294 207 48 522 544

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B2Number - 32 14 526 14 526 Consideration (in Rands) - 1 496 733 700 732 486

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B3Number 6 138 971 10 006 090 20 397 953 6 314 379 Consideration (in Rands) 288 183 233 503 327 113 953 290 559 302 297 115

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B6Number 494 30 153 59 196 29 560 Consideration (in Rands) 23 256 1 394 994 2 767 291 1 465 761

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B9Number - 28 - - Consideration (in Rands) - 465 - -

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR B3Number 17 374 206 9 502 945 7 633 045 9 909 626 Consideration (in Rands) 290 431 284 157 592 478 118 787 435 157 480 460



SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR B9Number 11 406 122 604 123 279 17 530 Consideration (in Rands) 193 061 2 081 265 1 991 043 282 904

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B3Number 3 429 702 12 895 712 4 942 780 5 815 357 Consideration (in Rands) 117 560 218 446 908 549 165 121 048 198 382 483

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SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B3 (RING)Number 4 179 394 4 179 394 - - Consideration (in Rands) 147 656 857 148 222 535 - -

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B5Number 3 154 181 7 915 153 1 456 635 5 152 347 Consideration (in Rands) 62 609 310 154 276 172 27 995 547 102 550 000

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B5 (RING)Number 656 350 656 350 - - Consideration (in Rands) 13 327 583 13 374 811 - -

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B6Number 276 377 665 632 480 315 222 589 Consideration (in Rands) 9 592 035 23 181 422 16 202 610 7 585 335

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B7Number - 32 - - Consideration (in Rands) - 23 - -

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B9Number 1 - - - Consideration (in Rands) 42 15 14 15

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B10Number 66 613 1 999 185 553 458 413 689 Consideration (in Rands) 2 346 554 71 264 904 18 754 887 14 202 013

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B2Number 9 225 471 18 235 682 9 118 175 37 791 729 Consideration (in Rands) 137 981 675 272 770 855 135 350 382 559 198 588

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B4Number 1 486 916 417 538 1 447 514 4 135 645 Consideration (in Rands) 22 203 746 6 243 128 21 473 057 61 253 850

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B6Number - 67 - - Consideration (in Rands) - 1 012 - -

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B8Number - 19 1 488 Consideration (in Rands) - 280 14 7 269

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B10Number 275 276 3 138 676 974 237 1 447 834 Consideration (in Rands) 4 112 659 47 045 778 14 457 277 21 460 007

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B1Number 4 244 936 87 554 4 209 374 32 319 Consideration (in Rands) 58 284 792 1 211 206 51 379 176 396 176

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2015 2014

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B2Number - 100 - - Consideration (in Rands) - 1 411 - -

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B3Number 6 672 387 7 131 921 2 084 856 1 287 976 Consideration (in Rands) 93 676 052 101 119 747 25 308 469 15 696 017

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO B1Number 37 821 402 70 646 621 39 953 089 97 600 533 Consideration (in Rands) 389 641 787 729 736 999 407 918 592 991 411 378

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO B2Number 4 014 101 2 960 982 4 375 209 14 537 259 Consideration (in Rands) 41 291 690 30 516 895 44 308 896 148 270 780

SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO B3Number - 100 - - Consideration (in Rands) - 1 023 - -

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A Number 1 245 209 2 083 989 635 177 19 560 Consideration (in Rands) 21 734 835 37 218 085 10 725 605 315 453

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A RINGNumber 2 020 274 2 020 274 - - Consideration (in Rands) 36 056 438 36 577 063 - -

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A2 Number 13 279 38 555 16 286 40 425 Consideration (in Rands) 246 191 726 068 277 343 690 629

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B1 Number 2 546 388 1 204 832 1 629 355 707 492 Consideration (in Rands) 47 922 528 22 852 578 27 747 867 12 118 359

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B2 Number 406 1 860 2 818 119 595 Consideration (in Rands) 7 576 34 722 47 654 2 072 581

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B4 Number 1 355 703 294 856 690 084 125 393 Consideration (in Rands) 25 378 291 5 492 939 11 843 043 2 141 986

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B9 Number 76 028 508 729 146 404 519 407 Consideration (in Rands) 1 418 344 9 572 517 2 484 310 8 873 458

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS C Number 1 152 114 566 1 263 8 548 Consideration (in Rands) 20 198 2 080 607 20 709 139 417

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SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS C2Number 12 977 206 036 27 347 98 266 Consideration (in Rands) 238 947 3 822 779 456 058 1 663 701

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A1Number 159 791 33 746 69 532 56 876 Consideration (in Rands) 2 672 641 570 646 1 078 628 875 807

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A2Number 1 359 318 1 427 523 Consideration (in Rands) 22 689 5 375 22 149 8 161

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B1Number 3 570 035 326 016 1 195 229 502 812 Consideration (in Rands) 59 333 874 5 395 716 18 316 183 7 774 119

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B9Number 965 332 4 555 223 810 208 5 044 766 Consideration (in Rands) 16 108 421 76 581 610 12 534 127 78 615 002

SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS C1Number 308 470 3 356 668 391 578 3 822 798 Consideration (in Rands) 4 984 653 55 331 482 5 895 096 57 747 152

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS A1Number 160 357 139 445 217 759 49 399 Consideration (in Rands) 2 448 276 2 105 463 3 048 204 703 351

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS A2Number 2 346 580 650 690 Consideration (in Rands) 35 673 8 827 9 234 9 962

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS B1Number 3 140 644 1 512 775 2 145 202 877 975 Consideration (in Rands) 47 087 355 22 679 461 30 009 636 12 281 499

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS B9Number 2 175 043 367 752 930 483 393 179 Consideration (in Rands) 32 883 793 5 598 124 13 172 597 5 607 862

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS C1Number 1 488 740 249 790 136 236 48 314 Consideration (in Rands) 22 716 329 3 762 154 1 923 422 672 763

SANLAM MULTI MANAGED PROPERTY FUND B2Number 19 695 585 24 354 556 8 793 147 6 887 150 Consideration (in Rands) 299 819 723 378 765 011 109 630 009 88 091 163

SANLAM MULTI MANAGED PROPERTY FUND B2 RINGNumber 10 838 859 10 838 859 - - Consideration (in Rands) 169 355 000 169 127 384 - -


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SANLAM MULTI MANAGED PROPERTY FUND B8Number 3 633 432 2 634 091 844 113 1 370 893 Consideration (in Rands) 55 378 179 40 213 725 10 278 435 18 316 927

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A Number 775 231 1 104 698 395 220 2 408 Consideration (in Rands) 10 593 164 15 335 667 5 200 288 31 140

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A Number 1 049 334 1 049 334 - - Consideration (in Rands) 14 546 605 14 731 393 - -

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A2 Number 14 454 32 265 24 315 19 112 Consideration (in Rands) 203 880 461 400 323 252 252 160

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B1 Number 1 225 099 916 804 605 637 537 767 Consideration (in Rands) 17 464 351 13 193 717 7 983 394 7 067 754

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B3 Number - 91 - - Consideration (in Rands) - 1 289 - -

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B4 Number 944 252 1 097 791 1 329 659 815 723 Consideration (in Rands) 13 451 090 15 661 031 17 698 193 10 824 143

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B9Number 69 555 31 344 38 311 39 167 Consideration (in Rands) 989 511 448 748 509 843 515 276

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS C Number 2 097 1 087 3 028 102 835 Consideration (in Rands) 29 111 115 485 39 281 1 339 240

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS C2Number 602 67 103 4 944 34 222 Consideration (in Rands) 8 420 939 738 66 161 455 349

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO B2Number 2 102 798 7 745 750 3 977 904 15 021 724 Consideration (in Rands) 25 840 398 95 514 214 48 851 768 184 500 699

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO B6Number 4 708 58 068 1 339 826 Consideration (in Rands) 46 8 713 711 209 16 473 886

SANLAM MULTI MANAGED INSTITUTIONAL YIELD PLUS FUND TWO B8Number 102 901 522 711 313 031 309 958 Consideration (in Rands) 1 265 184 6 436 710 3 842 203 3 809 400

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2015 2014

SPI EQUITY FUND A1Number 425 848 364 810 1 311 297 178 382 Consideration (in Rands) 7 527 645 6 462 138 21 217 961 2 848 929

SPI EQUITY FUND B1Number 669 026 292 155 316 476 252 604 Consideration (in Rands) 11 732 600 5 162 072 5 090 974 4 027 445

SPI EQUITY FUND B2Number 496 760 68 676 577 212 54 423 Consideration (in Rands) 8 697 414 1 216 867 9 459 795 881 025

TRESCOR SCI BALANCED FUND B1Number 32 463 031 991 135 - - Consideration (in Rands) 341 698 816 10 619 469 - -

TRESCOR SCI BALANCED FUND B2Number 100 - - - Consideration (in Rands) 1 000 - - -

TRESCOR SCI FLEXIBLE FUND B1Number 8 433 519 840 088 - - Consideration (in Rands) 90 616 935 9 225 940 - -

TRESCOR SCI FLEXIBLE FUND B2Number 6 122 513 600 510 - - Consideration (in Rands) 66 050 929 10 259 089 - -

TRESCOR SCI INCOME FUND B1Number 1 640 883 480 561 - - Consideration (in Rands) 16 752 324 4 944 373 - -

TRESCOR SCI INCOME FUND B2Number 5 838 548 281 101 - - Consideration (in Rands) 59 683 312 2 837 836 - -

TRESCOR SCI STABLE FUND B1Number 20 098 357 1 431 849 - - Consideration (in Rands) 208 181 114 15 150 067 - -

TRESCOR SCI STABLE FUND B2Number 100 - - - Consideration (in Rands) 1 000 - - -

251

QUARTERLY REVIEW OF FLUCTUATIONS OF UNIT PRICES (IN CENTS)

Fund Name Maximum Minimum


December 2014 quarter 174.14 169.47 March 2015 quarter 178.93 168.94 June 2015 quarter 183.10 176.18 September 2015 quarter 181.58 174.59 December 2015 quarter 188.39 179.34 FIRST AVENUE SCI EQUITY FUND B1

December 2014 quarter 1 695.31 1 498.54 March 2015 quarter 1 761.70 1 580.80 June 2015 quarter 1 822.89 1 682.89 September 2015 quarter 1 759.17 1 566.43 December 2015 quarter 1 841.78 1 611.90 FIRST AVENUE SCI EQUITY FUND B2



December 2014 quarter - - March 2015 quarter 1 778.70 1 594.64 June 2015 quarter 1 844.78 1 705.89 September 2015 quarter 1 774.21 1 581.49 December 2015 quarter 1 864.63 1 634.25 GRAVITON SCI BALANCED FUND A1

December 2014 quarter 1 379.16 1 293.63 March 2015 quarter 1 432.86 1 340.47 June 2015 quarter 1 479.27 1 424.71 September 2015 quarter 1 445.59 1 394.07 December 2015 quarter 1 497.05 1 409.09 GRAVITON SCI BALANCED FUND B1

December 2014 quarter 1 380.61 1 294.81 March 2015 quarter 1 433.90 1 340.70 June 2015 quarter 1 483.40 1 429.08 September 2015 quarter 1 446.37 1 395.02 December 2015 quarter 1 498.98 1 411.74 GRAVITON SCI BALANCED FUND B2

December 2014 quarter - - March 2015 quarter 1 437.75 1 341.26 June 2015 quarter 1 485.27 1 432.98 September 2015 quarter 1 447.39 1 396.66 December 2015 quarter 1 503.50 1 417.19 GRAVITON SCI CAPITAL GROWTH FUND A1

December 2014 quarter 1 171.68 1 117.75 March 2015 quarter 1 206.74 1 146.60 June 2015 quarter 1 232.98 1 194.41 September 2015 quarter 1 213.26 1 176.68 December 2015 quarter 1 258.89 1 190.35 GRAVITON SCI CAPITAL GROWTH FUND B1

December 2014 quarter 1 173.61 1 118.71 March 2015 quarter 1 207.36 1 146.73 June 2015 quarter 1 234.31 1 195.24 September 2015 quarter 1 213.59 1 177.21 December 2015 quarter 1 260.15 1 192.70

Selling price

252



Selling price

GRAVITON SCI CAPITAL GROWTH FUND B2

December 2014 quarter - - March 2015 quarter 1 209.85 1 147.26 June 2015 quarter 1 237.98 1 198.69 September 2015 quarter 1 214.51 1 178.97 December 2015 quarter 1 264.24 1 197.25 GRAVITON SCI FLEXIBLE INCOME FUND A1

December 2014 quarter 1 022.69 1 004.48 March 2015 quarter 1 029.90 1 006.86 June 2015 quarter 1 027.00 1 013.28 September 2015 quarter 1 032.54 1 012.24 December 2015 quarter 1 024.80 1 016.43 GRAVITON SCI FLEXIBLE INCOME FUND B1

December 2014 quarter 1 023.55 1 004.48 March 2015 quarter 1 030.77 1 006.87 June 2015 quarter 1 029.24 1 013.28 September 2015 quarter 1 033.82 1 012.26 December 2015 quarter 1 025.52 1 017.27 GRAVITON SCI FLEXIBLE INCOME FUND B2

December 2014 quarter - - March 2015 quarter 1 032.21 1 006.86 June 2015 quarter 1 029.70 1 013.29 September 2015 quarter 1 035.29 1 012.29 December 2015 quarter 1 027.22 1 018.58 GRAVITON SCI LOW EQUITY FUND A1

December 2014 quarter 1 226.75 1 178.76 March 2015 quarter 1 250.54 1 203.62 June 2015 quarter 1 272.24 1 246.73 September 2015 quarter 1 266.07 1 237.35 December 2015 quarter 1 300.87 1 258.59 GRAVITON SCI LOW EQUITY FUND B1

December 2014 quarter 1 228.28 1 179.78 March 2015 quarter 1 251.28 1 203.68 June 2015 quarter 1 274.42 1 247.58 September 2015 quarter 1 266.60 1 237.47 December 2015 quarter 1 303.10 1 264.01 GRAVITON SCI LOW EQUITY FUND B2

December 2014 quarter - - March 2015 quarter 1 254.24 1 203.92 June 2015 quarter 1 277.23 1 251.05 September 2015 quarter 1 267.61 1 237.47 December 2015 quarter 1 306.27 1 265.28 LYNX SCI BALANCED FUND OF FUNDS A1

December 2014 quarter 2 591.11 2 446.54 March 2015 quarter 2 702.07 2 541.79 June 2015 quarter 2 758.81 2 681.77 September 2015 quarter 2 737.99 2 664.03 December 2015 quarter 2 827.70 2 748.18 LYNX SCI BALANCED FUND OF FUNDS A2

December 2014 quarter 2 610.67 2 466.11 March 2015 quarter 2 720.95 2 560.70 June 2015 quarter 2 778.19 2 700.65 September 2015 quarter 2 757.45 2 682.97 December 2015 quarter 2 847.80 2 767.73 LYNX SCI BALANCED FUND OF FUNDS B1


253



Selling price

LYNX SCI BALANCED FUND OF FUNDS C1

December 2014 quarter 2 498.50 2 360.77 March 2015 quarter 2 617.19 2 463.69 June 2015 quarter 2 667.69 2 595.24 September 2015 quarter 2 655.45 2 581.87 December 2015 quarter 2 727.28 2 652.18 LYNX SCI BALANCED FUND OF FUNDS C2

December 2014 quarter 2 543.55 2 405.99 March 2015 quarter 2 661.61 2 507.96 June 2015 quarter 2 713.37 2 639.78 September 2015 quarter 2 700.92 2 626.09 December 2015 quarter 2 773.98 2 697.60 LYNX SCI CAUTIOUS FUND OF FUNDS A1

December 2014 quarter 1 717.43 1 642.05 March 2015 quarter 1 763.32 1 686.76 June 2015 quarter 1 789.17 1 753.95 September 2015 quarter 1 801.51 1 750.86 December 2015 quarter 1 877.57 1 816.86 LYNX SCI CAUTIOUS FUND OF FUNDS A2

December 2014 quarter 1 717.94 1 642.57 March 2015 quarter 1 763.32 1 686.76 June 2015 quarter 1 789.17 1 753.95 September 2015 quarter 1 801.52 1 751.04 December 2015 quarter 1 877.56 1 816.86 LYNX SCI CAUTIOUS FUND OF FUNDS B1

December 2014 quarter 1 715.15 1 640.97 March 2015 quarter 1 762.06 1 686.55 June 2015 quarter 1 787.29 1 752.48 September 2015 quarter 1 800.00 1 750.74 December 2015 quarter 1 874.35 1 814.91 LYNX SCI CAUTIOUS FUND OF FUNDS C1

December 2014 quarter 1 707.01 1 636.41 March 2015 quarter 1 758.14 1 685.87 June 2015 quarter 1 781.39 1 747.81 September 2015 quarter 1 795.39 1 750.29 December 2015 quarter 1 864.62 1 808.99 LYNX SCI CAUTIOUS FUND OF FUNDS C2

December 2014 quarter 1 707.11 1 636.51 March 2015 quarter 1 758.09 1 685.88 June 2015 quarter 1 781.30 1 747.73 September 2015 quarter 1 795.40 1 750.30 December 2015 quarter 1 864.63 1 809.00 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1

December 2014 quarter 210.29 194.74 March 2015 quarter 223.61 204.58 June 2015 quarter 232.16 215.04 September 2015 quarter 233.33 217.85 December 2015 quarter 269.27 233.45 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B

December 2014 quarter 214.12 198.27 March 2015 quarter 227.78 208.46 June 2015 quarter 237.11 219.33 September 2015 quarter 238.89 222.92 December 2015 quarter 276.23 239.22 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1

December 2014 quarter 217.04 201.32 March 2015 quarter 230.58 211.39 June 2015 quarter 239.96 222.08 September 2015 quarter 241.50 225.42 December 2015 quarter 279.05 241.76

254



Selling price

LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1

December 2014 quarter 208.01 192.63 March 2015 quarter 221.11 202.24 June 2015 quarter 229.19 212.46 September 2015 quarter 230.04 214.82 December 2015 quarter 265.12 230.01 LYNX SCI OPPORTUNITIES FUND OF FUNDS A1

December 2014 quarter 2 580.44 2 370.81 March 2015 quarter 2 745.97 2 497.82 June 2015 quarter 2 850.38 2 723.07 September 2015 quarter 2 792.49 2 587.51 December 2015 quarter 2 853.46 2 613.93 LYNX SCI OPPORTUNITIES FUND OF FUNDS A2

December 2014 quarter 2 579.92 2 370.28 March 2015 quarter 2 745.40 2 497.04 June 2015 quarter 2 849.87 2 722.54 September 2015 quarter 2 791.66 2 586.74 December 2015 quarter 2 852.61 2 613.15 LYNX SCI OPPORTUNITIES FUND OF FUNDS B1

December 2014 quarter 2 571.15 2 363.05 March 2015 quarter 2 738.84 2 491.65 June 2015 quarter 2 842.13 2 715.71 September 2015 quarter 2 785.78 2 580.96 December 2015 quarter 2 844.70 2 604.99 LYNX SCI OPPORTUNITIES FUND OF FUNDS C1

December 2014 quarter 2 487.16 2 284.13 March 2015 quarter 2 651.47 2 409.18 June 2015 quarter 2 748.62 2 626.55 September 2015 quarter 2 698.40 2 498.54 December 2015 quarter 2 747.92 2 513.39 LYNX SCI OPPORTUNITIES FUND OF FUNDS C2

December 2014 quarter 2 481.70 2 278.64 March 2015 quarter 2 646.04 2 403.73 June 2015 quarter 2 742.99 2 621.17 September 2015 quarter 2 692.87 2 493.42 December 2015 quarter 2 742.29 2 508.24 MEGAFIN SCI BALANCED FUND OF FUNDS A1

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 043.85 100.00 MEGAFIN SCI BALANCED FUND OF FUNDS B1

December 2014 quarter - - March 2015 quarter 1 014.61 998.92 June 2015 quarter 1 047.21 1 013.10 September 2015 quarter 1 032.14 989.67 December 2015 quarter 1 057.15 1 015.99 MEGAFIN SCI GROWTH FUND OF FUNDS A1

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 179.64 100.00 MEGAFIN SCI GROWTH FUND OF FUNDS B1

December 2014 quarter - - March 2015 quarter 1 027.01 999.42 June 2015 quarter 1 060.72 1 012.15 September 2015 quarter 1 063.32 1 011.10 December 2015 quarter 1 183.57 1 076.21

255



Selling price

MEGAFIN SCI STABLE FUND OF FUNDS A1

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 045.60 100.00 MEGAFIN SCI STABLE FUND OF FUNDS B1

December 2014 quarter - - March 2015 quarter 1 012.62 999.32 June 2015 quarter 1 029.54 1 009.53 September 2015 quarter 1 034.69 1 010.65 December 2015 quarter 1 062.02 1 035.19 OBSIDIAN SCI BALANCED FUND B1

December 2014 quarter 1 159.51 1 059.54 March 2015 quarter 1 248.03 1 138.09 June 2015 quarter 1 292.32 1 237.93 September 2015 quarter 1 265.32 1 190.57 December 2015 quarter 1 294.18 1 216.45 OBSIDIAN SCI BALANCED FUND B2




December 2014 quarter - - March 2015 quarter 1 251.42 1 138.29 June 2015 quarter 1 296.94 1 244.80 September 2015 quarter 1 266.46 1 192.43 December 2015 quarter 1 299.13 1 222.66 OBSIDIAN SCI EQUITY FUND B1

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 000.00 993.83 OBSIDIAN SCI EQUITY FUND B2

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 000.00 993.83 OBSIDIAN SCI EQUITY FUND B3

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 000.00 993.83

256



Selling price

OBSIDIAN SCI EQUITY FUND B4

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 000.00 993.83 SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1

December 2014 quarter 1 276.14 1 051.50 March 2015 quarter 1 158.04 1 040.23 June 2015 quarter 1 179.32 1 106.31 September 2015 quarter 1 111.55 1 041.24 December 2015 quarter - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B1



December 2014 quarter 1 282.52 1 059.26 March 2015 quarter 1 166.05 1 049.02 June 2015 quarter 1 190.48 1 115.84 September 2015 quarter 1 122.53 1 052.35 December 2015 quarter - - SANLAM ALTERNATIVE INCOME FUND A1

December 2014 quarter 100.00 100.00 March 2015 quarter 100.00 100.00 June 2015 quarter 100.00 100.00 September 2015 quarter 100.00 100.00 December 2015 quarter 100.00 100.00 SANLAM ALTERNATIVE INCOME FUND B1





257



Selling price

SANLAM ALTERNATIVE INCOME FUND B5




December 2014 quarter - - March 2015 quarter - - June 2015 quarter 100.00 100.00 September 2015 quarter 100.00 100.00 December 2015 quarter 100.00 100.00 SANLAM ASIA PACIFIC FUND OF FUNDS

December 2014 quarter 1 578.69 1 399.71 March 2015 quarter 1 750.21 1 508.70 June 2015 quarter 1 860.10 1 688.78 September 2015 quarter 1 794.64 1 604.98 December 2015 quarter 2 027.86 1 800.24 SANLAM ASIA PACIFIC FUND OF FUNDS B1

December 2014 quarter 1 685.01 1 505.03 March 2015 quarter 1 858.63 1 615.82 June 2015 quarter 1 980.66 1 797.66 September 2015 quarter 1 912.78 1 711.15 December 2015 quarter 2 165.67 1 921.27 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2

December 2014 quarter 105.09 104.30 March 2015 quarter 105.59 104.82 June 2015 quarter 105.84 104.97 September 2015 quarter 106.23 105.52 December 2015 quarter 106.63 106.10 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3

December 2014 quarter 105.09 104.32 March 2015 quarter 105.59 104.82 June 2015 quarter 105.84 105.22 September 2015 quarter 106.25 105.50 December 2015 quarter 106.63 106.10 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4

December 2014 quarter 105.16 104.31 March 2015 quarter 105.60 104.83 June 2015 quarter 105.91 105.22 September 2015 quarter 106.31 105.53 December 2015 quarter 106.70 106.12 SANLAM DIVERSIFIED INCOME FUND OF FUND B

December 2014 quarter 105.11 104.28 March 2015 quarter 105.59 104.82 June 2015 quarter 105.86 105.21 September 2015 quarter 106.27 105.53 December 2015 quarter 106.65 106.11 SANLAM DIVERSIFIED INCOME FUND OF FUND B2


258



Selling price

SANLAM DIVERSIFIED INCOME FUND OF FUND B3

December 2014 quarter 105.30 104.30 March 2015 quarter 106.02 105.03 June 2015 quarter 105.88 105.21 September 2015 quarter 106.22 105.53 December 2015 quarter 106.68 106.11 SANLAM GLOBAL BALANCED FUND OF FUNDS

December 2014 quarter 2 311.76 2 070.77 March 2015 quarter 2 463.25 2 229.27 June 2015 quarter 2 539.62 2 371.61 September 2015 quarter 2 599.38 2 419.28 December 2015 quarter 3 080.60 2 648.35 SANLAM GLOBAL BALANCED FUND OF FUNDS B1



December 2014 quarter 2 564.80 2 324.47 March 2015 quarter 2 715.62 2 481.69 June 2015 quarter 2 817.93 2 623.98 September 2015 quarter 2 877.30 2 674.13 December 2015 quarter 3 410.38 2 931.65 SANLAM GLOBAL CAUTIOUS FUND OF FUNDS

December 2014 quarter 2 126.04 1 940.56 March 2015 quarter 2 267.04 2 069.37 June 2015 quarter 2 308.78 2 187.82 September 2015 quarter 2 432.71 2 219.10 December 2015 quarter 2 842.71 2 444.77 SANLAM GLOBAL EQUITY FUND A

December 2014 quarter 552.10 492.36 March 2015 quarter 580.73 521.83 June 2015 quarter 610.64 566.19 September 2015 quarter 601.60 549.04 December 2015 quarter 672.23 595.66 SANLAM GLOBAL EQUITY FUND B1

December 2014 quarter 522.80 464.29 March 2015 quarter 549.96 492.11 June 2015 quarter 575.61 535.02 September 2015 quarter 566.95 517.02 December 2015 quarter 630.38 559.54 SANLAM GLOBAL EQUITY FUND B3


259



Selling price

SANLAM GLOBAL EQUITY FUND R

December 2014 quarter 563.45 503.04 March 2015 quarter 591.77 532.30 June 2015 quarter 623.51 577.43 September 2015 quarter 612.97 559.62 December 2015 quarter 686.56 607.85 SANLAM GLOBAL INDEX FUND OF FUNDS B1

December 2014 quarter 1 889.73 1 729.49 March 2015 quarter 1 993.99 1 813.77 June 2015 quarter 1 994.56 1 919.98 September 2015 quarter - - December 2015 quarter - - SANLAM GROWTH INSTITUTIONAL FUND B1

December 2014 quarter 6 760.08 6 161.96 March 2015 quarter 7 154.31 6 434.32 June 2015 quarter 7 457.26 6 970.83 September 2015 quarter 7 101.85 6 495.98 December 2015 quarter 7 088.60 6 116.28 SANLAM GROWTH INSTITUTIONAL FUND B2


December 2014 quarter 13 209.38 11 950.38 March 2015 quarter 14 025.48 12 596.70 June 2015 quarter 14 744.35 13 535.03 September 2015 quarter 14 117.49 12 907.70 December 2015 quarter - - SANLAM GROWTH INSTITUTIONAL FUND B5


December 2014 quarter 6 635.75 6 052.84 March 2015 quarter 7 061.64 6 354.94 June 2015 quarter 7 421.31 6 881.57 September 2015 quarter 7 096.26 6 486.30 December 2015 quarter - - SANLAM GROWTH INSTITUTIONAL FUND B8

December 2014 quarter 6 775.48 6 181.99 March 2015 quarter 7 168.69 6 455.00 June 2015 quarter 7 478.92 6 995.61 September 2015 quarter 7 128.45 6 514.59 December 2015 quarter 7 113.66 6 132.41 SANLAM INDIA OPPORTUNITIES FEEDER FUND

December 2014 quarter 1 607.54 1 373.59 March 2015 quarter 1 809.53 1 517.57 June 2015 quarter 1 777.56 1 541.48 September 2015 quarter 1 847.92 1 653.13 December 2015 quarter 1 982.97 1 740.57 SANLAM INSTITUTIONAL SPECIAL OPPORTUNITIES FUND


260



Selling price

SANLAM MARKET ALLOCATOR FUND A1

December 2014 quarter 1 161.77 1 090.86 March 2015 quarter 1 206.20 1 123.37 June 2015 quarter 1 239.64 1 185.46 September 2015 quarter 1 214.28 1 139.44 December 2015 quarter 1 222.19 1 150.28 SANLAM MARKET ALLOCATOR FUND B1



December 2014 quarter 1 162.46 1 091.05 March 2015 quarter 1 207.32 1 123.60 June 2015 quarter 1 240.04 1 186.60 September 2015 quarter 1 214.82 1 140.25 December 2015 quarter 1 222.82 1 151.57 SANLAM OPTIMISED INCOME FUND B1

December 2014 quarter 102.10 100.02 March 2015 quarter 101.52 99.94 June 2015 quarter - - September 2015 quarter - - December 2015 quarter - - SANLAM OPTIMISED INCOME FUND B2

December 2014 quarter 102.10 100.07 March 2015 quarter 101.53 100.00 June 2015 quarter 114.96 99.77 September 2015 quarter 103.40 99.01 December 2015 quarter 107.45 101.39 SANLAM OPTIMISED INCOME FUND B3

December 2014 quarter 102.10 100.01 March 2015 quarter 101.52 99.94 June 2015 quarter - - September 2015 quarter - - December 2015 quarter - - SANLAM OPTIMISED INCOME FUND B4

December 2014 quarter 102.10 100.04 March 2015 quarter 101.52 99.98 June 2015 quarter 101.23 99.76 September 2015 quarter - - December 2015 quarter - - SANLAM OPTIMISED INCOME FUND B5

December 2014 quarter 102.13 100.04 March 2015 quarter 101.50 93.72 June 2015 quarter 95.04 93.68 September 2015 quarter - - December 2015 quarter - - SANLAM PAN-EUROPE FUND


261



Selling price

SANLAM SELECT ABSOLUTE FUND A1

December 2014 quarter 1 161.26 1 058.79 March 2015 quarter 1 237.86 1 140.19 June 2015 quarter 1 253.79 1 182.31 September 2015 quarter 1 217.56 1 154.06 December 2015 quarter 1 231.80 1 185.92 SANLAM SELECT ABSOLUTE FUND B1




December 2014 quarter - - March 2015 quarter 1 244.94 1 140.15 June 2015 quarter 1 262.82 1 190.52 September 2015 quarter 1 217.21 1 153.61 December 2015 quarter 1 230.99 1 185.01 SANLAM SELECT BOND PLUS FUND B1

December 2014 quarter - - March 2015 quarter 1 168.31 1 095.48 June 2015 quarter 1 127.24 1 072.95 September 2015 quarter 1 097.72 1 060.73 December 2015 quarter 1 081.59 939.82 SANLAM SELECT BOND PLUS FUND B2

December 2014 quarter 1 126.24 1 071.99 March 2015 quarter 1 168.31 1 095.49 June 2015 quarter 1 127.23 1 072.98 September 2015 quarter 1 097.81 1 060.85 December 2015 quarter 1 081.59 939.81 SANLAM SELECT BOND PLUS FUND B3

December 2014 quarter - - March 2015 quarter 1 167.71 1 095.45 June 2015 quarter 1 127.09 1 072.88 September 2015 quarter 1 097.36 1 060.59 December 2015 quarter 1 080.89 939.62 SANLAM SELECT BOND PLUS FUND B6

December 2014 quarter 1 125.86 1 071.96 March 2015 quarter 1 167.89 1 095.46 June 2015 quarter 1 127.10 1 073.53 September 2015 quarter 1 097.55 1 060.73 December 2015 quarter 1 081.11 939.64 SANLAM SELECT BOND PLUS FUND B8

December 2014 quarter 1 125.66 1 071.94 March 2015 quarter 1 167.68 1 095.46 June 2015 quarter 1 127.06 1 073.21 September 2015 quarter 1 097.47 1 059.80 December 2015 quarter 1 081.45 940.80

262



Selling price

SANLAM SELECT DEFENSIVE BALANCED FUND A1

December 2014 quarter 1 055.75 1 003.49 March 2015 quarter 1 081.98 1 036.20 June 2015 quarter 1 089.65 1 075.31 September 2015 quarter 1 074.26 1 045.25 December 2015 quarter 1 104.64 1 071.44 SANLAM SELECT DEFENSIVE BALANCED FUND B1




December 2014 quarter - - March 2015 quarter 1 084.52 1 036.16 June 2015 quarter 1 094.75 1 077.81 September 2015 quarter 1 079.57 1 050.37 December 2015 quarter 1 109.73 1 076.34 SANLAM SELECT FLEXIBLE EQUITY FUND B1

December 2014 quarter - - March 2015 quarter 1 306.46 1 180.49 June 2015 quarter 1 359.13 1 262.47 September 2015 quarter 1 345.57 1 232.10 December 2015 quarter 1 393.24 1 279.92 SANLAM SELECT FLEXIBLE EQUITY FUND B2

December 2014 quarter 1 207.63 1 067.45 March 2015 quarter 1 297.20 1 178.79 June 2015 quarter 1 345.61 1 268.04 September 2015 quarter 1 340.12 1 236.86 December 2015 quarter 1 391.37 1 276.74 SANLAM SELECT FLEXIBLE EQUITY FUND B4




263



Selling price

SANLAM SELECT MANAGED FUND A1

December 2014 quarter 1 056.16 995.10 March 2015 quarter 1 083.00 1 015.61 June 2015 quarter 1 108.58 1 061.59 September 2015 quarter 1 069.21 1 021.88 December 2015 quarter 1 110.10 1 053.77 SANLAM SELECT MANAGED FUND B1




December 2014 quarter - - March 2015 quarter 1 082.79 1 015.54 June 2015 quarter 1 108.21 1 068.05 September 2015 quarter 1 076.34 1 028.59 December 2015 quarter 1 117.02 1 060.16 SANLAM SELECT OPTIMISED EQUITY FUND B10

December 2014 quarter 7 043.39 6 389.33 March 2015 quarter 7 408.93 6 767.64 June 2015 quarter 7 702.96 7 170.45 September 2015 quarter 7 359.49 6 634.56 December 2015 quarter 7 558.82 6 866.65 SANLAM SELECT OPTIMISED EQUITY FUND B2





264



Selling price

SANLAM SELECT STRATEGIC INCOME FUND A1

December 2014 quarter 1 021.60 1 004.24 March 2015 quarter 1 021.70 1 006.08 June 2015 quarter 1 028.80 1 007.14 September 2015 quarter 1 027.60 1 011.81 December 2015 quarter 1 016.66 981.35 SANLAM SELECT STRATEGIC INCOME FUND B1



December 2014 quarter 1 021.60 1 004.24 March 2015 quarter 1 021.78 992.78 June 2015 quarter 1 028.94 1 007.14 September 2015 quarter 1 027.67 1 011.80 December 2015 quarter 1 016.63 981.32 SANLAM SELECT STRATEGIC INCOME FUND B4

December 2014 quarter - - March 2015 quarter 1 021.70 1 006.10 June 2015 quarter 1 028.69 1 007.18 September 2015 quarter 1 027.41 1 011.85 December 2015 quarter 1 016.63 981.27 SANLAM SELECT STRATEGIC INCOME FUND B5

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 1 027.38 1 011.84 December 2015 quarter 1 016.61 981.24 SANLAM SELECT STRATEGIC INCOME FUND B6

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 1 014.93 1 008.17 December 2015 quarter 1 016.41 981.05 SANLAM SELECT THEMATIC EQUITY FUND B1

December 2014 quarter 3 248.60 2 912.43 March 2015 quarter 3 482.57 3 130.66 June 2015 quarter 3 584.61 3 286.45 September 2015 quarter 3 413.80 3 135.86 December 2015 quarter 3 338.75 2 774.15 SANLAM SELECT THEMATIC EQUITY FUND B2

December 2014 quarter - - March 2015 quarter 3 494.76 3 130.52 June 2015 quarter 3 584.24 3 285.43 September 2015 quarter 3 413.73 3 147.54 December 2015 quarter 3 377.42 2 805.53 SANLAM SELECT THEMATIC EQUITY FUND B3


265



Selling price

SANLAM SELECT THEMATIC EQUITY FUND B4

December 2014 quarter - - March 2015 quarter 3 501.22 3 131.14 June 2015 quarter 3 586.72 3 291.73 September 2015 quarter 3 415.54 3 152.52 December 2015 quarter 3 340.95 2 779.09 SANLAM SELECT THEMATIC EQUITY FUND B10

December 2014 quarter 3 253.75 2 913.53 March 2015 quarter 3 492.18 3 130.73 June 2015 quarter 3 583.88 3 283.15 September 2015 quarter 3 412.64 3 142.42 December 2015 quarter 3 337.52 2 773.61 SANLAM STABLE GROWTH FUND A1

December 2014 quarter 1 046.25 1 034.45 March 2015 quarter 1 039.70 1 027.24 June 2015 quarter 1 049.91 1 023.26 September 2015 quarter 1 040.01 1 022.90 December 2015 quarter 1 047.74 1 005.65 SANLAM STABLE GROWTH FUND B1





December 2014 quarter 1 050.42 1 037.01 March 2015 quarter 1 041.22 1 027.66 June 2015 quarter 1 054.69 1 026.02 September 2015 quarter 1 040.94 1 024.70 December 2015 quarter 1 052.37 1 009.81 SANLAM VALUE INSTITUTIONAL FUND B1

December 2014 quarter 5 951.84 5 457.08 March 2015 quarter 6 180.39 5 644.52 June 2015 quarter 6 376.30 5 920.70 September 2015 quarter 6 067.92 5 549.94 December 2015 quarter 6 312.07 5 592.39 SANLAM VALUE INSTITUTIONAL FUND B2

December 2014 quarter 5 951.37 5 457.15 March 2015 quarter 6 179.97 5 644.44 June 2015 quarter 6 376.08 5 919.83 September 2015 quarter 6 067.12 5 549.13 December 2015 quarter - -

266



Selling price

SANLAM VALUE INSTITUTIONAL FUND B3

December 2014 quarter 5 944.53 5 455.43 March 2015 quarter 6 174.95 5 643.31 June 2015 quarter 6 373.34 5 911.03 September 2015 quarter 6 063.52 5 543.66 December 2015 quarter - - SANLAM VALUE INSTITUTIONAL FUND B5

December 2014 quarter 5 668.53 5 179.45 March 2015 quarter 5 898.29 5 368.06 June 2015 quarter 6 082.63 5 640.25 September 2015 quarter 5 786.00 5 289.46 December 2015 quarter - - SESFIKILE SCI PROPERTY FUND A1

December 2014 quarter 1 796.58 1 575.95 March 2015 quarter 1 995.07 1 745.86 June 2015 quarter 2 019.96 1 842.75 September 2015 quarter 2 001.07 1 854.76 December 2015 quarter - - SESFIKILE SCI PROPERTY FUND B1

December 2014 quarter 1 798.45 1 577.01 March 2015 quarter 1 996.13 1 745.92 June 2015 quarter 2 021.20 1 844.55 September 2015 quarter 2 001.49 1 854.48 December 2015 quarter - - SESFIKILE SCI PROPERTY FUND B2

December 2014 quarter 1 800.71 1 578.29 March 2015 quarter 1 997.43 1 746.03 June 2015 quarter 2 022.72 1 846.74 September 2015 quarter 2 001.89 1 854.76 December 2015 quarter - - SIM ABSOLUTE RETURN INCOME FUND

December 2014 quarter 121.23 119.10 March 2015 quarter 119.79 117.71 June 2015 quarter 121.63 119.89 September 2015 quarter 120.60 118.65 December 2015 quarter 122.12 120.96 SIM ABSOLUTE RETURN INCOME FUND A1

December 2014 quarter 121.23 119.14 March 2015 quarter 119.77 117.88 June 2015 quarter 121.57 119.87 September 2015 quarter 120.59 118.86 December 2015 quarter 122.09 120.93 SIM ABSOLUTE RETURN INCOME FUND B1




267



Selling price

SIM ABSOLUTE RETURN INCOME FUND B4


December 2014 quarter 121.68 119.34 March 2015 quarter 120.01 117.88 June 2015 quarter 122.06 120.11 September 2015 quarter 120.84 118.86 December 2015 quarter 122.50 121.36 SIM ACTIVE INCOME FUND A1

December 2014 quarter 1 153.84 1 131.34 March 2015 quarter 1 157.32 1 137.06 June 2015 quarter 1 155.94 1 140.71 September 2015 quarter 1 157.75 1 138.88 December 2015 quarter 1 152.46 1 141.69 SIM ACTIVE INCOME FUND B1








268



Selling price

SIM ACTIVE INCOME FUND B7


December 2014 quarter - - March 2015 quarter - - June 2015 quarter 1 154.72 1 140.77 September 2015 quarter 1 156.49 1 139.12 December 2015 quarter 1 151.73 1 140.84 SIM ACTIVE INCOME FUND B9

December 2014 quarter 1 153.17 1 131.36 March 2015 quarter 1 156.75 1 137.09 June 2015 quarter 1 155.29 1 140.70 September 2015 quarter 1 157.05 1 138.85 December 2015 quarter 1 152.00 1 141.18 SIM ACTIVE INCOME FUND C

December 2014 quarter 1 149.56 1 131.31 March 2015 quarter 1 153.44 1 137.00 June 2015 quarter 1 151.67 1 140.64 September 2015 quarter 1 153.38 1 138.79 December 2015 quarter 1 149.52 1 138.40 SIM BALANCED FUND A

December 2014 quarter 7 273.03 6 906.36 March 2015 quarter 7 497.56 7 071.02 June 2015 quarter 7 685.32 7 412.54 September 2015 quarter 7 497.33 7 166.97 December 2015 quarter 7 651.00 7 141.49 SIM BALANCED FUND A1

December 2014 quarter - - March 2015 quarter 7 496.77 7 067.36 June 2015 quarter 7 683.89 7 409.26 September 2015 quarter 7 496.16 7 165.17 December 2015 quarter 7 646.58 7 136.00 SIM BALANCED FUND B

December 2014 quarter 7 277.22 6 906.32 March 2015 quarter 7 499.17 7 070.16 June 2015 quarter 7 689.32 7 420.88 September 2015 quarter 7 500.07 7 171.25 December 2015 quarter 7 661.37 7 154.34 SIM BALANCED FUND B1



December 2014 quarter - - March 2015 quarter 7 499.01 7 069.15 June 2015 quarter 7 689.92 7 421.46 September 2015 quarter 7 500.09 7 171.27 December 2015 quarter 7 661.47 7 154.47

269



Selling price

SIM BALANCED FUND B3





December 2014 quarter - - March 2015 quarter 7 499.14 7 069.37 June 2015 quarter 7 691.69 7 425.07 September 2015 quarter 7 501.82 7 173.63 December 2015 quarter 7 666.49 7 160.53 SIM BALANCED FUND B9

December 2014 quarter 7 274.13 6 907.29 March 2015 quarter 7 497.52 7 071.24 June 2015 quarter 7 685.32 7 412.55 September 2015 quarter 7 497.32 7 166.97 December 2015 quarter 7 651.01 7 141.49 SIM BALANCED FUND R

December 2014 quarter 7 287.73 6 917.02 March 2015 quarter 7 497.92 7 071.86 June 2015 quarter 7 686.93 7 415.33 September 2015 quarter 7 498.08 7 168.16 December 2015 quarter 7 653.89 7 145.06 SIM BOND PLUS FUND

December 2014 quarter 882.57 828.28 March 2015 quarter 891.23 832.47 June 2015 quarter 871.24 833.68 September 2015 quarter 833.11 808.48 December 2015 quarter 830.48 722.73 SIM BOND PLUS FUND B2

December 2014 quarter 884.78 829.62 March 2015 quarter 891.66 832.48 June 2015 quarter 872.68 836.07 September 2015 quarter 833.63 809.36 December 2015 quarter 832.40 724.69 SIM BOND PLUS FUND B3


270



Selling price

SIM ENHANCED YIELD FUND A1

December 2014 quarter 103.18 101.57 March 2015 quarter 103.46 102.00 June 2015 quarter 102.79 101.97 September 2015 quarter 102.62 101.88 December 2015 quarter 102.85 100.57 SIM ENHANCED YIELD FUND B1



December 2014 quarter 103.22 101.57 March 2015 quarter 103.49 102.00 June 2015 quarter 102.83 101.97 September 2015 quarter 102.66 101.88 December 2015 quarter 102.89 100.59 SIM FINANCIAL FUND

December 2014 quarter 5 989.80 5 152.37 March 2015 quarter 6 507.69 5 713.47 June 2015 quarter 6 907.26 6 353.60 September 2015 quarter 6 792.45 6 053.13 December 2015 quarter 6 643.12 5 228.00 SIM FINANCIAL FUND B1

December 2014 quarter 5 971.06 5 141.55 March 2015 quarter 6 497.85 5 706.67 June 2015 quarter 6 893.92 6 334.67 September 2015 quarter 6 788.28 6 043.29 December 2015 quarter 6 628.97 5 212.37 SIM FINANCIAL FUND B2

December 2014 quarter 6 018.81 5 169.41 March 2015 quarter 6 523.47 5 712.20 June 2015 quarter 6 928.39 6 383.07 September 2015 quarter 6 798.46 6 065.05 December 2015 quarter 6 664.15 5 251.34 SIM GENERAL EQUITY FUND A

December 2014 quarter 20 363.01 18 698.57 March 2015 quarter 21 392.01 19 443.65 June 2015 quarter 22 393.79 20 900.21 September 2015 quarter 21 520.87 19 508.40 December 2015 quarter 21 943.96 19 542.27 SIM GENERAL EQUITY FUND A1

December 2014 quarter - - March 2015 quarter 21 415.60 19 446.09 June 2015 quarter 22 416.17 20 892.33 September 2015 quarter 21 534.79 19 564.48 December 2015 quarter 22 028.89 19 625.58 SIM GENERAL EQUITY FUND A2


271



Selling price

SIM GENERAL EQUITY FUND B1

December 2014 quarter 20 314.97 18 631.39 March 2015 quarter 21 325.53 19 416.91 June 2015 quarter 22 301.51 20 855.22 September 2015 quarter 21 485.59 19 492.95 December 2015 quarter 21 899.90 19 491.00 SIM GENERAL EQUITY FUND B10

December 2014 quarter - - March 2015 quarter 21 342.48 19 438.68 June 2015 quarter 22 318.84 20 873.85 September 2015 quarter 21 511.53 19 525.49 December 2015 quarter 21 943.02 19 529.90 SIM GENERAL EQUITY FUND B11


December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 21 562.32 19 610.92 December 2015 quarter 22 143.13 19 755.78 SIM GENERAL EQUITY FUND B4







272



Selling price

SIM GENERAL EQUITY FUND R

December 2014 quarter 20 409.93 18 736.05 March 2015 quarter 21 399.23 19 446.18 June 2015 quarter 22 406.18 20 904.24 September 2015 quarter 21 543.18 19 577.66 December 2015 quarter 22 055.91 19 655.23 SIM GLOBAL BEST IDEAS FEEDER FUND A

December 2014 quarter 1 334.71 1 173.28 March 2015 quarter 1 394.33 1 245.80 June 2015 quarter 1 450.40 1 323.90 September 2015 quarter 1 460.31 1 335.09 December 2015 quarter 1 690.30 1 441.14 SIM GLOBAL BEST IDEAS FEEDER FUND A1

December 2014 quarter 1 358.96 1 196.93 March 2015 quarter 1 419.30 1 270.42 June 2015 quarter 1 478.74 1 349.14 September 2015 quarter 1 489.93 1 362.04 December 2015 quarter 1 725.86 1 470.90 SIM GLOBAL BEST IDEAS FEEDER FUND B1

December 2014 quarter 1 400.26 1 236.82 March 2015 quarter 1 462.32 1 312.63 June 2015 quarter 1 530.39 1 392.79 September 2015 quarter 1 544.87 1 411.93 December 2015 quarter 1 792.60 1 526.59 SIM GLOBAL BEST IDEAS FEEDER FUND B2

December 2014 quarter 1 382.50 1 219.85 March 2015 quarter 1 443.60 1 294.36 June 2015 quarter 1 506.37 1 373.72 September 2015 quarter 1 518.89 1 388.39 December 2015 quarter 1 760.71 1 500.02 SIM GLOBAL BEST IDEAS FEEDER FUND C

December 2014 quarter 1 266.88 1 107.71 March 2015 quarter 1 323.70 1 176.50 June 2015 quarter 1 369.39 1 252.26 September 2015 quarter 1 374.71 1 257.30 December 2015 quarter 1 586.49 1 354.71 SIM GLOBAL EQUITY INCOME FEEDER FUND A1

December 2014 quarter 1 274.56 1 131.92 March 2015 quarter 1 336.10 1 186.41 June 2015 quarter 1 434.43 1 281.15 September 2015 quarter 1 477.91 1 345.33 December 2015 quarter 1 737.48 1 491.50 SIM GLOBAL EQUITY INCOME FEEDER FUND B1

December 2014 quarter 1 275.55 1 132.54 March 2015 quarter 1 336.48 1 186.46 June 2015 quarter 1 435.46 1 281.71 September 2015 quarter 1 478.57 1 345.37 December 2015 quarter 1 738.87 1 492.34 SIM GLOBAL FINANCIAL FEEDER FUND A1

December 2014 quarter 1 938.49 1 776.69 March 2015 quarter 1 992.16 1 793.74 June 2015 quarter 2 083.03 1 901.65 September 2015 quarter 2 081.71 1 833.87 December 2015 quarter 2 282.12 2 049.17 SIM GLOBAL FINANCIAL FEEDER FUND B1


273



Selling price

SIM GLOBAL FINANCIAL FEEDER FUND B2

December 2014 quarter 1 992.28 1 827.62 March 2015 quarter 2 050.35 1 849.85 June 2015 quarter 2 152.58 1 961.52 September 2015 quarter 2 153.90 1 899.42 December 2015 quarter 2 371.70 2 126.27 SIM INDEX FUND

December 2014 quarter 12 379.66 11 373.56 March 2015 quarter 12 774.47 11 372.99 June 2015 quarter 13 392.57 12 562.72 September 2015 quarter - - December 2015 quarter - - SIM INDEX FUND A1

December 2014 quarter 12 410.23 11 396.45 March 2015 quarter 12 788.11 11 373.98 June 2015 quarter 13 418.29 12 582.22 September 2015 quarter - - December 2015 quarter - - SIM INDEX FUND B1

December 2014 quarter 12 300.66 11 299.57 March 2015 quarter 12 728.87 11 352.42 June 2015 quarter 13 322.06 12 505.56 September 2015 quarter - - December 2015 quarter - - SIM INDEX FUND B2

December 2014 quarter 12 412.85 11 398.42 March 2015 quarter 12 789.30 11 374.08 June 2015 quarter 13 420.51 12 583.91 September 2015 quarter - - December 2015 quarter - - SIM INDEX FUND RING

December 2014 quarter 12 293.05 12 125.42 March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter - - SIM INDUSTRIAL FUND A

December 2014 quarter 16 816.17 14 817.46 March 2015 quarter 18 023.90 16 439.08 June 2015 quarter 19 226.32 18 141.56 September 2015 quarter 18 791.95 17 169.48 December 2015 quarter 20 108.89 18 888.47 SIM INDUSTRIAL FUND B1

December 2014 quarter 16 635.60 14 658.03 March 2015 quarter 17 833.13 16 267.94 June 2015 quarter 19 013.55 17 946.61 September 2015 quarter 18 557.42 16 944.39 December 2015 quarter 19 799.99 18 602.80 SIM INDUSTRIAL FUND B2

December 2014 quarter 16 933.15 14 900.79 March 2015 quarter 18 073.29 16 453.34 June 2015 quarter 19 292.60 18 192.84 September 2015 quarter 18 810.27 17 202.66 December 2015 quarter 20 216.87 18 983.04 SIM INDUSTRIAL FUND R


274



Selling price


December 2014 quarter 451.19 433.68 March 2015 quarter 459.18 440.49 June 2015 quarter 467.86 457.67 September 2015 quarter 465.23 455.22 December 2015 quarter 481.82 472.37 SIM INFLATION PLUS FUND B1







December 2014 quarter 451.19 433.67 March 2015 quarter 459.17 440.48 June 2015 quarter 467.85 457.66 September 2015 quarter 465.22 455.20 December 2015 quarter 481.81 472.36 SIM LOW EQUITY FUND A1

December 2014 quarter 144.45 138.69 March 2015 quarter 147.00 141.27 June 2015 quarter 149.91 146.51 September 2015 quarter 149.12 145.70 December 2015 quarter 154.67 151.30 SIM LOW EQUITY FUND B1


275



Selling price

SIM LOW EQUITY FUND B2



December 2014 quarter 144.86 138.92 March 2015 quarter 147.21 141.42 June 2015 quarter 150.28 146.74 September 2015 quarter 149.34 145.84 December 2015 quarter 155.12 151.71 SIM LOW EQUITY FUND C

December 2014 quarter 143.52 138.13 March 2015 quarter 146.55 141.35 June 2015 quarter 149.09 146.02 September 2015 quarter 148.64 145.38 December 2015 quarter 153.64 150.37 SIM MANAGED AGGRESSIVE FUND OF FUNDS A1

December 2014 quarter 2 356.25 2 191.81 March 2015 quarter 2 469.07 2 288.11 June 2015 quarter 2 549.69 2 447.37 September 2015 quarter 2 483.24 2 333.06 December 2015 quarter 2 559.98 2 383.69 SIM MANAGED AGGRESSIVE FUND OF FUNDS A2

December 2014 quarter - - March 2015 quarter 2 347.12 2 293.71 June 2015 quarter - - September 2015 quarter 2 489.34 2 338.58 December 2015 quarter 2 565.41 2 388.37 SIM MANAGED AGGRESSIVE FUND OF FUNDS B1

December 2014 quarter 2 362.40 2 196.36 March 2015 quarter 2 473.00 2 290.63 June 2015 quarter 2 554.62 2 451.78 September 2015 quarter 2 486.41 2 336.45 December 2015 quarter 2 565.43 2 389.67 SIM MANAGED AGGRESSIVE FUND OF FUNDS B2




276



Selling price

SIM MANAGED AGGRESSIVE FUND OF FUNDS B5



December 2014 quarter 2 359.26 2 196.16 March 2015 quarter 2 473.68 2 293.89 June 2015 quarter 2 553.74 2 450.38 September 2015 quarter 2 488.93 2 338.06 December 2015 quarter 2 564.03 2 386.69 SIM MANAGED CAUTIOUS FUND OF FUNDS A1

December 2014 quarter 1 584.55 1 504.57 March 2015 quarter 1 649.06 1 572.72 June 2015 quarter 1 644.51 1 605.28 September 2015 quarter 1 648.41 1 600.77 December 2015 quarter 1 659.87 1 576.93 SIM MANAGED CAUTIOUS FUND OF FUNDS A2

December 2014 quarter - - March 2015 quarter 1 604.04 1 573.24 June 2015 quarter - - September 2015 quarter 1 650.04 1 602.01 December 2015 quarter 1 660.95 1 578.22 SIM MANAGED CAUTIOUS FUND OF FUNDS B1

December 2014 quarter 1 586.40 1 505.07 March 2015 quarter 1 650.51 1 573.04 June 2015 quarter 1 645.04 1 606.40 September 2015 quarter 1 649.05 1 600.98 December 2015 quarter 1 660.46 1 577.98 SIM MANAGED CAUTIOUS FUND OF FUNDS B2





277



Selling price

SIM MANAGED CAUTIOUS FUND OF FUNDS B6


December 2014 quarter 1 583.37 1 504.84 March 2015 quarter 1 649.49 1 573.32 June 2015 quarter 1 645.08 1 605.75 September 2015 quarter 1 649.02 1 601.54 December 2015 quarter 1 660.18 1 576.84 SIM MANAGED CONSERVATIVE FUND OF FUNDS A1

December 2014 quarter 1 373.49 1 312.77 March 2015 quarter 1 421.04 1 365.85 June 2015 quarter 1 406.34 1 380.60 September 2015 quarter 1 421.13 1 381.27 December 2015 quarter 1 425.06 1 377.12 SIM MANAGED CONSERVATIVE FUND OF FUNDS A2

December 2014 quarter - - March 2015 quarter 1 324.58 1 302.43 June 2015 quarter - - September 2015 quarter 1 433.44 1 392.63 December 2015 quarter 1 436.95 1 388.64 SIM MANAGED CONSERVATIVE FUND OF FUNDS B1

December 2014 quarter 1 375.07 1 313.25 March 2015 quarter 1 422.39 1 366.21 June 2015 quarter 1 406.76 1 381.68 September 2015 quarter 1 422.19 1 381.51 December 2015 quarter 1 425.94 1 378.08 SIM MANAGED CONSERVATIVE FUND OF FUNDS B2


December 2014 quarter - - March 2015 quarter 1 399.44 1 377.03 June 2015 quarter - - September 2015 quarter 1 434.65 1 392.66 December 2015 quarter 1 437.65 1 389.47 SIM MANAGED CONSERVATIVE FUND OF FUNDS B4



December 2014 quarter - - March 2015 quarter 1 399.38 1 377.00 June 2015 quarter - - September 2015 quarter 1 434.42 1 392.66 December 2015 quarter 1 437.09 1 388.83

278



Selling price

SIM MANAGED CONSERVATIVE FUND OF FUNDS B9

December 2014 quarter 1 382.77 1 323.58 March 2015 quarter 1 431.61 1 376.95 June 2015 quarter 1 417.52 1 391.27 September 2015 quarter 1 432.03 1 392.42 December 2015 quarter 1 435.86 1 387.44 SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A1

December 2014 quarter 2 011.39 1 889.80 March 2015 quarter 2 089.22 1 959.38 June 2015 quarter 2 142.64 2 072.51 September 2015 quarter 2 095.42 1 995.03 December 2015 quarter 2 156.14 2 033.25 SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A2

December 2014 quarter - - March 2015 quarter 2 010.54 1 972.87 June 2015 quarter - - September 2015 quarter 2 108.90 2 007.75 December 2015 quarter 2 169.18 2 045.17 SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B1

December 2014 quarter 2 015.31 1 892.35 March 2015 quarter 2 091.29 1 960.12 June 2015 quarter 2 145.49 2 076.16 September 2015 quarter 2 096.88 1 996.66 December 2015 quarter 2 159.36 2 037.07 SIM MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B2





December 2014 quarter 2 022.34 1 901.92 March 2015 quarter 2 101.61 1 972.93 June 2015 quarter 2 154.76 2 083.48 September 2015 quarter 2 108.70 2 007.47 December 2015 quarter 2 168.37 2 044.13 SIM MANAGED MODERATE FUND OF FUNDS A1


279



Selling price

SIM MANAGED MODERATE FUND OF FUNDS A2

December 2014 quarter - - March 2015 quarter 1 995.28 1 954.82 June 2015 quarter - - September 2015 quarter 2 070.35 1 982.99 December 2015 quarter 2 124.86 1 999.49 SIM MANAGED MODERATE FUND OF FUNDS B1

December 2014 quarter 2 006.41 1 894.25 March 2015 quarter 2 072.05 1 954.84 June 2015 quarter 2 113.65 2 053.94 September 2015 quarter 2 071.20 1 984.17 December 2015 quarter 2 128.25 2 003.71 SIM MANAGED MODERATE FUND OF FUNDS B2







December 2014 quarter 2 001.18 1 891.54 March 2015 quarter 2 069.78 1 955.02 June 2015 quarter 2 110.04 2 048.77 September 2015 quarter 2 070.22 1 982.78 December 2015 quarter 2 124.13 1 998.57 SIM MONEY MARKET FUND B1


280



Selling price

SIM MONEY MARKET FUND B10

December 2014 quarter 100.00 100.00 March 2015 quarter 100.00 100.00 June 2015 quarter 100.00 100.00 September 2015 quarter 100.00 100.00 December 2015 quarter 100.00 100.00 SIM MONEY MARKET FUND B2




December 2014 quarter 100.00 100.00 March 2015 quarter 100.00 100.00 June 2015 quarter 100.00 100.00 September 2015 quarter 100.00 100.00 December 2015 quarter 100.00 100.00 SIM MONEY MARKET FUND R

December 2014 quarter 100.00 100.00 March 2015 quarter 100.00 100.00 June 2015 quarter 100.00 100.00 September 2015 quarter 100.00 100.00 December 2015 quarter 100.00 100.00 SIM PROPERTY FUND A

December 2014 quarter 3 862.34 3 409.98 March 2015 quarter 4 290.25 3 808.47 June 2015 quarter 4 272.70 3 849.01 September 2015 quarter 4 187.90 3 906.69 December 2015 quarter 4 199.34 3 465.85 SIM PROPERTY FUND B1




281



Selling price

SIM PROPERTY FUND B9

December 2014 quarter 3 862.34 3 409.98 March 2015 quarter 4 290.25 3 808.43 June 2015 quarter 4 272.68 3 849.02 September 2015 quarter 4 187.90 3 906.60 December 2015 quarter 4 199.34 3 465.85 SIM RESOURCES FUND

December 2014 quarter 576.45 473.25 March 2015 quarter 528.21 446.67 June 2015 quarter 535.43 476.71 September 2015 quarter 463.53 378.95 December 2015 quarter 430.35 333.27 SIM SMALL CAP FUND A

December 2014 quarter 5 694.91 5 113.98 March 2015 quarter 5 984.53 5 621.11 June 2015 quarter 6 150.14 5 880.28 September 2015 quarter 6 180.18 5 824.98 December 2015 quarter 6 319.49 5 698.60 SIM SMALL CAP FUND B1




December 2014 quarter 5 694.92 5 113.98 March 2015 quarter 5 984.51 5 621.13 June 2015 quarter 6 150.12 5 880.26 September 2015 quarter 6 180.17 5 824.97 December 2015 quarter 6 319.48 5 698.59 SIM SMALL CAP FUND R

December 2014 quarter 5 710.38 5 122.98 March 2015 quarter 5 990.41 5 621.59 June 2015 quarter 6 163.89 5 888.53 September 2015 quarter 6 183.94 5 830.25 December 2015 quarter 6 332.82 5 713.48 SIM SWAZILAND MONEY MARKET FUND A1

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 100.00 100.00 SIM TOP CHOICE EQUITY FUND A1


282



Selling price

SIM TOP CHOICE EQUITY FUND A2

December 2014 quarter - - March 2015 quarter 2 828.26 2 727.20 June 2015 quarter - - September 2015 quarter - - December 2015 quarter - - SIM TOP CHOICE EQUITY FUND B1

December 2014 quarter 2 883.81 2 636.81 March 2015 quarter 2 996.66 2 728.97 June 2015 quarter 3 181.59 2 978.13 September 2015 quarter 3 034.11 2 748.74 December 2015 quarter 3 135.35 2 774.75 SIM TOP CHOICE EQUITY FUND B2




December 2014 quarter - - March 2015 quarter 2 828.88 2 727.65 June 2015 quarter - - September 2015 quarter - - December 2015 quarter - - SIM TOP CHOICE EQUITY FUND B9

December 2014 quarter 2 865.01 2 621.54 March 2015 quarter 2 990.36 2 727.72 June 2015 quarter 3 171.44 2 970.76 September 2015 quarter 3 032.65 2 744.74 December 2015 quarter 3 124.28 2 761.39 SIM TOP CHOICE EQUITY FUND C

December 2014 quarter 2 834.65 2 595.82 March 2015 quarter 2 969.15 2 714.09 June 2015 quarter 3 143.83 2 942.24 September 2015 quarter 3 018.58 2 727.96 December 2015 quarter 3 095.92 2 732.61 SIM VALUE FUND

December 2014 quarter 3 537.42 3 296.45 March 2015 quarter 3 679.82 3 371.68 June 2015 quarter 3 861.82 3 639.71 September 2015 quarter 3 672.19 3 378.10 December 2015 quarter 3 625.18 3 080.63 SIM VALUE FUND A1


283



Selling price

SIM VALUE FUND B1

December 2014 quarter 3 530.32 3 282.20 March 2015 quarter 3 669.18 3 364.28 June 2015 quarter 3 844.23 3 625.86 September 2015 quarter 3 664.49 3 368.40 December 2015 quarter 3 609.13 3 064.05 SIM VALUE FUND B10

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 3 675.40 3 386.30 December 2015 quarter 3 645.79 3 103.50 SIM VALUE FUND B2






December 2014 quarter - - March 2015 quarter 3 679.40 3 372.97 June 2015 quarter 3 870.92 3 646.06 September 2015 quarter 3 673.48 3 381.77 December 2015 quarter 3 634.81 3 091.21 SIM VALUE FUND B9

December 2014 quarter 3 537.70 3 296.72 March 2015 quarter 3 679.84 3 371.70 June 2015 quarter 3 861.84 3 639.73 September 2015 quarter 3 672.20 3 378.13 December 2015 quarter 3 625.25 3 080.69 SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS A


284



Selling price

SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS A2

December 2014 quarter 1 586.69 1 495.06 March 2015 quarter 1 650.27 1 551.17 June 2015 quarter 1 675.54 1 631.61 September 2015 quarter 1 675.86 1 605.52 December 2015 quarter 1 703.53 1 631.51 SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS B1



December 2014 quarter 1 586.76 1 495.10 March 2015 quarter 1 650.32 1 551.20 June 2015 quarter 1 631.60 1 631.60 September 2015 quarter - - December 2015 quarter - - SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS B4


December 2014 quarter 1 585.59 1 494.88 March 2015 quarter 1 649.45 1 551.00 June 2015 quarter 1 675.22 1 631.60 September 2015 quarter 1 675.38 1 604.79 December 2015 quarter 1 703.06 1 630.54 SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS C

December 2014 quarter 1 539.41 1 452.01 March 2015 quarter 1 604.06 1 508.16 June 2015 quarter 1 630.99 1 587.63 September 2015 quarter 1 630.49 1 560.87 December 2015 quarter 1 657.50 1 585.09 SANLAM MULTI MANAGED ABSOLUTE SOLUTION 5 FUND OF FUNDS C2

December 2014 quarter 1 580.40 1 493.92 March 2015 quarter 1 645.55 1 550.12 June 2015 quarter 1 673.46 1 628.28 September 2015 quarter 1 673.19 1 601.45 December 2015 quarter 1 700.92 1 626.02 SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS A1


285



Selling price

SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS A2

December 2014 quarter 1 727.13 1 617.77 March 2015 quarter 1 806.54 1 678.59 June 2015 quarter 1 860.14 1 780.03 September 2015 quarter 1 809.17 1 706.56 December 2015 quarter 1 845.47 1 701.81 SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS B1

December 2014 quarter 1 717.79 1 607.94 March 2015 quarter 1 796.04 1 666.63 June 2015 quarter 1 850.54 1 771.87 September 2015 quarter 1 797.50 1 695.94 December 2015 quarter 1 835.64 1 693.53 SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS B9

December 2014 quarter 1 724.71 1 616.27 March 2015 quarter 1 805.86 1 678.36 June 2015 quarter 1 858.74 1 777.96 September 2015 quarter 1 808.63 1 705.74 December 2015 quarter 1 843.38 1 699.31 SANLAM MULTI MANAGED AGGRESSIVE FUND OF FUNDS C1

December 2014 quarter 1 706.11 1 600.26 March 2015 quarter 1 792.55 1 668.67 June 2015 quarter 1 841.33 1 758.01 September 2015 quarter 1 796.81 1 693.28 December 2015 quarter 1 824.55 1 679.43 SANLAM MULTI MANAGED BALANCED FUND OF FUNDS A

December 2014 quarter 4 675.13 4 355.41 March 2015 quarter 4 932.34 4 601.63 June 2015 quarter 5 074.58 4 919.14 September 2015 quarter 4 998.89 4 812.78 December 2015 quarter 5 166.41 4 844.86 SANLAM MULTI MANAGED BALANCED FUND OF FUNDS A2

December 2014 quarter 4 688.12 4 363.08 March 2015 quarter 4 937.46 4 602.07 June 2015 quarter 5 083.80 4 926.03 September 2015 quarter 5 001.67 4 816.82 December 2015 quarter 5 176.61 4 857.18 SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B

December 2014 quarter 4 688.10 4 363.07 March 2015 quarter 4 937.41 4 602.06 June 2015 quarter 5 083.71 4 925.97 September 2015 quarter 5 001.67 4 816.80 December 2015 quarter 5 176.53 4 857.09 SANLAM MULTI MANAGED BALANCED FUND OF FUNDS B2




286



Selling price

SANLAM MULTI MANAGED BALANCED FUND OF FUNDS C1

December 2014 quarter 4 657.51 4 344.48 March 2015 quarter 4 922.18 4 596.77 June 2015 quarter 5 058.97 4 906.50 September 2015 quarter 4 991.13 4 803.62 December 2015 quarter 5 149.13 4 825.15 SMMI BOND FUND B1

December 2014 quarter 649.12 646.93 March 2015 quarter 650.66 640.85 June 2015 quarter 651.58 623.02 September 2015 quarter 634.69 617.58 December 2015 quarter 629.53 557.23 SMMI BOND FUND B2

December 2014 quarter 50.88 48.52 March 2015 quarter 52.53 49.43 June 2015 quarter 50.63 48.41 September 2015 quarter 49.32 47.99 December 2015 quarter 48.94 43.30 SMMI BOND FUND B3

December 2014 quarter 650.02 647.83 March 2015 quarter 651.65 641.82 June 2015 quarter 652.49 623.88 September 2015 quarter 635.61 618.44 December 2015 quarter 630.49 558.02 SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS A1

December 2014 quarter 1 273.27 1 225.03 March 2015 quarter 1 315.45 1 265.91 June 2015 quarter 1 317.13 1 292.69 September 2015 quarter 1 330.73 1 301.12 December 2015 quarter 1 347.63 1 310.33 SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS A2

December 2014 quarter 1 273.04 1 224.99 March 2015 quarter 1 314.53 1 265.87 June 2015 quarter 1 316.58 1 292.60 September 2015 quarter 1 328.55 1 298.82 December 2015 quarter 1 346.78 1 308.90 SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS B1

December 2014 quarter 1 257.57 1 208.42 March 2015 quarter 1 299.62 1 249.20 June 2015 quarter 1 300.25 1 275.85 September 2015 quarter 1 315.09 1 286.01 December 2015 quarter 1 330.61 1 294.21 SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS B9

December 2014 quarter 1 271.88 1 224.79 March 2015 quarter 1 314.22 1 265.81 June 2015 quarter 1 316.76 1 292.67 September 2015 quarter 1 328.59 1 298.79 December 2015 quarter 1 346.96 1 309.11 SANLAM MULTI MANAGED CAUTIOUS FUND OF FUNDS C1

December 2014 quarter 1 267.22 1 223.96 March 2015 quarter 1 306.96 1 262.27 June 2015 quarter 1 312.25 1 289.33 September 2015 quarter 1 318.18 1 287.82 December 2015 quarter 1 341.48 1 301.86 SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS A1


287



Selling price

SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS A2

December 2014 quarter 1 163.59 1 133.56 March 2015 quarter 1 184.61 1 152.76 June 2015 quarter 1 180.43 1 165.52 September 2015 quarter 1 208.07 1 169.20 December 2015 quarter 1 193.92 1 177.27 SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS B1

December 2014 quarter 1 155.42 1 124.19 March 2015 quarter 1 176.23 1 143.44 June 2015 quarter 1 172.10 1 156.09 September 2015 quarter 1 183.53 1 159.65 December 2015 quarter 1 185.16 1 168.40 SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS B9

December 2014 quarter 1 162.69 1 133.55 March 2015 quarter 1 183.80 1 152.75 June 2015 quarter 1 179.51 1 165.50 September 2015 quarter 1 191.11 1 169.17 December 2015 quarter 1 192.69 1 176.20 SANLAM MULTI MANAGED CONSERVATIVE FUND OF FUNDS C1

December 2014 quarter 1 158.46 1 133.46 March 2015 quarter 1 180.10 1 152.50 June 2015 quarter 1 175.64 1 165.46 September 2015 quarter 1 186.74 1 169.08 December 2015 quarter 1 189.73 1 172.60 SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS

December 2014 quarter 2 474.08 2 389.88 March 2015 quarter 2 518.15 2 447.28 June 2015 quarter 2 542.24 2 509.12 September 2015 quarter 2 542.63 2 487.00 December 2015 quarter 2 617.75 2 564.52 SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS A2

December 2014 quarter 2 481.07 2 394.02 March 2015 quarter 2 521.21 2 447.48 June 2015 quarter 2 546.77 2 512.69 September 2015 quarter 2 546.20 2 487.01 December 2015 quarter 2 625.32 2 571.28 SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS B2



December 2014 quarter 2 478.10 2 392.29 March 2015 quarter 2 519.85 2 447.35 June 2015 quarter 2 544.80 2 511.08 September 2015 quarter 2 544.48 2 486.99 December 2015 quarter - -SANLAM MULTI MANAGED DEFENSIVE FUND OF FUNDS C1


288



Selling price

SANLAM MULTI MANAGED EQUITY FUND B1

December 2014 quarter 1 900.77 1 730.97 March 2015 quarter 1 969.65 1 779.50 June 2015 quarter 2 053.39 1 913.78 September 2015 quarter 1 943.64 1 760.30 December 2015 quarter 1 948.79 1 649.39 SANLAM MULTI MANAGED EQUITY FUND B10

December 2014 quarter 1 893.42 1 725.55 March 2015 quarter 1 966.95 1 778.74 June 2015 quarter 2 047.21 1 905.96 September 2015 quarter 1 942.82 1 757.90 December 2015 quarter - -SANLAM MULTI MANAGED EQUITY FUND B6

December 2014 quarter 1 892.57 1 724.55 March 2015 quarter 1 965.72 1 777.39 June 2015 quarter 2 046.13 1 905.06 September 2015 quarter 1 941.46 1 756.81 December 2015 quarter - -SANLAM MULTI MANAGED EQUITY FUND B8

December 2014 quarter 1 891.35 1 724.02 March 2015 quarter 1 966.12 1 778.51 June 2015 quarter 2 045.29 1 903.48 September 2015 quarter 1 942.53 1 757.18 December 2015 quarter 1 941.13 1 640.31 SANLAM MULTI MANAGED EQUITY FUND B9

December 2014 quarter 1 894.36 1 726.24 March 2015 quarter 1 951.72 1 778.83 June 2015 quarter 2 023.32 1 884.11 September 2015 quarter 1 943.24 1 758.59 December 2015 quarter - -SANLAM MULTI MANAGED EQUITY FUND OF FUNDS

December 2014 quarter 6 602.24 6 108.61 March 2015 quarter 6 896.72 6 369.83 June 2015 quarter 7 146.50 6 598.08 September 2015 quarter 6 866.48 6 207.05 December 2015 quarter 6 941.82 6 059.57 SANLAM MULTI MANAGED EQUITY FUND OF FUNDS A2

December 2014 quarter 6 622.91 6 125.37 March 2015 quarter 6 909.30 6 377.11 June 2015 quarter 7 164.91 6 619.49 September 2015 quarter 6 873.98 6 217.34 December 2015 quarter 6 961.28 6 079.57 SANLAM MULTI MANAGED EQUITY FUND OF FUNDS B2




289



Selling price

SANLAM MULTI MANAGED EQUITY FUND OF FUNDS C1

December 2014 quarter 6 547.21 6 058.13 March 2015 quarter 6 839.50 6 317.99 June 2015 quarter 7 081.41 6 532.85 September 2015 quarter 6 807.71 6 150.21 December 2015 quarter 6 869.27 5 991.72 SANLAM MULTI MANAGED EQUITY INDEX FUND B1

December 2014 quarter 2 449.78 2 198.95 March 2015 quarter 2 551.38 2 323.61 June 2015 quarter 2 686.97 2 468.98 September 2015 quarter 2 539.82 2 271.23 December 2015 quarter 2 605.93 2 251.34 SANLAM MULTI MANAGED EQUITY INDEX FUND B4

December 2014 quarter 2 446.66 2 196.63 March 2015 quarter 2 549.83 2 323.47 June 2015 quarter 2 684.19 2 465.36 September 2015 quarter 2 539.45 2 270.13 December 2015 quarter - - SANLAM MULTI MANAGED EQUITY INDEX FUND B5

December 2014 quarter 2 444.34 2 194.95 March 2015 quarter 2 548.39 2 323.39 June 2015 quarter 2 682.18 2 463.11 September 2015 quarter 2 539.16 2 269.41 December 2015 quarter 2 601.28 2 245.71 SANLAM MULTI MANAGED FLEXIBLE EQUITY FUND B3



December 2014 quarter 1 818.76 1 664.44 March 2015 quarter 1 953.77 1 783.64 June 2015 quarter 2 021.55 1 924.70 September 2015 quarter 2 028.41 1 883.69 December 2015 quarter 2 051.02 1 877.89 SANLAM MULTI MANAGED INFLATION LINKED BOND FUND B1




290



Selling price

SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B10

December 2014 quarter 7 571.63 6 662.09 March 2015 quarter 8 002.95 7 227.94 June 2015 quarter 8 547.22 7 773.93 September 2015 quarter 8 009.43 7 115.99 December 2015 quarter 8 229.45 7 176.70 SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B2

December 2014 quarter 7 570.56 6 661.37 March 2015 quarter 8 002.79 7 227.78 June 2015 quarter 8 547.05 7 773.78 September 2015 quarter 8 009.43 7 115.98 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B4

December 2014 quarter 7 543.77 6 642.02 March 2015 quarter 7 984.20 7 224.80 June 2015 quarter 8 521.38 7 740.18 September 2015 quarter 8 005.92 7 106.13 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL AGGRESSIVE EQUITY FUND ONE B6

December 2014 quarter 7 553.84 6 649.15 March 2015 quarter 7 991.52 7 225.97 June 2015 quarter 8 531.57 7 753.59 September 2015 quarter 8 007.44 7 110.30 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B10

December 2014 quarter 4 902.53 4 545.80 March 2015 quarter 5 008.30 4 543.44 June 2015 quarter 5 270.37 4 891.33 September 2015 quarter 4 900.93 4 426.32 December 2015 quarter 4 747.13 3 769.93 SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B11

December 2014 quarter 4 902.63 4 545.88 March 2015 quarter 5 008.36 4 543.44 June 2015 quarter 5 270.47 4 891.45 September 2015 quarter 4 900.92 4 426.33 December 2015 quarter 4 747.17 3 770.00 SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B2



291



Selling price

SANLAM MULTI MANAGED INSTITUTIONAL GENERAL EQUITY FUND TWO B6


December 2014 quarter 1 743.37 1 383.93 March 2015 quarter 1 841.95 1 374.09 June 2015 quarter 1 917.82 1 761.33 September 2015 quarter 1 750.96 1 581.50 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR B3

December 2014 quarter 1 662.41 1 558.82 March 2015 quarter 1 718.49 1 621.93 June 2015 quarter 1 747.93 1 668.89 September 2015 quarter 1 721.46 1 632.01 December 2015 quarter 1 729.43 1 583.20 SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND FOUR B5



December 2014 quarter 1 661.26 1 558.25 March 2015 quarter 1 807.02 1 621.47 June 2015 quarter 1 747.08 1 668.52 September 2015 quarter 1 740.19 1 649.06 December 2015 quarter 1 728.47 1 582.10 SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B10



292



Selling price

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B3 RING

December 2014 quarter - - March 2015 quarter - - June 2015 quarter 5 462.82 975.56 September 2015 quarter - - December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B5


SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B5 RING

December 2014 quarter - - March 2015 quarter - - June 2015 quarter 2 041.42 2 027.86 September 2015 quarter - - December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B6


December 2014 quarter 74.86 71.72 March 2015 quarter 77.50 73.51 June 2015 quarter 78.54 75.52 September 2015 quarter 76.56 72.38 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND THREE B9

December 2014 quarter 3 422.99 3 275.05 March 2015 quarter 3 548.58 3 361.03 June 2015 quarter 3 597.32 3 464.53 September 2015 quarter 3 510.91 3 332.72 December 2015 quarter 3 569.89 3 404.49 SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B10



293



Selling price

SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B4


December 2014 quarter 1 493.71 1 477.88 March 2015 quarter 1 499.29 1 484.32 June 2015 quarter 1 501.58 1 490.88 September 2015 quarter 1 501.20 1 490.09 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL POSITIVE RETURN FUND TWO B8

December 2014 quarter 1 492.60 1 477.72 March 2015 quarter 1 499.09 1 476.94 June 2015 quarter 1 500.51 1 489.41 September 2015 quarter 1 533.33 1 490.43 December 2015 quarter 1 566.67 1 500.00 SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B1

December 2014 quarter 1 298.47 1 199.87 March 2015 quarter 1 380.50 1 262.95 June 2015 quarter 1 417.42 1 363.67 September 2015 quarter 1 398.97 1 347.16 December 2015 quarter 1 457.78 1 397.26 SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B2

December 2014 quarter 1 291.52 1 195.66 March 2015 quarter 1 376.30 1 261.48 June 2015 quarter 1 412.22 1 356.45 September 2015 quarter 1 394.90 1 346.13 December 2015 quarter - - SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL BALANCED FUND ONE B3


SANLAM MULTI MANAGED INSTITUTIONAL PRUDENTIAL INCOME PROVIDER FUND TWO B1




294



Selling price


December 2014 quarter 1 034.33 1 015.67 March 2015 quarter 1 038.63 1 020.25 June 2015 quarter 1 035.89 1 022.53 September 2015 quarter 1 041.45 1 020.40 December 2015 quarter - - SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A


SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A RING

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 1 819.88 1 784.73 December 2015 quarter - - SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS A2

December 2014 quarter 1 801.56 1 685.34 March 2015 quarter 1 881.79 1 754.48 June 2015 quarter 1 922.04 1 859.54 September 2015 quarter 1 926.57 1 830.15 December 2015 quarter 1 965.78 1 859.52 SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B1



December 2014 quarter 1 801.72 1 685.35 March 2015 quarter 1 881.65 1 754.48 June 2015 quarter 1 859.55 1 859.55 September 2015 quarter - - December 2015 quarter - - SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B4


295



Selling price

SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS B9

December 2014 quarter 1 800.32 1 685.13 March 2015 quarter 1 880.87 1 754.29 June 2015 quarter 1 921.60 1 859.46 September 2015 quarter 1 926.02 1 829.36 December 2015 quarter 1 965.26 1 858.42 SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS C

December 2014 quarter 1 724.32 1 612.46 March 2015 quarter 1 805.89 1 681.70 June 2015 quarter 1 846.34 1 787.52 September 2015 quarter 1 849.68 1 755.91 December 2015 quarter 1 881.48 1 781.48 SANLAM MULTI MANAGED LONG TERM GROWTH SOLUTION 7 FUND OF FUNDS C2

December 2014 quarter 1 786.68 1 676.11 March 2015 quarter 1 868.64 1 745.37 June 2015 quarter 1 911.02 1 850.02 September 2015 quarter 1 915.31 1 817.94 December 2015 quarter 1 954.46 1 845.49 SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A1

December 2014 quarter 1 613.59 1 531.98 March 2015 quarter 1 680.46 1 574.91 June 2015 quarter 1 733.91 1 675.81 September 2015 quarter 1 696.88 1 634.65 December 2015 quarter 1 754.39 1 660.13 SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS A2

December 2014 quarter 1 612.83 1 531.54 March 2015 quarter 1 680.08 1 574.83 June 2015 quarter 1 733.33 1 674.95 September 2015 quarter 1 696.69 1 634.37 December 2015 quarter 1 753.72 1 659.30 SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B1

December 2014 quarter 1 592.47 1 509.72 March 2015 quarter 1 657.90 1 551.18 June 2015 quarter 1 711.11 1 654.68 September 2015 quarter 1 672.98 1 611.90 December 2015 quarter 1 731.13 1 638.73 SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS B9

December 2014 quarter 1 610.22 1 530.02 March 2015 quarter 1 678.92 1 574.61 June 2015 quarter 1 731.56 1 672.38 September 2015 quarter 1 696.14 1 633.56 December 2015 quarter 1 751.68 1 656.75 SANLAM MULTI MANAGED MODERATE AGGRESSIVE FUND OF FUNDS C1

December 2014 quarter 1 564.14 1 488.45 March 2015 quarter 1 639.05 1 538.80 June 2015 quarter 1 688.09 1 626.73 September 2015 quarter 1 658.22 1 595.80 December 2015 quarter 1 706.16 1 611.07 SANLAM MULTI MANAGED MODERATE FUND OF FUNDS A1


296



Selling price

SANLAM MULTI MANAGED MODERATE FUND OF FUNDS A2

December 2014 quarter 1 465.68 1 397.85 March 2015 quarter 1 513.96 1 438.44 June 2015 quarter 1 549.66 1 510.15 September 2015 quarter 1 531.43 1 487.99 December 2015 quarter 1 577.62 1 510.98 SANLAM MULTI MANAGED MODERATE FUND OF FUNDS B1

December 2014 quarter 1 450.66 1 381.63 March 2015 quarter 1 497.86 1 421.17 June 2015 quarter 1 533.84 1 494.29 September 2015 quarter 1 514.05 1 471.17 December 2015 quarter 1 561.13 1 495.92 SANLAM MULTI MANAGED MODERATE FUND OF FUNDS B9

December 2014 quarter 1 462.69 1 396.00 March 2015 quarter 1 513.36 1 438.73 June 2015 quarter 1 548.51 1 509.36 September 2015 quarter 1 530.87 1 486.94 December 2015 quarter 1 575.47 1 508.36 SANLAM MULTI MANAGED MODERATE FUND OF FUNDS C1

December 2014 quarter 1 454.86 1 391.31 March 2015 quarter 1 509.41 1 437.57 June 2015 quarter 1 542.81 1 501.98 September 2015 quarter 1 529.03 1 484.68 December 2015 quarter 1 569.80 1 501.13 SANLAM MULTI MANAGED PROPERTY FUND B2

December 2014 quarter 1 477.69 1 304.85 March 2015 quarter 1 620.03 1 425.07 June 2015 quarter 1 640.42 1 465.35 September 2015 quarter 1 584.74 1 458.43 December 2015 quarter 1 614.13 1 328.09 SANLAM MULTI MANAGED PROPERTY FUND B2 RING

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter - - December 2015 quarter 1 564.22 1 559.78 SANLAM MULTI MANAGED PROPERTY FUND B4



December 2014 quarter 1 475.08 1 303.38 March 2015 quarter 1 618.56 1 424.97 June 2015 quarter 1 638.70 1 462.92 September 2015 quarter 1 584.26 1 458.79 December 2015 quarter 1 612.30 1 325.96 SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A

December 2014 quarter 1 357.37 1 291.27 March 2015 quarter 1 402.66 1 335.08 June 2015 quarter 1 421.39 1 388.56 September 2015 quarter 1 426.16 1 380.08 December 2015 quarter 1 444.14 1 401.48 SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A RING

December 2014 quarter - - March 2015 quarter - - June 2015 quarter - - September 2015 quarter 1 408.36 1 386.27 December 2015 quarter

297



Selling price

SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS A2

December 2014 quarter 1 380.45 1 313.90 March 2015 quarter 1 425.59 1 357.71 June 2015 quarter 1 444.56 1 411.11 September 2015 quarter 1 449.61 1 402.91 December 2015 quarter 1 467.87 1 424.79 SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B1


December 2014 quarter 1 380.43 1 313.88 March 2015 quarter 1 425.62 1 357.72 June 2015 quarter 1 411.12 1 411.12 September 2015 quarter - - December 2015 quarter - - SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS B4


December 2014 quarter 1 379.48 1 313.74 March 2015 quarter 1 424.86 1 357.54 June 2015 quarter 1 444.31 1 411.11 September 2015 quarter 1 449.22 1 402.29 December 2015 quarter 1 467.48 1 423.94 SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS C

December 2014 quarter 1 340.01 1 276.91 March 2015 quarter 1 386.22 1 320.78 June 2015 quarter 1 406.39 1 374.80 September 2015 quarter 1 410.51 1 364.04 December 2015 quarter 1 428.35 1 384.37 SANLAM MULTI MANAGED PROTECTION SOLUTION 3 FUND OF FUNDS C2

December 2014 quarter 1 371.73 1 309.89 March 2015 quarter 1 418.38 1 353.82 June 2015 quarter 1 439.94 1 408.05 September 2015 quarter 1 444.14 1 396.23 December 2015 quarter 1 462.44 1 416.77 SANLAM MULTI MANAGED YIELD PLUS FUND TWO B2

298



Selling price

December 2014 quarter 1 233.82 1 225.28 March 2015 quarter 1 235.41 1 227.35 June 2015 quarter 1 235.29 1 227.64 September 2015 quarter 1 236.09 1 227.87 December 2015 quarter 1 236.22 1 225.80 SANLAM MULTI MANAGED YIELD PLUS FUND TWO B6

December 2014 quarter 1 233.72 1 225.26 March 2015 quarter 1 235.04 1 227.32 June 2015 quarter 1 234.83 1 227.40 September 2015 quarter 1 235.56 1 227.82 December 2015 quarter - - SANLAM MULTI MANAGED YIELD PLUS FUND TWO B8

December 2014 quarter 1 233.07 1 225.26 March 2015 quarter 1 234.70 1 227.31 June 2015 quarter 1 234.59 1 227.61 September 2015 quarter 1 235.42 1 228.09 December 2015 quarter 1 235.53 1 225.55 SPI EQUITY FUND A1

December 2014 quarter 1 651.65 1 527.19 March 2015 quarter 1 745.82 1 549.83 June 2015 quarter 1 845.20 1 736.44 September 2015 quarter 1 795.51 1 613.68 December 2015 quarter 1 887.78 1 698.40 SPI EQUITY FUND B1

December 2014 quarter 1 659.76 1 534.30 March 2015 quarter 1 752.30 1 554.54 June 2015 quarter 1 852.90 1 743.13 September 2015 quarter 1 800.99 1 619.08 December 2015 quarter 1 896.23 1 706.99 SPI EQUITY FUND B2

December 2014 quarter 1 663.71 1 537.76 March 2015 quarter 1 755.44 1 556.80 June 2015 quarter 1 856.65 1 746.38 September 2015 quarter 1 803.64 1 621.71 December 2015 quarter 1 900.37 1 711.22 TRESCOR SCI BALANCED FUND B1

December 2014 quarter - - March 2015 quarter 1 048.38 996.63 June 2015 quarter 1 081.95 1 050.09 September 2015 quarter 1 081.54 1 032.29 December 2015 quarter 1 117.36 1 071.27 TRESCOR SCI BALANCED FUND B2

December 2014 quarter - - March 2015 quarter 1 049.52 996.76 June 2015 quarter 1 083.49 1 051.26 September 2015 quarter 1 081.93 1 032.94 December 2015 quarter 1 119.03 1 073.39 TRESCOR SCI FLEXIBLE FUND B1

December 2014 quarter - - March 2015 quarter 1 065.19 990.10 June 2015 quarter 1 096.60 1 060.57 September 2015 quarter 1 108.08 1 039.22 December 2015 quarter 1 217.58 1 114.76 TRESCOR SCI FLEXIBLE FUND B2


299



Selling price

TRESCOR SCI INCOME FUND B1

December 2014 quarter - - March 2015 quarter 1 016.80 997.53 June 2015 quarter 1 028.26 1 015.92 September 2015 quarter 1 036.87 1 017.44 December 2015 quarter 1 042.79 1 027.19 TRESCOR SCI INCOME FUND B2

December 2014 quarter - - March 2015 quarter 1 017.61 997.56 June 2015 quarter 1 029.64 1 016.75 September 2015 quarter 1 037.90 1 017.48 December 2015 quarter 1 043.85 1 028.04 TRESCOR SCI STABLE FUND B1

December 2014 quarter - - March 2015 quarter 1 048.00 996.34 June 2015 quarter 1 069.35 1 042.79 September 2015 quarter 1 072.25 1 041.26 December 2015 quarter 1 111.50 1 079.14 TRESCOR SCI STABLE FUND B2


300

INCOME DISTRIBUTIONS TO UNIT HOLDERS (cents per unit)

Fund name

31 March

2015

30 June

2015

30 September

2015

31 December

2015

BRACKENHAM SCI MANAGED FUND - 2.46 - 1.55 BRACKENHAM SCI MANAGED FUND B1 - - - 0.51 FIRST AVENUE SCI EQUITY FUND B1 - 22.43 - 9.25 FIRST AVENUE SCI EQUITY FUND B2 - 25.85 - 12.76 FIRST AVENUE SCI EQUITY FUND B3 - 34.69 - 21.20 FIRST AVENUE SCI EQUITY FUND B4 - 35.26 - 21.82 GRAVITON SCI BALANCED FUND A1 - 13.86 - 31.10 GRAVITON SCI BALANCED FUND B1 - 18.43 - 33.98 GRAVITON SCI BALANCED FUND B2 - 22.41 - 40.46 GRAVITON SCI CAPITAL GROWTH FUND A1 - 11.34 - 45.20 GRAVITON SCI CAPITAL GROWTH FUND B1 - 13.26 - 47.81 GRAVITON SCI CAPITAL GROWTH FUND B2 - 19.18 - 52.66 GRAVITON SCI FLEXIBLE INCOME FUND A1 14.49 15.12 16.62 16.63 GRAVITON SCI FLEXIBLE INCOME FUND B1 15.48 17.36 17.89 17.37 GRAVITON SCI FLEXIBLE INCOME FUND B2 17.15 17.86 19.44 19.12 GRAVITON SCI LOW EQUITY FUND A1 - 16.17 - 43.72 GRAVITON SCI LOW EQUITY FUND B1 - 19.23 - 49.50 GRAVITON SCI LOW EQUITY FUND B2 - 23.47 - 51.50 LYNX SCI BALANCED FUND OF FUNDS A1 - 34.48 - 39.28 LYNX SCI BALANCED FUND OF FUNDS A2 - 34.49 - 39.55 LYNX SCI BALANCED FUND OF FUNDS B1 - 29.90 - 34.59 LYNX SCI BALANCED FUND OF FUNDS C1 - 14.39 - 19.69 LYNX SCI BALANCED FUND OF FUNDS C2 - 14.85 - 20.02 LYNX SCI CAUTIOUS FUND OF FUNDS A1 - 32.15 - 33.32 LYNX SCI CAUTIOUS FUND OF FUNDS A2 - 32.15 - 33.33 LYNX SCI CAUTIOUS FUND OF FUNDS B1 - 29.15 - 30.21 LYNX SCI CAUTIOUS FUND OF FUNDS C1 - 19.39 - 20.77 LYNX SCI CAUTIOUS FUND OF FUNDS C2 - 18.63 - 20.76 LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS A1 - - - - LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B - - - - LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS B1 - - - - LYNX SCI GLOBAL DIVERSIFIED FUND OF FUNDS C1 - - - - LYNX SCI OPPORTUNITIES FUND OF FUNDS A1 - 14.66 - 18.41 LYNX SCI OPPORTUNITIES FUND OF FUNDS A2 - 16.33 - 18.43 LYNX SCI OPPORTUNITIES FUND OF FUNDS B1 - 10.95 - 14.55 LYNX SCI OPPORTUNITIES FUND OF FUNDS C1 - - - - LYNX SCI OPPORTUNITIES FUND OF FUNDS C2 - - - - MEGAFIN SCI BALANCED FUND OF FUNDS A1 - - - - MEGAFIN SCI BALANCED FUND OF FUNDS B1 - 5.53 - 7.81 MEGAFIN SCI GROWTH FUND OF FUNDS A1 - - - - MEGAFIN SCI GROWTH FUND OF FUNDS B1 - - - 2.83 MEGAFIN SCI STABLE FUND OF FUNDS A1 - - - - MEGAFIN SCI STABLE FUND OF FUNDS B1 - - - 14.03 OBSIDIAN SCI BALANCED FUND B1 - 17.59 - 14.53 OBSIDIAN SCI BALANCED FUND B2 - 19.67 - 16.81 OBSIDIAN SCI BALANCED FUND B3 - 23.29 - 20.38 OBSIDIAN SCI BALANCED FUND B4 - 21.11 - 18.16 OBSIDIAN SCI BALANCED FUND B5 - 24.64 - 21.77 OBSIDIAN SCI EQUITY FUND B1 - - - - OBSIDIAN SCI EQUITY FUND B2 - - - - OBSIDIAN SCI EQUITY FUND B3 - - - - OBSIDIAN SCI EQUITY FUND B4 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND A1 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B1 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B2 - - - - SANLAM AFRICAN FRONTIER MARKETS FEEDER FUND B3 - - - - SANLAM ASIA PACIFIC FUND OF FUNDS - - - - SANLAM ASIA PACIFIC FUND OF FUNDS B1 - - - - SANLAM DIVERSIFIED INCOME FUND OF FUNDS A2 0.93 0.92 0.95 1.01 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A3 0.93 0.92 0.95 1.01 SANLAM DIVERSIFIED INCOME FUND OF FUNDS A4 1.15 1.14 1.18 1.25 SANLAM DIVERSIFIED INCOME FUND OF FUNDS B 1.01 0.98 1.03 1.09 SANLAM DIVERSIFIED INCOME FUND OF FUNDS B2 0.98 2.23 - - SANLAM DIVERSIFIED INCOME FUND OF FUNDS B3 1.72 1.04 0.65 1.16 SANLAM GLOBAL BALANCED FUND OF FUNDS - 10.39 - 4.44 SANLAM GLOBAL BALANCED FUND OF FUNDS B1 - - - -

301


Fund name

31 March

2015

30 June

2015

30 September

2015

31 December

2015

SANLAM GLOBAL BALANCED FUND OF FUNDS B2 - 10.70 - 4.57 SANLAM GLOBAL BALANCED FUND OF FUNDS B5 - 19.61 - 7.04 SANLAM GLOBAL CAUTIOUS FOF - - - - SANLAM GLOBAL EQUITY FUND A - 1.27 - 1.95 SANLAM GLOBAL EQUITY FUND B1 - - - - SANLAM GLOBAL EQUITY FUND B3 - 2.41 - 3.20 SANLAM GLOBAL EQUITY FUND R - 3.24 - 4.09 SANLAM GLOBAL INDEX FUND OF FUNDS B1 - - - - SANLAM GROWTH INSTITUTIONAL FUND B1 65.83 37.33 67.11 16.92 SANLAM GROWTH INSTITUTIONAL FUND B2 65.82 37.34 67.09 16.92 SANLAM GROWTH INSTITUTIONAL FUND B4 255.58 315.17 434.45 - SANLAM GROWTH INSTITUTIONAL FUND B5 49.66 20.53 50.03 2.05 SANLAM GROWTH INSTITUTIONAL FUND B6 60.12 84.59 139.54 - SANLAM GROWTH INSTITUTIONAL FUND B8 50.62 21.21 51.54 3.53 SANLAM INDIA OPPORTUNITIES FEEDER FUND - - - - SANLAM INST SPECIAL OPPORTUNITIES FUND - 104.46 - 94.52 SANLAM MARKET ALLOCATOR FUND A1 7.91 6.94 8.02 9.11 SANLAM MARKET ALLOCATOR FUND B1 11.20 10.36 11.43 12.96 SANLAM MARKET ALLOCATOR FUND B2 9.22 8.30 9.42 10.49 SANLAM MARKET ALLOCATOR FUND B3 9.22 8.58 9.71 11.33 SANLAM OPTIMISED INCOME FUND B1 0.27 - - - SANLAM OPTIMISED INCOME FUND B2 1.02 14.21 2.64 6.83 SANLAM OPTIMISED INCOME FUND B3 0.26 - - - SANLAM OPTIMISED INCOME FUND B4 0.95 0.58 - - SANLAM OPTIMISED INCOME FUND B5 0.31 - - - SANLAM PAN-EUROPE FUND - 0.26 - - SANLAM SELECT ABSOLUTE FUND A1 - 0.95 - 5.94 SANLAM SELECT ABSOLUTE FUND B1 - 11.32 - 12.33 SANLAM SELECT ABSOLUTE FUND B2 - 15.83 - 14.54 SANLAM SELECT ABSOLUTE FUND B3 - 0.31 - 5.70 SANLAM SELECT ABSOLUTE FUND B4 - 9.52 - 8.19 SANLAM SELECT BOND PLUS FUND B1 21.16 20.87 20.42 22.29 SANLAM SELECT BOND PLUS FUND B2 21.13 20.76 20.53 22.17 SANLAM SELECT BOND PLUS FUND B3 19.34 19.07 18.55 20.57 SANLAM SELECT BOND PLUS FUND B6 18.80 19.32 24.91 20.87 SANLAM SELECT BOND PLUS FUND B8 18.16 18.89 17.78 14.44 SANLAM SELECT DEFENSIVE BALANCED FUND A1 - 30.77 - 26.94 SANLAM SELECT DEFENSIVE BALANCED FUND B1 - 34.31 - 30.51 SANLAM SELECT DEFENSIVE BALANCED FUND B2 - 34.23 - 32.36 SANLAM SELECT DEFENSIVE BALANCED FUND B3 - 17.34 - 27.28 SANLAM SELECT DEFENSIVE BALANCED FUND B4 - 28.58 - 26.52 SANLAM SELECT FLEXIBLE EQUITY FUND B1 9.04 8.71 10.20 9.14 SANLAM SELECT FLEXIBLE EQUITY FUND B2 2.61 5.26 8.04 - SANLAM SELECT FLEXIBLE EQUITY FUND B4 2.72 5.40 6.24 - SANLAM SELECT FLEXIBLE EQUITY FUND B6 17.93 3.46 2.56 - SANLAM SELECT FLEXIBLE EQUITY FUND B8 2.91 4.80 6.24 5.16 SANLAM SELECT MANAGED FUND A1 - 18.44 - 17.94 SANLAM SELECT MANAGED FUND B1 - 23.34 - 22.97 SANLAM SELECT MANAGED FUND B2 - 23.33 - 22.68 SANLAM SELECT MANAGED FUND B3 - 18.40 - 13.22 SANLAM SELECT MANAGED FUND B4 - 17.82 - 17.41 SANLAM SELECT OPTIMISED EQUITY FUND B10 - 120.36 - 46.46 SANLAM SELECT OPTIMISED EQUITY FUND B2 - 121.26 - 87.71 SANLAM SELECT OPTIMISED EQUITY FUND B4 - 86.43 - 49.41 SANLAM SELECT OPTIMISED EQUITY FUND B7 - 87.70 - 9.46 SANLAM SELECT OPTIMISED EQUITY FUND B9 - 94.58 - 59.85 SANLAM SELECT STRATEGIC INCOME FUND A1 14.39 16.91 18.28 15.28 SANLAM SELECT STRATEGIC INCOME FUND B1 16.14 18.70 20.02 17.03 SANLAM SELECT STRATEGIC INCOME FUND B2 16.19 18.79 20.21 17.09 SANLAM SELECT STRATEGIC INCOME FUND B3 14.53 17.04 18.48 15.39 SANLAM SELECT STRATEGIC INCOME FUND B4 14.23 16.71 17.95 15.01 SANLAM SELECT STRATEGIC INCOME FUND B5 - - 17.93 14.98 SANLAM SELECT STRATEGIC INCOME FUND B6 - - 5.49 14.82 SANLAM SELECT THEMATIC EQUITY FUND B1 19.28 20.04 24.40 15.15 SANLAM SELECT THEMATIC EQUITY FUND B10 14.89 14.48 19.48 14.16 SANLAM SELECT THEMATIC EQUITY FUND B2 19.63 18.49 22.63 13.49

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SANLAM SELECT THEMATIC EQUITY FUND B3 13.60 35.27 31.75 22.42 SANLAM SELECT THEMATIC EQUITY FUND B4 28.63 27.82 31.84 22.23 SANLAM STABLE GROWTH FUND A1 - 13.62 - 13.12 SANLAM STABLE GROWTH FUND B1 - 15.36 - 14.99 SANLAM STABLE GROWTH FUND B2 - 15.30 - 14.84 SANLAM STABLE GROWTH FUND B3 - 19.36 - 18.91 SANLAM STABLE GROWTH FUND B4 - 16.69 - 16.27 SANLAM STABLE GROWTH FUND B5 - 18.55 - 17.87 SANLAM VALUE INSTITUTIONAL FUND B1 40.27 51.65 56.83 40.07 SANLAM VALUE INSTITUTIONAL FUND B2 40.62 51.23 56.30 - SANLAM VALUE INSTITUTIONAL FUND B3 28.92 39.35 44.58 - SANLAM VALUE INSTITUTIONAL FUND B5 27.84 36.04 40.58 - SESFIKILE SCI PROPERTY FUND A1 - 47.02 24.31 - SESFIKILE SCI PROPERTY FUND B1 - 49.21 25.32 - SESFIKILE SCI PROPERTY FUND B2 - 51.90 26.41 - SIM ABSOLUTE RETURN INCOME FUND - 2.83 - 3.64 SIM ABSOLUTE RETURN INCOME FUND A1 - 2.77 - 3.59 SIM ABSOLUTE RETURN INCOME FUND B1 - 3.52 - 4.37 SIM ABSOLUTE RETURN INCOME FUND B2 - 2.08 - 2.90 SIM ABSOLUTE RETURN INCOME FUND B3 - 2.97 - 3.80 SIM ABSOLUTE RETURN INCOME FUND B4 - 3.11 - 3.94 SIM ABSOLUTE RETURN INCOME FUND B5 - 3.26 - 4.08 SIM ACTIVE INCOME FUND A1 17.18 17.62 18.68 18.98 SIM ACTIVE INCOME FUND B1 19.77 20.26 21.31 21.65 SIM ACTIVE INCOME FUND B10 18.53 19.00 20.05 20.40 SIM ACTIVE INCOME FUND B2 18.50 18.93 19.96 20.32 SIM ACTIVE INCOME FUND B3 17.36 17.79 18.79 19.18 SIM ACTIVE INCOME FUND B4 17.93 17.81 18.74 19.10 SIM ACTIVE INCOME FUND B5 18.34 18.77 19.80 20.13 SIM ACTIVE INCOME FUND B6 18.17 18.60 19.64 19.99 SIM ACTIVE INCOME FUND B7 15.77 16.15 17.18 17.50 SIM ACTIVE INCOME FUND B8 - 16.14 17.15 17.50 SIM ACTIVE INCOME FUND B9 16.56 16.97 17.98 18.32 SIM ACTIVE INCOME FUND C 13.02 13.36 14.31 14.68 SIM BALANCED FUND A 22.24 93.71 - 130.14 SIM BALANCED FUND A1 - 89.94 - 123.80 SIM BALANCED FUND B 24.28 103.18 - 145.01 SIM BALANCED FUND B1 9.50 65.62 - 87.40 SIM BALANCED FUND B10 39.66 125.34 - 176.59 SIM BALANCED FUND B11 - 103.79 - 145.16 SIM BALANCED FUND B3 28.99 107.38 - 151.47 SIM BALANCED FUND B4 33.08 114.52 - 162.09 SIM BALANCED FUND B6 36.75 119.11 - 168.57 SIM BALANCED FUND B7 31.08 108.05 - 151.56 SIM BALANCED FUND B8 - 107.87 - 152.03 SIM BALANCED FUND B9 22.70 93.72 - 130.17 SIM BALANCED FUND R 25.28 96.82 - 134.28 SIM BOND PLUS FUND - 29.79 - 31.28 SIM BOND PLUS FUND B2 - 32.47 - 33.91 SIM BOND PLUS FUND B3 - 33.45 - 34.89 SIM ENHANCED YIELD FUND A1 1.77 1.81 1.86 1.84 SIM ENHANCED YIELD FUND B1 1.76 1.81 1.87 1.85 SIM ENHANCED YIELD FUND B2 1.80 1.84 1.90 1.87 SIM ENHANCED YIELD FUND B3 1.88 1.93 1.98 1.97 SIM FINANCIAL FUND - 67.00 - 91.06 SIM FINANCIAL FUND B1 - 45.65 - 69.23 SIM FINANCIAL FUND B2 - 100.17 - 123.88 SIM GENERAL EQUITY FUND A - 208.41 - 87.08 SIM GENERAL EQUITY FUND A1 - 231.49 - 180.98 SIM GENERAL EQUITY FUND A2 5.20 295.75 - 277.20 SIM GENERAL EQUITY FUND B1 - 116.63 - 39.87 SIM GENERAL EQUITY FUND B10 - 114.79 - 63.44 SIM GENERAL EQUITY FUND B11 5.40 300.90 - 283.59 SIM GENERAL EQUITY FUND B12 - - - 331.15 SIM GENERAL EQUITY FUND B4 - 234.84 - 191.43 SIM GENERAL EQUITY FUND B5 5.20 291.85 - 259.04

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SIM GENERAL EQUITY FUND B6 - 269.22 - 231.61 SIM GENERAL EQUITY FUND B7 - 283.20 - 259.45 SIM GENERAL EQUITY FUND B8 - 272.19 - 241.18 SIM GENERAL EQUITY FUND B9 - 213.52 - 173.01 SIM GENERAL EQUITY FUND R - 233.00 - 210.53 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 C - - - - SIM GLOBAL EQUITY INCOME FEEDER FUND A1 - 18.91 - 26.80 SIM GLOBAL EQUITY INCOME FEEDER FUND B1 - 20.02 - 28.10 SIM GLOBAL FINANCIAL FEEDER FUND A1 - - - - SIM GLOBAL FINANCIAL FEEDER FUND B1 - - - - SIM GLOBAL FINANCIAL FEEDER FUND B2 - 0.58 - 1.50 SIM INDEX FUND - 126.33 - - SIM INDEX FUND A1 - 152.18 - - SIM INDEX FUND B1 - 75.19 - - SIM INDEX FUND B2 - 154.42 - - SIM INDUSTRIAL FUND A - 4.05 - - SIM INDUSTRIAL FUND B1 - - - - SIM INDUSTRIAL FUND B2 - 95.73 - 92.85 SIM INDUSTRIAL FUND R - 54.90 - 49.29 SIM INFLATION PLUS FUND - 8.35 - 9.77 SIM INFLATION PLUS FUND B1 - 5.50 - 6.78 SIM INFLATION PLUS FUND B2 - 10.94 - 12.49 SIM INFLATION PLUS FUND B4 - 9.40 - 10.85 SIM INFLATION PLUS FUND B6 - 9.23 - 10.82 SIM INFLATION PLUS FUND B7 - 8.86 - 10.30 SIM INFLATION PLUS FUND B8 - 10.44 - 11.94 SIM INFLATION PLUS FUND B9 - 8.36 - 9.74 SIM LOW EQUITY FUND A1 - 2.67 - 2.96 SIM LOW EQUITY FUND B1 - 2.70 - 2.96 SIM LOW EQUITY FUND B2 - 3.79 - 4.12 SIM LOW EQUITY FUND B3 - 2.99 - 3.33 SIM LOW EQUITY FUND B4 - 3.09 - 3.41 SIM LOW EQUITY FUND C - 1.75 - 1.97 SIM MANAGED AGGRESSIVE FUND OF FUNDS A1 - 37.32 - 19.70 SIM MANAGED AGGRESSIVE FUND OF FUNDS A2 - - - 17.65 SIM MANAGED AGGRESSIVE FUND OF FUNDS B1 - 41.35 - 23.98 SIM MANAGED AGGRESSIVE FUND OF FUNDS B2 - 21.93 - 0.62 SIM MANAGED AGGRESSIVE FUND OF FUNDS B3 - - - 21.27 SIM MANAGED AGGRESSIVE FUND OF FUNDS B4 - 18.53 - 0.66 SIM MANAGED AGGRESSIVE FUND OF FUNDS B5 - 39.61 - 21.93 SIM MANAGED AGGRESSIVE FUND OF FUNDS B6 - - - 19.75 SIM MANAGED AGGRESSIVE FUND OF FUNDS B9 - 33.70 - 16.19 SIM MANAGED CAUTIOUS FUND OF FUNDS A1 24.28 8.34 23.45 7.60 SIM MANAGED CAUTIOUS FUND OF FUNDS A2 - - 24.73 8.23 SIM MANAGED CAUTIOUS FUND OF FUNDS B1 25.51 9.49 24.41 8.73 SIM MANAGED CAUTIOUS FUND OF FUNDS B2 18.84 2.64 17.73 1.90 SIM MANAGED CAUTIOUS FUND OF FUNDS B3 - - 26.16 9.49 SIM MANAGED CAUTIOUS FUND OF FUNDS B4 20.23 4.06 19.37 2.54 SIM MANAGED CAUTIOUS FUND OF FUNDS B5 26.03 9.85 25.14 8.82 SIM MANAGED CAUTIOUS FUND OF FUNDS B6 - - 25.83 9.17 SIM MANAGED CAUTIOUS FUND OF FUNDS B9 24.08 8.09 23.06 6.63 SIM MANAGED CONSERVATIVE FOF A1 23.30 7.89 23.27 10.10 SIM MANAGED CONSERVATIVE FOF A2 - - 24.23 10.57 SIM MANAGED CONSERVATIVE FOF B1 24.36 8.91 24.12 10.99 SIM MANAGED CONSERVATIVE FOF B2 18.58 3.13 18.44 5.16 SIM MANAGED CONSERVATIVE FOF B3 - - 25.52 11.69 SIM MANAGED CONSERVATIVE FOF B4 19.42 3.92 19.62 5.61 SIM MANAGED CONSERVATIVE FOF B5 25.00 9.42 24.84 10.85 SIM MANAGED CONSERVATIVE FOF B6 - - 25.26 10.96 SIM MANAGED CONSERVATIVE FOF B9 22.71 7.40 22.87 9.22 SIM MANAGED MODERATE AGGRESSIVE FOF A1 - 36.70 - 26.21 SIM MANAGED MODERATE AGGRESSIVE FOF A2 - - - 24.13

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SIM MANAGED MODERATE AGGRESSIVE FOF B1 - 40.16 - 29.84 SIM MANAGED MODERATE AGGRESSIVE FOF B2 - 24.56 - 9.99 SIM MANAGED MODERATE AGGRESSIVE FOF B3 - - - 27.31 SIM MANAGED MODERATE AGGRESSIVE FOF B4 - - - 26.06 SIM MANAGED MODERATE AGGRESSIVE FOF B5 - 38.45 - 28.26 SIM MANAGED MODERATE AGGRESSIVE FOF B9 - 33.74 - 23.33 SIM MANAGED MODERATE FUND OF FUNDS A1 - 41.19 - 31.79 SIM MANAGED MODERATE FUND OF FUNDS A2 - - - 29.48 SIM MANAGED MODERATE FUND OF FUNDS B1 - 44.69 - 35.44 SIM MANAGED MODERATE FUND OF FUNDS B2 - 28.83 - 15.71 SIM MANAGED MODERATE FUND OF FUNDS B3 - 47.61 - 38.46 SIM MANAGED MODERATE FUND OF FUNDS B4 - 25.59 - 15.78 SIM MANAGED MODERATE FUND OF FUNDS B5 - 42.96 - 33.71 SIM MANAGED MODERATE FUND OF FUNDS B6 - - - 32.70 SIM MANAGED MODERATE FUND OF FUNDS B7 - - - 31.80 SIM MANAGED MODERATE FUND OF FUNDS B9 - 38.29 - 28.85 SIM PROPERTY FUND A 46.01 47.35 48.08 30.80 SIM PROPERTY FUND B1 56.29 57.87 58.74 41.31 SIM PROPERTY FUND B2 63.19 64.90 65.84 48.33 SIM PROPERTY FUND B3 63.18 64.89 65.83 48.34 SIM PROPERTY FUND B9 46.00 47.35 48.08 30.80 SIM RESOURCES FUND - 9.07 - 4.45 SIM SMALL CAP FUND A - 40.93 - 17.32 SIM SMALL CAP FUND B1 - 20.89 - - SIM SMALL CAP FUND B2 - 61.13 - 38.08 SIM SMALL CAP FUND B3 - 71.25 - 48.50 SIM SMALL CAP FUND B9 - 40.92 - 17.32 SIM SMALL CAP FUND R - 57.76 - 34.62 SIM TOP CHOICE EQUITY FUND A1 - 39.72 - 32.66 SIM TOP CHOICE EQUITY FUND B1 - 55.01 - 49.36 SIM TOP CHOICE EQUITY FUND B2 - 46.51 - 38.19 SIM TOP CHOICE EQUITY FUND B4 - 42.29 - 34.99 SIM TOP CHOICE EQUITY FUND B5 - 48.21 - 40.21 SIM TOP CHOICE EQUITY FUND B9 - 39.83 - 32.70 SIM TOP CHOICE EQUITY FUND C - 16.99 - 11.21 SIM VALUE FUND - 41.98 - 39.29 SIM VALUE FUND A1 - 44.09 - 37.35 SIM VALUE FUND B1 - 26.48 - 24.91 SIM VALUE FUND B10 - - - 67.52 SIM VALUE FUND B2 0.90 56.79 - 55.44 SIM VALUE FUND B3 - 51.29 - 48.09 SIM VALUE FUND B5 4.74 64.40 - 66.56 SIM VALUE FUND B6 0.88 56.52 - 53.71 SIM VALUE FUND B7 1.57 58.00 - 55.69 SIM VALUE FUND B8 - 54.77 - 52.55 SIM VALUE FUND B9 - 42.00 - 39.37 SMM ABSOLUTE SOLUTION 5 FOF A 5.65 9.75 10.89 7.21 SMM ABSOLUTE SOLUTION 5 FOF A2 6.28 10.52 11.81 8.08 SMM ABSOLUTE SOLUTION 5 FOF B1 6.73 10.96 12.27 8.56 SMM ABSOLUTE SOLUTION 5 FOF B2 6.75 11.01 12.30 8.55 SMM ABSOLUTE SOLUTION 5 FOF B3 6.40 - - - SMM ABSOLUTE SOLUTION 5 FOF B4 5.61 9.82 11.11 7.38 SMM ABSOLUTE SOLUTION 5 FOF B9 5.14 9.34 10.60 6.85 SMM ABSOLUTE SOLUTION 5 FOF C 0.80 5.14 6.18 2.47 SMM ABSOLUTE SOLUTION 5 FOF C2 - 3.54 5.00 1.17 SMM AGGRESSIVE FOF A1 - 16.42 - 24.65 SMM AGGRESSIVE FOF A2 - 15.01 - 23.63 SMM AGGRESSIVE FOF B1 - 19.52 - 27.58 SMM AGGRESSIVE FOF B9 - 12.54 - 20.61 SMM AGGRESSIVE FOF C1 - - - 6.77 SMM BALANCED FOF A - 33.90 - 50.94 SMM BALANCED FOF A2 - 47.87 - 65.54 SMM BALANCED FOF B - 47.73 - 65.41 SMM BALANCED FOF B2 - 53.75 - 72.69 SMM BALANCED FOF B3 - 68.99 - 81.11 SMM BALANCED FOF B9 - 40.87 - -

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SMM BALANCED FOF C1 - 16.65 - 32.54 SMM BOND FUND B1 1.08 12.25 12.43 12.40 SMM BOND FUND B2 1.07 1.02 1.03 1.04 SMM BOND FUND B3 1.38 12.55 12.72 12.71 SMM CAUTIOUS FOF A1 19.60 - 19.58 - SMM CAUTIOUS FOF A2 18.51 - 16.93 - SMM CAUTIOUS FOF B1 20.72 - 21.59 - SMM CAUTIOUS FOF B9 18.17 - 16.65 - SMM CAUTIOUS FOF C1 13.44 - 6.81 - SMM CONSERVATIVE FOF A1 16.65 10.27 21.22 10.23 SMM CONSERVATIVE FOF A2 16.47 10.03 33.51 10.05 SMM CONSERVATIVE FOF B1 17.67 11.28 18.94 11.18 SMM CONSERVATIVE FOF B9 15.51 9.11 16.89 9.01 SMM CONSERVATIVE FOF C1 11.24 4.80 12.41 4.55 SMM DEFENSIVE FUND OF FUNDS - 26.70 - 27.49 SMM DEFENSIVE FUND OF FUNDS A2 - 33.87 - 35.00 SMM DEFENSIVE FUND OF FUNDS B2 - 36.78 - 38.61 SMM DEFENSIVE FUND OF FUNDS B3 - 44.00 - 42.70 SMM DEFENSIVE FUND OF FUNDS B9 - 30.73 - - SMM DEFENSIVE FUND OF FUNDS C1 - 17.58 - 18.16 SMM EQUITY FUND B1 - 32.57 - 28.82 SMM EQUITY FUND B10 - 23.38 - - SMM EQUITY FUND B6 - 23.93 - - SMM EQUITY FUND B8 - 20.48 - 17.05 SMM EQUITY FUND B9 - 0.97 - - SMM EQUITY FUND OF FUNDS - 14.29 - 29.58 SMM EQUITY FUND OF FUNDS A2 - 33.71 - 48.56 SMM EQUITY FUND OF FUNDS B2 - 39.20 - 54.59 SMM EQUITY FUND OF FUNDS B3 - 196.90 - 82.19 SMM EQUITY FUND OF FUNDS B9 - 26.03 - - SMM EQUITY FUND OF FUNDS C1 - - - - SMM EQUITY INDEX FUND B1 - 43.25 - 36.21 SMM EQUITY INDEX FUND B4 - 38.81 - - SMM EQUITY INDEX FUND B5 - 36.11 - 29.14 SMM FLEXIBLE EQUITY FUND B3 15.20 21.59 15.04 16.05 SMM FLEXIBLE EQUITY FUND B4 11.46 17.61 11.07 11.99 SMM FLEXIBLE EQUITY FUND B7 12.72 18.88 12.32 13.26 SMM INFLATION LINKED BOND FUND B1 5.81 5.91 6.69 7.17 SMM INFLATION LINKED BOND FUND B2 5.26 5.34 6.11 6.61 SMM INFLATION LINKED BOND FUND B3 7.02 7.14 7.95 8.43 SMM INST AGGRESSIVE EQUITY FUND ONE B10 - 78.34 - 111.33 SMM INST AGGRESSIVE EQUITY FUND ONE B2 - 78.19 - - SMM INST AGGRESSIVE EQUITY FUND ONE B4 - 40.21 - - SMM INST AGGRESSIVE EQUITY FUND ONE B6 - 55.32 - - SMM INST GENERAL EQUITY FUND TWO B10 - 73.82 - 68.54 SMM INST GENERAL EQUITY FUND TWO B11 - 73.98 - 68.63 SMM INST GENERAL EQUITY FUND TWO B2 - 97.49 - - SMM INST GENERAL EQUITY FUND TWO B3 - 96.95 - 90.06 SMM INST GENERAL EQUITY FUND TWO B6 - 76.13 - - SMM INST GENERAL EQUITY FUND TWO B9 - 58.81 - - SMM INST POSITIVE RETURN FUND FOUR B3 17.47 21.98 22.48 20.55 SMM INST POSITIVE RETURN FUND FOUR B5 13.41 17.41 18.43 16.61 SMM INST POSITIVE RETURN FUND FOUR B7 13.40 20.18 18.02 16.00 SMM INST POSITIVE RETURN FUND FOUR B9 104.08 17.61 36.32 17.21 SMM INST POSITIVE RETURN FUND THREE B10 32.73 23.20 39.02 36.37 SMM INST POSITIVE RETURN FUND THREE B3 39.15 29.50 45.27 42.75 SMM INST POSITIVE RETURN FUND THREE B3 RING - 12.33 - - SMM INST POSITIVE RETURN FUND THREE B5 18.94 13.05 22.38 21.11 SMM INST POSITIVE RETURN FUND THREE B5 RING - 4.68 - - SMM INST POSITIVE RETURN FUND THREE B6 29.50 19.14 35.90 32.97 SMM INST POSITIVE RETURN FUND THREE B7 - 0.03 0.61 - SMM INST POSITIVE RETURN FUND THREE B9 - 3.40 37.65 35.24 SMM INST POSITIVE RETURN FUND TWO B10 18.81 22.90 24.32 18.11 SMM INST POSITIVE RETURN FUND TWO B2 21.75 25.85 27.07 28.06 SMM INST POSITIVE RETURN FUND TWO B4 19.14 23.24 24.67 25.26 SMM INST POSITIVE RETURN FUND TWO B6 20.16 24.38 25.71 -

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SMM INST POSITIVE RETURN FUND TWO B8 18.88 23.43 33.32 - SMM INST PRUDENTIAL BALANCED FUND ONE B1 - 23.80 - 26.91 SMM INST PRUDENTIAL BALANCED FUND ONE B2 - 16.80 - - SMM INST PRUDENTIAL BALANCED FUND ONE B3 - 16.14 - 18.74 SMM INST PRUDENTIAL INCOME PROVIDER FUND TWO B1 17.26 18.28 21.50 19.23 SMM INST PRUDENTIAL INCOME PROVIDER FUND TWO B2 15.96 16.95 20.17 17.88 SMM INST PRUDENTIAL INCOME PROVIDER FUND TWO B3 15.49 16.38 19.61 - SMM LONG TERM GROWTH SOLUTION 7 FOF A 5.78 8.34 11.21 5.18 SMM LONG TERM GROWTH SOLUTION 7 FOF A RING - - 11.21 - SMM LONG TERM GROWTH SOLUTION 7 FOF A2 6.43 9.18 12.41 6.21 SMM LONG TERM GROWTH SOLUTION 7 FOF B1 7.16 9.97 13.21 7.00 SMM LONG TERM GROWTH SOLUTION 7 FOF B2 7.17 9.97 13.23 6.99 SMM LONG TERM GROWTH SOLUTION 7 FOF B3 6.20 - - - SMM LONG TERM GROWTH SOLUTION 7 FOF B4 5.64 8.40 11.59 5.38 SMM LONG TERM GROWTH SOLUTION 7 FOF B9 5.14 7.82 11.02 4.79 SMM LONG TERM GROWTH SOLUTION 7 FOF C 0.91 3.15 5.90 5.55 SMM LONG TERM GROWTH SOLUTION 7 FOF C2 - 0.98 4.75 - SMM MODERATE AGGRESSIVE FOF A1 - 17.61 - 19.40 SMM MODERATE AGGRESSIVE FOF A2 - 16.73 - 18.47 SMM MODERATE AGGRESSIVE FOF B1 - 20.59 - 22.04 SMM MODERATE AGGRESSIVE FOF B9 - 13.96 - 15.55 SMM MODERATE AGGRESSIVE FOF C1 - 2.20 - 2.69 SMM MODERATE FOF A1 - 16.58 - 18.55 SMM MODERATE FOF A2 - 15.79 - 17.68 SMM MODERATE FOF B1 - 19.40 - 20.81 SMM MODERATE FOF B9 - 13.72 - 14.75 SMM MODERATE FOF C1 - 5.12 - 6.50 SMM PROPERTY FUND B2 - 47.73 - 39.74 SMM PROPERTY FUND B4 - 43.32 - 35.27 SMM PROPERTY FUND B6 - 46.42 - 38.40 SMM PROPERTY FUND B8 - 44.71 - 36.66 SMM PROTECTION SOLUTION 3 FOF A 7.99 8.93 13.19 11.15 SMM PROTECTION SOLUTION 3 FOF A RING - - 13.19 - SMM PROTECTION SOLUTION 3 FOF A2 8.53 9.60 14.06 11.98 SMM PROTECTION SOLUTION 3 FOF B1 8.69 9.78 14.29 12.15 SMM PROTECTION SOLUTION 3 FOF B3 8.60 - - - SMM PROTECTION SOLUTION 3 FOF B4 7.95 8.98 13.47 11.33 SMM PROTECTION SOLUTION 3 FOF B9 7.51 8.56 13.02 10.91 SMM PROTECTION SOLUTION 3 FOF C 4.20 4.94 9.07 6.97 SMM PROTECTION SOLUTION 3 FOF C2 2.66 3.46 7.80 5.67 SMM YIELD PLUS FUND B2 20.25 20.95 21.56 22.61 SMM YIELD PLUS FUND B6 19.16 20.08 20.78 - SMM YIELD PLUS FUND B8 18.19 18.85 19.50 20.50 SPI EQUITY FUND A1 - 23.68 - 13.65 SPI EQUITY FUND B1 - 28.58 - 18.81 SPI EQUITY FUND B2 - 31.04 - 21.43 TRESOR SCI BALANCED FUND B1 - 0.28 - 8.66 TRESOR SCI BALANCED FUND B2 - 2.79 - 11.19 TRESOR SCI FLEXIBLE FUND B1 - - - - TRESOR SCI FLEXIBLE FUND B2 - - - - TRESOR SCI INCOME FUND B1 - 8.46 12.30 11.75 TRESOR SCI INCOME FUND B2 - 10.30 13.33 12.81 TRESOR SCI STABLE FUND B1 - - - 10.08 TRESOR SCI STABLE FUND B2 - 1.09 - 15.33

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2016 The full annual report is available to all investors.

Kindly send your personal details together with your collective investment account number to:Sanlam Collective Investments, PO Box 30, Sanlamhof 7532

Or visit our Client Contact Centre at: Sanlam Head Office, 2 Strand Road, Sanlamhof, Bellville, South Africa

An electronic version of our annual report is available on our website or can be requested from our Client Contact Centre or via e-mail.

E [email protected] 0860 100 26W www.sanlamunittrusts.co.za

2 Strand Road, Bellville 7530 | PO Box 30, Sanlamhof 7532South Africa

T +27 (0)21 916 1800F +27 (0)21 947 8224

www.sanlamunittrust.co.za

The Sanlam Group is a full member of the Association for Savings and Investment SA. Collective investment schemes are generally medium- to long-term investments. Please note that past performances are not necessarily an accurate determination of future performances, and that the value of investments / units / unit trusts may go down as well as up. A schedule of fees and charges and maximum commissions is available from the Manager, Sanlam Collective Investments (RF) Pty Ltd, a registered and approved Manager in Collective Investment Schemes in Securities. Additional information of the proposed investment, including brochures, application forms and annual or quarterly reports, can be obtained from the Manager, free of charge. 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 market value of all assets in the portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees. Actual investment performance of the portfolio and the investor will differ depending on the initial fees applicable, the actual investment date, and the date of reinvestment of income as well as dividend withholding tax. Forward pricing is used. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The performance of the portfolio depends on the underlying assets and variable market factors. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Lump sum investment performances are quoted. The portfolio may invest in other unit trust portfolios which levy their own fees, and may result is a higher fee structure for our portfolio. All the portfolio options presented are approved collective investment schemes in terms of Collective Investment Schemes Control Act, No 45 of 2002 (“CISCA”). International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The Manager has the right to close any portfolios to new investors to manage them more efficiently in accordance with their mandates. . A fund of funds is a portfolio that invests in portfolios of collective investment schemes that levy their own charges, which could result in a higher fee structure for the fund of fund. A feeder fund is a portfolio that invests in a single portfolio of collective investment schemes, which levies its own charges and which could result in a higher fee structure for the feeder fund The Manager retains full legal responsibility for the third-party-named portfolio. The portfolio management of all the portfolios is outsourced to financial services providers authorized in terms of the Financial Advisory and Intermediary Services Act, 2002. Standard Bank of South Africa Ltd is the appointed trustee of the Sanlam Collective Investments Scheme.

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