Investment of the Deposited Property. 4.1 During and prior to the commencement of the Initial Period the Trustee shall hold the Deposited Property in cash in a separate account with a Bank or a financial institution having atleast, if available, an investment grade rating (assigned by any credit rating agency licensed by the Commission) and approved by the Management Company. After the Initial Period all cash, except in so far as such cash may in the opinion of the Management Company be required for transfer to the Distribution Account, shall be invested by the Trustee from time to time in such Authorized Investments as may (subject always to the provisions of this Deed) be directed by the Management Company.
Investment of the Deposited Property. The text under sub-clause 4.3 shall be deleted and replaced as under: Amended sub-clause 4.3: The purchase or sale of any Investment in listed securities for the account of the Trust shall be made on the Stock Exchange through a broker who must be a member of the Stock Exchange, unless the Management Company is satisfied that it is possible and permissible under the rules and regulations to make such purchase or sale more advantageously in some other manner. The broker will be appointed from time to time by the Management Company under intimation to the Trustee and in accordance with the criteria developed for the appointment of broker.
Investment of the Deposited Property. New Clauses 4.11 to 4.14 shall be added under Clause 4, as under: Additional sub-clauses:
Investment of the Deposited Property. The text under sub-clause 9(iii) shall be deleted and replaced as under: Amended sub-clause 9(iii): The purchase or sale of any Investment in listed securities for the account of the Trust shall be made on the Stock Exchange through a broker who must be a member of the Stock Exchange, unless the Management Company is satisfied that it is possible and permissible under the rules and regulations to make such purchase or sale more advantageously in some other manner. The broker will be appointed from time to time by the Management Company under intimation to the Trustee and in accordance with the criteria developed for the appointment of broker.
Investment of the Deposited Property. The sub-clause (v) under Clause 9 shall be deleted. For the sake of clarity, the deleted sub-clause 9(v) is as under: Deleted sub-clause 9(v): The purchase or acquisition of units in other unit trusts shall not exceed in the aggregate ten percent (10%) of the Net Assets immediately after such investment has been made.
Investment of the Deposited Property. In sub-clause 9(ix), a new point (e) with the words “Participate in Continuous Funding System (CFS)” shall be added. For the sake of clarity, it is stated that after the said amendment, sub-clause 9(ix) is read as under: Amended sub-clause 9(ix):
Investment of the Deposited Property. The sub-clause (x) under Clause 9 shall be deleted. For the sake of clarity, the deleted, sub-clause 9(x) is as under: Deleted sub-clause 9(x): Subject to the Rules and any other applicable law, the Management Company may, on behalf of the Fund, write call options on any of the securities held in the portfolio, if there is a market based exit mechanism from options so written. The Management Company may also, on behalf of the Fund, buy put options equivalent to any securities held in the portfolio. Under no circumstances shall the Management Company buy or sell such options on behalf of the Fund that will result in an exposure beyond the number of underlying securities held in the portfolio of the Fund. The Management Company may, however, buy call options or put options, on one or more item (financial or otherwise) that in its opinion would act as a hedge/defensive proxy for the overall market risk. However, the cost of maintaining a defensive hedge shall not exceed one percent per annum of the Fund (for the preceding twelve months) at the time such transactions are entered into.
Investment of the Deposited Property. The text under sub-clause 9(xi) shall be deleted and replaced with the text as under: Amended sub-clause 9(xi): In the event the exposure of the Scheme exceeds the limits specified in the Offering Document and the Rules and Regulations, because of corporate actions including taking up rights or bonus issue or due to market price increase or decrease in net assets, the excess exposure shall be regularized within three months of the breach of limits unless the said period of three months is extended by the Commission on an application by the Management Company. But in any case the Management Company shall not invest further in such shares or sectors while the deviation exists. However, this restriction on purchase shall not apply to any offer of right shares or any other offering, if the Management Company is satisfied that accepting such offer is in the interest of the Trust.
Investment of the Deposited Property. The sub-clause (xii) under Clause 9 shall be deleted. For the sake of clarity, the deleted, sub-clause 9(xii) is as under: Deleted sub-clause 9(xii): The Management Company may from time to time, for the account of the Trust, direct the Trustee to enter into underwriting or sub-underwriting contracts in relation to the subscription or purchase of Authorized Investments upon such terms in all respects as the Management Company shall think fit but subject always to the provisions of the Rules and this Deed and so that no such contract shall relate to an Authorized Investment which if acquired would constitute a holding in excess of the exposure limit specified in the Rules. All Authorized Investments acquired pursuant to any such contract shall form part of the Deposited Property and any subscription or purchase moneys payable there under shall be paid out of the Deposited Property.
Investment of the Deposited Property. A new sub-clause 9(xv) shall be added after the sub-clause 9(xiv) as under: Additional sub-clause 9(xv): All cash forming part of the Deposited Property shall be deposited by the Trustee in a separate account in the name of the Trustee with a Bank or Financial Institution, approved by the Management Company having a minimum investment grade rating as per the criteria laid down by the credit rating agency approved by the SECP. The Bank or Financial Institution shall be caused to allow profit thereon in accordance with the Rules prescribed by the Bank or Financial Institution for sharing of profits and xxxx up on the deposits, as may be allowed.
