Annual Report 2011 - Old Mutual

Unit Trust Annual Report
Old Mutual Unit Trust Managers Limited

OLD MUTUAL UNIT TRUST MANAGERS LIMITED
(REGISTRATION NO. 1965/008471/06)
Management company:
Old Mutual Unit Trust Managers Limited is a wholly owned subsidiary of Old Mutual (South Africa) Limited
Chairman: MJ Harper BBusSc, MBA, CFP, AMP (Resigned 25/09/2011)
Designate chairman: P G de Beyer BBusSc, FIA; FASSA (Appointed on 26/09/2011)
Managing director: PM Hugo BComm (Maths), FIA
Directors: RB Berelowitz BBusSc
RT Mupita Bsc (Eng), MBA (Resigned on 01/04/2011)
M Patel CA(SA) (Resigned 25/09/2011)
D Naidoo
B.Com Dip Acc (Accounting),
CA, Masters in Accounting Tax (Appointed on 26/09/2011)
DC Radley CA(SA) (Resigned 25/09/2011)
Portfolio management:
Company secretary:
Trustees:
Address:
Telephone:
Old Mutual Unit Trust Funds: Old Mutual Investment Group (South Africa) Proprietary Limited; Old Mutual Asset
Managers (UK) Limited and Investment Managers external to the Old Mutual Group have been appointed in the
Multi-Manager Schemes
Old Mutual Life Assurance Company (South Africa) Limited
The Standard Bank of South Africa Limited, Standard Bank Centre, Heerengracht, Cape Town
ABSA Bank Limited, ABSA Towers North, Johannesburg
Mutualpark, Jan Smuts Drive, Pinelands 7405, South Africa
PO Box 207, Cape Town 8000, South Africa
(021) 504 8000 - Client Support
(021) 509 7677 - Corporate Client Support
Helpline: 0860 234 234
Facsimile:
(021) 509 7100 - Client Support
(021) 509 0670 - Corporate Client Support
Priceline: 0860 227 722
E-mail:
Internet:
Acquiring units:
Approved introducers:
unittrusts@oldmutual.com
Corporate Clients: GroupOMIACorporates@oldmutual.com
www.oldmutualunittrusts.co.za
Units in Old Mutual’s unit trusts can be bought telephonically from our head office or via the Internet.
Our unit trusts are also represented by brokers, stockbrokers, banks, accountants, attorneys and Old Mutual advisers
throughout South Africa.
PLEASE NOTE:
Unit trusts are generally medium to long term investments. Past performance is no indication of future growth. Shorter term fluctuations can occur as your investment moves
in line with the markets. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Unit trusts can engage
in borrowing and scrip lending. The fund’s TER reflects the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees related
to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded
as an indication of future TERs. A schedule of fees, charges and maximum commissions is available from the company. You may sell your investment at the ruling price
of the day (calculated at 15h00 on a forward pricing basis and 17h00 at month-end for Old Mutual RAFI® 40 Tracker Fund and Old Mutual Top 40 Fund). The Old Mutual
Money Market Fund unit price aims to be static but investment capital is not guaranteed. The total return is primarily made up of interest (declared daily at 13h00), but may
also include any gain/loss on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it
can have the effect of reducing the capital value of the fund. Specialist equity funds may hold a greater risk as exposure limits to a single security may be higher. A feeder
fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a scheme. A fund of funds unit trust invests only in
other collective investment schemes, which may levy their own charges. Certain funds may be capped to be managed in accordance with their mandates. Different classes
of units apply to these portfolios and are subject to different fees and charges. Old Mutual is a member of the Association for Savings and Investment SA.
1

OLD MUTUAL UNIT TRUST MANAGERS LTD
Financial Statements for the year ended 31 December 2011
Contents
Page
Chairman’s message to unitholders 3 to 4
Significant events 5
Performance as at 31 December 2011 6
Total expense ratio as at 31 December 2011 7
Directors’ responsibility statement 8
Independent auditor’s report 9
Financial statements 10 to 137
Notes to the financial statements 138 to 169
Report of the trustees 170
Management company annual financial statements 171 to 194
2

CHAIRMAN’S MESSAGE TO UNITHOLDERS
2011 was yet another challenging year as the world economic
environment remained volatile in the aftermath of the global recession.
Until at least the middle of this decade, global growth is likely to
slow to approximately 3% a year – somewhat below the average of
the last two decades. A slow recovery in developed economies will
be compounded by the slowdown in those of emerging markets as
they mature, with the net result being that overall global growth will
slow. But the biggest risk ahead for the global economy is not this
slower overall growth in output, but a slowdown in average output
per capita, which will determine how fast living standards can be
supported or raised.
Looking immediately ahead we must contend with ongoing market
volatility, which can be unnerving to both novice and seasoned
investors. However, at Old Mutual we continue to recommend that
you stick to a sound investment plan and stay focused on your longterm
goals, as market volatility is merely noise and even presents
an opportunity to any long-term investor. While riding out volatility
in the market is never easy, remember that it is important to focus on
those variables that you can control. The reality is that you can do
little about volatility in the market. The advice of a trusted financial
partner can be invaluable in times like these, and that is precisely
why we continue to recommend that you consult your financial
adviser before making important financial decisions.
A well-diversified portfolio that is diversified across asset classes
and regions, in line with your investment objectives, can help you
to ride out the ups and down in the market and to retain a long-term
view, always remembering that downturns are the best times to build
your wealth. Most importantly, time is your biggest ally. The longer
you hold shares as an investment, the more likely it is that you’ll
realise positive results.
After all, nobody can successfully predict when the market will
stabilise, so waiting for the perfect time to invest can be a losing
proposition. Consider if you had just missed the ten best days of
the FTSE/JSE All Share Index in the past ten years, you would have
lost out on 32% of growth over that time period. That translates into
losing out on growth of R13 151 on a R10 000 investment made
on 1 January 2002.
While we cannot guarantee performance, the specialist investment
boutiques that manage our funds have the experience, skills and
commitment to navigate the challenges of the market on your behalf,
and are constantly focused on delivering on our funds’ investment
objectives over the long term. We have over 165 years of unwavering
commitment to our clients, through every kind of market cycle, and
our aim is long-term wealth creation for all of our clients.
Volatile markets create anxiety for investors and investment
professionals alike. In such times, the value of our investment
professionals and staff members comes to the fore. I would like to
thank each and every one of them for their valuable contributions
and devotion to uphold the high standards we set for ourselves
and our clients.
Emphasis on consistent performance
We believe that it is more appropriate to structure a portfolio by
selecting funds that will help you achieve your goals, rather than
switching between funds as different asset classes or market sectors
perform. There is plenty of research – both locally and globally –
that shows that the average investor is more likely to destroy value
by frequent switching than to enhance returns. For this reason, we
emphasise the merits of sustainable performance over the long term,
and the importance of constructing an investment portfolio that is
designed to help you achieve your objectives over time.
That is why we are so delighted when we are able to deliver
exceptional long-term returns to our investors.
The Old Mutual Real Income Fund won a Raging Bull Award for best
risk-adjusted performance across the Domestic – Asset Allocation
– Prudential Low, Medium, High and Variable Equity sectors for
performance ended 31 December 2011, as well as a sector award
for best risk-adjusted performance in the Domestic – Asset Allocation
– Prudential Low Equity category.
In addition, we have a large number of funds that are rated as four
star* funds by Morningstar, which provides a good indication of
sustained long-term performance:
Old Mutual Real Income Fund
SYm|mETRY Balanced Fund of Funds
Old Mutual Growth Fund
Old Mutual High Yield Opportunity Fund
Old Mutual Industrial Fund
Old Mutual Mining and Resources Fund
Old Mutual Global Equity Fund
Old Mutual Global Index Fund of Funds.
During 2011 we introduced two new products
Launching a solution for small businesses
Old Mutual Unit Trusts Group Solution (Group Solution) was launched
to provide small and medium businesses with a simple and an efficient
way to offer employees an attractive salary package, including a
tax-deductible, flexible retirement annuity. The investor can choose
to invest in the Old Mutual Unit Trusts Retirement Annuity Fund
(OMUTRAF) or in a standard unit trust portfolio, depending on their
individual client needs. It is ideal for small to medium enterprises
(50 or fewer employees) that seek flexibility and do not want the
administrative or cost burden of participating in a large retirement
scheme, but wish to offer employees a tax-efficient retirement benefit.
They can also offer their employees the option of making post-tax
contributions to a unit trust investment portfolio that will encourage
staff members to save before they get paid. Employees have the
option to continue contributing when they resign. The investment
remains in the employee’s name if he/she leaves the company,
which results in automatic preservation.
3

CHAIRMAN’S MESSAGE TO UNITHOLDERS continued
Introducing Old Mutual Unit Trusts Preservation Funds
Old Mutual Unit Trusts now also offers unit trust-based preservation
funds that are flexible, transparent and tax efficient, at very low
costs. Preservation funds are designed specifically to receive lump
sum transfers from an employer’s pension or preservation fund if
an investor leaves a job before retirement. Together with the Old
Mutual Unit Trusts Retirement Annuity Fund and Old Mutual Unit
Trusts’ Living Annuity, they complete our retirement planning range
of products.
Enhancing our fund range
We launched two new funds and made some changes to existing funds.
We launched a new enhanced money market-type fund, the Old
Mutual Interest Plus Fund. The fund aims to deliver returns in
excess of money market and other fixed interest investments like
call accounts, while at the same time limiting volatility. It invests in
a combination of money market instruments and short-term debt
instruments and aims not to lose capital over any calendar month.
It suits risk-averse investors with a short-term investment horizon
who want returns in excess of those on money market investments.
Another exciting new fund, the Old Mutual Global Emerging Market
(GEM) Fund, taps into the wealth-generating opportunities of emerging
markets. This fund invests predominantly in shares of companies
that derive most of their income from or who are listed on emerging
market stock exchanges. Over the past decade there has been a
strong global shift underway, with emerging markets, led by China,
in the process of taking over the global growth leadership position
from the developed markets. This trend is expected to continue and
strengthen in the future. The Old Mutual Global Emerging Market Fund
suits investors who want selective access to the growth potential of
emerging markets. These investors should be able to tolerate stock
market and currency volatility.
Investors and the Registrar of Collective Investment Schemes
approved the change to the investment policy of the Old Mutual Real
Income Fund and the fund can now include offshore assets in its
portfolio. The effective date of the investment policy change was 1
November 2011. The exposure to foreign assets means increased
diversification – and access to more opportunities. While exposure
to foreign assets will assist the fund in continuing to deliver on its
return objectives, holding foreign assets will not change the fund’s
low risk profile. The fund manager will use the opportunities tactically
when offered the potential to enhance yield.
Changes to Regulation 28
New Old Mutual Unit Trusts Retirement Annuity Fund (OMUTRAF)
contracts entered into from 1 April 2011, as well as contracts bought
before that date that have been changed materially on or after 1 April,
have to be reviewed to comply with the new asset class exposures
as prescribed by the amended Regulation 28 of the Pension Funds
Act. Regulation 28 requires that investment contracts comply with
the new maximum asset class exposure limits for investors in unit
trust-linked retirement funds. Previously, investors could structure
their retirement portfolios as they saw fit and compliance was
managed at a fund level.
An ad campaign to remember
To end 2011 off in style and welcome 2012 with passion, we have
started the next phase of the Classic Investment Collection ad
campaign that began in 2010. The campaign took its direction from
the Old Mutual Savings Monitor, which revealed that people are
still not saving enough. Adverts appeared on airport billboards, in
your favourite financial magazines and on the radio and web – and
all were designed to position the Classic Investment Collection as
the premier investment choice and reaffirm the wisdom of investing
with Old Mutual. The campaign is earmarked to continue until April
2012, so be sure to keep an eye out for our advertising.
Looking forward into 2012
We are always looking for ways to improve your investment
experience with us, as without the ongoing support of our investors
we will not have a business. We will therefore continue to focus
on streamlining our fund offering where appropriate and where
market opportunities warrant this. To this end, we currently have
two ballots underway aimed at consolidating our fund range, while
we are also looking to capitalise more on Old Mutual’s global
capabilities by restructuring some of our global funds during the
latter part of the year.
We are also looking forward to offering you an enhanced secure
website experience, enabling you to select a number of reports
and enhance your browsing experience with a much improved user
interface a bit later in the year.
We are also busy making preparations for dividend withholding tax
(DWT), which is replacing secondary tax on companies (STC) from
1 April 2012. Currently, South African companies listed on the JSE
Limited pay STC to the South African Revenue Services (SARS).
The amount of STC is determined by reference to the dividends
declared by the company after taking into account any STC credits
applicable. From the effective date, DWT will be levied at a rate of
15% based on dividends declared and paid by companies.
There is no doubt that 2012 will bring fresh challenges. Now more
than ever, investors need professional, level-headed investment
advice to position their portfolios to meet their long-term goals.
We recommend that you, as our valued investor, seek professional
advice and keep an eye on the long term as you continue to build
your personal investment portfolio.
Once again, thank you for choosing to invest with us and I trust that
we will continue to meet your expectations in 2012 and beyond.
Peter de Beyer
Chairman Designate: Old Mutual Unit Trusts
4

SIGNIFICANT EVENTS
1. Fund launches
The following funds were launched during 2011:
Fund name
Launch date
Old Mutual Global Emerging Market Fund 17 August 2011
Old Mutual Interest Plus Fund 03 October 2011
JPMorgan Administration Services (Pty) Ltd took over the secondary administration of the following funds in January 2011:
Fund name
Old Mutual Matador Balanced Fund
SYm|metry Income Fund No.1
SYm|metry Income Fund No.2
SYm|metry Inflation Plus Fund No.1
SYm|metry Inflation Plus Fund No.2
SYm|metry Inflation Plus Fund No.3
SYm|metry Inflation Plus Fund No.4
SYm|metry Inflation Plus Fund No.5
SYm|metry Inflation Plus Fund No.6
SYm|metry Inflation Plus Fund No.7
SYm|metry Money Market Fund
5

PERFORMANCE AS At 31 December 2011
SCHEME
SA NON-EQUITY
1 year
% return p.a.
3 years
% return p.a.
5 years
% return p.a.
7 years
% return p.a.
Bond 8.2 7.2 8.5 8.3
Capital Builder 2.2 5.9 - -
Enhanced Income 7.0 7.4 8.5 9.1
Income 7.6 8.2 9.4 8.7
Institutional Money Market 5.6 7.4 8.8 8.3
Matador Defensive 5.2 8.1 6.6 -
Matador Fixed Interest 6.0 7.2 7.5 -
Money Market 5.4 7.2 7.5 8.1
Real Income 7.3 10.8 9.0 -
SYm|mETRY Defensive 6.5 9.8 7.6 10.7
SYm|mETRY Fixed Interest 7.4 8.6 8.9 8.9
SYm|mETRY Money Market 5.4 7.2 8.5 8.1
SA EQUITY
Active Quant Equity 2.3 16.2 7.2 14.6
Albaraka Balanced 1.7 - - -
Albaraka Equity 7.2 13.8 3.3 11.9
Balanced 6.8 12.6 6.7 12.7
Dynamic Floor 4.1 9.1 7.2 9.5
Financial Services 5.4 15.6 5.4 13.2
Flexible 3.0 14.5 7.3 13.7
Gold 6.8 11.1 3.8 13.7
Growth 0.9 16.4 7.8 15.3
High Yield Opportunity 3.1 19.2 6.5 12.9
Industrial 8.2 20.4 10.6 16.2
Investors' 3.8 15.7 7.2 14.6
Matador Balanced 5.3 7.7 10.3 5.1
Matador Equity 3.1 7.6 12.7 3.8
Mining and Resources (9.9) 13.5 9.2 20.6
RAFI® 40 Tracker 1.9 17.5 - -
SA Quoted Property 7.4 15.8 12.8 18.3
Small Companies 2.8 19.6 6.3 14.3
Stable Growth 6.8 9.7 - -
SYm|mETRY Balanced 7.9 12.8 8.8 13.7
SYm|mETRY Cautious 5.2 - - -
SYm|mETRY Equity 2.6 15.5 6.1 14.2
Top 40 1.1 15.3 6.5 15.6
Top Companies 2.2 16.9 7.5 14.1
Value - 16.3 6.1 12.9
MANAGED SOLUTIONS
Four Plus Capital 3.1 7.1 6.2 7.6
Four Plus Global 8.3 8.3 1.7 8.0
Four Plus Growth 6.4 10.1 5.4 10.4
Four Plus Secure 4.8 5.9 7.4 6.9
OFFSHORE NON-EQUITY
Global Bond Feeder 26.5 6.4 8.9 9.6
International Growth 17.5 4.6 - 6.5
UK Money Market Feeder 21.4 (2.3) 0.4 4.4
US Dollar Feeder 20.9 - - -
OFFSHORE EQUITY
Global Equity 17.9 6.1 (1.7) 6.8
Global Technology 6.9 14.8 3.5 7.4
Global Index 11.4 4.8 0.3 6.8
All performance figures are based on lump sum investments. Figures exclude initial charges (NAV-NAV prices) and include distributions. Performance
figures are only disclosed for funds that have been in existence for more than one year.
6
For comparative purposes against benchmark performance, visit our website at www.oldmutualunittrusts.co.za.
Source - Morningstar

TOTAL EXPENSE RATIO AS AT 31 December 2011
SCHEME
2011
%
Active Quant Equity - Class A 1.15
Active Quant Equity - Class C 2.58
Albaraka Balanced - Class A 2.31
Albaraka Equity - Class A 1.88
Balanced - Class A 2.05
Balanced - Class C 3.43
Balanced - Class R 1.39
Bond - Class B 0.69
Bond - Class C 2.38
Bond - Class R 0.86
Capital Builder - Class A 1.28
Capital Builder - Class B1 1.02
Capital Builder - Class B3 0.69
Dynamic Floor - Class A 1.59
Dynamic Floor - Class B1 1.25
Dynamic Floor - Class B2 0.05
Dynamic Floor - Class C 2.97
Enhanced Income - Class A 1.14
Enhanced Income - Class B 0.86
Enhanced Income - Class C 2.39
Financial Services - Class A 1.43
Financial Services - Class R 1.15
Flexible - Class A 1.80
Flexible - Class C 3.24
Flexible - Class R 1.34
Four Plus Capital - Class A 2.72
Four Plus Global - Class A 2.43
Four Plus Global - Class B 1.97
Four Plus Growth - Class A 2.27
Four Plus Growth - Class B 1.81
Four Plus Secure - Class A 2.03
Global Bond Feeder - Class A 1.48
Global Bond Feeder - Class C 2.51
Global Equity - Class A 2.07
Global Equity - Class C 3.34
Global Equity - Class R 1.21
Global Index - Class R 1.51
Global Technology - Class A 2.45
Gold - Class A 1.74
Gold - Class R 1.16
Growth - Class A 0.96
Growth - Class C 2.38
Growth - Class R 1.14
High Yield Opportunity - Class A 1.42
SCHEME
2011
%
High Yield Opportunity - Class B 0.99
High Yield Opportunity - Class C 2.56
Income - Class C 2.39
Income - Class R 0.86
Industrial - Class A 1.43
Industrial - Class R 1.15
Institutional Money Market - Class B1 0.32
Institutional Money Market - Class B2 0.03
International Growth - Class A 2.79
International Growth - Class B 2.51
International Growth - Class C 4.25
Investors’ - Class A 1.08
Investors’ - Class C 2.51
Investors’ - Class R 1.14
Matador Balanced - Class B1 1.58
Matador Balanced - Class C 2.67
Matador Defensive - Class C 3.04
Matador Equity - Class C 2.83
Matador Equity - Class C2 2.83
Matador Fixed Interest - Class C 2.48
Mining and Resources - Class A 1.44
Mining and Resources - Class C 2.88
Mining and Resources - Class R 1.16
Money Market - Class A 0.58
Money Market - Class A2 0.47
Money Market - Class B 0.29
Money Market - Class B3 0.20
Money Market - Class C 2.12
RAFI® 40 Tracker - Class A 0.89
RAFI® 40 Tracker - Class B1 0.61
RAFI® 40 Tracker - Class B2 0.26
Real Income - Class A 1.38
Real Income - Class B 0.92
Real Income - Class C 2.57
SA Quoted Property - Class A 1.43
SA Quoted Property - Class B 0.86
SA Quoted Property - Class C 2.85
SA Quoted Property - Class C3 2.68
Small Companies - Class A 1.72
Small Companies - Class R 1.15
Stable Growth - Class A 1.96
Stable Growth - Class B 1.67
Stable Growth - Class C 3.31
SYm|mETRY Balanced - Class A 1.87
SCHEME
2011
%
SYm|mETRY Balanced - Class C 2.72
SYm|mETRY Balanced - Class C2 3.11
SYm|mETRY Cautious - Class A 1.45
SYm|mETRY Cautious - Class C 2.58
SYm|mETRY Defensive - Class A 1.81
SYm|mETRY Defensive - Class C 2.95
SYm|mETRY Defensive - Class C2 3.24
SYm|mETRY Equity - Class A 1.71
SYm|mETRY Equity - Class C 2.86
SYm|mETRY Equity - Class C2 3.14
SYm|mETRY Fixed Interest - Class A 1.18
SYm|mETRY Fixed Interest - Class C 2.44
SYm|mETRY Fixed Interest - Class C2 2.72
SYm|mETRY Income Fund 1 1.18
SYm|mETRY Income Fund 2 1.18
SYm|mETRY Inflation Plus 1 1.92
SYm|mETRY Inflation Plus 2 1.94
SYm|mETRY Inflation Plus 3 1.73
SYm|mETRY Inflation Plus 4 1.88
SYm|mETRY Inflation Plus 5 1.73
SYm|mETRY Inflation Plus 6 1.73
SYm|mETRY Inflation Plus 7 2.02
SYm|mETRY Money Market - Class A 0.59
SYm|mETRY Money Market - Class C 2.02
SYm|mETRY Satellite Equity No.1 1.56
SYm|mETRY Satellite Equity No.1 B3 0.44
SYm|mETRY Satellite Equity No.2 1.56
SYm|mETRY Satellite Equity No.2 B3 0.37
SYm|mETRY Satellite Equity No.3 1.79
SYm|mETRY Satellite Equity No.3 B3 0.60
SYm|mETRY Satellite Equity No.4 1.77
SYm|mETRY Satellite Equity No.4 B2 0.68
Top 40 - Class A 0.73
Top 40 - Class B1 0.45
Top Companies - Class A 1.06
Top Companies - Class B 0.73
Top Companies - Class C 2.48
Top Companies - Class R 1.15
UK Money Market Feeder - Class A 0.77
UK Money Market Feeder - Class C 2.49
US Dollar Feeder - Class A 1.26
Value - Class A 0.88
Value - Class C 2.31
Value - Class R 1.15
7

DIRECTORS’ RESPONSIBILITY STATEMENT
The directors of Old Mutual Unit Trust Managers Limited are responsible for the preparation and presentation of the financial statements of each
of the collective investment schemes which they manage. Each scheme’s financial statements comprise the statement of financial position at
31 December 2011, and the statement of comprehensive income, the statement of changes in net assets attributable to unit holders and the statement
of cash flows for the period then ended, and the notes to the financial statements, prepared on the basis of accounting described in note 1 and in the
manner required by the Trust Deeds and Collective Investment Schemes Control Act of South Africa. The summary of significant accounting policies
contained in the notes to the financial statements is applicable to each scheme.
The directors’ responsibility includes: determining that the basis of accounting described in note 1 is an acceptable basis for preparing and presenting
the financial statements in the circumstances; designing, implementing and maintaining internal control relevant to the preparation and presentation
of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
The directors’ responsibility also includes maintaining adequate accounting records and an effective system of risk management.
The directors have made an assessment of each of the schemes’ ability to continue as going concerns and have no reason to believe that any of the
schemes will not be a going concern in the year ahead.
The auditor is responsible for reporting on whether each of the financial statements are prepared in accordance with the basis of accounting described
in note 1 to the financial statements and in the manner required by the Trust Deeds and Collective Investment Schemes Control Act of South Africa.
Approval of the financial statements
Each of the financial statements were approved by the directors of Old Mutual Unit Trust Managers Limited on 23 March 2012 and are signed on their
behalf by:
PG De Beyer
Chairman Designate
PM Hugo
Managing Director
8

INDEPENDENT AUDITOR’S REPORT
To the Directors of Old Mutual Unit Trust Managers Limited and the Registrar of Collective Investment Schemes
We have audited each of the financial statements of the Collective Investment Schemes managed by Old Mutual Unit Trust Managers Limited. These schemes are:
Old Mutual Active Quant Equity Fund
Old Mutual Albaraka Balanced Fund
Old Mutual Albaraka Equity Fund
Old Mutual Balanced Fund
Old Mutual Bond Fund
Old Mutual Capital Builder Fund
Old Mutual Dividend Income Fund
Old Mutual Dynamic Floor Fund
Old Mutual Enhanced Income Fund
Old Mutual Financial Services Fund
Old Mutual Flexible Fund
Old Mutual Four Plus Capital Fund of Funds
Old Mutual Four Plus Global Fund of Funds
Old Mutual Four Plus Growth Fund of Funds
Old Mutual Four Plus Secure Fund of Funds
Old Mutual Global Bond Feeder Fund
Old Mutual Global Emerging Markets Fund
Old Mutual Global Equity Fund
Old Mutual Global Index Fund of Funds
Old Mutual Global Technology Fund
Old Mutual Gold Fund
Old Mutual Growth Fund
Old Mutual High Yield Opportunity Fund
Old Mutual Income Fund
Old Mutual Industrial Fund
Old Mutual Institutional Money Market Fund
Old Mutual Interest Plus Fund
Old Mutual International Growth Fund of Funds
Old Mutual Investors’ Fund
Old Mutual Matador Balanced Fund
Old Mutual Matador Defensive Fund of Funds
Old Mutual Matador Equity Feeder Fund
Old Mutual Matador Fixed Interest Fund of Funds
Old Mutual Mining and Resources Fund
Old Mutual Money Market Fund
Old Mutual RAFI® 40 Tracker Fund
Old Mutual Real Income Fund
Old Mutual SA Quoted Property Fund
Old Mutual Small Companies Fund
Old Mutual Stable Growth Fund
Old Mutual Top 40 Fund
Old Mutual Top Companies Fund
Old Mutual UK Money Market Feeder Fund
Old Mutual US Dollar Feeder Fund
Old Mutual Value Fund
SYm|mETRY Balanced Fund of Funds
SYm|mETRY Cautious Fund of Funds
SYm|mETRY Defensive Fund of Funds
SYm|mETRY Equity Fund of Funds
SYm|mETRY Fixed Interest Fund of Funds
SYm|mETRY Income Fund No. 1
SYm|mETRY Income Fund No. 2
SYm|mETRY Inflation Plus Fund No. 1
SYm|mETRY Inflation Plus Fund No. 2
SYm|mETRY Inflation Plus Fund No. 3
SYm|mETRY Inflation Plus Fund No. 4
SYm|mETRY Inflation Plus Fund No. 5
SYm|mETRY Inflation Plus Fund No. 6
SYm|mETRY Inflation Plus Fund No. 7
SYm|mETRY Money Market Fund
SYm|mETRY Satellite Equity Fund No. 1
SYm|mETRY Satellite Equity Fund No. 2
SYm|mETRY Satellite Equity Fund No. 3
SYm|mETRY Satellite Equity Fund No. 4
(collectively, the “Collective Investment Schemes”).
Each scheme’s financial statements comprise the statement of financial position at 31 December 2011, and the statement of comprehensive income, the
statement of changes in net assets attributable to unitholders and statement of cash flows for the period then ended, and the notes to the financial statements,
as set out on pages 10 to 169. The summary of significant accounting policies contained in the notes to the financial statements is applicable to each scheme.
Directors’ Responsibility for the Financial Statements
The directors of Old Mutual Unit Trust Managers Limited are responsible for the preparation and presentation of each of these financial statements on the basis
of the accounting policies described in note 1 for regulatory purposes in the manner required by the Trust Deeds and Collective Investment Schemes Control Act
of South Africa. This responsibility includes: determining that the basis of accounting described in note 1 is an acceptable basis for preparing and presenting the
financial statements in the circumstances and for such internal control as the directors determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements for each
of the schemes listed above.
Opinion
In our opinion, for each of the schemes listed above, the financial statements have been prepared, in all material respects, in accordance with the basis of
accounting described in note 1 and in the manner required by the Trust Deeds and Collective Investment Schemes Control Act of South Africa.
Other Matter - Restriction on use
The financial statements of each of the schemes listed above have been prepared in accordance with the basis of accounting described in note 1 for regulatory
purposes and these financial statements and related auditor’s report may not be suitable for another purpose.
KPMG Inc.
Registered Auditor
Per KT Hopkins
1 Mediterranean Street
Chartered Accountant (SA)
Foreshore
Registered Auditor
Cape Town
Director 8001
23 March 2012
9

ACTIVE QUANT EQUITY FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 9 702 46 969
Dividends 7 179 5 389
Interest 476 918
Income adjustments on creation and cancellation of units 5 (74) (46)
Net fair value gains on financial instruments 2 121 40 708
OPERATING EXPENSES BEFORE FINANCE COSTS 3 408 3 633
Audit fee - current year 49 53
- prior year under-provision 7 36
Performance fees 618 939
Bank charges 11 6
Custodian fees 52 33
Management company's service charge 1 979 1 928
Transaction costs 671 617
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 6 294 43 336
TOTAL FINANCE COSTS 4 851 3 224
Distributions 6 4 851 3 240
Withholding tax on foreign dividends - (16)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 1 443 40 112
ASSETS
Statement of financial position
at 31 December 2011
Local equities and specialist securities 224 699 245 732
Interest and dividends receivable 35 -
Trade receivables 1 127 286
Cash and cash equivalents 7 1 662 480
TOTAL ASSETS 227 523 246 498
LIABILITIES
Trade payables - 44
Accrued expenses 238 361
Distributions payable 2 829 1 421
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 067 1 826
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 224 456 244 672
Represented by:
Net assets attributable to unitholders (closing-market prices) 224 456 246 033
Adjustment from closing-market prices to bid-market prices - (1 361)
10

ACTIVE QUANT EQUITY FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 244 671 1 244 672
Total comprehensive income attributable to unitholders - 1 443 1 443
Transfer of net fair value gains, net of transaction costs, not distributable 1 450 (1 450) -
Net cancellation of units 5 (21 659) - (21 659)
Balance at 31 December 2011 224 462 (6) 224 456
Total
R000’s
2010
Balance at 31 December 2009 212 172 (21) 212 151
Total comprehensive income attributable to unitholders - 40 112 40 112
Transfer of net fair value gains, net of transaction costs, not distributable 40 091 (40 091) -
Net cancellation of units 5 (7 591) - (7 591)
Capital rectification (1) 1 -
Balance at 31 December 2010 244 671 1 244 672
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 4 759 3 502
Net income from operations before finance costs 6 294 43 336
Adjustments for:
Dividend income (7 179) (5 389)
Interest income (476) (918)
Income adjustments on creation and cancellation of units 74 46
Net fair value gains, net of transaction costs (1 450) (40 091)
Operating loss before working capital changes (2 737) (3 016)
Working capital changes
(Decrease)/Increase in accrued expenses (123) 170
Cash utilised by operations (2 860) (2 846)
Interest received 475 943
Dividends received 7 144 5 405
Net cash inflow from investment activities 21 599 2 644
Net sales of securities 21 599 2 644
Net cash outflow from financing activities (25 176) (10 914)
Creation of units 9 716 12 848
Cancellations of units (31 449) (20 485)
Cash distributed to unitholders (3 443) (3 277)
Net increase/(decrease) in cash and cash equivalents 1 182 (4 768)
Cash and cash equivalents at the beginning of the year 480 5 248
Cash and cash equivalents at the end of the year 7 1 662 480
11

Albaraka Balanced Fund
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2 months
2010
R000’s
NET INVESTMENT INCOME 426 28
Dividends 108 -
Interest 79 5
Income adjustments on creation and cancellation of units 5 18 (1)
Net fair value gains on financial instruments 221 24
OPERATING EXPENSES BEFORE FINANCE COSTS 210 9
Audit fee - current year 49 -
Management company's service charge 99 4
Transaction costs 19 -
Trustee fees 43 5
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 216 19
TOTAL FINANCE COSTS 66 -
Distributions 6 66 -
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 150 19
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 2 280 436
Local equities 4 881 728
Interest receivable 73 5
Cash and cash equivalents 7 6 757 1 232
TOTAL ASSETS 13 991 2 401
LIABILITIES
Accrued expenses 79 6
Distributions payable 64 -
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 143 6
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 13 848 2 395
* There is no difference between bid and closing-market prices for this fund.
12

Albaraka Balanced Fund
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 395 - 2 395
Total comprehensive income attributable to unitholders - 150 150
Transfer of net fair value gains, net of transaction costs, not distributable 202 (202) -
Net creation of units 5 11 303 - 11 303
Balance at 31 December 2011 13 900 (52) 13 848
2010
Balance at inception - - -
Total comprehensive income attributable to unitholders - 19 19
Transfer of net fair value gains, net of transaction costs, not distributable 24 (24) -
Net creation of units 5 2 376 - 2 376
Capital rectification (5) 5 -
Balance at 31 December 2010 2 395 - 2 395
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
2 months
Note
2011
R000’s
2010
R000’s
Net cash inflow/(outflow) from operating activities 1 (3)
Net income from operations before finance costs 216 19
Adjustments for:
Dividend income (108) -
Interest income (79) (5)
Income adjustments on creation and cancellation of units (18) 1
Net fair value gains, net of transaction costs (202) (24)
Operating loss before working capital changes (191) (9)
Working capital changes
Increase in accrued expenses 73 6
Cash utilised by operations (118) (3)
Interest received 11 -
Dividends received 108 -
Net cash outflow from investment activities (5 795) (1 140)
Net purchases of securities (5 795) (1 140)
Net cash inflow from financing activities 11 319 2 375
Creation of units 12 023 2 591
Cancellations of units (702) (216)
Cash distributed to unitholders (2) -
Net increase in cash and cash equivalents 5 525 1 232
Cash and cash equivalents at the beginning of the period 1 232 -
Cash and cash equivalents at the end of the year 7 6 757 1 232
13

Albaraka equity Fund
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 96 052 175 889
Dividends 33 061 25 955
Interest - 608
Income adjustments on creation and cancellation of units 5 (123) (92)
Net fair value gains on financial instruments 63 114 149 418
OPERATING EXPENSES BEFORE FINANCE COSTS 23 230 22 627
Audit fee - current year 147 249
Bank charges 1 -
Non-permissible income 4 860 4 904
Management company's service charge 16 592 15 355
Transaction costs 1 587 2 078
Trustee fees 43 41
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 72 822 153 262
TOTAL FINANCE COSTS 11 301 5 910
Distributions 6 11 301 5 910
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 61 521 147 352
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 101 712 89 888
Local equities 879 792 869 578
Interest and dividends receivable 158 -
Trade receivables 1 474 28
Cash and cash equivalents 7 3 458 15 412
TOTAL ASSETS 986 594 974 906
LIABILITIES
Trade payables 305 583
Cancellation payables - capital 235 48
Cancellation payables - income 1 -
Accrued expenses 4 549 5 697
Distributions payable 3 009 179
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 8 099 6 507
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 978 495 968 399
Represented by:
Net assets attributable to unitholders (closing-market prices) 978 495 973 539
Adjustment from closing-market prices to bid-market prices - (5 140)
14

Albaraka equity Fund
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 968 383 16 968 399
Total comprehensive income attributable to unitholders - 61 521 61 521
Transfer of net fair value gains, net of transaction costs, not distributable 61 527 (61 527) -
Net cancellation of units 5 (51 425) - (51 425)
Balance at 31 December 2011 978 485 10 978 495
Total
R000’s
2010
Balance at 31 December 2009 876 491 4 876 495
Total comprehensive income attributable to unitholders - 147 352 147 352
Transfer of net fair value gains, net of transaction costs, not distributable 147 340 (147 340) -
Net cancellation of units 5 (55 448) - (55 448)
Balance at 31 December 2010 968 383 16 968 399
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 10 112 7 521
Net income from operations before finance costs 72 822 153 262
Adjustments for:
Dividend income (33 061) (25 955)
Interest income - (608)
Income adjustments on creation and cancellation of units 123 92
Net fair value gains, net of transaction costs (61 527) (147 340)
Operating loss before working capital changes (21 643) (20 549)
Working capital changes
(Decrease)/Increase in accrued expenses (1 148) 1 507
Cash utilised by operations (22 791) (19 042)
Interest received - 608
Dividends received 32 903 25 955
Net cash inflow from investment activities 37 764 53 715
Net sales of securities 37 764 53 715
Net cash outflow from financing activities (59 830) (61 223)
Creation of units 60 557 48 630
Cancellations of units (111 917) (104 122)
Cash distributed to unitholders (8 470) (5 731)
Net (decrease)/increase in cash and cash equivalents (11 954) 13
Cash and cash equivalents at the beginning of the year 15 412 15 399
Cash and cash equivalents at the end of the year 7 3 458 15 412
15

BALANCED FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 178 561 283 786
Dividends 42 939 32 406
Interest 40 890 42 800
Income adjustments on creation and cancellation of units 5 (2 032) 586
Foreign exchange gains/(losses) on dividend and interest income 2 (23)
Net fair value gains on financial instruments 96 762 208 017
OPERATING EXPENSES BEFORE FINANCE COSTS 43 128 40 277
Audit fee - current year 60 63
- prior year under-provision 7 36
Performance fees 12 173 13 730
Bank charges 11 10
Custodian fees 138 123
Management company's service charge 28 840 23 940
Transaction costs 1 682 2 189
Trustee fees 217 186
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 135 433 243 509
TOTAL FINANCE COSTS 40 361 37 818
Distributions 6 40 201 37 881
Withholding tax on foreign dividends 160 (63)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 95 072 205 691
ASSETS
Statement of financial position
at 31 December 2011
Bonds 339 326 264 280
Unit trusts local 452 223 352 522
Unit trusts foreign 91 390 56 490
Local equities and specialist securities 1 215 330 1 363 926
Foreign equities 72 106 -
Interest and dividends receivable 7 631 6 910
Creation receivables - capital 2 094 1 339
Creation receivables - income 24 6
Trade receivables 30 -
Money market instruments 115 004 105 250
Cash and cash equivalents 7 83 085 214 159
TOTAL ASSETS 2 378 243 2 364 882
LIABILITIES
Trade payables - 74
Cancellation payables - capital 133 234
Cancellation payables - income 2 3
Accrued expenses 2 728 3 735
Distributions payable 23 887 21 343
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 26 750 25 389
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 351 493 2 339 493
* There is no difference between bid and closing-market prices for this fund.
16

BALANCED FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 339 465 28 2 339 493
Total comprehensive income attributable to unitholders - 95 072 95 072
Transfer of net fair value gains, net of transaction costs, not distributable 95 080 (95 080) -
Net cancellation of units 5 (83 072) - (83 072)
Balance at 31 December 2011 2 351 473 20 2 351 493
2010
Balance at 31 December 2009 1 762 634 19 1 762 653
Total comprehensive income attributable to unitholders - 205 691 205 691
Transfer of net fair value gains, net of transaction costs, not distributable 205 828 (205 828) -
Net creation of units 5 371 149 - 371 149
Capital rectification (146) 146 -
Balance at 31 December 2010 2 339 465 28 2 339 493
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 39 433 36 864
Net income from operations before finance costs 135 433 243 509
Adjustments for:
Dividend income (42 939) (32 406)
Interest income (40 890) (42 800)
Income adjustments on creation and cancellation of units 2 032 (586)
Net fair value gains, net of transaction costs (95 080) (205 828)
Foreign exchange (gains)/losses on dividend and interest income (2) 23
Operating loss before working capital changes (41 446) (38 088)
Working capital changes
(Decrease)/Increase in accrued expenses (1 007) 762
Cash utilised by operations (42 453) (37 326)
Interest received 39 402 41 744
Dividends received (net of withholding tax) 42 482 32 469
Foreign exchange gains/(losses) on dividend and interest income 2 (23)
Net cash outflow from investment activities (50 669) (239 021)
Net purchases of securities (50 669) (239 021)
Net cash (outflow)/inflow from financing activities (123 636) 334 590
Creation of units 424 071 538 408
Cancellations of units (510 050) (166 298)
Cash distributed to unitholders (37 657) (37 520)
Net (decrease)/increase in cash and cash equivalents (134 872) 132 433
Cash and cash equivalents at the beginning of the year 214 159 84 726
Exchange rate adjustments on cash balances 3 798 (3 000)
Cash and cash equivalents at the end of the year 7 83 085 214 159
17

BOND FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 52 772 81 721
Interest 51 477 42 331
Income adjustments on creation and cancellation of units 5 (1 836) 4 788
Net fair value gains on financial instruments 3 131 34 602
OPERATING EXPENSES BEFORE FINANCE COSTS 4 277 4 243
Audit fee - current year 56 60
- prior year under-provision 7 36
Bank charges 4 4
Custodian fees 51 28
Management company's service charge 4 107 4 072
Transaction costs 4 5
Trustee fees 48 38
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 48 495 77 478
TOTAL FINANCE COSTS 45 366 42 874
Distributions 6 45 366 42 874
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 3 129 34 604
ASSETS
Statement of financial position
at 31 December 2011
Bonds 549 366 576 734
Interest receivable 10 635 12 230
Cash and cash equivalents 7 12 221 24 321
TOTAL ASSETS 572 222 613 285
LIABILITIES
Cancellation payables - capital 87 71
Cancellation payables - income 4 3
Accrued expenses 381 409
Distributions payable 21 541 23 701
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 22 013 24 184
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 550 209 589 101
* There is no difference between bid and closing-market prices for this fund.
18

BOND FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 589 089 12 589 101
Total comprehensive income attributable to unitholders - 3 129 3 129
Transfer of net fair value gains, net of transaction costs, not distributable 3 127 (3 127) -
Net cancellation of units 5 (42 021) - (42 021)
Balance at 31 December 2011 550 195 14 550 209
2010
Balance at 31 December 2009 445 969 5 445 974
Total comprehensive income attributable to unitholders - 34 604 34 604
Transfer of net fair value gains, net of transaction costs, not distributable 34 597 (34 597) -
Net creation of units 5 108 523 - 108 523
Balance at 31 December 2010 589 089 12 589 101
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 48 085 34 520
Net income from operations before finance costs 48 495 77 478
Adjustments for:
Interest income (51 477) (42 331)
Income adjustments on creation and cancellation of units 1 836 (4 788)
Net fair value gains, net of transaction costs (3 127) (34 597)
Operating loss before working capital changes (4 273) (4 238)
Working capital changes
(Decrease)/Increase in accrued expenses (28) 8
Cash utilised by operations (4 301) (4 230)
Interest received 52 386 38 750
Net cash inflow/(outflow) from investment activities 31 181 (95 775)
Net sales/(purchases) of securities 31 181 (95 775)
Net cash (outflow)/inflow from financing activities (91 366) 74 987
Creation of units 167 149 312 348
Cancellations of units (210 989) (198 963)
Cash distributed to unitholders (47 526) (38 398)
Net (decrease)/increase in cash and cash equivalents (12 100) 13 732
Cash and cash equivalents at the beginning of the year 24 321 10 589
Cash and cash equivalents at the end of the year 7 12 221 24 321
19

CAPITAL BUILDER FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 43 764 60 016
Dividends 16 987 8 656
Interest 20 830 12 361
Income adjustments on creation and cancellation of units 5 2 064 3 772
Net fair value gains on financial instruments 3 883 35 227
OPERATING EXPENSES BEFORE FINANCE COSTS 3 116 2 952
Audit fee - current year 67 63
Performance fees 204 241
Bank charges 17 6
Custodian fees 51 32
Management company's service charge 1 675 1 232
Transaction costs 1 003 1 319
Trustee fees 99 59
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 40 648 57 064
TOTAL FINANCE COSTS 37 800 23 125
Distributions 6 37 800 23 163
Withholding tax on foreign dividends - (38)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 2 848 33 939
ASSETS
Statement of financial position
at 31 December 2011
Bonds 57 201 25 347
Local equities 685 176 711 583
Interest receivable 5 478 3 207
Trade receivables - 516
Money market instruments 240 989 57 179
Cash and cash equivalents 7 326 177 280 744
TOTAL ASSETS 1 315 021 1 078 576
LIABILITIES
Trade payables 62 -
Cancellation payables - capital - 28 621
Cancellation payables - income - 479
Accrued expenses 232 219
Distributions payable 24 261 16 761
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 24 555 46 080
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 290 466 1 032 496
* There is no difference between bid and closing-market prices for this fund.
20

CAPITAL BUILDER FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 032 449 47 1 032 496
Total comprehensive income attributable to unitholders - 2 848 2 848
Transfer of net fair value gains, net of transaction costs, not distributable 2 880 (2 880) -
Net creation of units 5 255 122 - 255 122
Balance at 31 December 2011 1 290 451 15 1 290 466
2010
Balance at 31 December 2009 427 606 16 427 622
Total comprehensive income attributable to unitholders - 33 939 33 939
Transfer of net fair value gains, net of transaction costs, not distributable 33 908 (33 908) -
Net creation of units 5 570 935 - 570 935
Balance at 31 December 2010 1 032 449 47 1 032 496
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 33 815 17 626
Net income from operations before finance costs 40 648 57 064
Adjustments for:
Dividend income (16 987) (8 656)
Interest income (20 830) (12 361)
Income adjustments on creation and cancellation of units (2 064) (3 772)
Net fair value gains, net of transaction costs (2 880) (33 908)
Operating loss before working capital changes (2 113) (1 633)
Working capital changes
Increase in accrued expenses 13 33
Cash utilised by operations (2 100) (1 600)
Interest received 18 928 10 532
Dividends received 16 987 8 694
Net cash outflow from investment activities (186 168) (371 030)
Net purchases of securities (186 168) (371 030)
Net cash inflow from financing activities 197 786 590 993
Creation of units 441 301 666 332
Cancellations of units (213 215) (62 483)
Cash distributed to unitholders (30 300) (12 856)
Net increase in cash and cash equivalents 45 433 237 589
Cash and cash equivalents at the beginning of the year 280 744 43 155
Cash and cash equivalents at the end of the year 7 326 177 280 744
21

Dividend Income Fund
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
3 months
2010
R000’s
NET INVESTMENT INCOME 56 14
Interest 56 14
OPERATING EXPENSES BEFORE FINANCE COSTS 30 7
Management company's service charge 9 2
Trustee fees 21 5
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 26 7
TOTAL FINANCE COSTS 26 7
Distributions 6 26 7
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS - -
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 200 900
Interest and dividends receivable 2 5
Cash and cash equivalents 7 801 100
TOTAL ASSETS 1 003 1 005
LIABILITIES
Accrued expenses 1 2
Distributions payable 2 3
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 5
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 000 1 000
* There is no difference between bid and closing-market prices for this fund.
22

Dividend Income Fund
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 000 - 1 000
Total comprehensive income attributable to unitholders - - -
Balance at 31 December 2011 1 000 - 1 000
2010
Balance at inception - - -
Net creation of units 5 1 000 - 1 000
Balance at 31 December 2010 1 000 - 1 000
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
3 months
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 28 4
Net income from operations before finance costs 26 7
Adjustments for:
Interest income (56) (14)
Operating loss before working capital changes (30) (7)
Working capital changes
(Decrease)/Increase in accrued expenses (1) 2
Cash utilised by operations (31) (5)
Interest received 59 9
Net cash inflow/(outflow) from investment activities 700 (900)
Net sales/(purchases) of securities 700 (900)
Net cash (outflow)/inflow from financing activities (27) 996
Creation of units - 1 000
Cash distributed to unitholders (27) (4)
Net increase in cash and cash equivalents 701 100
Cash and cash equivalents at the beginning of the period 100 -
Cash and cash equivalents at the end of the year 7 801 100
23

DYNAMIC FLOOR FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 140 255 252 839
Dividends 26 879 21 258
Interest 88 256 108 782
Income adjustments on creation and cancellation of units 5 (1 973) (1 438)
Foreign exchange gains on dividend and interest income 19 -
Net fair value gains on financial instruments 27 074 124 237
OPERATING EXPENSES BEFORE FINANCE COSTS 36 427 49 365
Audit fee - current year 67 63
Performance fees 11 586 23 125
Bank charges 12 14
Custodian fees 196 157
Management company's service charge 22 367 23 116
Transaction costs 1 974 2 664
Trustee fees 225 226
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 103 828 203 474
TOTAL FINANCE COSTS 78 694 81 888
Distributions 6 78 202 81 946
Withholding tax on foreign dividends 492 (58)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 25 134 121 586
ASSETS
Bonds 494 416 559 953
Local equities 602 393 1 004 875
Foreign equities 266 859 -
Interest and dividends receivable 11 571 25 660
Creation receivables - capital 50 8
Creation receivables - income 1 -
Trade receivables 1 490 3 544
Money market instruments 667 941 569 994
Cash and cash equivalents 7 384 854 391 466
TOTAL ASSETS 2 429 575 2 555 500
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 1 145 1 479
Cancellation payables - capital 597 195
Cancellation payables - income 10 3
Accrued expenses 1 936 3 364
Distributions payable 43 743 39 700
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 47 431 44 741
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 2 382 144 2 510 759
* There is no difference between bid and closing-market prices for this fund.
24

DYNAMIC FLOOR FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 510 687 72 2 510 759
Total comprehensive income attributable to unitholders - 25 134 25 134
Transfer of net fair value gains, net of transaction costs, not distributable 25 100 (25 100) -
Net cancellation of units 5 (153 749) - (153 749)
Balance at 31 December 2011 2 382 038 106 2 382 144
Total
R000’s
2010
Balance at 31 December 2009 2 484 381 59 2 484 440
Total comprehensive income attributable to unitholders - 121 586 121 586
Transfer of net fair value gains, net of transaction costs, not distributable 121 573 (121 573) -
Net cancellation of units 5 (95 267) - (95 267)
Balance at 31 December 2010 2 510 687 72 2 510 759
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 86 501 90 648
Net income from operations before finance costs 103 828 203 474
Adjustments for:
Dividend income (26 879) (21 258)
Interest income (88 256) (108 782)
Income adjustments on creation and cancellation of units 1 973 1 438
Net fair value gains, net of transaction costs (25 100) (121 573)
Foreign exchange gains on dividend and interest income (19) -
Operating loss before working capital changes (34 453) (46 701)
Working capital changes
Decrease in accrued expenses (1 428) (1 329)
Cash utilised by operations (35 881) (48 030)
Interest received 96 329 117 362
Dividends received (net of withholding tax) 26 034 21 316
Foreign exchange gains on dividend and interest income 19 -
Net cash inflow from investment activities 136 212 112 271
Net sales of securities 136 212 112 271
Net cash outflow from financing activities (229 515) (203 529)
Creation of units 268 396 264 953
Cancellations of units (423 752) (361 512)
Cash distributed to unitholders (74 159) (106 970)
Net decrease in cash and cash equivalents (6 802) (610)
Cash and cash equivalents at the beginning of the year 391 466 392 076
Exchange rate adjustments on cash balances 190 -
Cash and cash equivalents at the end of the year 7 384 854 391 466
25

ENHANCED INCOME FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 226 271 261 215
Dividends - 446
Interest 199 905 201 283
Income adjustments on creation and cancellation of units 5 1 280 (398)
Net fair value gains on financial instruments 25 086 59 884
OPERATING EXPENSES BEFORE FINANCE COSTS 36 440 34 772
Audit fee - current year 63 59
Bank charges 8 6
Custodian fees 150 125
Management company's service charge 35 947 34 167
Transaction costs 16 184
Trustee fees 256 231
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 189 831 226 443
TOTAL FINANCE COSTS 164 867 166 675
Distributions 6 164 867 166 675
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 24 964 59 768
ASSETS
Statement of financial position
at 31 December 2011
Bonds 2 295 718 1 977 173
Unit trusts local 30 117 -
Interest receivable 38 816 46 543
Creation receivables - capital 2 5
Money market instruments 489 985 342 412
Cash and cash equivalents 7 286 002 248 701
TOTAL ASSETS 3 140 640 2 614 834
LIABILITIES
Trade payables 31 946 -
Cancellation payables - capital 6 476 5 889
Cancellation payables - income 93 98
Accrued expenses 3 222 3 066
Distributions payable 43 623 40 959
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 85 360 50 012
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 3 055 280 2 564 822
* There is no difference between bid and closing-market prices for this fund.
26

ENHANCED INCOME FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 564 670 152 2 564 822
Total comprehensive income attributable to unitholders - 24 964 24 964
Transfer of net fair value gains, net of transaction costs, not distributable 25 070 (25 070) -
Net creation of units 5 465 494 - 465 494
Balance at 31 December 2011 3 055 234 46 3 055 280
2010
Balance at 31 December 2009 2 451 597 84 2 451 681
Total comprehensive income attributable to unitholders - 59 768 59 768
Transfer of net fair value gains, net of transaction costs, not distributable 59 700 (59 700) -
Net creation of units 5 53 373 - 53 373
Balance at 31 December 2010 2 564 670 152 2 564 822
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 172 429 157 344
Net income from operations before finance costs 189 831 226 443
Adjustments for:
Dividend income - (446)
Interest income (199 905) (201 283)
Income adjustments on creation and cancellation of units (1 280) 398
Net fair value gains, net of transaction costs (25 070) (59 700)
Operating loss before working capital changes (36 424) (34 588)
Working capital changes
Increase in accrued expenses 156 173
Cash utilised by operations (36 268) (34 415)
Interest received 208 697 191 313
Dividends received - 446
Net cash outflow from investment activities (440 284) (241 839)
Net purchases of securities (440 284) (241 839)
Net cash inflow/(outflow) from financing activities 305 156 (110 783)
Creation of units 2 001 736 985 991
Cancellations of units (1 534 377) (926 745)
Cash distributed to unitholders (162 203) (170 029)
Net increase/(decrease) in cash and cash equivalents 37 301 (195 278)
Cash and cash equivalents at the beginning of the year 248 701 443 979
Cash and cash equivalents at the end of the year 7 286 002 248 701
27

FINANCIAL SERVICES FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 31 429 65 896
Dividends 21 190 11 790
Interest 885 730
Income adjustments on creation and cancellation of units 5 (515) 695
Net fair value gains on financial instruments 9 869 52 681
OPERATING EXPENSES BEFORE FINANCE COSTS 5 987 6 667
Audit fee - current year 56 52
Bank charges 4 4
Custodian fees 23 29
Management company's service charge 5 365 5 925
Transaction costs 492 611
Trustee fees 47 46
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 25 442 59 229
TOTAL FINANCE COSTS 16 060 7 163
Distributions 6 16 060 7 163
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 9 382 52 066
ASSETS
Unit trusts local 27 000 10 000
Local equities 483 258 537 300
Interest receivable 84 69
Creation receivables - capital - 30
Cash and cash equivalents 7 570 7 693
TOTAL ASSETS 510 912 555 092
LIABILITIES
Statement of financial position
at 31 December 2011
Cancellation payables - capital 64 8
Cancellation payables - income 1 -
Accrued expenses 506 542
Distributions payable 9 794 5 915
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 10 365 6 465
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 500 547 548 627
* There is no difference between bid and closing-market prices for this fund.
28

FINANCIAL SERVICES FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 548 620 7 548 627
Total comprehensive income attributable to unitholders - 9 382 9 382
Transfer of net fair value gains, net of transaction costs, not distributable 9 377 (9 377) -
Net cancellation of units 5 (57 462) - (57 462)
Balance at 31 December 2011 500 535 12 500 547
2010
Balance at 31 December 2009 477 217 11 477 228
Total comprehensive income attributable to unitholders - 52 066 52 066
Transfer of net fair value gains, net of transaction costs, not distributable 52 070 (52 070) -
Net creation of units 5 19 333 - 19 333
Balance at 31 December 2010 548 620 7 548 627
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 16 529 6 399
Net income from operations before finance costs 25 442 59 229
Adjustments for:
Dividend income (21 190) (11 790)
Interest income (885) (730)
Income adjustments on creation and cancellation of units 515 (695)
Net fair value gains, net of transaction costs (9 377) (52 070)
Operating loss before working capital changes (5 495) (6 056)
Working capital changes
(Decrease)/Increase in accrued expenses (36) 1
Cash utilised by operations (5 531) (6 055)
Interest received 870 664
Dividends received 21 190 11 790
Net cash inflow/(outflow) from investment activities 46 419 (16 831)
Net sales/(purchases) of securities 46 419 (16 831)
Net cash (outflow)/inflow from financing activities (70 071) 15 651
Creation of units 41 520 107 536
Cancellations of units (99 410) (87 108)
Cash distributed to unitholders (12 181) (4 777)
Net (decrease)/increase in cash and cash equivalents (7 123) 5 219
Cash and cash equivalents at the beginning of the year 7 693 2 474
Cash and cash equivalents at the end of the year 7 570 7 693
29

FLEXIBLE FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 32 981 86 051
Dividends 14 733 9 704
Interest 6 258 7 395
Income adjustments on creation and cancellation of units 5 54 35
Foreign exchange gains on dividend and interest income 40 2
Net fair value gains on financial instruments 11 896 68 915
OPERATING EXPENSES BEFORE FINANCE COSTS 11 678 11 498
Audit fee - current year 67 63
Performance fees 2 970 4 024
Bank charges 7 6
Custodian fees 55 39
Management company's service charge 7 506 5 842
Transaction costs 1 020 1 482
Trustee fees 53 42
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 21 303 74 553
TOTAL FINANCE COSTS 10 423 7 410
Distributions 6 10 194 7 368
Withholding tax on foreign dividends 229 42
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 10 880 67 143
ASSETS
Bonds 4 848 4 551
Unit trusts local 75 571 47 018
Unit trusts foreign 29 604 32 584
Local equities and specialist securities 481 324 443 843
Foreign equities 49 691 21 003
Interest and dividends receivable 727 323
Creation receivables - capital - 295
Creation receivables - income - 1
Trade receivables 83 996
Cash and cash equivalents 7 78 914 71 352
TOTAL ASSETS 720 762 621 966
LIABILITIES
Cancellation payables - capital 90 5
Cancellation payables - income 1 -
Accrued expenses 752 1 065
Distributions payable 6 149 4 125
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 6 992 5 195
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 713 770 616 771
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 713 770 620 053
Adjustment from closing-market prices to bid-market prices - (3 282)
30

FLEXIBLE FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 616 767 4 616 771
Total comprehensive income attributable to unitholders - 10 880 10 880
Transfer of net fair value gains, net of transaction costs, not distributable 10 876 (10 876) -
Net creation of units 5 86 119 - 86 119
Balance at 31 December 2011 713 762 8 713 770
2010
Balance at 31 December 2009 463 382 (32) 463 350
Total comprehensive income attributable to unitholders - 67 143 67 143
Transfer of net fair value gains, net of transaction costs, not distributable 67 433 (67 433) -
Net creation of units 5 86 278 - 86 278
Capital rectification (326) 326 -
Balance at 31 December 2010 616 767 4 616 771
Total
R000’s
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 9 312 7 394
Net income from operations before finance costs 21 303 74 553
Adjustments for:
Dividend income (14 733) (9 704)
Interest income (6 258) (7 395)
Income adjustments on creation and cancellation of units (54) (35)
Net fair value gains, net of transaction costs (10 876) (67 433)
Foreign exchange gains on dividend and interest income (40) (2)
Operating loss before working capital changes (10 658) (10 016)
Working capital changes
(Decrease)/Increase in accrued expenses (313) 261
Cash utilised by operations (10 971) (9 755)
Interest received 6 087 7 485
Dividends received (net of withholding tax) 14 156 9 662
Foreign exchange gains on dividend and interest income 40 2
Net cash outflow from investment activities (80 140) (94 643)
Net purchases of securities (80 140) (94 643)
Net cash inflow from financing activities 78 385 80 068
Creation of units 157 146 151 472
Cancellations of units (70 591) (65 015)
Cash distributed to unitholders (8 170) (6 389)
Net increase/(decrease) in cash and cash equivalents 7 557 (7 181)
Cash and cash equivalents at the beginning of the year 71 352 78 523
Exchange rate adjustments on cash balances 5 10
Cash and cash equivalents at the end of the year 7 78 914 71 352
31

FOUR PLUS CAPITAL FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 1 748 2 849
Dividends 148 81
Interest 1 231 1 728
Income adjustments on creation and cancellation of units 5 4 11
Net fair value gains on financial instruments 365 1 029
OPERATING EXPENSES BEFORE FINANCE COSTS 527 502
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 447 426
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 1 221 2 347
TOTAL FINANCE COSTS 857 1 318
Distributions 6 857 1 318
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 364 1 029
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 39 012 38 188
Interest receivable 50 48
Creation receivables - capital - 1
Cash and cash equivalents 7 1 295 1 340
TOTAL ASSETS 40 357 39 577
LIABILITIES
Cancellation payables - capital 9 -
Accrued expenses 95 91
Distributions payable 401 512
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 505 603
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 39 852 38 974
* There is no difference between bid and closing-market prices for this fund.
32

FOUR PLUS CAPITAL FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 38 971 3 38 974
Total comprehensive income attributable to unitholders - 364 364
Transfer of net fair value gains not distributable 365 (365) -
Net creation of units 5 514 - 514
Balance at 31 December 2011 39 850 2 39 852
2010
Balance at 31 December 2009 36 816 3 36 819
Total comprehensive income attributable to unitholders - 1 029 1 029
Transfer of net fair value gains not distributable 1 029 (1 029) -
Net creation of units 5 1 126 - 1 126
Balance at 31 December 2010 38 971 3 38 974
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 854 1 318
Net income from operations before finance costs 1 221 2 347
Adjustments for:
Dividend income (148) (81)
Interest income (1 231) (1 728)
Income adjustments on creation and cancellation of units (4) (11)
Net fair value gains (365) (1 029)
Operating loss before working capital changes (527) (502)
Working capital changes
Increase in accrued expenses 4 3
Cash utilised by operations (523) (499)
Interest received 1 229 1 736
Dividends received 148 81
Net cash outflow from investment activities (459) (347)
Net purchases of securities (459) (347)
Net cash outflow from financing activities (440) (876)
Creation of units 7 187 7 299
Cancellations of units (6 659) (6 163)
Cash distributed to unitholders (968) (2 012)
Net (decrease)/increase in cash and cash equivalents (45) 95
Cash and cash equivalents at the beginning of the year 1 340 1 245
Cash and cash equivalents at the end of the year 7 1 295 1 340
33

FOUR PLUS GLOBAL FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 18 381 15 293
Dividends 1 221 885
Interest 2 618 2 472
Income adjustments on creation and cancellation of units 5 18 5
Net fair value gains on financial instruments 14 524 11 931
OPERATING EXPENSES BEFORE FINANCE COSTS 2 367 2 314
Audit fee - current year 55 51
Bank charges 4 5
Custodian fees 4 8
Management company's service charge 2 278 2 229
Transaction costs 5 -
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 16 014 12 979
TOTAL FINANCE COSTS 1 500 1 046
Distributions 6 1 500 1 046
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 14 514 11 933
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 97 743 86 975
Unit trusts foreign 83 015 75 483
Interest and dividends receivable 1 664 1 066
Cash and cash equivalents 7 18 025 34 422
TOTAL ASSETS 200 447 197 946
LIABILITIES
Cancellation payables - capital 1 9
Accrued expenses 249 245
Distributions payable 1 005 453
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 255 707
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 199 192 197 239
* There is no difference between bid and closing-market prices for this fund.
34

FOUR PLUS GLOBAL FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 197 231 8 197 239
Total comprehensive income attributable to unitholders - 14 514 14 514
Transfer of net fair value gains, net of transaction costs, not distributable 14 519 (14 519) -
Net cancellation of units 5 (12 561) - (12 561)
Balance at 31 December 2011 199 189 3 199 192
Total
R000’s
2010
Balance at 31 December 2009 199 682 6 199 688
Total comprehensive income attributable to unitholders - 11 933 11 933
Transfer of net fair value gains, net of transaction costs, not distributable 11 931 (11 931) -
Net cancellation of units 5 (14 382) - (14 382)
Balance at 31 December 2010 197 231 8 197 239
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 883 634
Net income from operations before finance costs 16 014 12 979
Adjustments for:
Dividend income (1 221) (885)
Interest income (2 618) (2 472)
Income adjustments on creation and cancellation of units (18) (5)
Net fair value gains, net of transaction costs (14 519) (11 931)
Operating loss before working capital changes (2 362) (2 314)
Working capital changes
Increase in accrued expenses 4 -
Cash utilised by operations (2 358) (2 314)
Interest received 3 164 2 131
Dividends received 77 817
Net cash (outflow)/inflow from investment activities (3 852) 5 661
Net (purchases)/sales of securities (3 852) 5 661
Net cash outflow from financing activities (13 499) (15 699)
Creation of units 9 488 8 096
Cancellations of units (22 039) (22 464)
Cash distributed to unitholders (948) (1 331)
Net decrease in cash and cash equivalents (16 468) (9 404)
Cash and cash equivalents at the beginning of the year 34 422 43 723
Exchange rate adjustments on cash balances 71 103
Cash and cash equivalents at the end of the year 7 18 025 34 422
35

FOUR PLUS GROWTH FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 26 270 35 762
Dividends 3 138 1 674
Interest 8 796 11 243
Income adjustments on creation and cancellation of units 5 (24) (43)
Net fair value gains on financial instruments 14 360 22 888
OPERATING EXPENSES BEFORE FINANCE COSTS 4 171 4 083
Audit fee - current year 55 51
Bank charges 4 5
Custodian fees 1 -
Management company's service charge 4 078 3 995
Trustee fees 33 32
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 22 099 31 679
TOTAL FINANCE COSTS 7 721 8 790
Distributions 6 7 721 8 790
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 14 378 22 889
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 349 533 339 636
Unit trusts foreign 5 418 6 708
Interest and dividends receivable 2 426 3 115
Cash and cash equivalents 7 2 931 10 556
TOTAL ASSETS 360 308 360 015
LIABILITIES
Cancellation payables - capital 61 19
Accrued expenses 406 399
Distributions payable 3 370 4 469
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 837 4 887
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 356 471 355 128
* There is no difference between bid and closing-market prices for this fund.
36

FOUR PLUS GROWTH FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 355 120 8 355 128
Total comprehensive income attributable to unitholders - 14 378 14 378
Transfer of net fair value gains not distributable 14 360 (14 360) -
Net cancellation of units 5 (13 035) - (13 035)
Balance at 31 December 2011 356 445 26 356 471
Total
R000’s
2010
Balance at 31 December 2009 351 735 7 351 742
Total comprehensive income attributable to unitholders - 22 889 22 889
Transfer of net fair value gains not distributable 22 888 (22 888) -
Net cancellation of units 5 (19 503) - (19 503)
Balance at 31 December 2010 355 120 8 355 128
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 8 459 8 990
Net income from operations before finance costs 22 099 31 679
Adjustments for:
Dividend income (3 138) (1 674)
Interest income (8 796) (11 243)
Income adjustments on creation and cancellation of units 24 43
Net fair value gains (14 360) (22 888)
Operating loss before working capital changes (4 171) (4 083)
Working capital changes
Increase in accrued expenses 7 5
Cash utilised by operations (4 164) (4 078)
Interest received 10 148 11 681
Dividends received 2 475 1 387
Net cash inflow from investment activities 5 549 28 384
Net sales of securities 5 549 28 384
Net cash outflow from financing activities (21 838) (27 699)
Creation of units 25 411 22 499
Cancellations of units (38 428) (42 003)
Cash distributed to unitholders (8 821) (8 195)
Net (decrease)/increase in cash and cash equivalents (7 830) 9 675
Cash and cash equivalents at the beginning of the year 10 556 881
Exchange rate adjustments on cash balances 205 -
Cash and cash equivalents at the end of the year 7 2 931 10 556
37

FOUR PLUS SECURE FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 2 016 2 597
Interest 1 968 2 321
Income adjustments on creation and cancellation of units 5 (12) (12)
Net fair value gains on financial instruments 60 288
OPERATING EXPENSES BEFORE FINANCE COSTS 459 461
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 379 385
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 1 557 2 136
TOTAL FINANCE COSTS 1 495 1 848
Distributions 6 1 495 1 848
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 62 288
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 34 408 34 461
Interest receivable 87 100
Cash and cash equivalents 7 158 233
TOTAL ASSETS 34 653 34 794
LIABILITIES
Cancellation payables - capital 150 2
Cancellation payables - income 2 -
Accrued expenses 89 86
Distributions payable 347 210
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 588 298
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 34 065 34 496
* There is no difference between bid and closing-market prices for this fund.
38

FOUR PLUS SECURE FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 34 496 - 34 496
Total comprehensive income attributable to unitholders - 62 62
Transfer of net fair value gains not distributable 60 (60) -
Net cancellation of units 5 (493) - (493)
Balance at 31 December 2011 34 063 2 34 065
2010
Balance at 31 December 2009 33 656 - 33 656
Total comprehensive income attributable to unitholders - 288 288
Transfer of net fair value gains not distributable 288 (288) -
Net creation of units 5 552 - 552
Balance at 31 December 2010 34 496 - 34 496
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 1 525 1 901
Net income from operations before finance costs 1 557 2 136
Adjustments for:
Interest income (1 968) (2 321)
Income adjustments on creation and cancellation of units 12 12
Net fair value gains (60) (288)
Operating loss before working capital changes (459) (461)
Working capital changes
Increase in accrued expenses 3 1
Cash utilised by operations (456) (460)
Interest received 1 981 2 361
Net cash inflow/(outflow) from investment activities 114 (538)
Net sales/(purchases) of securities 114 (538)
Net cash outflow from financing activities (1 714) (1 636)
Creation of units 7 033 6 777
Cancellations of units (7 388) (6 235)
Cash distributed to unitholders (1 359) (2 178)
Net decrease in cash and cash equivalents (75) (273)
Cash and cash equivalents at the beginning of the year 233 506
Cash and cash equivalents at the end of the year 7 158 233
39

GLOBAL BOND FEEDER FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME/(LOSS) 23 845 (3 449)
Interest 580 1 881
Income adjustments on creation and cancellation of units 5 13 (47)
Foreign exchange gains/(losses) on dividend and interest income 143 (221)
Net fair value gains/(losses) on financial instruments 23 109 (5 062)
OPERATING EXPENSES BEFORE FINANCE COSTS 521 492
Audit fee - current year 50 47
Bank charges 6 7
Custodian fees 5 3
Management company's service charge (net of rebates) 439 414
Trustee fees 21 21
NET INCOME/(LOSS) FROM OPERATIONS BEFORE FINANCE COSTS 23 324 (3 941)
TOTAL FINANCE COSTS 100 1 262
Distributions 6 100 1 262
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 23 224 (5 203)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 59 252 69 828
Interest and dividends receivable 2 3
Creation receivables - capital 10 -
Cash and cash equivalents 7 2 163 4 876
TOTAL ASSETS 61 427 74 707
LIABILITIES
Cancellation payables - capital - 4
Accrued expenses 111 126
Distributions payable - 536
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 111 666
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 61 316 74 041
* There is no difference between bid and closing-market prices for this fund.
40

GLOBAL BOND FEEDER FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 74 181 (140) 74 041
Total comprehensive income attributable to unitholders - 23 224 23 224
Transfer of net fair value gains not distributable 23 109 (23 109) -
Net cancellation of units 5 (35 949) - (35 949)
Capital rectification (23) 23 -
Balance at 31 December 2011 61 318 (2) 61 316
Total
R000’s
2010
Balance at 31 December 2009 68 610 1 68 611
Total comprehensive loss attributable to unitholders - (5 203) (5 203)
Transfer of net fair value losses not distributable (5 062) 5 062 -
Net creation of units 5 10 633 - 10 633
Balance at 31 December 2010 74 181 (140) 74 041
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 188 1 189
Net income/(loss) from operations before finance costs 23 324 (3 941)
Adjustments for:
Interest income (580) (1 881)
Income adjustments on creation and cancellation of units (13) 47
Net fair value (gains)/losses (23 109) 5 062
Foreign exchange (gains)/losses on dividend and interest income (143) 221
Operating loss before working capital changes (521) (492)
Working capital changes
(Decrease)/Increase in accrued expenses (15) 12
Cash utilised by operations (536) (480)
Interest received 581 1 890
Foreign exchange gains/(losses) on dividend and interest income 143 (221)
Net cash inflow/(outflow) from investment activities 33 685 (14 441)
Net sales/(purchases) of securities 33 685 (14 441)
Net cash (outflow)/inflow from financing activities (36 586) 8 785
Creation of units 63 902 53 160
Cancellations of units (99 852) (42 569)
Cash distributed to unitholders (636) (1 806)
Net decrease in cash and cash equivalents (2 713) (4 467)
Cash and cash equivalents at the beginning of the year 4 876 9 343
Cash and cash equivalents at the end of the year 7 2 163 4 876
41

GLOBAL EMERGING MARKET Fund
Statement of comprehensive income
for the period ended 31 December 2011
Note
5 months
2011
R000’s
NET INVESTMENT INCOME 17 027
Dividends 4 186
Interest 205
Income adjustments on creation and cancellation of units 5 (1 137)
Foreign exchange losses on dividend and interest income (59)
Net fair value gains on financial instruments 13 832
OPERATING EXPENSES BEFORE FINANCE COSTS 3 362
Audit fee - current period 22
Performance fees 247
Bank charges 5
Custodian fees 187
Management company's service charge 542
Transaction costs 2 338
Trustee fees 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 13 665
TOTAL FINANCE COSTS 3 803
Distributions 6 3 513
Withholding tax on foreign dividends 290
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 9 862
ASSETS
Statement of financial position
at 31 December 2011
Local equities 75 939
Foreign equities 620 183
Interest and dividends receivable 204
Cash and cash equivalents 7 39 930
TOTAL ASSETS 736 256
LIABILITIES
Trade payables 7 080
Cancellation payables - capital 1
Accrued expenses 424
Distributions payable 3 513
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 11 018
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 725 238
* There is no difference between bid and closing-market prices for this fund.
42

GLOBAL EMERGING MARKET Fund
Statement of changes in net assets attributable to unitholders
for the period ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at inception - - -
Total comprehensive income attributable to unitholders - 9 862 9 862
Transfer of net fair value gains, net of transaction costs, not distributable 11 494 (11 494) -
Net creation of units 5 715 376 - 715 376
Capital rectification (1 479) 1 479 -
Balance at 31 December 2011 725 391 (153) 725 238
Total
R000’s
Statement of cash flows
for the period ended 31 December 2011
Note
5 months
2011
R000’s
Net cash inflow from operating activities 3 238
Net income from operations before finance costs 13 665
Adjustments for:
Dividend income (4 186)
Interest income (205)
Income adjustments on creation and cancellation of units 1 137
Net fair value gains, net of transaction costs (11 494)
Foreign exchange losses on dividend and interest income 59
Operating loss before working capital changes (1 024)
Working capital changes
Increase in accrued expenses 424
Cash utilised by operations (600)
Interest received 156
Dividends received (net of withholding tax) 3 741
Foreign exchange gains on dividend and interest income (59)
Net cash outflow from investment activities (677 548)
Net purchases of securities (677 548)
Net cash inflow from financing activities 714 240
Creation of units 717 854
Cancellations of units (3 614)
Cash and cash equivalents at the end of the period 7 39 930
43

GLOBAL EQUITY FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 325 783 83 365
Dividends 38 345 31 720
Interest 6 460 4 385
Income adjustments on creation and cancellation of units 5 (58) 151
Foreign exchange losses on dividend and interest income (96) (214)
Net fair value gains on financial instruments 281 132 47 323
OPERATING EXPENSES BEFORE FINANCE COSTS 28 827 21 800
Audit fee - current year 67 63
Bank charges 4 4
Custodian fees 1 081 895
Management company's service charge 23 785 19 045
Transaction costs 3 731 1 664
Trustee fees 159 129
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 296 956 61 565
TOTAL FINANCE COSTS 20 034 16 860
Distributions 6 14 519 11 316
Withholding tax on foreign dividends 5 515 5 544
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 276 922 44 705
ASSETS
Local equities 17 456 -
Foreign equities 1 830 702 1 371 102
Interest and dividends receivable 1 149 1 063
Creation receivables - capital - 3
Trade receivables - 2
Cash and cash equivalents 7 22 546 96 111
TOTAL ASSETS 1 871 853 1 468 281
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 17 -
Cancellation payables - capital 140 79
Accrued expenses 2 255 1 890
Distributions payable 4 740 2 320
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 7 152 4 289
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 864 701 1 463 992
* There is no difference between bid and closing-market prices for this fund.
44

GLOBAL EQUITY FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 464 018 (26) 1 463 992
Total comprehensive income attributable to unitholders - 276 922 276 922
Transfer of net fair value gains, net of transaction costs, not distributable 277 401 (277 401) -
Net creation of units 5 123 787 - 123 787
Capital rectification (552) 552 -
Balance at 31 December 2011 1 864 654 47 1 864 701
2010
Balance at 31 December 2009 1 378 607 117 1 378 724
Total comprehensive income attributable to unitholders - 44 705 44 705
Transfer of net fair value gains, net of transaction costs, not distributable 45 659 (45 659) -
Net creation of units 5 40 563 - 40 563
Capital rectification (811) 811 -
Balance at 31 December 2010 1 464 018 (26) 1 463 992
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 14 377 10 488
Net income from operations before finance costs 296 956 61 565
Adjustments for:
Dividend income (38 345) (31 720)
Interest income (6 460) (4 385)
Income adjustments on creation and cancellation of units 58 (151)
Net fair value gains, net of transaction costs (277 401) (45 659)
Foreign exchange losses on dividend and interest income 96 214
Operating loss before working capital changes (25 096) (20 136)
Working capital changes
Increase in accrued expenses 365 120
Cash utilised by operations (24 731) (20 016)
Interest received 6 767 4 263
Dividends received (net of withholding tax) 32 437 26 455
Foreign exchange losses on dividend and interest income (96) (214)
Net cash outflow from investment activities (199 647) (3 520)
Net purchases of securities (199 647) (3 520)
Net cash inflow from financing activities 111 693 27 494
Creation of units 1 125 337 436 739
Cancellations of units (1 001 544) (395 982)
Cash distributed to unitholders (12 100) (13 263)
Net (decrease)/increase in cash and cash equivalents (73 577) 34 462
Cash and cash equivalents at the beginning of the year 96 111 61 730
Exchange rate adjustments on cash balances 12 (81)
Cash and cash equivalents at the end of the year 7 22 546 96 111
45

Global Index Fund of Funds
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 3 842 51
Dividends 125 -
Interest 5 17 125
Income adjustments on creation and cancellation of units 41 10
Net fair value gains/(losses) on financial instruments 3 659 (84)
OPERATING EXPENSES BEFORE FINANCE COSTS 484 501
Audit fee - current year 55 51
Bank charges 15 12
Custodian fees - (2)
Management company's service charge 352 382
Transaction costs 19 11
Trustee fees 43 47
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 3 358 (450)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 27 585 31 052
Interest receivable 1 3
Cash and cash equivalents 7 1 001 427
TOTAL ASSETS 28 587 31 482
LIABILITIES
Trade payables 651 -
Cancellation payables - capital 2 6
Accrued expenses 95 86
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 748 92
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 27 839 31 390
* There is no difference between bid and closing-market prices for this fund.
46

Global Index Fund of Funds
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 31 390 - 31 390
Total comprehensive income attributable to unitholders - 3 358 3 358
Transfer of net fair value gains, net of transaction costs, not distributable 3 640 (3 640) -
Net cancellation of units 5 (6 909) - (6 909)
Capital rectification (282) 282 -
Balance at 31 December 2011 27 839 - 27 839
Total
R000’s
2010
Balance at 31 December 2009 38 598 (5) 38 593
Total comprehensive loss attributable to unitholders - (450) (450)
Transfer of net fair value losses, net of transaction costs, not distributable (95) 95 -
Net cancellation of units 5 (6 753) - (6 753)
Capital rectification (360) 360 -
Balance at 31 December 2010 31 390 - 31 390
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash outflow from operating activities (312) (349)
Net income/(loss) from operations before finance costs 3 358 (450)
Adjustments for:
Dividend income (125) -
Interest income (17) (125)
Income adjustments on creation and cancellation of units (41) (10)
Net fair value (gains)/losses, net of transaction costs (3 640) 95
Operating loss before working capital changes (465) (490)
Working capital changes
Increase in accrued expenses 9 8
Cash utilised by operations (456) (482)
Interest received 19 133
Dividends received 125 -
Net cash inflow from investment activities 7 758 7 245
Net sales of securities 7 758 7 245
Net cash outflow from financing activities (6 872) (6 737)
Creation of units 3 776 4 960
Cancellations of units (10 648) (11 697)
Net increase in cash and cash equivalents 574 159
Cash and cash equivalents at the beginning of the year 427 268
Cash and cash equivalents at the end of the year 7 1 001 427
47

GLOBAL TECHNOLOGY FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 6 563 5 798
Dividends 847 711
Interest 32 13
Income adjustments on creation and cancellation of units 5 52 19
Foreign exchange losses on dividend and interest income (21) (3)
Net fair value gains on financial instruments 5 653 5 058
OPERATING EXPENSES BEFORE FINANCE COSTS 1 839 1 903
Audit fee - current year 67 63
Bank charges 6 4
Custodian fees 21 19
Management company's service charge 1 644 1 705
Transaction costs 80 91
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 4 724 3 895
TOTAL FINANCE COSTS 90 143
Withholding tax on foreign dividends 90 143
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 4 634 3 752
ASSETS
Local equities 8 218 11 803
Foreign equities 59 405 60 616
Interest and dividends receivable - 1
Cash and cash equivalents 7 2 780 853
TOTAL ASSETS 70 403 73 273
LIABILITIES
Cancellation payables - capital 25 9
Accrued expenses 216 218
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 241 227
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 70 162 73 046
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 70 726 73 420
Adjustment from closing-market prices to bid-market prices (564) (374)
48

GLOBAL TECHNOLOGY FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Total
R000’s
Balance at 31 December 2010 73 046 - 73 046
Total comprehensive income attributable to unitholders - 4 634 4 634
Transfer of net fair value gains, net of transaction costs, not distributable 5 573 (5 573) -
Net cancellation of units 5 (7 518) - (7 518)
Capital rectification (939) 939 -
Balance at 31 December 2011 70 162 - 70 162
2010
Balance at 31 December 2009 76 822 4 76 826
Total comprehensive income attributable to unitholders - 3 752 3 752
Transfer of net fair value gains, net of transaction costs, not distributable 4 967 (4 967) -
Net cancellation of units 5 (7 532) - (7 532)
Capital rectification (1 211) 1 211 -
Balance at 31 December 2010 73 046 - 73 046
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash outflow from operating activities (992) (1 229)
Net income from operations before finance costs 4 724 3 895
Adjustments for:
Dividend income (847) (711)
Interest income (32) (13)
Income adjustments on creation and cancellation of units (52) (19)
Net fair value gains, net of transaction costs (5 573) (4 967)
Foreign exchange losses on dividend and interest income 21 3
Operating loss before working capital changes (1 759) (1 812)
Working capital changes
Decrease in accrued expenses (2) (3)
Cash utilised by operations (1 761) (1 815)
Interest received 33 12
Dividends received (net of withholding tax) 757 577
Foreign exchange losses on dividend and interest income (21) (3)
Net cash inflow from investment activities 10 255 9 167
Net sales of securities 10 255 9 167
Net cash outflow from financing activities (7 450) (7 504)
Creation of units 698 584
Cancellations of units (8 148) (8 088)
Net increase in cash and cash equivalents 1 813 434
Cash and cash equivalents at the beginning of the year 853 427
Exchange rate adjustments on cash balances 114 (8)
Cash and cash equivalents at the end of the year 7 2 780 853
49

GOLD FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 52 452 73 257
Dividends 4 954 3 320
Interest 1 981 1 300
Income adjustments on creation and cancellation of units 5 (180) (195)
Foreign exchange gains/(losses) on dividend and interest income 2 (8)
Net fair value gains on financial instruments 45 695 68 840
OPERATING EXPENSES BEFORE FINANCE COSTS 11 304 9 734
Audit fee - current year 56 52
Bank charges 5 5
Custodian fees 64 56
Management company's service charge 8 881 8 052
Transaction costs 2 238 1 514
Trustee fees 60 55
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 41 148 63 523
TOTAL FINANCE COSTS 58 79
Withholding tax on foreign dividends 58 79
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 41 090 63 444
ASSETS
Local equities and specialist securities 514 771 494 665
Foreign equities 120 304 102 686
Interest receivable 105 123
Creation receivables - income 1 -
Cash and cash equivalents 7 53 846 29 115
TOTAL ASSETS 689 027 626 589
LIABILITIES
Statement of financial position
at 31 December 2011
Cancellation payables - capital 144 1 832
Accrued expenses 914 777
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 058 2 609
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 687 969 623 980
* There is no difference between bid and closing-market prices for this fund.
50

GOLD FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 623 980 - 623 980
Total comprehensive income attributable to unitholders - 41 090 41 090
Transfer of net fair value gains, net of transaction costs, not distributable 43 457 (43 457) -
Net creation of units 5 22 899 - 22 899
Capital rectification (2 367) 2 367 -
Balance at 31 December 2011 687 969 - 687 969
Total
R000’s
2010
Balance at 31 December 2009 615 120 (2 371) 612 749
Total comprehensive income attributable to unitholders - 63 444 63 444
Transfer of net fair value gains, net of transaction costs, not distributable 67 326 (67 326) -
Net cancellation of units 5 (52 213) - (52 213)
Capital rectification (6 253) 6 253 -
Balance at 31 December 2010 623 980 - 623 980
Note
2011
R000’s
2010
R000’s
Net cash outflow from operating activities (2 032) (3 547)
Net income from operations before finance costs 41 148 63 523
Adjustments for:
Dividend income (4 954) (3 320)
Interest income (1 981) (1 300)
Income adjustments on creation and cancellation of units 180 195
Net fair value gains, net of transaction costs (43 457) (67 326)
Foreign exchange (gains)/losses on dividend and interest income (2) 8
Operating loss before working capital changes (9 066) (8 220)
Working capital changes
Increase in accrued expenses 137 2
Cash utilised by operations (8 929) (8 218)
Interest received 1 999 1 438
Dividends received (net of withholding tax) 4 896 3 241
Foreign exchange gains/(losses) on dividend and interest income 2 (8)
Net cash inflow from investment activities 4 864 40 347
Net sales of securities 4 864 40 347
Net cash inflow/(outflow) from financing activities 21 030 (51 908)
Creation of units 276 975 254 297
Cancellations of units (255 945) (306 205)
Net increase/(decrease) in cash and cash equivalents 23 862 (15 108)
Cash and cash equivalents at the beginning of the year 29 115 44 236
Exchange rate adjustments on cash balances 869 (13)
Cash and cash equivalents at the end of the year 7 53 846 29 115
51

GROWTH FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 25 654 237 934
Dividends 39 312 33 496
Interest 5 547 6 547
Income adjustments on creation and cancellation of units 5 (1 274) (538)
Net fair value (losses)/gains on financial instruments (17 931) 198 429
OPERATING EXPENSES BEFORE FINANCE COSTS 18 090 18 844
Audit fee - current year 56 52
Performance fees 185 1 111
Bank charges 5 6
Custodian fees 78 78
Management company's service charge (net of rebates) 16 024 15 562
Transaction costs 1 609 1 907
Trustee fees 133 128
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 7 564 219 090
TOTAL FINANCE COSTS 27 104 22 567
Distributions 6 27 104 22 693
Withholding tax on foreign dividends - (126)
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (19 540) 196 523
ASSETS
Unit trusts local 103 538 8 000
Local equities and specialist securities 1 277 426 1 491 577
Interest receivable 172 58
Trade receivables - 12 158
Cash and cash equivalents 7 1 251 14 047
TOTAL ASSETS 1 382 387 1 525 840
LIABILITIES
Trade payables 1 200 4 595
Cancellation payables - capital 201 41
Cancellation payables - income 2 -
Accrued expenses 7 802 1 473
Distributions payable 15 972 11 629
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 25 177 17 738
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 357 210 1 508 102
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 1 368 377 1 517 752
Adjustment from closing-market prices to bid-market prices (11 167) (9 650)
52

GROWTH FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 508 093 9 1 508 102
Total comprehensive loss attributable to unitholders - (19 540) (19 540)
Transfer of net fair value losses, net of transaction costs, not distributable (19 540) 19 540 -
Net cancellation of units 5 (131 352) - (131 352)
Balance at 31 December 2011 1 357 201 9 1 357 210
Total
R000’s
2010
Balance at 31 December 2009 1 372 293 8 1 372 301
Total comprehensive income attributable to unitholders - 196 523 196 523
Transfer of net fair value gains, net of transaction costs, not distributable 196 522 (196 522) -
Net cancellation of units 5 (60 722) - (60 722)
Balance at 31 December 2010 1 508 093 9 1 508 102
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 34 593 23 565
Net income from operations before finance costs 7 564 219 090
Adjustments for:
Dividend income (39 312) (33 496)
Interest income (5 547) (6 547)
Income adjustments on creation and cancellation of units 1 274 538
Net fair value losses/(gains), net of transaction costs 19 540 (196 522)
Operating loss before working capital changes (16 481) (16 937)
Working capital changes
Increase/(Decrease) in accrued expenses 6 329 (38)
Cash utilised by operations (10 152) (16 975)
Interest received 5 433 6 918
Dividends received 39 312 33 622
Net cash inflow/(outflow) from investment activities 107 836 (20 536)
Net sales/(purchases) of securities 107 836 (20 536)
Net cash outflow from financing activities (155 225) (77 202)
Creation of units 87 411 94 924
Cancellations of units (219 875) (156 109)
Cash distributed to unitholders (22 761) (16 017)
Net decrease in cash and cash equivalents (12 796) (74 173)
Cash and cash equivalents at the beginning of the year 14 047 88 220
Cash and cash equivalents at the end of the year 7 1 251 14 047
53

HIGH YIELD OPPORTUNITY FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 95 794 412 894
Dividends 104 022 84 266
Interest 8 988 6 660
Income adjustments on creation and cancellation of units 5 747 1 463
Net fair value (losses)/gains on financial instruments (17 963) 320 505
OPERATING EXPENSES BEFORE FINANCE COSTS 40 385 31 415
Audit fee - current year 56 52
Bank charges 7 6
Custodian fees 122 91
Management company's service charge 31 242 24 712
Transaction costs 8 768 6 399
Trustee fees 190 155
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 55 409 381 479
TOTAL FINANCE COSTS 82 136 67 373
Distributions 6 82 136 67 373
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (26 727) 314 106
ASSETS
Unit trusts local 93 000 83 000
Local equities and specialist securities 2 122 465 1 966 431
Interest receivable 300 335
Creation receivables - capital 5 756 2 875
Creation receivables - income 99 39
Trade receivables 261 -
Cash and cash equivalents 7 1 326 32 957
TOTAL ASSETS 2 223 207 2 085 637
LIABILITIES
Trade payables - 45
Accrued expenses 2 915 2 565
Distributions payable 36 472 27 993
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 39 387 30 603
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 183 820 2 055 034
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 2 194 839 2 055 034
Adjustment from closing-market prices to bid-market prices (11 019) -
54

HIGH YIELD OPPORTUNITY FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 055 013 21 2 055 034
Total comprehensive loss attributable to unitholders - (26 727) (26 727)
Transfer of net fair value losses, net of transaction costs, not distributable (26 731) 26 731 -
Net creation of units 5 155 513 - 155 513
Balance at 31 December 2011 2 183 795 25 2 183 820
2010
Balance at 31 December 2009 1 489 963 21 1 489 984
Total comprehensive income attributable to unitholders - 314 106 314 106
Transfer of net fair value gains, net of transaction costs, not distributable 314 106 (314 106) -
Net creation of units 5 250 944 - 250 944
Balance at 31 December 2010 2 055 013 21 2 055 034
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 81 778 66 463
Net income from operations before finance costs 55 409 381 479
Adjustments for:
Dividend income (104 022) (84 266)
Interest income (8 988) (6 660)
Income adjustments on creation and cancellation of units (747) (1 463)
Net fair value losses/(gains), net of transaction costs 26 731 (314 106)
Operating loss before working capital changes (31 617) (25 016)
Working capital changes
Increase in accrued expenses 350 677
Cash utilised by operations (31 267) (24 339)
Interest received 9 023 6 536
Dividends received 104 022 84 266
Net cash outflow from investment activities (193 071) (285 023)
Net purchases of securities (193 071) (285 023)
Net cash inflow from financing activities 79 662 190 457
Creation of units 387 957 383 623
Cancellations of units (234 638) (130 231)
Cash distributed to unitholders (73 657) (62 935)
Net decrease in cash and cash equivalents (31 631) (28 103)
Cash and cash equivalents at the beginning of the year 32 957 61 060
Cash and cash equivalents at the end of the year 7 1 326 32 957
55

INCOME FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 131 914 134 586
Interest 118 861 113 813
Income adjustments on creation and cancellation of units 5 1 028 1 394
Net fair value gains on financial instruments 12 025 19 379
OPERATING EXPENSES BEFORE FINANCE COSTS 15 626 13 266
Audit fee - current year 63 59
Bank charges 6 6
Custodian fees 91 71
Management company's service charge 15 315 12 995
Transaction costs 8 11
Trustee fees 143 124
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 116 288 121 320
TOTAL FINANCE COSTS 104 265 101 962
Distributions 6 104 265 101 962
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 12 023 19 358
ASSETS
Statement of financial position
at 31 December 2011
Bonds 1 452 057 1 306 532
Interest receivable 26 132 27 304
Creation receivables - capital 131 612
Creation receivables - income 2 11
Money market instruments 169 983 118 303
Cash and cash equivalents 7 135 866 64 846
TOTAL ASSETS 1 784 171 1 517 608
LIABILITIES
Trade payables 21 298 -
Cancellation payables - capital 19 009 -
Cancellation payables - income 302 -
Accrued expenses 1 522 1 294
Distributions payable 26 972 26 776
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 69 103 28 070
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 715 068 1 489 538
* There is no difference between bid and closing-market prices for this fund.
56

INCOME FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 489 466 72 1 489 538
Total comprehensive income attributable to unitholders - 12 023 12 023
Transfer of net fair value gains, net of transaction costs, not distributable 12 017 (12 017) -
Net creation of units 5 213 507 - 213 507
Balance at 31 December 2011 1 714 990 78 1 715 068
2010
Balance at 31 December 2009 1 227 396 82 1 227 478
Total comprehensive income attributable to unitholders - 19 358 19 358
Transfer of net fair value gains, net of transaction costs, not distributable 19 368 (19 368) -
Net creation of units 5 242 702 - 242 702
Balance at 31 December 2010 1 489 466 72 1 489 538
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 106 847 99 765
Net income from operations before finance costs 116 288 121 320
Adjustments for:
Interest income (118 861) (113 813)
Income adjustments on creation and cancellation of units (1 028) (1 394)
Net fair value gains, net of transaction costs (12 017) (19 368)
Operating loss before working capital changes (15 618) (13 255)
Working capital changes
Increase in accrued expenses 228 231
Cash utilised by operations (15 390) (13 024)
Interest received 122 237 112 789
Net cash outflow from investment activities (166 094) (260 975)
Net purchases of securities (166 094) (260 975)
Net cash inflow from financing activities 130 267 140 279
Creation of units 702 304 454 723
Cancellations of units (467 968) (214 433)
Cash distributed to unitholders (104 069) (100 011)
Net increase/(decrease) in cash and cash equivalents 71 020 (20 931)
Cash and cash equivalents at the beginning of the year 64 846 85 777
Cash and cash equivalents at the end of the year 7 135 866 64 846
57

INDUSTRIAL FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 87 248 184 549
Dividends 25 330 16 744
Interest 2 005 2 566
Income adjustments on creation and cancellation of units 5 (177) 701
Net fair value gains on financial instruments 60 090 164 538
OPERATING EXPENSES BEFORE FINANCE COSTS 11 941 10 169
Audit fee - current year 56 52
Bank charges 4 6
Custodian fees 47 42
Management company's service charge 9 750 8 563
Transaction costs 2 003 1 441
Trustee fees 81 65
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 75 307 174 380
TOTAL FINANCE COSTS 17 215 11 285
Distributions 6 17 215 11 393
Withholding tax on foreign dividends - (108)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 58 092 163 095
ASSETS
Unit trusts local 43 000 35 000
Local equities and specialist securities 864 728 841 987
Interest and dividends receivable 1 010 178
Creation receivables - capital 2 508 203
Creation receivables - income 22 1
Trade receivables 2 084 9 086
Cash and cash equivalents 7 8 900 8 127
TOTAL ASSETS 922 252 894 582
LIABILITIES
Cancellation payables - capital 36 4
Cancellation payables - income 1 -
Accrued expenses 916 879
Distributions payable 9 496 6 612
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 10 449 7 495
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 911 803 887 087
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 917 538 897 064
Adjustment from closing-market prices to bid-market prices (5 735) (9 977)
58

INDUSTRIAL FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 887 082 5 887 087
Total comprehensive income attributable to unitholders - 58 092 58 092
Transfer of net fair value gains, net of transaction costs, not distributable 58 087 (58 087) -
Net cancellation of units 5 (33 376) - (33 376)
Balance at 31 December 2011 911 793 10 911 803
2010
Balance at 31 December 2009 664 442 7 664 449
Total comprehensive income attributable to unitholders - 163 095 163 095
Transfer of net fair value gains, net of transaction costs, not distributable 163 097 (163 097) -
Net creation of units 5 59 543 - 59 543
Balance at 31 December 2010 887 082 5 887 087
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 16 602 10 752
Net income from operations before finance costs 75 307 174 380
Adjustments for:
Dividend income (25 330) (16 744)
Interest income (2 005) (2 566)
Income adjustments on creation and cancellation of units 177 (701)
Net fair value gains, net of transaction costs (58 087) (163 097)
Operating loss before working capital changes (9 938) (8 728)
Working capital changes
Increase in accrued expenses 37 133
Cash utilised by operations (9 901) (8 595)
Interest received 1 951 2 495
Dividends received 24 552 16 852
Net cash inflow/(outflow) from investment activities 34 348 (80 627)
Net sales/(purchases) of securities 34 348 (80 627)
Net cash (outflow)/inflow from financing activities (50 177) 53 727
Creation of units 93 605 135 058
Cancellations of units (129 451) (74 965)
Cash distributed to unitholders (14 331) (6 366)
Net increase/(decrease) in cash and cash equivalents 773 (16 148)
Cash and cash equivalents at the beginning of the year 8 127 24 275
Cash and cash equivalents at the end of the year 7 8 900 8 127
59

INSTITUTIONAL MONEY MARKET FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 21 275 16 337
Interest 21 407 16 196
Net fair value (losses)/gains on financial instruments (132) 141
OPERATING EXPENSES BEFORE FINANCE COSTS 151 211
Audit fee - current year 63 51
- prior year underprovision - 9
Bank charges 7 6
Custodian fees 42 27
Management company's service charge 3 94
Transaction costs 2 1
Trustee fees 34 23
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 21 124 16 126
TOTAL FINANCE COSTS 21 145 16 123
Distributions 6 21 145 16 123
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (21) 3
ASSETS
Statement of financial position
at 31 December 2011
Interest receivable 6 384 4 099
Cash and cash equivalents 7 414 294 268 454
TOTAL ASSETS 420 678 272 553
LIABILITIES
Accrued expenses 70 65
Distributions payable 2 007 1 432
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 077 1 497
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 418 601 271 056
* There is no difference between bid and closing-market prices for this fund.
60

INSTITUTIONAL MONEY MARKET FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 271 053 3 271 056
Total comprehensive loss attributable to unitholders - (21) (21)
Net creation of units 5 147 566 - 147 566
Balance at 31 December 2011 418 619 (18) 418 601
2010
Balance at 31 December 2009 233 273 - 233 273
Total comprehensive income attributable to unitholders - 3 3
Net creation of units 5 37 780 - 37 780
Balance at 31 December 2010 271 053 3 271 056
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 18 844 15 355
Net income from operations before finance costs 21 124 16 126
Adjustments for:
Interest income (21 407) (16 196)
Operating loss before working capital changes (283) (70)
Working capital changes:
Increase/(Decrease) in accrued expenses 5 (44)
Cash utilised by operations (278) (114)
Interest received 19 122 15 469
Net cash inflow from financing activities 126 996 20 285
Creation of units 784 186 286 995
Cancellations of units (636 620) (249 215)
Cash distributed to unitholders (20 570) (17 495)
Net increase in cash and cash equivalents 145 840 35 640
Cash and cash equivalents at the beginning of the year 268 454 232 814
Cash and cash equivalents at the end of the year 7 414 294 268 454
61

INTEREST PLUS FUND
Statement of comprehensive income
for the period ended 31 December 2011
Note
3 months
2011
R000’s
NET INVESTMENT INCOME 4 897
Interest 2 569
Income adjustments on creation and cancellation of units 5 1 797
Net fair value gains on financial instruments 531
OPERATING EXPENSES BEFORE FINANCE COSTS 378
Bank charges 2
Custodian fees 5
Management company's service charge 362
Transaction costs 1
Trustee fees 8
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 4 519
TOTAL FINANCE COSTS 3 968
Distributions 6 3 968
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 551
ASSETS
Statement of financial position
at 31 December 2011
Bonds 80 819
Interest receivable 8 319
Creation receivables - capital 153
Money market instruments 968 594
Cash and cash equivalents 7 109 049
TOTAL ASSETS 1 166 934
LIABILITIES
Trade payables 10 971
Accrued expenses 296
Distributions payable 3 281
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 14 548
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 152 386
* There is no difference between bid and closing-market prices for this fund.
62

INTEREST PLUS FUND
Statement of changes in net assets attributable to unitholders
for the period ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at inception - - -
Total comprehensive income attributable to unitholders - 551 551
Transfer of net fair value gains, net of transaction costs, not distributable 530 (530) -
Net creation of units 5 1 151 835 - 1 151 835
Balance at 31 December 2011 1 152 365 21 1 152 386
Total
R000’s
Statement of cash flows
for the period ended 31 December 2011
Note
3 months
2011
R000’s
Net cash outflow from operating activities (5 773)
Net income from operations before finance costs 4 519
Adjustments for:
Interest income (2 569)
Income adjustments on creation and cancellation of units (1 797)
Net fair value gains, net of transaction costs (530)
Operating loss before working capital changes (377)
Working capital changes
Increase in accrued expenses 296
Cash utilised by operations (81)
Interest paid (5 692)
Net cash (outflow)/inflow from investment activities (1 037 969)
Net purchases of securities (1 037 969)
Net cash inflow from financing activities 1 152 791
Creation of units 1 153 498
Cancellations of units (19)
Cash distributed to unitholders (688)
Cash and cash equivalents at the end of the period 7 109 049
63

INTERNATIONAL GROWTH FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME/(LOSS) 21 447 (332)
Dividends - 95
Interest 268 899
Income adjustments on creation and cancellation of units 5 28 (3)
Foreign exchange gains/(losses) on dividend and interest income 112 (165)
Net fair value gains/(losses) on financial instruments 21 039 (1 158)
OPERATING EXPENSES BEFORE FINANCE COSTS 1 549 1 565
Audit fee - current year 55 51
Bank charges 4 5
Custodian fees 5 4
Management company's service charge (net of rebates) 1 464 1 484
Trustee fees 21 21
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 19 898 (1 897)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 123 923 108 957
Interest and dividends receivable 1 3
Creation receivables - capital 98 2
Cash and cash equivalents 7 5 359 4 266
TOTAL ASSETS 129 381 113 228
LIABILITIES
Cancellation payables - capital 6 -
Cancellation payables - income 1 -
Accrued expenses 275 246
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 282 246
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 129 099 112 982
* There is no difference between bid and closing-market prices for this fund.
64

INTERNATIONAL GROWTH FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 113 095 (113) 112 982
Total comprehensive income attributable to unitholders - 19 898 19 898
Transfer of net fair value gains not distributable 21 039 (21 039) -
Net cancellation of units 5 (3 781) - (3 781)
Capital rectification (1 254) 1 254 -
Balance at 31 December 2011 129 099 - 129 099
Total
R000’s
2010
Balance at 31 December 2009 123 949 1 123 950
Total comprehensive loss attributable to unitholders - (1 897) (1 897)
Transfer of net fair value losses not distributable (1 158) 1 158 -
Net cancellation of units 5 (9 071) - (9 071)
Capital rectification (625) 625 -
Balance at 31 December 2010 113 095 (113) 112 982
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash outflow from operating activities (1 138) (749)
Net income/(loss) from operations before finance costs 19 898 (1 897)
Adjustments for:
Dividend income - (95)
Interest income (268) (899)
Income adjustments on creation and cancellation of units (28) 3
Net fair value (gains)/losses (21 039) 1 158
Foreign exchange (gains)/losses on dividend and interest income (112) 165
Operating loss before working capital changes (1 549) (1 565)
Working capital changes
Increase/(Decrease) in accrued expenses 29 (15)
Cash utilised by operations (1 520) (1 580)
Interest received 270 901
Dividends received - 95
Foreign exchange gains/(losses) on dividend and interest income 112 (165)
Net cash inflow from investment activities 5 774 9 748
Net sales of securities 5 774 9 748
Net cash outflow from financing activities (3 842) (9 072)
Creation of units 22 715 10 752
Cancellations of units (26 557) (19 824)
Net increase/(decrease) in cash and cash equivalents 794 (73)
Cash and cash equivalents at the beginning of the year 4 266 4 325
Exchange rate adjustments on cash balances 299 14
Cash and cash equivalents at the end of the year 7 5 359 4 266
65

INVESTORS’ FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 422 250 1 351 301
Dividends 223 893 169 724
Interest 16 639 12 186
Income adjustments on creation and cancellation of units 5 9 368 (2 446)
Net fair value gains on financial instruments 172 350 1 171 837
OPERATING EXPENSES BEFORE FINANCE COSTS 111 034 109 980
Audit fee - current year 56 52
Performance fees 1 513 2 330
Bank charges 7 8
Custodian fees 388 341
Management company's service charge 90 356 89 438
Transaction costs 17 968 17 084
Trustee fees 746 727
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 311 216 1 241 321
TOTAL FINANCE COSTS 156 740 86 602
Distributions 6 156 740 87 520
Withholding tax on foreign dividends - (918)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 154 476 1 154 719
ASSETS
Unit trusts local 426 000 215 000
Local equities and specialist securities 8 541 684 8 202 283
Interest and dividends receivable 5 679 621
Trade receivables - 6 627
Cash and cash equivalents 7 2 046 71 037
TOTAL ASSETS 8 975 409 8 495 568
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 5 661 -
Cancellation payables - capital 13 428 13 907
Cancellation payables - income 154 90
Accrued expenses 44 610 8 067
Distributions payable 100 513 53 666
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 164 366 75 730
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 8 811 043 8 419 838
* There is no difference between bid and closing-market prices for this fund.
66

INVESTORS’ FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 8 419 829 9 8 419 838
Total comprehensive income attributable to unitholders - 154 476 154 476
Transfer of net fair value gains, net of transaction costs, not distributable 154 382 (154 382) -
Net creation of units 5 236 729 - 236 729
Balance at 31 December 2011 8 810 940 103 8 811 043
Total
R000’s
2010
Balance at 31 December 2009 7 928 902 (12) 7 928 890
Total comprehensive income attributable to unitholders - 1 154 719 1 154 719
Transfer of net fair value gains, net of transaction costs, not distributable 1 154 753 (1 154 753) -
Net cancellation of units 5 (663 771) - (663 771)
Capital rectification (55) 55 -
Balance at 31 December 2010 8 419 829 9 8 419 838
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 178 951 90 227
Net income from operations before finance costs 311 216 1 241 321
Adjustments for:
Dividend income (223 893) (169 724)
Interest income (16 639) (12 186)
Income adjustments on creation and cancellation of units (9 368) 2 446
Net fair value gains, net of transaction costs (154 382) (1 154 753)
Operating loss before working capital changes (93 066) (92 896)
Working capital changes
Increase in accrued expenses 36 543 348
Cash utilised by operations (56 523) (92 548)
Interest received 14 937 12 133
Dividends received 220 537 170 642
Net cash (outflow)/inflow from investment activities (383 731) 632 234
Net (purchases)/sales of securities (383 731) 632 234
Net cash inflow/(outflow) from financing activities 135 789 (715 364)
Creation of units 2 028 075 595 432
Cancellations of units (1 782 393) (1 250 858)
Cash distributed to unitholders (109 893) (59 938)
Net (decrease)/increase in cash and cash equivalents (68 991) 7 097
Cash and cash equivalents at the beginning of the year 71 037 63 940
Cash and cash equivalents at the end of the year 7 2 046 71 037
67

MATADOR BALANCED FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 11 209 19 795
Dividends 2 331 2 739
Interest 2 589 2 447
Income adjustments on creation and cancellation of units 5 5 (4)
Foreign exchange gains on dividend and interest income 1 -
Net fair value gains on financial instruments 6 283 14 613
OPERATING EXPENSES BEFORE FINANCE COSTS 4 278 5 117
Audit fee - current year 87 116
Bank charges 26 26
Custodian fees 96 146
Management company's service charge (net of rebates) 3 368 3 616
Transaction costs 679 1 179
Trustee fees 22 34
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 6 931 14 678
TOTAL FINANCE COSTS 1 330 762
Distributions 6 1 265 764
Withholding tax on foreign dividends 65 (2)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 5 601 13 916
ASSETS
Bonds 17 577 19 736
Unit trusts local 1 -
Unit trusts foreign 22 441 21 825
Local equities and specialist securities 64 928 91 474
Foreign equities 10 463 -
Interest and dividends receivable 359 441
Trade receivables 381 461
Cash and cash equivalents 7 14 321 27 119
TOTAL ASSETS 130 471 161 056
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 12 857
Accrued expenses 645 476
Distributions payable 320 314
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 977 1 647
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 129 494 159 409
* There is no difference between bid and closing-market prices for this fund.
68

MATADOR BALANCED FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 159 403 6 159 409
Total comprehensive income attributable to unitholders - 5 601 5 601
Transfer of net fair value gains, net of transaction costs, not distributable 5 604 (5 604) -
Net cancellation of units 5 (35 516) - (35 516)
Balance at 31 December 2011 129 491 3 129 494
Total
R000’s
2010
Balance at 31 December 2009 149 925 (476) 149 449
Total comprehensive income attributable to unitholders - 13 916 13 916
Transfer of net fair value gains, net of transaction costs, not distributable 13 434 (13 434) -
Net cancellation of units 5 (3 956) - (3 956)
Balance at 31 December 2010 159 403 6 159 409
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 1 694 1 230
Net income from operations before finance costs 6 931 14 678
Adjustments for:
Dividend income (2 331) (2 739)
Interest income (2 589) (2 447)
Income adjustments on creation and cancellation of units (5) 4
Net fair value gains, net of transaction costs (5 604) (13 434)
Foreign exchange gains on dividend and interest income (1) -
Operating loss before working capital changes (3 599) (3 938)
Working capital changes
Increase in accrued expenses 169 34
Cash utilised by operations (3 430) (3 904)
Interest received 2 893 2 393
Dividends received (net of withholding tax) 2 230 2 741
Foreign exchange gains on dividend and interest income 1 -
Net cash inflow from investment activities 22 289 18 684
Net sales of securities 22 289 18 684
Net cash outflow from financing activities (36 770) (4 426)
Creation of units 2 083 4 282
Cancellations of units (37 594) (8 242)
Cash distributed to unitholders (1 259) (466)
Net (decrease)/increase in cash and cash equivalents (12 787) 15 488
Cash and cash equivalents at the beginning of the year 27 119 11 631
Exchange rate adjustments on cash balances (11) -
Cash and cash equivalents at the end of the year 7 14 321 27 119
69

MATADOR DEFENSIVE FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 4 254 11 374
Dividends 596 889
Interest 903 1 917
Income adjustments on creation and cancellation of units 5 126 3
Net fair value gains on financial instruments 2 629 8 565
OPERATING EXPENSES BEFORE FINANCE COSTS 898 1 434
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 818 1 358
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 3 356 9 940
TOTAL FINANCE COSTS 732 1 375
Distributions 6 732 1 375
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 2 624 8 565
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 41 458 118 831
Interest and dividends receivable 208 542
Cash and cash equivalents 7 104 142
TOTAL ASSETS 41 770 119 515
LIABILITIES
Accrued expenses 347 169
Distributions payable 69 190
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 416 359
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 41 354 119 156
* There is no difference between bid and closing-market prices for this fund.
70

MATADOR DEFENSIVE FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 119 151 5 119 156
Total comprehensive income attributable to unitholders - 2 624 2 624
Transfer of net fair value gains, net of transaction costs, not distributable 2 629 (2 629) -
Net cancellation of units 5 (80 426) - (80 426)
Balance at 31 December 2011 41 354 - 41 354
Total
R000’s
2010
Balance at 31 December 2009 120 576 5 120 581
Total comprehensive income attributable to unitholders - 8 565 8 565
Transfer of net fair value gains, net of transaction costs, not distributable 8 565 (8 565) -
Net cancellation of units 5 (9 990) - (9 990)
Balance at 31 December 2010 119 151 5 119 156
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 1 113 1 495
Net income from operations before finance costs 3 356 9 940
Adjustments for:
Dividend income (596) (889)
Interest income (903) (1 917)
Income adjustments on creation and cancellation of units (126) (3)
Net fair value gains, net of transaction costs (2 629) (8 565)
Operating loss before working capital changes (898) (1 434)
Working capital changes
Increase in accrued expenses 178 -
Cash utilised by operations (720) (1 434)
Interest received 902 1 917
Dividends received 931 1 012
Net cash inflow from investment activities 80 002 10 063
Net sales of securities 80 002 10 063
Net cash outflow from financing activities (81 153) (11 483)
Creation of units 830 4 447
Cancellations of units (81 130) (14 434)
Cash distributed to unitholders (853) (1 496)
Net (decrease)/increase in cash and cash equivalents (38) 75
Cash and cash equivalents at the beginning of the year 142 67
Cash and cash equivalents at the end of the year 7 104 142
71

MATADOR EQUITY FEEDER FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 4 961 24 245
Dividends 962 979
Interest 17 82
Income adjustments on creation and cancellation of units 5 324 19
Net fair value gains on financial instruments 3 658 23 165
OPERATING EXPENSES BEFORE FINANCE COSTS 1 321 2 125
Audit fee - current year 50 47
Bank charges 4 4
Management company's service charge (net of rebates) 1 246 2 053
Trustee fees 21 21
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 3 640 22 120
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 84 899 196 533
Interest and dividends receivable 416 1 053
Cash and cash equivalents 7 45 47
TOTAL ASSETS 85 360 197 633
LIABILITIES
Accrued expenses 467 259
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 467 259
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 84 893 197 374
* There is no difference between bid and closing-market prices for this fund.
72

MATADOR EQUITY FEEDER FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 197 356 18 197 374
Total comprehensive income attributable to unitholders - 3 640 3 640
Transfer of net fair value gains not distributable 3 658 (3 658) -
Net cancellation of units 5 (116 121) - (116 121)
Capital rectification (18) 18 -
Balance at 31 December 2011 84 875 18 84 893
Total
R000’s
2010
Balance at 31 December 2009 193 744 24 193 768
Total comprehensive income attributable to unitholders - 22 120 22 120
Transfer of net fair value gains not distributable 23 165 (23 165) -
Net cancellation of units 5 (18 514) - (18 514)
Capital rectification (1 039) 1 039 -
Balance at 31 December 2010 197 356 18 197 374
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 503 978
Net income from operations before finance costs 3 640 22 120
Adjustments for:
Dividend income (962) (979)
Interest income (17) (82)
Income adjustments on creation and cancellation of units (324) (19)
Net fair value gains (3 658) (23 165)
Operating loss before working capital changes (1 321) (2 125)
Working capital changes
Increase in accrued expenses 208 3
Cash utilised by operations (1 113) (2 122)
Interest received 17 83
Dividends received 1 599 3 017
Net cash inflow from investment activities 115 292 15 829
Net sales of securities 115 292 15 829
Net cash outflow from financing activities (115 797) (19 962)
Creation of units 954 4 523
Cancellations of units (116 751) (23 018)
Cash distributed to unitholders - (1 467)
Net decrease in cash and cash equivalents (2) (3 155)
Cash and cash equivalents at the beginning of the year 47 3 202
Cash and cash equivalents at the end of the year 7 45 47
73

MATADOR FIXED INTEREST FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 6 506 20 109
Dividends 127 305
Interest 4 189 11 362
Income adjustments on creation and cancellation of units 5 202 6
Net fair value gains on financial instruments 1 988 8 436
OPERATING EXPENSES BEFORE FINANCE COSTS 1 331 2 347
Audit fee - current year 55 51
- prior year under-provision - 5
Bank charges 4 4
Management company's service charge 1 251 2 266
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 5 175 17 762
TOTAL FINANCE COSTS 3 193 9 327
Distributions 6 3 193 9 327
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 1 982 8 435
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 56 045 172 767
Interest receivable 846 2 517
Cash and cash equivalents 7 114 242
TOTAL ASSETS 57 005 175 526
LIABILITIES
Accrued expenses 117 240
Distributions payable 645 1 954
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 762 2 194
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 56 243 173 332
* There is no difference between bid and closing-market prices for this fund.
74

MATADOR FIXED INTEREST FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 173 324 8 173 332
Total comprehensive income attributable to unitholders - 1 982 1 982
Transfer of net fair value gains not distributable 1 988 (1 988) -
Net cancellation of units 5 (119 071) - (119 071)
Balance at 31 December 2011 56 241 2 56 243
Total
R000’s
2010
Balance at 31 December 2009 181 295 9 181 304
Total comprehensive income attributable to unitholders - 8 435 8 435
Transfer of net fair value gains not distributable 8 436 (8 436) -
Net cancellation of units 5 (16 407) - (16 407)
Balance at 31 December 2010 173 324 8 173 332
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 4 533 10 029
Net income from operations before finance costs 5 175 17 762
Adjustments for:
Dividend income (127) (305)
Interest income (4 189) (11 362)
Income adjustments on creation and cancellation of units (202) (6)
Net fair value gains (1 988) (8 436)
Operating loss before working capital changes (1 331) (2 347)
Working capital changes
Decrease in accrued expenses (123) (8)
Cash utilised by operations (1 454) (2 355)
Interest received 5 860 12 079
Dividends received 127 305
Net cash inflow from investment activities 118 710 16 433
Net sales of securities 118 710 16 433
Net cash outflow from financing activities (123 371) (26 405)
Creation of units 1 413 5 496
Cancellations of units (120 282) (21 897)
Cash distributed to unitholders (4 502) (10 004)
Net (decrease)/increase in cash and cash equivalents (128) 57
Cash and cash equivalents at the beginning of the year 242 185
Cash and cash equivalents at the end of the year 7 114 242
75

MINING AND RESOURCES FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT (LOSS)/INCOME (191 595) 252 527
Dividends 40 569 24 920
Interest 1 734 1 086
Income adjustments on creation and cancellation of units 5 (677) 2 627
Foreign exchange gains/(losses) on dividend and interest income 86 (128)
Net fair value (losses)/gains on financial instruments (233 307) 224 022
OPERATING EXPENSES BEFORE FINANCE COSTS 33 427 27 539
Audit fee - current year 49 53
- prior year under-provision 7 36
Bank charges 9 12
Custodian fees 243 200
Management company's service charge 24 852 21 505
Transaction costs 8 076 5 582
Trustee fees 191 151
NET (LOSS)/INCOME FROM OPERATIONS BEFORE FINANCE COSTS (225 022) 224 988
TOTAL FINANCE COSTS 17 447 7 602
Distributions 6 16 965 7 396
Withholding tax on foreign dividends 482 206
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (242 469) 217 386
ASSETS
Local equities 1 494 552 1 805 160
Foreign equities 248 694 254 460
Interest receivable 172 62
Creation receivables - capital - 794
Trade receivables 468 29 600
Cash and cash equivalents 7 169 259 44 934
TOTAL ASSETS 1 913 145 2 135 010
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 20 875 36 320
Cancellation payables - capital 4 704 9
Cancellation payables - income 46 -
Accrued expenses 2 009 2 107
Distributions payable 13 713 7 396
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 41 347 45 832
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 871 798 2 089 178
* There is no difference between bid and closing-market prices for this fund.
76

MINING AND RESOURCES FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 089 178 - 2 089 178
Total comprehensive loss attributable to unitholders - (242 469) (242 469)
Transfer of net fair value losses, net of transaction costs, not distributable (241 383) 241 383 -
Net creation of units 5 25 089 - 25 089
Capital rectification (1 090) 1 090 -
Balance at 31 December 2011 1 871 794 4 1 871 798
2010
Balance at 31 December 2009 1 549 189 (290) 1 548 899
Total comprehensive income attributable to unitholders - 217 386 217 386
Transfer of net fair value gains, net of transaction costs, not distributable 218 440 (218 440) -
Net creation of units 5 322 893 - 322 893
Capital rectification (1 344) 1 344 -
Balance at 31 December 2010 2 089 178 - 2 089 178
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 16 348 4 127
Net (loss)/income from operations before finance costs (225 022) 224 988
Adjustments for:
Dividend income (40 569) (24 920)
Interest income (1 734) (1 086)
Income adjustments on creation and cancellation of units 677 (2 627)
Net fair value losses/(gains), net of transaction costs 241 383 (218 440)
Foreign exchange (gains)/losses on dividend and interest income (86) 128
Operating loss before working capital changes (25 351) (21 957)
Working capital changes
(Decrease)/Increase in accrued expenses (98) 355
Cash utilised by operations (25 449) (21 602)
Interest received 1 624 1 099
Dividends received (net of withholding tax) 40 087 24 758
Foreign exchange gains/(losses) on dividend and interest income 86 (128)
Net cash inflow/(outflow) from investment activities 85 871 (327 196)
Net sales/(purchases) of securities 85 871 (327 196)
Net cash inflow from financing activities 19 299 322 677
Creation of units 439 612 775 438
Cancellations of units (409 665) (450 501)
Cash distributed to unitholders (10 648) (2 260)
Net increase/(decrease) in cash and cash equivalents 121 518 (392)
Cash and cash equivalents at the beginning of the year 44 934 47 251
Exchange rate adjustments on cash balances 2 807 (1 925)
Cash and cash equivalents at the end of the year 7 169 259 44 934
77

MONEY MARKET FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 742 169 673 077
Interest 749 309 671 657
Net fair value (losses)/gains on financial instruments (7 140) 1 420
OPERATING EXPENSES BEFORE FINANCE COSTS 59 307 62 657
Audit fee - current year 56 60
- prior year underprovision 7 41
Bank charges 24 17
Custodian fees 465 393
Management company's service charge 57 543 61 249
Transaction costs 56 45
Trustee fees 1 156 852
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 682 862 610 420
TOTAL FINANCE COSTS 683 251 610 393
Distributions 6 683 251 610 393
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (389) 27
ASSETS
Statement of financial position
at 31 December 2011
Interest receivable 225 579 177 713
Cash and cash equivalents 7 15 588 066 10 892 163
TOTAL ASSETS 15 813 645 11 069 876
LIABILITIES
Accrued expenses 5 176 5 250
Distributions payable 69 851 50 851
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 75 027 56 101
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 15 738 618 11 013 775
* There is no difference between bid and closing-market prices for this fund.
78

MONEY MARKET FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 11 013 612 163 11 013 775
Total comprehensive loss attributable to unitholders - (389) (389)
Net creation of units 5 4 725 232 - 4 725 232
Balance at 31 December 2011 15 738 844 (226) 15 738 618
2010
Balance at 31 December 2009 8 964 682 136 8 964 818
Total comprehensive income attributable to unitholders - 27 27
Net creation of units 5 2 048 930 - 2 048 930
Balance at 31 December 2010 11 013 612 163 11 013 775
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 634 922 574 908
Net income from operations before finance costs 682 862 610 420
Adjustments for:
Interest income (749 309) (671 657)
Operating loss before working capital changes (66 447) (61 237)
Working capital changes:
Decrease in accrued expenses (74) (135)
Cash utilised by operations (66 521) (61 372)
Interest received 701 443 636 280
Net cash inflow from financing activities 4 060 981 1 435 259
Creation of units 15 005 683 9 423 293
Cancellations of units (10 280 451) (7 374 363)
Cash distributed to unitholders (664 251) (613 671)
Net increase in cash and cash equivalents 4 695 903 2 010 167
Cash and cash equivalents at the beginning of the year 10 892 163 8 881 996
Cash and cash equivalents at the end of the year 7 15 588 066 10 892 163
79

RAFI® 40 TRACKER FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 11 897 62 825
Dividends 12 709 8 120
Interest 481 346
Income adjustments on creation and cancellation of units 5 (59) 133
Net fair value (losses)/gains on financial instruments (1 234) 54 226
OPERATING EXPENSES BEFORE FINANCE COSTS 2 843 2 448
Audit fee - current year 56 52
Bank charges 8 12
Custodian fees 71 73
Management company's service charge 2 224 1 729
Transaction costs 445 550
Trustee fees 39 32
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 9 054 60 377
TOTAL FINANCE COSTS 10 742 6 692
Distributions 6 10 742 6 727
Withholding tax on foreign dividends - (35)
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (1 688) 53 685
ASSETS
Local equities 425 479 401 922
Interest receivable 27 19
Creation receivables - capital - 64
Creation receivables - income - 1
Cash and cash equivalents 7 12 099 8 010
TOTAL ASSETS 437 605 410 016
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 10 6
Cancellation payables - capital 108 -
Cancellation payables - income 1 -
Accrued expenses 258 231
Distributions payable 6 297 4 489
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 6 674 4 726
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 430 931 405 290
* There is no difference between bid and closing-market prices for this fund.
80

RAFI® 40 TRACKER FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 405 271 19 405 290
Total comprehensive loss attributable to unitholders - (1 688) (1 688)
Transfer of net fair value losses, net of transaction costs, not distributable (1 679) 1 679 -
Net creation of units 5 27 329 - 27 329
Balance at 31 December 2011 430 921 10 430 931
2010
Balance at 31 December 2009 298 764 10 298 774
Total comprehensive income attributable to unitholders - 53 685 53 685
Transfer of net fair value gains, net of transaction costs, not distributable 53 676 (53 676) -
Net creation of units 5 52 831 - 52 831
Balance at 31 December 2010 405 271 19 405 290
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 10 811 6 654
Net income from operations before finance costs 9 054 60 377
Adjustments for:
Dividend income (12 709) (8 120)
Interest income (481) (346)
Income adjustments on creation and cancellation of units 59 (133)
Net fair value losses/(gains), net of transaction costs 1 679 (53 676)
Operating loss before working capital changes (2 398) (1 898)
Working capital changes
Increase in accrued expenses 27 54
Cash utilised by operations (2 371) (1 844)
Interest received 473 343
Dividends received 12 709 8 155
Net cash outflow from investment activities (25 232) (51 184)
Net purchases of securities (25 232) (51 184)
Net cash inflow from financing activities 18 510 48 429
Creation of units 73 115 81 972
Cancellations of units (45 671) (29 005)
Cash distributed to unitholders (8 934) (4 538)
Net increase in cash and cash equivalents 4 089 3 899
Cash and cash equivalents at the beginning of the year 8 010 4 111
Cash and cash equivalents at the end of the year 7 12 099 8 010
81

REAL INCOME FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 161 228 87 064
Dividends 10 925 4 881
Interest 84 433 32 297
Income adjustments on creation and cancellation of units 5 5 446 4 252
Net fair value gains on financial instruments 60 424 45 634
OPERATING EXPENSES BEFORE FINANCE COSTS 31 390 10 385
Audit fee - current year 63 59
Bank charges 9 9
Custodian fees 115 59
Management company's service charge 29 318 9 370
Transaction costs 1 733 837
Trustee fees 152 51
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 129 838 76 679
TOTAL FINANCE COSTS 71 084 31 813
Distributions 6 71 084 31 813
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 58 754 44 866
ASSETS
Bonds 1 180 645 609 299
Local equities and specialist securities 629 472 287 214
Interest and dividends receivable 19 031 9 512
Creation receivables - capital 2 097 20
Creation receivables - income 16 -
Trade receivables 120 -
Money market instruments 259 997 23 045
Cash and cash equivalents 7 198 330 157 747
TOTAL ASSETS 2 289 708 1 086 837
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 279 5 514
Cancellation payables - capital - 184
Cancellation payables - income - 2
Accrued expenses 3 482 1 520
Distributions payable 19 921 10 966
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 23 682 18 186
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 2 266 026 1 068 651
* There is no difference between bid and closing-market prices for this fund.
82

REAL INCOME FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 068 576 75 1 068 651
Total comprehensive income attributable to unitholders - 58 754 58 754
Transfer of net fair value gains, net of transaction costs, not distributable 58 691 (58 691) -
Net creation of units 5 1 138 621 - 1 138 621
Balance at 31 December 2011 2 265 888 138 2 266 026
2010
Balance at 31 December 2009 349 735 6 349 741
Total comprehensive income attributable to unitholders - 44 866 44 866
Transfer of net fair value gains, net of transaction costs, not distributable 44 797 (44 797) -
Net creation of units 5 674 044 - 674 044
Balance at 31 December 2010 1 068 576 75 1 068 651
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 60 775 23 271
Net income from operations before finance costs 129 838 76 679
Adjustments for:
Dividend income (10 925) (4 881)
Interest income (84 433) (32 297)
Income adjustments on creation and cancellation of units (5 446) (4 252)
Net fair value gains, net of transaction costs (58 691) (44 797)
Operating loss before working capital changes (29 657) (9 548)
Working capital changes
Increase in accrued expenses 1 962 993
Cash utilised by operations (27 695) (8 555)
Interest received 77 900 26 945
Dividends received 10 570 4 881
Net cash outflow from investment activities (1 099 851) (532 100)
Net purchases of securities (1 099 851) (532 100)
Net cash inflow from financing activities 1 079 659 653 070
Creation of units 1 194 049 706 849
Cancellations of units (52 261) (28 270)
Cash distributed to unitholders (62 129) (25 509)
Net increase in cash and cash equivalents 40 583 144 241
Cash and cash equivalents at the beginning of the year 157 747 13 506
Cash and cash equivalents at the end of the year 7 198 330 157 747
83

SA QUOTED PROPERTY FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 330 250 488 486
Dividends 29 565 17 317
Interest 249 763 139 495
Income adjustments on creation and cancellation of units 5 7 158 658
Net fair value gains on financial instruments 43 764 331 016
OPERATING EXPENSES BEFORE FINANCE COSTS 40 990 31 833
Audit fee - current year 56 52
Bank charges 5 5
Custodian fees 153 88
Management company's service charge 39 778 30 521
Transaction costs 668 987
Trustee fees 330 180
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 289 260 456 653
TOTAL FINANCE COSTS 246 141 126 583
Distributions 6 246 141 126 583
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 43 119 330 070
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 123 000 10 000
Local equities 4 003 637 3 431 827
Interest receivable 558 333
Creation receivables - capital 707 306
Creation receivables - income 8 1
Cash and cash equivalents 7 2 843 33 329
TOTAL ASSETS 4 130 753 3 475 796
LIABILITIES
Cancellation payables - capital 526 2 658
Cancellation payables - income 9 20
Accrued expenses 17 589 3 233
Distributions payable 59 381 26 379
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 77 505 32 290
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 4 053 248 3 443 506
* There is no difference between bid and closing-market prices for this fund.
84

SA QUOTED PROPERTY FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 3 443 436 70 3 443 506
Total comprehensive income attributable to unitholders - 43 119 43 119
Transfer of net fair value gains, net of transaction costs, not distributable 43 096 (43 096) -
Net creation of units 5 566 623 - 566 623
Balance at 31 December 2011 4 053 155 93 4 053 248
2010
Balance at 31 December 2009 1 493 152 29 1 493 181
Total comprehensive income attributable to unitholders - 330 070 330 070
Transfer of net fair value gains, net of transaction costs, not distributable 330 029 (330 029) -
Net creation of units 5 1 620 255 - 1 620 255
Balance at 31 December 2010 3 443 436 70 3 443 506
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 253 137 126 826
Net income from operations before finance costs 289 260 456 653
Adjustments for:
Dividend income (29 565) (17 317)
Interest income (249 763) (139 495)
Income adjustments on creation and cancellation of units (7 158) (658)
Net fair value gains, net of transaction costs (43 096) (330 029)
Operating loss before working capital changes (40 322) (30 846)
Working capital changes
Increase in accrued expenses 14 356 1 072
Cash utilised by operations (25 966) (29 774)
Interest received 249 538 139 283
Dividends received 29 565 17 317
Net cash outflow from investment activities (641 714) (1 648 013)
Net purchases of securities (641 714) (1 648 013)
Net cash inflow from financing activities 358 091 1 515 598
Creation of units 991 092 1 816 546
Cancellations of units (419 862) (193 834)
Cash distributed to unitholders (213 139) (107 114)
Net decrease in cash and cash equivalents (30 486) (5 589)
Cash and cash equivalents at the beginning of the year 33 329 38 918
Cash and cash equivalents at the end of the year 7 2 843 33 329
85

SMALL COMPANIES FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 30 103 196 214
Dividends 22 449 23 662
Interest 1 354 2 551
Income adjustments on creation and cancellation of units 5 (263) 1 355
Net fair value gains on financial instruments 6 563 168 646
OPERATING EXPENSES BEFORE FINANCE COSTS 10 719 9 729
Audit fee - current year 56 52
Bank charges 7 9
Custodian fees 68 66
Management company's service charge 9 112 8 136
Transaction costs 1 405 1 405
Trustee fees 71 61
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 19 384 186 485
TOTAL FINANCE COSTS 14 226 19 244
Distributions 6 14 226 19 244
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 5 158 167 241
ASSETS
Unit trusts local 15 000 61 000
Local equities 761 983 782 615
Interest receivable 80 303
Creation receivables - capital 14 -
Cash and cash equivalents 7 1 224 8 727
TOTAL ASSETS 778 301 852 645
LIABILITIES
Trade payables 707 765
Cancellation payables - capital 14 916
Cancellation payables - income - 6
Accrued expenses 831 913
Distributions payable 5 253 7 391
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 6 805 9 991
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 771 496 842 654
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 778 507 851 355
Adjustment from closing-market prices to bid-market prices (7 011) (8 701)
86

SMALL COMPANIES FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 842 645 9 842 654
Total comprehensive income attributable to unitholders - 5 158 5 158
Transfer of net fair value gains, net of transaction costs, not distributable 5 158 (5 158) -
Net cancellation of units 5 (76 316) - (76 316)
Balance at 31 December 2011 771 487 9 771 496
2010
Balance at 31 December 2009 543 576 9 543 585
Total comprehensive income attributable to unitholders - 167 241 167 241
Transfer of net fair value gains, net of transaction costs, not distributable 167 241 (167 241) -
Net creation of units 5 131 828 - 131 828
Balance at 31 December 2010 842 645 9 842 654
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 14 630 18 013
Net income from operations before finance costs 19 384 186 485
Adjustments for:
Dividend income (22 449) (23 662)
Interest income (1 354) (2 551)
Income adjustments on creation and cancellation of units 263 (1 355)
Net fair value gains, net of transaction costs (5 158) (167 241)
Operating loss before working capital changes (9 314) (8 324)
Working capital changes
(Decrease)/Increase in accrued expenses (82) 310
Cash utilised by operations (9 396) (8 014)
Interest received 1 577 2 365
Dividends received 22 449 23 662
Net cash inflow/(outflow) from investment activities 71 732 (146 247)
Net sales/(purchases) of securities 71 732 (146 247)
Net cash (outflow)/inflow from financing activities (93 865) 116 402
Creation of units 119 266 259 380
Cancellations of units (196 767) (125 262)
Cash distributed to unitholders (16 364) (17 716)
Net decrease in cash and cash equivalents (7 503) (11 832)
Cash and cash equivalents at the beginning of the year 8 727 20 559
Cash and cash equivalents at the end of the year 7 1 224 8 727
87

STABLE GROWTH FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 52 841 49 910
Dividends 4 765 2 620
Interest 22 679 18 425
Income adjustments on creation and cancellation of units 5 654 1 246
Foreign exchange (losses)/gains on dividend and interest income (4) 73
Net fair value gains on financial instruments 24 747 27 546
OPERATING EXPENSES BEFORE FINANCE COSTS 13 365 9 877
Audit fee - current year 67 63
Performance fees 4 730 4 157
Bank charges 11 11
Custodian fees 83 63
Management company's service charge 8 127 5 237
Transaction costs 292 309
Trustee fees 55 37
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 39 476 40 033
TOTAL FINANCE COSTS 14 999 12 803
Distributions 6 14 834 12 781
Withholding tax on foreign dividends 165 22
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 24 477 27 230
ASSETS
Bonds 237 511 188 346
Unit trusts local 68 076 31 048
Unit trusts foreign 12 626 17 203
Local equities and specialist securities 162 227 132 292
Foreign equities 38 211 18 520
Interest and dividends receivable 4 473 3 692
Creation receivables - capital 130 307
Creation receivables - income 1 5
Trade receivables 21 25
Money market instruments 91 998 48 120
Cash and cash equivalents 7 71 176 89 373
TOTAL ASSETS 686 450 528 931
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 113 5 853
Cancellation payables - capital 66 -
Cancellation payables - income 1 -
Accrued expenses 1 061 1 134
Distributions payable 8 571 6 841
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 9 812 13 828
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 676 638 515 103
* There is no difference between bid and closing-market prices for this fund.
88

STABLE GROWTH FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 515 092 11 515 103
Total comprehensive income attributable to unitholders - 24 477 24 477
Transfer of net fair value gains, net of transaction costs, not distributable 24 455 (24 455) -
Net creation of units 5 137 058 - 137 058
Balance at 31 December 2011 676 605 33 676 638
2010
Balance at 31 December 2009 295 284 18 295 302
Total comprehensive income attributable to unitholders - 27 230 27 230
Transfer of net fair value gains, net of transaction costs, not distributable 27 237 (27 237) -
Net creation of units 5 192 571 - 192 571
Balance at 31 December 2010 515 092 11 515 103
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 13 526 10 731
Net income from operations before finance costs 39 476 40 033
Adjustments for:
Dividend income (4 765) (2 620)
Interest income (22 679) (18 425)
Income adjustments on creation and cancellation of units (654) (1 246)
Net fair value gains, net of transaction costs (24 455) (27 237)
Foreign exchange losses/(gains) on dividend and interest income 4 (73)
Operating loss before working capital changes (13 073) (9 568)
Working capital changes
(Decrease)/Increase in accrued expenses (73) 492
Cash utilised by operations (13 146) (9 076)
Interest received 22 107 17 136
Dividends received (net of withholding tax) 4 569 2 598
Foreign exchange (losses)/gains on dividend and interest income (4) 73
Net cash outflow from investment activities (156 769) (132 782)
Net purchases of securities (156 769) (132 782)
Net cash inflow from financing activities 124 856 181 887
Creation of units 174 867 211 237
Cancellations of units (36 907) (17 664)
Cash distributed to unitholders (13 104) (11 686)
Net (decrease)/increase in cash and cash equivalents (18 387) 59 836
Cash and cash equivalents at the beginning of the year 89 373 29 653
Exchange rate adjustments on cash balances 190 (116)
Cash and cash equivalents at the end of the year 7 71 176 89 373
89

SYm|mETRY BALANCED FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 401 406 487 380
Dividends 45 430 41 530
Interest 66 333 51 157
Income adjustments on creation and cancellation of units 5 (436) (89)
Net fair value gains on financial instruments 290 079 394 782
OPERATING EXPENSES BEFORE FINANCE COSTS 12 026 8 069
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 11 500 7 649
Trustee fees 467 365
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 389 380 479 311
TOTAL FINANCE COSTS 99 308 84 513
Distributions 6 99 308 84 513
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 290 072 394 798
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 5 677 112 4 592 004
Interest and dividends receivable 27 036 22 310
Creation receivables - capital 785 1 338
Cash and cash equivalents 7 10 643 10 380
TOTAL ASSETS 5 715 576 4 626 032
LIABILITIES
Cancellation payables - income 1 -
Accrued expenses 1 266 890
Distributions payable 23 509 19 851
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 24 776 20 741
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 5 690 800 4 605 291
* There is no difference between bid and closing-market prices for this fund.
90

SYm|mETRY BALANCED FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 4 605 217 74 4 605 291
Total comprehensive income attributable to unitholders - 290 072 290 072
Transfer of net fair value gains not distributable 290 079 (290 079) -
Net creation of units 5 795 437 - 795 437
Balance at 31 December 2011 5 690 733 67 5 690 800
Total
R000’s
2010
Balance at 31 December 2009 3 555 155 58 3 555 213
Total comprehensive income attributable to unitholders - 394 798 394 798
Transfer of net fair value gains not distributable 394 782 (394 782) -
Net creation of units 5 655 280 - 655 280
Balance at 31 December 2010 4 605 217 74 4 605 291
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 95 386 77 249
Net income from operations before finance costs 389 380 479 311
Adjustments for:
Dividend income (45 430) (41 530)
Interest income (66 333) (51 157)
Income adjustments on creation and cancellation of units 436 89
Net fair value gains (290 079) (394 782)
Operating loss before working capital changes (12 026) (8 069)
Working capital changes
Increase in accrued expenses 376 305
Cash utilised by operations (11 650) (7 764)
Interest received 66 335 51 152
Dividends received 40 701 33 861
Net cash outflow from investment activities (795 029) (645 999)
Net purchases of securities (795 029) (645 999)
Net cash inflow from financing activities 699 906 577 446
Creation of units 958 027 781 212
Cancellations of units (162 472) (125 943)
Cash distributed to unitholders (95 649) (77 823)
Net increase in cash and cash equivalents 263 8 696
Cash and cash equivalents at the beginning of the year 10 380 1 684
Cash and cash equivalents at the end of the year 7 10 643 10 380
91

SYm|mETRY CAUTIOUS FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
4 months
2010
R000’s
NET INVESTMENT INCOME 2 894 185
Dividends 284 15
Interest 2 347 208
Income adjustments on creation and cancellation of units 5 (13) 39
Net fair value gains/(losses) on financial instruments 276 (77)
OPERATING EXPENSES BEFORE FINANCE COSTS 169 19
Audit fee - current year 55 10
Bank charges 4 1
Management company's service charge (net of rebates) 89 3
Trustee fees 21 5
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 2 725 166
TOTAL FINANCE COSTS 2 451 241
Distributions 6 2 451 241
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 274 (75)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 99 169 19 522
Interest and dividends receivable 1 098 199
Creation receivables - capital 48 506
Creation receivables - income - 1
Cash and cash equivalents 7 548 154
TOTAL ASSETS 100 863 20 382
LIABILITIES
Cancellation payables - capital 3 -
Accrued expenses 77 13
Distributions payable 1 042 241
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 122 254
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 99 741 20 128
* There is no difference between bid and closing-market prices for this fund.
92

SYm|mETRY CAUTIOUS FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 20 126 2 20 128
Total comprehensive income attributable to unitholders - 274 274
Transfer of net fair value gains not distributable 276 (276) -
Net creation of units 5 79 339 - 79 339
Balance at 31 December 2011 99 741 - 99 741
Total
R000’s
2010
Balance at inception - - -
Total comprehensive loss attributable to unitholders - (75) (75)
Transfer of net fair value losses, net of transaction costs, not distributable (77) 77 -
Net creation of units 5 20 203 - 20 203
Balance at 31 December 2010 20 126 2 20 128
Statement of cash flows
for the year ended 31 December 2011
4 months
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 1 627 18
Net income from operations before finance costs 2 725 166
Adjustments for:
Dividend income (284) (15)
Interest income (2 347) (208)
Income adjustments on creation and cancellation of units 13 (39)
Net fair value (gains)/losses (276) 77
Operating loss before working capital changes (169) (19)
Working capital changes
Increase in accrued expenses 64 13
Cash utilised by operations (105) (6)
Interest received 1 545 21
Dividends received 187 3
Net cash outflow from investment activities (79 371) (19 599)
Net purchases of securities (79 371) (19 599)
Net cash inflow from financing activities 78 138 19 735
Creation of units 90 344 20 114
Cancellations of units (10 556) (379)
Cash distributed to unitholders (1 650) -
Net increase in cash and cash equivalents 394 154
Cash and cash equivalents at the beginning of the period 154 -
Cash and cash equivalents at the end of the year 7 548 154
93

SYm|mETRY DEFENSIVE FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 313 547 439 646
Dividends 43 543 33 960
Interest 72 271 75 187
Income adjustments on creation and cancellation of units 5 (177) (94)
Net fair value gains on financial instruments 197 910 330 593
OPERATING EXPENSES BEFORE FINANCE COSTS 15 176 12 152
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 14 666 11 681
Trustee fees 451 416
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 298 371 427 494
TOTAL FINANCE COSTS 100 448 96 840
Distributions 6 100 448 96 840
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 197 923 330 654
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 5 009 942 4 847 839
Interest and dividends receivable 22 478 22 172
Creation receivables - capital - 37
Cash and cash equivalents 7 3 323 16 268
TOTAL ASSETS 5 035 743 4 886 316
LIABILITIES
Cancellation payables - capital 2 465 1 796
Cancellation payables - income (2) -
Accrued expenses 1 411 1 233
Distributions payable 18 451 18 716
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 22 325 21 745
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 5 013 418 4 864 571
* There is no difference between bid and closing-market prices for this fund.
94

SYm|mETRY DEFENSIVE FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 4 864 454 117 4 864 571
Total comprehensive income attributable to unitholders - 197 923 197 923
Transfer of net fair value gains not distributable 197 910 (197 910) -
Net cancellation of units 5 (49 076) - (49 076)
Balance at 31 December 2011 5 013 288 130 5 013 418
Total
R000’s
2010
Balance at 31 December 2009 4 287 728 56 4 287 784
Total comprehensive income attributable to unitholders - 330 654 330 654
Transfer of net fair value gains not distributable 330 593 (330 593) -
Net creation of units 5 246 133 - 246 133
Balance at 31 December 2010 4 864 454 117 4 864 571
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 100 510 99 013
Net income from operations before finance costs 298 371 427 494
Adjustments for:
Dividend income (43 543) (33 960)
Interest income (72 271) (75 187)
Income adjustments on creation and cancellation of units 177 94
Net fair value gains (197 910) (330 593)
Operating loss before working capital changes (15 176) (12 152)
Working capital changes
Increase in accrued expenses 178 293
Cash utilised by operations (14 998) (11 859)
Interest received 72 281 75 176
Dividends received 43 227 35 696
Net cash inflow/(outflow) from investment activities 35 807 (232 341)
Net sales/(purchases) of securities 35 807 (232 341)
Net cash (outflow)/inflow from financing activities (149 262) 147 863
Creation of units 377 955 552 489
Cancellations of units (426 504) (305 061)
Cash distributed to unitholders (100 713) (99 565)
Net (decrease)/increase in cash and cash equivalents (12 945) 14 535
Cash and cash equivalents at the beginning of the year 16 268 1 733
Cash and cash equivalents at the end of the year 7 3 323 16 268
95

SYm|mETRY EQUITY FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 6 000 29 535
Dividends 2 852 1 220
Interest 153 96
Income adjustments on creation and cancellation of units 5 (29) (1)
Net fair value gains on financial instruments 3 024 28 220
OPERATING EXPENSES BEFORE FINANCE COSTS 338 236
Audit fee - current year 55 51
Bank charges 4 4
Management company's service charge 258 160
Trustee fees 21 21
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 5 662 29 299
TOTAL FINANCE COSTS 2 799 1 143
Distributions 6 2 799 1 143
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 2 863 28 156
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 231 694 199 079
Interest and dividends receivable 1 496 1 312
Creation receivables - capital - 28
Cash and cash equivalents 7 325 103
TOTAL ASSETS 233 515 200 522
LIABILITIES
Cancellation payables - capital 128 -
Cancellation payables - income 1 -
Accrued expenses 89 68
Distributions payable 2 799 1 143
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 017 1 211
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 230 498 199 311
* There is no difference between bid and closing-market prices for this fund.
96

SYm|mETRY EQUITY FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 199 308 3 199 311
Total comprehensive income attributable to unitholders - 2 863 2 863
Transfer of net fair value gains not distributable 3 024 (3 024) -
Net creation of units 5 28 324 - 28 324
Capital rectification (160) 160 -
Balance at 31 December 2011 230 496 2 230 498
Total
R000’s
2010
Balance at 31 December 2009 169 489 2 169 491
Total comprehensive income attributable to unitholders - 28 156 28 156
Transfer of net fair value gains not distributable 28 220 (28 220) -
Net creation of units 5 1 664 - 1 664
Capital rectification (65) 65 -
Balance at 31 December 2010 199 308 3 199 311
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 2 504 3 387
Net income from operations before finance costs 5 662 29 299
Adjustments for:
Dividend income (2 852) (1 220)
Interest income (153) (96)
Income adjustments on creation and cancellation of units 29 1
Net fair value gains (3 024) (28 220)
Operating loss before working capital changes (338) (236)
Working capital changes
Increase in accrued expenses 21 1
Cash utilised by operations (317) (235)
Interest received 153 96
Dividends received 2 668 3 526
Net cash outflow from investment activities (29 591) (1 724)
Net purchases of securities (29 591) (1 724)
Net cash inflow/(outflow) from financing activities 27 309 (1 754)
Creation of units 53 967 25 778
Cancellations of units (25 515) (24 140)
Cash distributed to unitholders (1 143) (3 392)
Net increase/(decrease) in cash and cash equivalents 222 (91)
Cash and cash equivalents at the beginning of the year 103 194
Cash and cash equivalents at the end of the year 7 325 103
97

SYm|mETRY FIXED INTEREST FUND OF FUNDS
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 22 455 25 994
Dividends 454 402
Interest 15 932 15 085
Income adjustments on creation and cancellation of units 5 (34) (9)
Net fair value gains on financial instruments 6 103 10 516
OPERATING EXPENSES BEFORE FINANCE COSTS 980 621
Audit fee - current year 55 56
Bank charges 4 4
Management company's service charge 893 539
Trustee fees 28 22
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 21 475 25 373
TOTAL FINANCE COSTS 15 374 14 861
Distributions 6 15 374 14 861
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 6 101 10 512
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts local 328 209 257 271
Interest receivable 4 969 3 751
Creation receivables - capital 366 601
Cash and cash equivalents 7 139 781
TOTAL ASSETS 333 683 262 404
LIABILITIES
Accrued expenses 139 109
Distributions payable 4 711 3 573
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 4 850 3 682
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 328 833 258 722
* There is no difference between bid and closing-market prices for this fund.
98

SYm|mETRY FIXED INTEREST FUND OF FUNDS
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 258 716 6 258 722
Total comprehensive income attributable to unitholders - 6 101 6 101
Transfer of net fair value gains not distributable 6 103 (6 103) -
Net creation of units 5 64 010 - 64 010
Balance at 31 December 2011 328 829 4 328 833
Total
R000’s
2010
Balance at 31 December 2009 250 170 10 250 180
Total comprehensive income attributable to unitholders - 10 512 10 512
Transfer of net fair value gains not distributable 10 516 (10 516) -
Net cancellation of units 5 (1 970) - (1 970)
Balance at 31 December 2010 258 716 6 258 722
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 14 218 15 599
Net income from operations before finance costs 21 475 25 373
Adjustments for:
Dividend income (454) (402)
Interest income (15 932) (15 085)
Income adjustments on creation and cancellation of units 34 9
Net fair value gains (6 103) (10 516)
Operating loss before working capital changes (980) (621)
Working capital changes
Increase in accrued expenses 30 16
Cash utilised by operations (950) (605)
Interest received 14 714 15 802
Dividends received 454 402
Net cash (outflow)/inflow from investment activities (64 835) 3 069
Net (purchases)/sales of securities (64 835) 3 069
Net cash inflow/(outflow) from financing activities 49 975 (18 147)
Creation of units 128 812 64 347
Cancellations of units (64 601) (66 880)
Cash distributed to unitholders (14 236) (15 614)
Net (decrease)/increase in cash and cash equivalents (642) 521
Cash and cash equivalents at the beginning of the year 781 260
Cash and cash equivalents at the end of the year 7 139 781
99

SYm|mETRY INCOME FUND NO. 1
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 15 094 24 803
Dividends 1 430 438
Interest 9 630 16 094
Income adjustments on creation and cancellation of units 5 (217) (80)
Net fair value gains on financial instruments 4 251 8 351
OPERATING EXPENSES BEFORE FINANCE COSTS 2 608 2 618
Audit fee - current year 67 62
- prior year under-provision - 5
Bank charges 4 6
Custodian fees 11 22
Management company's service charge 2 404 2 383
Transaction costs 100 117
Trustee fees 22 23
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 12 486 22 185
TOTAL FINANCE COSTS 8 341 12 678
Distributions 6 8 341 12 678
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 4 145 9 507
ASSETS
Statement of financial position
at 31 December 2011
Bonds 71 877 120 802
Local equities and specialist securities 30 010 18 347
Interest receivable 2 878 1 700
Money market instruments 82 100 24 000
Cash and cash equivalents 7 9 953 61 756
TOTAL ASSETS 196 818 226 605
LIABILITIES
Trade payables - 3
Accrued expenses 244 276
Distributions payable 2 650 2 828
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 894 3 107
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 193 924 223 498
* There is no difference between bid and closing-market prices for this fund.
100

SYm|mETRY INCOME FUND NO. 1
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 223 490 8 223 498
Total comprehensive income attributable to unitholders - 4 145 4 145
Transfer of net fair value gains, net of transaction costs, not distributable 4 151 (4 151) -
Net cancellation of units 5 (33 719) - (33 719)
Balance at 31 December 2011 193 922 2 193 924
Total
R000’s
2010
Balance at 31 December 2009 218 069 (1 265) 216 804
Total comprehensive income attributable to unitholders - 9 507 9 507
Transfer of net fair value gains, net of transaction costs, not distributable 8 234 (8 234) -
Net cancellation of units 5 (2 813) - (2 813)
Balance at 31 December 2010 223 490 8 223 498
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 7 290 15 764
Net income from operations before finance costs 12 486 22 185
Adjustments for:
Dividend income (1 430) (438)
Interest income (9 630) (16 094)
Income adjustments on creation and cancellation of units 217 80
Net fair value gains, net of transaction costs (4 151) (8 234)
Operating loss before working capital changes (2 508) (2 501)
Working capital changes
Decrease in accrued expenses (32) -
Cash utilised by operations (2 540) (2 501)
Interest received 8 400 17 827
Dividends received 1 430 438
Net cash (outflow)/inflow from investment activities (16 638) 60 081
Net (purchases)/sales of securities (16 638) 60 081
Net cash outflow from financing activities (42 455) (16 847)
Creation of units 49 370 27 842
Cancellations of units (83 306) (30 735)
Cash distributed to unitholders (8 519) (13 954)
Net (decrease)/increase in cash and cash equivalents (51 803) 58 998
Cash and cash equivalents at the beginning of the year 61 756 2 758
Cash and cash equivalents at the end of the year 7 9 953 61 756
101

SYm|mETRY INCOME FUND NO. 2
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 20 135 26 278
Dividends 504 991
Interest 15 386 16 358
Income adjustments on creation and cancellation of units 5 (73) (98)
Net fair value gains on financial instruments 4 318 9 027
OPERATING EXPENSES BEFORE FINANCE COSTS 2 577 2 517
Audit fee - current year 67 65
- prior year under-provision - 5
Bank charges 4 4
Custodian fees 30 27
Management company's service charge 2 421 2 341
Transaction costs 34 53
Trustee fees 21 22
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 17 558 23 761
TOTAL FINANCE COSTS 13 556 14 526
Distributions 6 13 556 14 526
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 4 002 9 235
ASSETS
Bonds 177 570 156 502
Local equities and specialist securities 18 487 16 682
Interest and dividends receivable 2 887 2 656
Trade receivables - 148
Money market instruments 24 070 28 521
Cash and cash equivalents 7 6 785 12 630
TOTAL ASSETS 229 799 217 139
LIABILITIES
Statement of financial position
at 31 December 2011
Accrued expenses 278 268
Derivatives at fair value 576 -
Distributions payable 3 744 3 527
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 4 598 3 795
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 225 201 213 344
* There is no difference between bid and closing-market prices for this fund.
102

SYm|mETRY INCOME FUND NO. 2
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 213 236 108 213 344
Total comprehensive income attributable to unitholders - 4 002 4 002
Transfer of net fair value gains, net of transaction costs, not distributable 4 284 (4 284) -
Net creation of units 5 7 855 - 7 855
Balance at 31 December 2011 225 375 (174) 225 201
Total
R000’s
2010
Balance at 31 December 2009 213 915 (153) 213 762
Total comprehensive income attributable to unitholders - 9 235 9 235
Transfer of net fair value gains, net of transaction costs, not distributable 8 974 (8 974) -
Net cancellation of units 5 (9 653) - (9 653)
Balance at 31 December 2010 213 236 108 213 344
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 12 777 15 175
Net income from operations before finance costs 17 558 23 761
Adjustments for:
Dividend income (504) (991)
Interest income (15 386) (16 358)
Income adjustments on creation and cancellation of units 73 98
Net fair value gains, net of transaction costs (4 284) (8 974)
Operating loss before working capital changes (2 543) (2 464)
Working capital changes
Increase in accrued expenses 10 45
Cash utilised by operations (2 533) (2 419)
Interest received 14 806 16 603
Dividends received 504 991
Net cash outflow from investment activities (13 065) (821)
Net purchases of securities (13 065) (821)
Net cash outflow from financing activities (5 557) (24 347)
Creation of units 72 982 21 609
Cancellations of units (65 200) (31 360)
Cash distributed to unitholders (13 339) (14 596)
Net decrease in cash and cash equivalents (5 845) (9 993)
Cash and cash equivalents at the beginning of the year 12 630 22 623
Cash and cash equivalents at the end of the year 7 6 785 12 630
103

SYm|mETRY INFLATION PLUS FUND NO. 1
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 158 401 94 620
Dividends 14 197 11 917
Interest 27 813 13 028
Income adjustments on creation and cancellation of units 5 3 055 369
Foreign exchange gains on dividend and interest income 5 -
Net fair value gains on financial instruments 113 331 69 306
OPERATING EXPENSES BEFORE FINANCE COSTS 17 020 13 094
Audit fee - current year 67 70
Bank charges 7 11
Custodian fees 91 62
Management company's service charge 15 374 12 163
Transaction costs 1 365 723
Trustee fees 116 65
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 141 381 81 526
TOTAL FINANCE COSTS 30 711 11 949
Distributions 6 30 643 11 949
Withholding tax on foreign dividends 68 -
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 110 670 69 577
ASSETS
Bonds 46 478 23 516
Unit trusts foreign 397 089 168 362
Local equities and specialist securities 767 989 386 709
Foreign equities 62 778 -
Interest receivable 3 209 1 520
Trade receivables 7 837 3 131
Cash and cash equivalents 7 633 413 296 371
TOTAL ASSETS 1 918 793 879 609
LIABILITIES
Trade payables 6 693 168
Cancellation payables - capital 34 -
Accrued expenses 1 477 1 339
Distributions payable 11 310 2 330
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 19 514 3 837
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 899 279 875 772
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 1 899 279 879 101
Adjustment from closing-market prices to bid-market prices - (3 329)
104

SYm|mETRY INFLATION PLUS FUND NO. 1
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 874 445 1 327 875 772
Total comprehensive income attributable to unitholders - 110 670 110 670
Transfer of net fair value gains, net of transaction costs, not distributable 111 966 (111 966) -
Net creation of units 5 912 837 - 912 837
Balance at 31 December 2011 1 899 248 31 1 899 279
Total
R000’s
2010
Balance at 31 December 2009 661 079 485 661 564
Total comprehensive income attributable to unitholders - 69 577 69 577
Transfer of net fair value gains, net of transaction costs, not distributable 68 583 (68 583) -
Net creation of units 5 144 631 - 144 631
Capital rectification 152 (152) -
Balance at 31 December 2010 874 445 1 327 875 772
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 22 840 13 292
Net income from operations before finance costs 141 381 81 526
Adjustments for:
Dividend income (14 197) (11 917)
Interest income (27 813) (13 028)
Income adjustments on creation and cancellation of units (3 055) (369)
Net fair value gains, net of transaction costs (111 966) (68 583)
Foreign exchange gains on dividend and interest income (5) -
Operating loss before working capital changes (15 655) (12 371)
Working capital changes
Increase in accrued expenses 138 368
Cash utilised by operations (15 517) (12 003)
Interest received 24 223 13 378
Dividends received (net of withholding tax) 14 129 11 917
Foreign exchange gains on dividend and interest income 5 -
Net cash (outflow)/inflow from investment activities (580 111) 54 244
Net (purchases)/sales of securities (580 111) 54 244
Net cash inflow from financing activities 894 263 133 094
Creation of units 943 256 145 000
Cancellations of units (27 330) -
Cash distributed to unitholders (21 663) (11 906)
Net increase in cash and cash equivalents 336 992 200 630
Cash and cash equivalents at the beginning of the year 296 371 95 741
Exchange rate adjustments on cash balances 50 -
Cash and cash equivalents at the end of the year 7 633 413 296 371
105

SYm|mETRY INFLATION PLUS FUND NO. 2
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 154 631 292 892
Dividends 34 538 28 082
Interest 46 926 51 223
Income adjustments on creation and cancellation of units 5 (172) (698)
Net fair value gains on financial instruments 73 339 214 285
OPERATING EXPENSES BEFORE FINANCE COSTS 35 575 35 364
Audit fee - current year 67 70
Bank charges 16 14
Custodian fees 217 176
Management company's service charge (net of rebates) 32 540 32 390
Transaction costs 2 548 2 536
Trustee fees 187 178
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 119 056 257 528
TOTAL FINANCE COSTS 48 277 45 749
Distributions 6 48 304 45 749
Withholding tax on foreign dividends (27) -
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 70 779 211 779
ASSETS
Bonds 602 560 561 886
Unit trusts foreign 330 942 273 831
Local equities and specialist securities 1 029 341 984 372
Foreign equities 31 238 13 151
Interest and dividends receivable 13 240 8 426
Trade receivables 3 187 1 818
Cash and cash equivalents 7 45 140 197 413
TOTAL ASSETS 2 055 648 2 040 897
LIABILITIES
Trade payables 74 3 034
Accrued expenses 3 055 2 998
Distributions payable 9 920 9 648
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 13 049 15 680
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 042 599 2 025 217
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 2 042 599 2 033 080
Adjustment from closing-market prices to bid-market prices - (7 863)
106

SYm|mETRY INFLATION PLUS FUND NO. 2
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 025 221 (4) 2 025 217
Total comprehensive income attributable to unitholders - 70 779 70 779
Transfer of net fair value gains, net of transaction costs, not distributable 70 791 (70 791) -
Net cancellation of units 5 (53 397) - (53 397)
Balance at 31 December 2011 2 042 615 (16) 2 042 599
Total
R000’s
2010
Balance at 31 December 2009 1 765 392 (34) 1 765 358
Total comprehensive income attributable to unitholders - 211 779 211 779
Transfer of net fair value gains, net of transaction costs, not distributable 211 749 (211 749) -
Net creation of units 5 48 080 - 48 080
Balance at 31 December 2010 2 025 221 (4) 2 025 217
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 42 438 45 562
Net income from operations before finance costs 119 056 257 528
Adjustments for:
Dividend income (34 538) (28 082)
Interest income (46 926) (51 223)
Income adjustments on creation and cancellation of units 172 698
Net fair value gains, net of transaction costs (70 791) (211 749)
Operating loss before working capital changes (33 027) (32 828)
Working capital changes
Increase in accrued expenses 57 435
Cash utilised by operations (32 970) (32 393)
Interest received 32 491 49 873
Dividends received (net of withholding tax) 42 917 28 082
Net cash outflow from investment activities (93 040) (124 529)
Net purchases of securities (93 040) (124 529)
Net cash (outflow)/inflow from financing activities (101 601) 5 058
Creation of units 115 671 345 806
Cancellations of units (169 240) (298 424)
Cash distributed to unitholders (48 032) (42 324)
Net decrease in cash and cash equivalents (152 203) (73 909)
Cash and cash equivalents at the beginning of the year 197 413 271 322
Exchange rate adjustments on cash balances (70) -
Cash and cash equivalents at the end of the year 7 45 140 197 413
107

SYm|mETRY INFLATION PLUS FUND NO. 3
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 133 099 84 462
Dividends 12 639 5 850
Interest 42 912 37 279
Income adjustments on creation and cancellation of units 5 1 181 778
Foreign exchange gains/(losses) on dividend and interest income 84 (6 083)
Net fair value gains on financial instruments 76 283 46 638
OPERATING EXPENSES BEFORE FINANCE COSTS 18 815 15 225
Audit fee - current year 67 82
Bank charges 9 70
Custodian fees 163 73
Management company's service charge 17 792 14 588
Transaction costs 678 334
Trustee fees 106 78
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 114 284 69 237
TOTAL FINANCE COSTS 38 677 22 908
Distributions 6 38 564 22 876
Withholding tax on foreign dividends 113 32
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 75 607 46 329
ASSETS
Bonds 622 577 254 383
Unit trusts local 15 148 10 937
Unit trusts foreign 120 119 19 711
Local equities and specialist securities 391 499 287 951
Foreign equities 73 610 58 159
Interest and dividends receivable 8 550 7 012
Trade receivables 229 381
Money market instruments 17 025 232 060
Cash and cash equivalents 7 129 797 119 995
TOTAL ASSETS 1 378 554 990 589
LIABILITIES
Statement of financial position
at 31 December 2011
Cancellation payables - capital 20 -
Accrued expenses 1 623 1 520
Distributions payable 11 353 2 604
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 12 996 4 124
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 365 558 986 465
* There is no difference between bid and closing-market prices for this fund.
108

SYm|mETRY INFLATION PLUS FUND NO. 3
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 986 372 93 986 465
Total comprehensive income attributable to unitholders - 75 607 75 607
Transfer of net fair value gains, net of transaction costs, not distributable 75 605 (75 605) -
Net creation of units 5 303 486 - 303 486
Balance at 31 December 2011 1 365 463 95 1 365 558
2010
Balance at 31 December 2009 743 848 970 744 818
Total comprehensive income attributable to unitholders - 46 329 46 329
Transfer of net fair value gains, net of transaction costs, not distributable 46 304 (46 304) -
Net creation of units 5 195 318 - 195 318
Capital rectification 902 (902) -
Balance at 31 December 2010 986 372 93 986 465
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 33 275 20 697
Net income from operations before finance costs 114 284 69 237
Adjustments for:
Dividend income (12 639) (5 850)
Interest income (42 912) (37 279)
Income adjustments on creation and cancellation of units (1 181) (778)
Net fair value gains, net of transaction costs (75 605) (46 304)
Foreign exchange (gains)/losses on dividend and interest income (84) 6 083
Operating loss before working capital changes (18 137) (14 891)
Working capital changes
Increase in accrued expenses 103 470
Cash utilised by operations (18 034) (14 421)
Interest received 38 698 35 383
Dividends received (net of withholding tax) 12 527 5 818
Foreign exchange gains/(losses) on dividend and interest income 84 (6 083)
Net cash outflow from investment activities (301 195) (173 344)
Net purchases of securities (301 195) (173 344)
Net cash inflow from financing activities 274 872 168 961
Creation of units 380 402 220 776
Cancellations of units (75 715) (24 680)
Cash distributed to unitholders (29 815) (27 135)
Net increase in cash and cash equivalents 6 952 16 314
Cash and cash equivalents at the beginning of the year 119 995 103 681
Exchange rate adjustments on cash balances 2 850 -
Cash and cash equivalents at the end of the year 7 129 797 119 995
109

SYm|mETRY INFLATION PLUS FUND NO. 4
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 324 983 334 246
Dividends 49 876 43 051
Interest 57 938 54 058
Income adjustments on creation and cancellation of units 5 632 509
Foreign exchange losses on dividend and interest income (3) -
Net fair value gains on financial instruments 216 540 236 628
OPERATING EXPENSES BEFORE FINANCE COSTS 53 221 44 665
Audit fee - current year 67 70
Bank charges 4 4
Custodian fees 109 93
Management company's service charge (net of rebates) 52 403 43 617
Transaction costs 358 644
Trustee fees 280 237
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 271 762 289 581
TOTAL FINANCE COSTS 55 683 53 429
Distributions 6 55 683 53 653
Withholding tax on foreign dividends - (224)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 216 079 236 152
ASSETS
Bonds 494 358 417 790
Unit trusts foreign 629 203 397 110
Local equities and specialist securities 1 794 566 1 686 622
Interest and dividends receivable 10 607 10 104
Trade receivables 346 -
Cash and cash equivalents 7 651 041 363 157
TOTAL ASSETS 3 580 121 2 874 783
LIABILITIES
Statement of financial position
at 31 December 2011
Accrued expenses 5 288 4 216
Bank overdraft 2 707 -
Distributions payable 12 347 14 979
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 20 342 19 195
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 559 779 2 855 588
* There is no difference between bid and closing-market prices for this fund.
110

SYm|mETRY INFLATION PLUS FUND NO. 4
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 2 855 443 145 2 855 588
Total comprehensive income attributable to unitholders - 216 079 216 079
Transfer of net fair value gains, net of transaction costs, not distributable 216 182 (216 182) -
Net creation of units 5 488 112 - 488 112
Balance at 31 December 2011 3 559 737 42 3 559 779
2010
Balance at 31 December 2009 2 478 229 (23) 2 478 206
Total comprehensive income attributable to unitholders - 236 152 236 152
Transfer of net fair value gains, net of transaction costs, not distributable 235 984 (235 984) -
Net creation of units 5 141 230 - 141 230
Balance at 31 December 2010 2 855 443 145 2 855 588
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 54 386 47 688
Net income from operations before finance costs 271 762 289 581
Adjustments for:
Dividend income (49 876) (43 051)
Interest income (57 938) (54 058)
Income adjustments on creation and cancellation of units (632) (509)
Net fair value gains, net of transaction costs (216 182) (235 984)
Foreign exchange losses on dividend and interest income 3 -
Operating loss before working capital changes (52 863) (44 021)
Working capital changes
Increase in accrued expenses 1 072 867
Cash utilised by operations (51 791) (43 154)
Interest received 56 304 47 567
Dividends received 49 876 43 275
Foreign exchange losses on dividend and interest income (3) -
Net cash outflow from investment activities (199 638) (20 952)
Net purchases of securities (199 638) (20 952)
Net cash inflow from financing activities 430 429 89 635
Creation of units 638 372 183 807
Cancellations of units (149 628) (42 068)
Cash distributed to unitholders (58 315) (52 104)
Net increase in cash and cash equivalents 285 177 116 371
Cash and cash equivalents at the beginning of the year 363 157 246 786
Cash and cash equivalents at the end of the year 7 648 334 363 157
111

SYm|mETRY INFLATION PLUS FUND NO. 5
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 148 188 181 551
Dividends 25 344 27 428
Interest 41 686 26 875
Income adjustments on creation and cancellation of units 5 268 440
Foreign exchange losses on dividend and interest income (95) -
Net fair value gains on financial instruments 80 985 126 808
OPERATING EXPENSES BEFORE FINANCE COSTS 25 784 20 768
Audit fee - current year 67 70
Bank charges 11 11
Custodian fees 163 114
Management company's service charge (net of rebates) 23 468 18 870
Transaction costs 1 934 1 587
Trustee fees 141 116
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 122 404 160 783
TOTAL FINANCE COSTS 43 088 35 663
Distributions 6 41 738 35 663
Withholding tax on foreign dividends 1 350 -
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 79 316 125 120
ASSETS
Statement of financial position
at 31 December 2011
Bonds 378 776 306 079
Unit trusts foreign 208 891 268 041
Local equities and specialist securities 717 399 733 574
Foreign equities 181 455 -
Interest and dividends receivable 6 996 5 431
Trade receivables 311 1 253
Cash and cash equivalents 7 130 828 121 672
TOTAL ASSETS 1 624 656 1 436 050
LIABILITIES
Trade payables 151 4 920
Accrued expenses 2 421 2 092
Distributions payable 11 130 8 455
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 13 702 15 467
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 610 954 1 420 583
* There is no difference between bid and closing-market prices for this fund.
112

SYm|mETRY INFLATION PLUS FUND NO. 5
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Total
R000’s
Balance at 31 December 2010 1 420 631 (48) 1 420 583
Total comprehensive income attributable to unitholders - 79 316 79 316
Transfer of net fair value gains, net of transaction costs, not distributable 79 051 (79 051) -
Net creation of units 5 111 055 - 111 055
Balance at 31 December 2011 1 610 737 217 1 610 954
2010
Balance at 31 December 2009 1 097 851 53 1 097 904
Total comprehensive income attributable to unitholders - 125 120 125 120
Transfer of net fair value gains, net of transaction costs, not distributable 125 221 (125 221) -
Net creation of units 5 197 559 - 197 559
Balance at 31 December 2010 1 420 631 (48) 1 420 583
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 40 533 35 260
Net income from operations before finance costs 122 404 160 783
Adjustments for:
Dividend income (25 344) (27 428)
Interest income (41 686) (26 875)
Income adjustments on creation and cancellation of units (268) (440)
Net fair value gains, net of transaction costs (79 051) (125 221)
Foreign exchange losses on dividend and interest income 95 -
Operating loss before working capital changes (23 850) (19 181)
Working capital changes
Increase in accrued expenses 329 523
Cash utilised by operations (23 521) (18 658)
Interest received 40 651 26 490
Dividends received (net of withholding tax) 23 498 27 428
Foreign exchange losses on dividend and interest income (95) -
Net cash outflow from investment activities (106 390) (126 086)
Net purchases of securities (106 390) (126 086)
Net cash inflow from financing activities 72 260 166 654
Creation of units 111 323 347 014
Cancellations of units - (149 015)
Cash distributed to unitholders (39 063) (31 345)
Net increase in cash and cash equivalents 6 403 75 828
Cash and cash equivalents at the beginning of the year 121 672 45 844
Exchange rate adjustments on cash balances 2 753 -
Cash and cash equivalents at the end of the year 7 130 828 121 672
113

SYm|mETRY INFLATION PLUS FUND NO. 6
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 83 121 107 497
Dividends 27 854 15 584
Interest 44 338 39 630
Income adjustments on creation and cancellation of units 5 2 126 250
Net fair value gains on financial instruments 8 803 52 033
OPERATING EXPENSES BEFORE FINANCE COSTS 26 719 22 064
Audit fee - current year 67 62
Bank charges 158 6
Custodian fees 82 41
Management company's service charge 25 341 21 827
Transaction costs 922 12
Trustee fees 149 116
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 56 402 85 433
TOTAL FINANCE COSTS 48 425 33 505
Distributions 6 48 425 33 574
Withholding tax on foreign dividends - (69)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 7 977 51 928
ASSETS
Bonds 291 205 88 792
Unit trusts local 394 534 259 258
Local equities 1 146 894 801 549
Interest receivable 4 457 2 237
Trade receivables - 1 796
Money market instruments - 52 000
Cash and cash equivalents 7 148 748 146 997
TOTAL ASSETS 1 985 838 1 352 629
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 1 629 -
Cancellation payables - capital 31 -
Accrued expenses 2 299 2 024
Distributions payable 12 091 6 488
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 16 050 8 512
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 1 969 788 1 344 117
* There is no difference between bid and closing-market prices for this fund.
114

SYm|mETRY INFLATION PLUS FUND NO. 6
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 344 137 (20) 1 344 117
Total comprehensive income attributable to unitholders - 7 977 7 977
Transfer of net fair value gains, net of transaction costs, not distributable 7 881 (7 881) -
Net creation of units 5 617 694 - 617 694
Balance at 31 December 2011 1 969 712 76 1 969 788
2010
Balance at 31 December 2009 1 191 420 73 1 191 493
Total comprehensive income attributable to unitholders - 51 928 51 928
Transfer of net fair value gains, net of transaction costs, not distributable 52 021 (52 021) -
Net creation of units 5 100 696 - 100 696
Balance at 31 December 2010 1 344 137 (20) 1 344 117
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 43 565 32 782
Net income from operations before finance costs 56 402 85 433
Adjustments for:
Dividend income (27 854) (15 584)
Interest income (44 338) (39 630)
Income adjustments on creation and cancellation of units (2 126) (250)
Net fair value gains, net of transaction costs (7 881) (52 021)
Operating loss before working capital changes (25 797) (22 052)
Working capital changes
Increase in accrued expenses 275 222
Cash utilised by operations (25 522) (21 830)
Interest received 41 233 38 959
Dividends received 27 854 15 653
Net cash outflow from investment activities (618 843) (61 151)
Net purchases of securities (618 843) (61 151)
Net cash inflow from financing activities 577 029 67 579
Creation of units 703 114 145 727
Cancellations of units (83 263) (44 781)
Cash distributed to unitholders (42 822) (33 367)
Net increase in cash and cash equivalents 1 751 39 210
Cash and cash equivalents at the beginning of the year 146 997 107 787
Cash and cash equivalents at the end of the year 7 148 748 146 997
115

SYm|mETRY INFLATION PLUS FUND NO. 7
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
4 months
2010
R000’s
NET INVESTMENT INCOME 4 788 917
Dividends 287 48
Interest 3 652 878
Income adjustments on creation and cancellation of units 5 179 49
Net fair value gains/(losses) on financial instruments 670 (58)
OPERATING EXPENSES BEFORE FINANCE COSTS 1 055 350
Audit fee - current year 67 36
Bank charges 6 1
Custodian fees 16 7
Management company's service charge 940 278
Transaction costs 14 28
Trustee fees 12 -
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 3 733 567
TOTAL FINANCE COSTS 3 076 650
Distributions 6 3 076 650
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 657 (83)
ASSETS
Bonds 14 425 1 998
Local equities 11 854 7 785
Interest receivable 670 329
Trade receivables 4 -
Money market instruments 51 090 32 050
Cash and cash equivalents 7 10 146 11 443
TOTAL ASSETS 88 189 53 605
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables - 22
Accrued expenses 93 204
Distributions payable 1 129 650
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 222 876
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 86 967 52 729
* There is no difference between bid and closing-market prices for this fund.
116

SYm|mETRY INFLATION PLUS FUND NO. 7
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 52 726 3 52 729
Total comprehensive income attributable to unitholders - 657 657
Transfer of net fair value gains, net of transaction costs, not distributable 656 (656) -
Net creation of units 5 33 581 - 33 581
Balance at 31 December 2011 86 963 4 86 967
Total
R000’s
2010
Balance at inception - - -
Total comprehensive loss attributable to unitholders - (83) (83)
Transfer of net fair value losses, net of transaction costs, not distributable (86) 86 -
Net creation of units 5 52 812 - 52 812
Balance at 31 December 2010 52 726 3 52 729
Statement of cash flows
for the year ended 31 December 2011
4 months
Note
2011
R000’s
2010
R000’s
Net cash inflow/(outflow) from operating activities 2 540 (8)
Net income from operations before finance costs 3 733 567
Adjustments for:
Dividend income (287) (48)
Interest income (3 652) (878)
Income adjustments on creation and cancellation of units (179) (49)
Net fair value (gains)/losses, net of transaction costs (656) 86
Operating loss before working capital changes (1 041) (322)
Working capital changes
(Decrease)/Increase in accrued expenses (111) 204
Cash utilised by operations (1 152) (118)
Interest received 3 405 62
Dividends received 287 48
Net cash outflow from investment activities (35 000) (41 410)
Net purchases of securities (35 000) (41 410)
Net cash inflow from financing activities 31 163 52 861
Creation of units 81 454 52 920
Cancellations of units (47 694) (59)
Cash distributed to unitholders (2 597) -
Net (decrease)/increase in cash and cash equivalents (1 297) 11 443
Cash and cash equivalents at the beginning of the period 11 443 -
Cash and cash equivalents at the end of the year 7 10 146 11 443
117

SYm|mETRY MONEY MARKET FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 51 060 80 833
Interest 51 381 81 059
Net fair value losses on financial instruments (321) (226)
OPERATING EXPENSES BEFORE FINANCE COSTS 6 238 8 166
Audit fee - current year 77 117
- prior year underprovision 7 5
Bank charges 14 25
Custodian fees 63 65
Management company's service charge 5 998 7 842
Trustee fees 79 112
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 44 822 72 667
TOTAL FINANCE COSTS 44 830 72 662
Distributions 6 44 830 72 662
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (8) 5
ASSETS
Statement of financial position
at 31 December 2011
Interest receivable 8 959 17 694
Cash and cash equivalents 7 776 790 947 970
TOTAL ASSETS 785 749 965 664
LIABILITIES
Accrued expenses 570 719
Distributions payable 3 159 4 282
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 729 5 001
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 782 020 960 663
* There is no difference between bid and closing-market prices for this fund.
118

SYm|mETRY MONEY MARKET FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 960 640 23 960 663
Total comprehensive loss attributable to unitholders - (8) (8)
Net cancellation of units 5 (178 635) - (178 635)
Balance at 31 December 2011 782 005 15 782 020
Total
R000’s
2010
Balance at 31 December 2009 1 219 499 (546) 1 218 953
Total comprehensive income attributable to unitholders - 5 5
Income rectification - 564 564
Net cancellation of units 5 (258 859) - (258 859)
Balance at 31 December 2010 960 640 23 960 663
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 53 408 80 230
Net income from operations before finance costs 44 822 72 667
Adjustments for:
Interest income (51 381) (81 059)
Operating loss before working capital changes (6 559) (8 392)
Working capital changes:
Decrease in accrued expenses (149) (170)
Cash utilised by operations (6 708) (8 562)
Interest received 60 116 88 792
Net cash outflow from financing activities (224 588) (334 282)
Creation of units 96 201 113 510
Cancellations of units (274 836) (372 369)
Cash distributed to unitholders (45 953) (75 423)
Net decrease in cash and cash equivalents (171 180) (254 052)
Cash and cash equivalents at the beginning of the year 947 970 1 202 022
Cash and cash equivalents at the end of the year 7 776 790 947 970
119

SYm|mETRY SATELLITE EQUITY FUND NO. 1
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 246 967 69 522
Dividends 32 900 9 123
Interest 1 549 307
Income adjustments on creation and cancellation of units 5 5 556 (1 429)
Net fair value gains on financial instruments 206 962 61 521
OPERATING EXPENSES BEFORE FINANCE COSTS 5 268 3 860
Audit fee - current year 64 60
Bank charges 41 7
Custodian fees 66 77
Management company's service charge 2 118 2 688
Transaction costs 2 875 994
Trustee fees 104 34
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 241 699 65 662
TOTAL FINANCE COSTS 37 573 5 138
Distributions 6 37 573 5 157
Withholding tax on foreign dividends - (19)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 204 126 60 524
ASSETS
Local equities and specialist securities 2 675 315 332 278
Interest receivable 109 6
Trade receivables 9 933 -
Cash and cash equivalents 7 114 229 5 373
TOTAL ASSETS 2 799 586 337 657
LIABILITIES
Trade payables 17 746 24
Cancellation payables - capital - 1
Accrued expenses 273 294
Distributions payable 33 587 5 157
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 51 606 5 476
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 747 980 332 181
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 2 747 980 336 024
Adjustment from closing-market prices to bid-market prices - (3 843)
120

SYm|mETRY SATELLITE EQUITY FUND NO. 1
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 332 180 1 332 181
Total comprehensive income attributable to unitholders - 204 126 204 126
Transfer of net fair value gains, net of transaction costs, not distributable 204 087 (204 087) -
Net creation of units 5 2 211 673 - 2 211 673
Balance at 31 December 2011 2 747 940 40 2 747 980
Total
R000’s
2010
Balance at 31 December 2009 373 756 4 373 760
Total comprehensive income attributable to unitholders - 60 524 60 524
Transfer of net fair value gains, net of transaction costs, not distributable 60 527 (60 527) -
Net cancellation of units 5 (102 103) - (102 103)
Balance at 31 December 2010 332 180 1 332 181
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 31 932 6 554
Net income from operations before finance costs 241 699 65 662
Adjustments for:
Dividend income (32 900) (9 123)
Interest income (1 549) (307)
Income adjustments on creation and cancellation of units (5 556) 1 429
Net fair value gains, net of transaction costs (204 087) (60 527)
Operating loss before working capital changes (2 393) (2 866)
Working capital changes
Decrease in accrued expenses (21) (26)
Cash utilised by operations (2 414) (2 892)
Interest received 1 446 304
Dividends received 32 900 9 142
Net cash (outflow)/inflow from investment activities (2 131 161) 105 542
Net (purchases)/sales of securities (2 131 161) 105 542
Net cash inflow/(outflow) from financing activities 2 208 085 (109 416)
Creation of units 2 371 605 74 108
Cancellations of units (154 377) (177 639)
Cash distributed to unitholders (9 143) (5 885)
Net increase in cash and cash equivalents 108 856 2 680
Cash and cash equivalents at the beginning of the year 5 373 2 693
Cash and cash equivalents at the end of the year 7 114 229 5 373
121

SYm|mETRY SATELLITE EQUITY FUND NO. 2
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 190 860 56 854
Dividends 29 127 9 147
Interest 2 434 819
Income adjustments on creation and cancellation of units 5 742 92
Net fair value gains on financial instruments 158 557 46 796
OPERATING EXPENSES BEFORE FINANCE COSTS 5 604 3 346
Audit fee - current year 64 60
Bank charges 6 5
Custodian fees 77 40
Management company's service charge 2 549 2 737
Transaction costs 2 808 468
Trustee fees 100 36
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 185 256 53 508
TOTAL FINANCE COSTS 29 507 7 252
Distributions 6 29 507 7 252
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 155 749 46 256
ASSETS
Local equities and specialist securities 2 399 678 424 122
Interest receivable 252 42
Trade receivables 2 465 700
Cash and cash equivalents 7 64 592 10 769
TOTAL ASSETS 2 466 987 435 633
LIABILITIES
Trade payables 859 1 897
Cancellation payables - capital - 1
Accrued expenses 298 315
Distributions payable 24 429 7 252
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 25 586 9 465
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 441 401 426 168
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 2 451 228 428 719
Adjustment from closing-market prices to bid-market prices (9 827) (2 551)
122

SYm|mETRY SATELLITE EQUITY FUND NO. 2
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 426 142 26 426 168
Total comprehensive income attributable to unitholders - 155 749 155 749
Transfer of net fair value gains, net of transaction costs, not distributable 155 749 (155 749) -
Net creation of units 5 1 859 484 - 1 859 484
Balance at 31 December 2011 2 441 375 26 2 441 401
2010
Balance at 31 December 2009 333 776 98 333 874
Total comprehensive income attributable to unitholders - 46 256 46 256
Transfer of net fair value gains, net of transaction costs, not distributable 46 328 (46 328) -
Net creation of units 5 46 038 - 46 038
Balance at 31 December 2010 426 142 26 426 168
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 28 538 7 123
Net income from operations before finance costs 185 256 53 508
Adjustments for:
Dividend income (29 127) (9 147)
Interest income (2 434) (819)
Income adjustments on creation and cancellation of units (742) (92)
Net fair value gains, net of transaction costs (155 749) (46 328)
Operating loss before working capital changes (2 796) (2 878)
Working capital changes
(Decrease)/Increase in accrued expenses (17) 28
Cash utilised by operations (2 813) (2 850)
Interest received 2 224 777
Dividends received 29 127 9 196
Net cash outflow from investment activities (1 822 610) (36 208)
Net purchases of securities (1 822 610) (36 208)
Net cash inflow from financing activities 1 847 895 31 808
Creation of units 1 987 871 140 016
Cancellations of units (127 646) (93 885)
Cash distributed to unitholders (12 330) (14 323)
Net increase in cash and cash equivalents 53 823 2 723
Cash and cash equivalents at the beginning of the year 10 769 8 046
Cash and cash equivalents at the end of the year 7 64 592 10 769
123

SYm|mETRY SATELLITE EQUITY FUND NO. 3
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 335 616 64 372
Dividends 40 670 6 898
Interest 2 555 895
Income adjustments on creation and cancellation of units 5 7 666 (294)
Net fair value gains on financial instruments 284 725 56 873
OPERATING EXPENSES BEFORE FINANCE COSTS 10 188 6 700
Audit fee - current year 64 100
Performance fees 677 498
Bank charges 9 11
Custodian fees 142 122
Management company's service charge 2 332 2 501
Transaction costs 6 847 3 438
Trustee fees 117 30
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 325 428 57 672
TOTAL FINANCE COSTS 47 162 4 561
Distributions 6 47 162 4 578
Withholding tax on foreign dividends - (17)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 278 266 53 111
ASSETS
Statement of financial position
at 31 December 2011
Local equities and specialist securities 3 005 857 371 571
Interest and dividends receivable 454 69
Trade receivables 24 788 3 986
Cash and cash equivalents 7 117 087 16 615
TOTAL ASSETS 3 148 186 392 241
LIABILITIES
Trade payables 21 850 3 684
Cancellation payables - capital - 1
Accrued expenses 195 315
Distributions payable 43 525 4 578
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 65 570 8 578
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3 082 616 383 663
* There is no difference between bid and closing-market prices for this fund.
124

SYm|mETRY SATELLITE EQUITY FUND NO. 3
Statement of comprehensive income
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 383 981 (318) 383 663
Total comprehensive income attributable to unitholders - 278 266 278 266
Transfer of net fair value gains, net of transaction costs, not distributable 277 878 (277 878) -
Net creation of units 5 2 420 687 - 2 420 687
Balance at 31 December 2011 3 082 546 70 3 082 616
Total
R000’s
2010
Balance at 31 December 2009 342 198 6 342 204
Total comprehensive income attributable to unitholders - 53 111 53 111
Transfer of net fair value gains, net of transaction costs, not distributable 53 435 (53 435) -
Net cancellation of units 5 (11 652) - (11 652)
Balance at 31 December 2010 383 981 (318) 383 663
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 39 379 4 546
Net income from operations before finance costs 325 428 57 672
Adjustments for:
Dividend income (40 670) (6 898)
Interest income (2 555) (895)
Income adjustments on creation and cancellation of units (7 666) 294
Net fair value gains, net of transaction costs (277 878) (53 435)
Operating loss before working capital changes (3 341) (3 262)
Working capital changes
(Decrease)/Increase in accrued expenses (120) 67
Cash utilised by operations (3 461) (3 195)
Interest received 2 170 826
Dividends received 40 670 6 915
Net cash (outflow)/inflow from investment activities (2 359 044) 24 028
Net (purchases)/sales of securities (2 359 044) 24 028
Net cash inflow/(outflow) from financing activities 2 420 137 (19 248)
Creation of units 2 562 453 63 548
Cancellations of units (134 101) (75 493)
Cash distributed to unitholders (8 215) (7 303)
Net increase in cash and cash equivalents 100 472 9 326
Cash and cash equivalents at the beginning of the year 16 615 7 289
Cash and cash equivalents at the end of the year 7 117 087 16 615
125

SYm|mETRY SATELLITE EQUITY FUND NO. 4
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
4 months
2010
R000’s
NET INVESTMENT INCOME 2 166 13 252
Dividends 3 551 579
Interest 177 36
Income adjustments on creation and cancellation of units 5 (15) (1)
Net fair value (losses)/gains on financial instruments (1 547) 12 638
OPERATING EXPENSES BEFORE FINANCE COSTS 1 343 445
Audit fee - current year 64 6
- prior year under-provision - 5
Performance fees 171 98
Bank charges 6 1
Custodian fees 25 35
Management company's service charge 933 295
Transaction costs 123 -
Trustee fees 21 5
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 823 12 807
TOTAL FINANCE COSTS 2 495 195
Distributions 2 495 195
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (1 672) 12 612
ASSETS
Statement of financial position
at 31 December 2011
Local equities and specialist securities 117 626 127 706
Interest receivable 8 4
Trade receivables - 891
Cash and cash equivalents 7 6 515 3 939
TOTAL ASSETS 124 149 132 540
LIABILITIES
Trade payables 532 1 027
Accrued expenses 132 213
Distributions payable 1 540 195
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2 204 1 435
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 121 945 131 105
Represented by:
Net assets attributable to unitholders (closing-market prices) 122 965 132 220
Adjustment from closing-market prices to bid-market prices (1 020) (1 115)
126

SYm|mETRY SATELLITE EQUITY FUND NO. 4
Statement of comprehensive income
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 131 098 7 131 105
Total comprehensive loss attributable to unitholders - (1 672) (1 672)
Transfer of net fair value losses, net of transaction costs, not distributable (1 670) 1 670 -
Net cancellation of units 5 (7 488) - (7 488)
Balance at 31 December 2011 121 940 5 121 945
2010
Balance at inception - - -
Total comprehensive income attributable to unitholders - 12 612 12 612
Transfer of net fair value gains, net of transaction costs, not distributable 12 638 (12 638) -
Net creation of units 5 118 493 - 118 493
Capital rectification (33) 33 -
Balance at 31 December 2010 131 098 7 131 105
Total
R000’s
4 months
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 2 423 379
Net income from operations before finance costs 823 12 807
Adjustments for:
Dividend income (3 551) (579)
Interest income (177) (36)
Income adjustments on creation and cancellation of units 15 1
Net fair value losses/(gains), net of transaction costs 1 670 (12 638)
Operating loss before working capital changes (1 220) (445)
Working capital changes
(Decrease)/Increase in accrued expenses (81) 213
Cash utilised by operations (1 301) (232)
Interest received 173 32
Dividends received 3 551 579
Net cash inflow/(outflow) from investment activities 8 806 (114 932)
Net sales/(purchases) of securities 8 806 (114 932)
Net cash (outflow)/inflow from financing activities (8 653) 118 492
Creation of units 4 565 119 847
Cancellations of units (12 068) (1 355)
Cash distributed to unitholders (1 150) -
Net increase in cash and cash equivalents 2 576 3 939
Cash and cash equivalents at the beginning of the period 3 939 -
Cash and cash equivalents at the end of the year 7 6 515 3 939
127

TOP 40 FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 10 086 43 310
Dividends 9 078 5 313
Interest 515 358
Income adjustments on creation and cancellation of units 5 99 (27)
Net fair value gains on financial instruments 394 37 666
OPERATING EXPENSES BEFORE FINANCE COSTS 2 674 1 887
Audit fee - current year 56 52
Bank charges 12 7
Custodian fees 89 59
Management company's service charge 2 025 1 590
Transaction costs 462 155
Trustee fees 30 24
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 7 412 41 423
TOTAL FINANCE COSTS 7 480 3 912
Distributions 6 7 480 3 918
Withholding tax on foreign dividends - (6)
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (68) 37 511
ASSETS
Local equities 354 448 296 834
Interest receivable 14 12
Creation receivables - capital 195 6
Creation receivables - income 1 -
Cash and cash equivalents 7 5 508 4 243
TOTAL ASSETS 360 166 301 095
LIABILITIES
Statement of financial position
at 31 December 2011
Trade payables 1 11
Cancellation payables - capital 15 25
Accrued expenses 7 260 214
Distributions payable 1 381 562
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 657 812
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 358 509 300 283
* There is no difference between bid and closing-market prices for this fund.
128

TOP 40 FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 300 275 8 300 283
Total comprehensive loss attributable to unitholders - (68) (68)
Transfer of net fair value losses, net of transaction costs, not distributable (68) 68 -
Net creation of units 5 58 294 - 58 294
Balance at 31 December 2011 358 501 8 358 509
2010
Balance at 31 December 2009 246 557 8 246 565
Total comprehensive income attributable to unitholders - 37 511 37 511
Transfer of net fair value gains, net of transaction costs, not distributable 37 511 (37 511) -
Net creation of units 5 16 207 - 16 207
Balance at 31 December 2010 300 275 8 300 283
Total
R000’s
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 7 425 3 958
Net income from operations before finance costs 7 412 41 423
Adjustments for:
Dividend income (9 078) (5 313)
Interest income (515) (358)
Income adjustments on creation and cancellation of units (99) 27
Net fair value losses/(gains), net of transaction costs 68 (37 511)
Operating loss before working capital changes (2 212) (1 732)
Working capital changes
Increase in accrued expenses 46 23
Cash utilised by operations (2 166) (1 709)
Interest received 513 348
Dividends received 9 078 5 319
Net cash outflow from investment activities (57 692) (5 988)
Net purchases of securities (57 692) (5 988)
Net cash inflow from financing activities 51 532 12 576
Creation of units 126 767 56 542
Cancellations of units (68 574) (40 318)
Cash distributed to unitholders (6 661) (3 648)
Net increase in cash and cash equivalents 1 265 10 546
Cash and cash equivalents at the beginning of the year 4 243 (6 303)
Cash and cash equivalents at the end of the year 7 5 508 4 243
129

TOP COMPANIES FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 51 126 180 328
Dividends 30 820 24 894
Interest 5 995 4 110
Income adjustments on creation and cancellation of units 5 8 316 (243)
Net fair value gains on financial instruments 5 995 151 567
OPERATING EXPENSES BEFORE FINANCE COSTS 15 214 14 141
Audit fee - current year 56 52
Performance fees 482 1 118
Bank charges 6 6
Custodian fees 82 68
Management company's service charge 12 528 11 142
Transaction costs 1 952 1 663
Trustee fees 108 92
NET INCOME FROM OPERATIONS BEFORE FINANCE COSTS 35 912 166 187
TOTAL FINANCE COSTS 31 831 16 282
Distributions 6 31 831 16 367
Withholding tax on foreign dividends - (85)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO UNITHOLDERS 4 081 149 905
ASSETS
Unit trusts local 204 000 27 000
Local equities and specialist securities 1 491 377 1 099 566
Interest receivable 882 127
Creation receivables - capital - 72
Creation receivables - income - 1
Trade receivables - 7 145
Cash and cash equivalents 7 1 978 11 250
TOTAL ASSETS 1 698 237 1 145 161
LIABILITIES
Trade payables 39 518 20 929
Cancellation payables - capital 429 -
Cancellation payables - income 6 -
Accrued expenses 1 172 1 101
Distributions payable 22 515 8 247
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 63 640 30 277
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1 634 597 1 114 884
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 1 643 882 1 122 741
Adjustment from closing-market prices to bid-market prices (9 285) (7 857)
130

TOP COMPANIES FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 1 114 876 8 1 114 884
Total comprehensive income attributable to unitholders - 4 081 4 081
Transfer of net fair value gains, net of transaction costs, not distributable 4 043 (4 043) -
Net creation of units 5 515 632 - 515 632
Balance at 31 December 2011 1 634 551 46 1 634 597
Total
R000’s
2010
Balance at 31 December 2009 965 070 7 965 077
Total comprehensive income attributable to unitholders - 149 905 149 905
Transfer of net fair value gains, net of transaction costs, not distributable 149 904 (149 904) -
Net cancellation of units 5 (98) - (98)
Balance at 31 December 2010 1 114 876 8 1 114 884
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 22 869 16 751
Net income from operations before finance costs 35 912 166 187
Adjustments for:
Dividend income (30 820) (24 894)
Interest income (5 995) (4 110)
Income adjustments on creation and cancellation of units (8 316) 243
Net fair value gains, net of transaction costs (4 043) (149 904)
Operating loss before working capital changes (13 262) (12 478)
Working capital changes
Increase in accrued expenses 71 35
Cash utilised by operations (13 191) (12 443)
Interest received 5 240 4 215
Dividends received 30 820 24 979
Net cash outflow from investment activities (539 034) (40 652)
Net purchases of securities (539 034) (40 652)
Net cash inflow/(outflow) from financing activities 506 893 (12 358)
Creation of units 635 891 110 137
Cancellations of units (111 435) (110 457)
Cash distributed to unitholders (17 563) (12 038)
Net decrease in cash and cash equivalents (9 272) (36 259)
Cash and cash equivalents at the beginning of the year 11 250 47 509
Cash and cash equivalents at the end of the year 7 1 978 11 250
131

UK MONEY MARKET FEEDER FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME/(LOSS) 44 880 (39 816)
Interest 855 1 184
Income adjustments on creation and cancellation of units 5 (59) (92)
Foreign exchange gains/(losses) on dividend and interest income 475 (239)
Net fair value gains/(losses) on financial instruments 43 609 (40 669)
OPERATING EXPENSES BEFORE FINANCE COSTS 680 535
Audit fee - current year 50 47
Bank charges 5 6
Custodian fees 4 8
Management company's service charge (net of rebates) 600 451
Trustee fees 21 23
NET INCOME/(LOSS) FROM OPERATIONS BEFORE FINANCE COSTS 44 200 (40 351)
TOTAL FINANCE COSTS 607 599
Distributions 6 607 599
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 43 593 (40 950)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 198 809 207 881
Interest and dividends receivable 8 -
Trade receivables - 13 066
Cash and cash equivalents 7 8 838 1 390
TOTAL ASSETS 207 655 222 337
LIABILITIES
Trade payables - 2
Cancellation payables - capital 113 95
Accrued expenses 160 157
Distributions payable 88 212
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 361 466
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 207 294 221 871
* There is no difference between bid and closing-market prices for this fund.
132

UK MONEY MARKET FEEDER FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 222 061 (190) 221 871
Total comprehensive income attributable to unitholders - 43 593 43 593
Transfer of net fair value gains not distributable 43 609 (43 609) -
Net cancellation of units 5 (58 170) - (58 170)
Capital rectification (207) 207 -
Balance at 31 December 2011 207 293 1 207 294
Total
R000’s
2010
Balance at 31 December 2009 392 743 (120) 392 623
Total comprehensive loss attributable to unitholders - (40 950) (40 950)
Transfer of net fair value losses not distributable (40 669) 40 669 -
Net cancellation of units 5 (129 802) - (129 802)
Capital rectification (211) 211 -
Balance at 31 December 2010 222 061 (190) 221 871
Statement of cash flows
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 645 381
Net income/(loss) from operations before finance costs 44 200 (40 351)
Adjustments for:
Interest income (855) (1 184)
Income adjustments on creation and cancellation of units 59 92
Net fair value (gains)/losses, net of transaction costs (43 609) 40 669
Foreign exchange (gains)/losses on dividend and interest income (475) 239
Operating loss before working capital changes (680) (535)
Working capital changes
Increase/(Decrease) in accrued expenses 3 (82)
Cash utilised by operations (677) (617)
Interest received 847 1 237
Foreign exchange gains/(losses) on dividend and interest income 475 (239)
Net cash inflow from investment activities 65 537 90 722
Net sales of securities 65 537 90 722
Net cash outflow from financing activities (58 942) (131 695)
Creation of units 50 794 74 061
Cancellations of units (109 005) (203 851)
Cash distributed to unitholders (731) (1 905)
Net increase/(decrease) in cash and cash equivalents 7 240 (40 592)
Cash and cash equivalents at the beginning of the year 1 390 42 174
Exchange rate adjustments on cash balances 208 (192)
Cash and cash equivalents at the end of the year 7 8 838 1 390
133

US Dollar Feeder Fund
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
10 months
2010
R000’s
NET INVESTMENT INCOME/(LOSS) 2 650 (1 867)
Interest 23 36
Income adjustments on creation and cancellation of units 5 8 (6)
Net fair value gains/(losses) on financial instruments 2 619 (1 897)
OPERATING EXPENSES BEFORE FINANCE COSTS 115 82
Bank charges 6 8
Management company's service charge 88 57
Trustee fees 21 17
TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO UNITHOLDERS 2 535 (1 949)
ASSETS
Statement of financial position
at 31 December 2011
Unit trusts foreign 13 517 11 670
Interest receivable 1 1
Cash and cash equivalents 7 602 641
TOTAL ASSETS 14 120 12 312
LIABILITIES
Accrued expenses 9 8
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 9 8
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS* 14 111 12 304
* There is no difference between bid and closing-market prices for this fund.
134

US Dollar Feeder Fund
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 12 303 1 12 304
Total comprehensive income attributable to unitholders - 2 535 2 535
Transfer of net fair value gains not distributable 2 619 (2 619) -
Net cancellation of units 5 (728) - (728)
Capital rectification (83) 83 -
Balance at 31 December 2011 14 111 - 14 111
Total
R000’s
2010
Balance at inception - - -
Total comprehensive loss attributable to unitholders - (1 949) (1 949)
Transfer of net fair value losses, net of transaction costs, not distributable (1 897) 1 897 -
Net creation of units 5 14 253 - 14 253
Capital rectification (53) 53 -
Balance at 31 December 2010 12 303 1 12 304
Statement of cash flows
for the year ended 31 December 2011
10 months
Note
2011
R000’s
2010
R000’s
Net cash outflow from operating activities (91) (39)
Net income/(loss) from operations before finance costs 2 535 (1 949)
Adjustments for:
Interest income (23) (36)
Income adjustments on creation and cancellation of units (8) 6
Net fair value (gains)/losses (2 619) 1 897
Operating loss before working capital changes (115) (82)
Working capital changes
Increase in accrued expenses 1 8
Cash utilised by operations (114) (74)
Interest received 23 35
Net cash inflow/(outflow) from investment activities 772 (13 567)
Net sales/(purchases) of securities 772 (13 567)
Net cash (outflow)/inflow from financing activities (720) 14 247
Creation of units 15 348 22 365
Cancellations of units (16 068) (8 118)
Net (decrease)/increase in cash and cash equivalents (39) 641
Cash and cash equivalents at the beginning of the period 641 -
Cash and cash equivalents at the end of the year 7 602 641
135

VALUE FUND
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
NET INVESTMENT INCOME 9 265 149 544
Dividends 24 552 22 491
Interest 655 1 424
Income adjustments on creation and cancellation of units 5 (399) (308)
Net fair value (losses)/gains on financial instruments (15 543) 125 937
OPERATING EXPENSES BEFORE FINANCE COSTS 11 651 14 048
Audit fee - current year 56 52
Performance fees 28 2 060
Bank charges 5 6
Custodian fees 61 63
Management company's service charge 10 041 10 072
Transaction costs 1 377 1 712
Trustee fees 83 83
NET (LOSS)/INCOME FROM OPERATIONS BEFORE FINANCE COSTS (2 386) 135 496
TOTAL FINANCE COSTS 14 531 11 409
Distributions 6 14 531 11 418
Withholding tax on foreign dividends - (9)
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO UNITHOLDERS (16 917) 124 087
ASSETS
Unit trusts local 13 000 -
Local equities and specialist securities 863 986 960 125
Interest and dividends receivable 34 15
Creation receivables - capital - 162
Creation receivables - income - 1
Trade receivables 125 -
Cash and cash equivalents 7 685 5 134
TOTAL ASSETS 877 830 965 437
LIABILITIES
Cancellation payables - capital 66 61
Accrued expenses 889 954
Distributions payable 6 318 5 046
TOTAL LIABILITIES, EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 7 273 6 061
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 870 557 959 376
Represented by:
Statement of financial position
at 31 December 2011
Net assets attributable to unitholders (closing-market prices) 874 565 963 315
Adjustment from closing-market prices to bid-market prices (4 008) (3 939)
136

VALUE FUND
Statement of changes in net assets attributable to unitholders
for the year ended 31 December 2011
2011 Note
Capital
attributable to
unitholders
R000’s
Statement of cash flows
for the year ended 31 December 2011
Income
attributable to
unitholders
R000’s
Balance at 31 December 2010 959 369 7 959 376
Total comprehensive loss attributable to unitholders - (16 917) (16 917)
Transfer of net fair value losses, net of transaction costs, not distributable (16 920) 16 920 -
Net cancellation of units 5 (71 902) - (71 902)
Balance at 31 December 2011 870 547 10 870 557
2010
Balance at 31 December 2009 888 239 (119) 888 120
Total comprehensive income attributable to unitholders - 124 087 124 087
Transfer of net fair value gains, net of transaction costs, not distributable 124 225 (124 225) -
Net cancellation of units 5 (52 831) - (52 831)
Capital rectification (264) 264 -
Balance at 31 December 2010 959 369 7 959 376
Total
R000’s
Note
2011
R000’s
2010
R000’s
Net cash inflow from operating activities 14 849 11 474
Net (loss)/income from operations before finance costs (2 386) 135 496
Adjustments for:
Dividend income (24 552) (22 491)
Interest income (655) (1 424)
Income adjustments on creation and cancellation of units 399 308
Net fair value losses/(gains), net of transaction costs 16 920 (124 225)
Operating loss before working capital changes (10 274) (12 336)
Working capital changes
Decrease in accrued expenses (65) (209)
Cash utilised by operations (10 339) (12 545)
Interest received 636 1 519
Dividends received 24 552 22 500
Net cash inflow from investment activities 66 094 35 491
Net sales of securities 66 094 35 491
Net cash outflow from financing activities (85 392) (61 473)
Creation of units 47 160 85 291
Cancellations of units (119 293) (138 137)
Cash distributed to unitholders (13 259) (8 627)
Net decrease in cash and cash equivalents (4 449) (14 508)
Cash and cash equivalents at the beginning of the year 5 134 19 642
Cash and cash equivalents at the end of the year 7 685 5 134
137

Notes to the financial statements for the year ended 31 December 2011
1. Significant accounting policies
The Collective Investment Schemes (the Schemes) are open-ended investment schemes incorporated as trusts in South Africa under the
Collective Investment Schemes Control Act of South Africa, No 45 of 2002 (CISCA).
The Schemes’ objectives are detailed as part of the financial risk disclosure below. The Schemes’ investments are mainly managed by
Old Mutual Investment Group (South Africa) Proprietary Limited, with a number of schemes adopting a multi-manager strategy, these being
the SYm|metry and Matador scheme ranges.
a) Statement of compliance
The financial statements have been prepared for regulatory purposes in accordance with the accounting policies described below, the trust
deeds of the respective Schemes and in the manner required by the Collective Investment Schemes Control Act of South Africa. The basis
of accounting applied is described below.
b) Basis of preparation
In terms of CISCA Circular No. 3 issued 10 April 2006 by the Financial Services Board (FSB), the FSB has agreed to accept annual financial
statements not prepared in terms of International Financial Reporting Standards (IFRS) or another accounting framework, if the financial
statements have been prepared on an entity specific basis of accounting. In accordance with this circular, the management company has
applied a basis of accounting described below and which comprises IFRS except for IAS 27, Consolidated and Separate Financial Statements.
The financial statements are presented in Rands, being the functional currency. They are prepared on a fair value basis for financial assets and
financial liabilities designated as at fair value through profit or loss and derivative instruments. Other financial assets and financial liabilities are
stated at amortised cost or redemption amount (redeemable units). The accounting policies have been applied consistently by the Schemes
and are consistent with those used in the prior year. The Schemes operate as individual entities whose participatory interests are marketed
in South Africa. The primary economic trading environment is deemed to be in South Africa. Each scheme is organised and operated as one
segment and consequently no segmental reporting is provided in the Schemes’ financial statements.
The above basis of accounting is considered by the management company as acceptable in the view of the nature of the Schemes, the nature
and objective of the financial statements, and the information needs of the users.
c) Future amendment not early adopted in the 2011 annual financial statements
At the date of authorisation of these financial statements the following standards, amendments to standards, and interpretations, which are
relevant to the Schemes, have been issued by the International Accounting Standards Board, although the EU has not yet endorsed all of them.
• IFRS 9 Financial Instruments (effective for years commencing on or after 1 January 2015).
This standard addresses the initial measurement and classification of financial assets as either measured at amortised cost or at fair
value. Financial assets are measured at amortised cost when the business model is to hold the assets in order to collect contractual
cash flows. All other financial assets are measured at fair value with changes recognised in profit or loss. For an investment in an equity
instrument that is not held for trading, an entity may on inital recognition elect to present all fair value changes from the investment in
other comprehensive income.
IFRS 9 retains the classification and measurment requirements in IAS 39 for financial liabilities. The standard however requires for
financial liabilities designated under the fair value option (other than loan commitments and financial guarantee contracts), that the
amount of change in fair value attributable to changes in the credit risk of the liability be presented in other comprehensive income
(OCI). The remaining amount of the total gain or loss is included in profit or loss. However, if this requirement creates or enlarges an
accounting mismatch in profit or loss, then the whole fair value change is presented in profit or loss.
IFRS 9 will be adopted for the first time for the year ending 31 December 2015 and will be applied retrospectively, subject to certain
transitional provisions. The impact on the financial statements has not yet been estimated.
• IFRS 13 Fair value Measurement (effective for years commencing on or after 1 January 2013) - this standard introduces a single source
of guidance on fair value measurement for both financial and non-financial assets and liabilities by defining fair value as an exit price,
establishing a framework for measuring fair value and setting out disclosures requirements for fair value measurements.
IFRS 13 will be adopted for the first time for the year ending 31 December 2013. The impact on the financial statements has not yet
been estimated.
d) Foreign currency translation
Transactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currency are translated to Rands at the foreign currency closing exchange rate ruling
at the statement of financial position date. Foreign currency exchange differences arising on translation and realised gains and losses on
disposals or settlements of monetary assets and liabilities are recognised in the statement of comprehensive income. Foreign currency exchange
differences relating to cash and cash equivalents, investments at fair value through profit and loss and derivative instruments are included in
fair value gains and losses on financial instruments.
Non-monetary assets and liabilities denominated in foreign currency that are measured at fair value are translated to Rands at the foreign
currency exchange rates ruling at the dates that the values were determined.
All other foreign currency exchange differences relating to monetary items are presented separately in the statement of comprehensive income.
138

Notes to the financial statements for the year ended 31 December 2011 (continued)
1. Significant accounting policies (continued)
e) Financial instruments
i. Classification
The Schemes designate all their investment-related financial instruments and liabilities upon initial recognition at fair value through profit or
loss as the Schemes’ portfolios are managed and performance is evaluated on a fair value basis.
The categories of financial assets and financial liabilities at fair value through profit and loss comprise:
• Financial instruments held for trading which are those that the Schemes acquired or incurred principally for the purpose of selling or
repurchasing in the near term; or are part of a portfolio of identified financial instruments that are managed together and for which there is
evidence of a recent actual pattern of short-term profit-taking.
• Derivative instruments are classified as financial assets at fair value through profit or loss. Derivative instruments, including options and
futures are used to hedge against market and currency movements in the value of assets and liabilities. Hedge accounting is not applied.
• Financial instruments designated as at fair value through profit and loss upon initial recognition. These are investments in exchangetraded
debt and equity instruments, unlisted open-ended investment funds, unlisted debt and equity instruments and commercial paper.
The financial instruments are managed and performance is evaluated on a fair value basis in accordance with the Scheme’s investment
mandate and are managed accordingly by the nominated asset manager.
Financial assets that are classified as loans and receivables, include balances due from brokers, trade and other receivables, and financial
assets arising on the creation of units. Financial liabilities that are not at fair value through profit and loss include balances due to brokers,
trade payables, accrued expenses and financial liabilities arising on redeemable units.
ii. Recognition and derecognition of financial instruments
Financial instruments are recognised when, and only when, the Scheme becomes a party to the contractual provisions of the particular instrument.
The Scheme derecognises a financial asset when and only when:
• The contractual rights to the cash flows arising from the financial asset have expired or been forfeited by the Scheme; or
• It transfers the financial asset including substantially all the risks and rewards of ownership of the asset; or
• It transfers the financial asset, neither retaining nor transferring substantially all the risks and rewards of ownership of the asset, but no
longer retains control of the asset.
A financial liability is derecognised when and only when the liability is extinguished, that is, when the obligation specified in the contract is
discharged, cancelled or has expired.
The difference between the carrying amount of a financial liability (or part thereof) extinguished or transferred to another party and consideration
paid, including any non-cash assets transferred or liabilities assumed, is recognised in the statement of comprehensive income.
All purchases and sales of financial assets carried at fair value through profit or loss that require delivery within the time frame established by
regulation or market convention (”regular way” purchases and sales) are recognised at trade date, which is the date that the Scheme commits
to purchase or sell the asset. Otherwise such transactions are treated as derivatives until settlement occurs.
iii. Measurement
Financial instruments are measured initially at fair value. Transaction costs on financial assets and financial liabilities at fair value through
profit and loss are expensed immediately.
Subsequent to initial recognition, all financials instruments, except for money market instruments held in the money market funds, designated
as at fair value through profit or loss are measured at fair value with changes in their fair value recognised in profit or loss. Money market
instruments held in the money market funds, are held at fair value plus accrued interest.
The Schemes use the weighted average method to determine realised gains and losses on derecognition.
Fair value gains and losses are taken to the statement of comprehensive income but are not distributed to unitholders, except for the fair value
gains and losses on instruments held by the money market funds. Fair value gains and losses that do not qualify for distribution, together with
the related transaction costs, are transferred from undistributed income to the unitholders capital account in the statement of changes in net
assets attributable to unitholders.
Financial assets categorised as loans and receivables are carried at amortised cost using the effective interest method less impairment losses,
if any.
Financial liabilities arising from the redeemable units issued by the Schemes, are carried at the redemption amount representing the unitholders’
right to a residual interest in the Schemes’ net assets.
Financial liabilities, other than those designated as at fair value through profit or loss, or arising from the redeemable units issued by the
Schemes are measured at amortised cost using the effective interest method.
139

Notes to the financial statements for the year ended 31 December 2011 (continued)
1. Significant accounting policies (continued)
e) Financial instruments (continued)
iv. Fair value hierarchy
Fair values are determined according to the following hierarchy based on the requirements in IFRS 7 ‘Financial Instruments: Disclosures’
- Level 1 – quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets. The following
financial instrument classifications, as reflected on the statement of financial position, are included in this category: Foreign and local unit trusts,
foreign and local equities and specialist securities and bonds.
- Level 2 – valuation techniques using observable inputs: quoted prices for similar instruments in active markets or quoted prices for identical
or similar instruments in inactive markets and financial assets and liabilities valued using models where all significant inputs are observable.
The following financial instrument classifications, as reflected on the statement of financial position, are included in this category: Money
market instruments.
- Level 3 – valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where
one or more significant inputs are unobservable. The best evidence of fair value is a quoted price in an active market. In the event that the
market for a financial asset or liability is not active, a valuation technique is used. No financial instruments are held under this category.
v. Fair value measurement principles
The fair value of quoted financial instruments is based on their quoted bid prices at the statement of financial position date without any deduction
for estimated future selling costs.
If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial instruments,
the fair value of the instrument is estimated using valuation techniques, including the use of recent arm’s length market transactions, reference
to the current fair value of another instrument that is substantially the same, discounted cash flow analyses, or other valuation techniques that
provide a reliable estimate of prices obtained in actual market transactions.
Where discounted cash flow analyses are used, estimated future cash flows are based on the management company’s best estimates and the
discount rate that reflects market rates at the reporting date for an instrument with a similar term and condition.
Investments in other open-ended collective investment schemes are recorded at the quoted net asset value per unit as reported by the
managers of such schemes.
vi. Cash and cash equivalents
Cash and cash equivalents are short-term highly liquid instruments that are readily convertible to known amounts of cash, are subject to an
insignificant risk of changes in value and that are not held for investing purposes. For the majority of the Schemes, this comprises margin
deposits and call and current deposits with banks, net of bank overdrafts. Given the short duration of instruments held by Money Market Funds,
all the instruments in these Schemes are classified as cash equivalents. Cash and cash equivalents are measured at cost which approximates
fair value, due to the short term nature of these instruments.
vii. Offsetting
Financial assets and liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable
right to set off and there is intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.
viii. Impairment of financial assets
The Schemes assess at each reporting date whether there is any objective evidence that a financial asset carried at amortised cost or a group
of financial assets, excluding financial assets at fair value through profit or loss, is impaired.
Assets carried at amortised cost
If there is objective evidence that an impairment loss on loans or receivables carried at amortised cost has been incurred, the amount of the
loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding credit
losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced
either directly or through use of an allowance account. The impairment loss is recognised in profit or loss.
The Schemes first assess whether objective evidence of impairments exist individually for financial assets that are individually significant, and
individually or collectively for financial assets that are not individually significant. If it is determined that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, the asset is included in a group of financial assets with similar
credit risk characteristics and that group is collectively assessed for impairment. Assets that are individually assessed for impairment and for
which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment.
If, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after
the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is
recognised in the statement of comprehensive income, to the extent that the carrying value of the asset does not exceed its amortised cost
at the reversal date.
f) Dividend income
Dividend income comprises dividends received from and accrued on investments for which the last date to trade falls within the accounting
period. This includes capitalisation issues with a cash dividend option, dividends on preference shares, convertible debentures and exchange
traded funds.
140

Notes to the financial statements for the year ended 31 December 2011 (continued)
1. Significant accounting policies (continued)
g) Interest income
Interest income is recognised in the statement of comprehensive income, using the effective interest method taking into account the expected
timing and amount of cash flows.
Interest income includes the amortisation of any discount or premium or any other difference between an interest-bearing instrument’s initial
carrying amount and its maturity value calculated on an effective interest basis.
Interest income on debt instruments carried at fair value through profit or loss is accrued using the effective interest method and is included in
interest income in the statement of comprehensive income.
h) Collective investment schemes income
Income from investments in collective investment schemes is recognised on the distribution date, except for fund of funds collective investment
schemes.
Income from investments in collective investment schemes is recognised on the declaration date in the fund of funds collective investment
schemes.
i) Taxation
Under the current system of taxation in South Africa the Schemes are exempt from paying taxes on income or capital gains. Both income and
capital gains are taxed in the hands of the unitholders.
Dividend and interest income received by the Schemes may be subject to withholding tax imposed in the country of origin. Investment income
is recorded gross of such taxes and the withholding tax is recognised as finance costs in the statement of comprehensive income.
j) Redeemable units
All redeemable units issued by the Schemes provide investors with the right to redemption for cash at the value proportionate to the investors
share in the Schemes’ net assets at redemption date. In accordance with IAS 32 such instruments give rise to a financial liability for the present
value of the redemption amount. In accordance with the Trust Deed the Schemes are contractually obliged to distribute all distributable income.
k) Finance costs
Distributions payable on redeemable units are recognised in the statement of comprehensive income as finance costs.
2. Amortisation
There are no investments that require amortisation included in the unit portfolios at 31 December 2011 or 31 December 2010.
3. Critical accounting estimates and judgements
Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. The area of the Schemes’
business that typically require such estimates is determination of the fair value for financial assets and liabilities.
The fair values of financial assets and liabilities are classified and accounted for in accordance with the policies set out in section 1. (e) above.
They are valued on the basis of listed market prices in so far as this is possible. If prices are not readily determinable, fair value is based either
on internal valuation models or management estimates of amounts that could be realised under current market conditions. Fair values of certain
financial instruments including derivative instruments are determined using pricing models that consider, among other factors, contractual and
market prices, correlations, yield curves, credit spreads, and volatility factors.
4. Related parties
Management Company
The Schemes have appointed Old Mutual Unit Trust Managers Limited to implement the investment strategy as specified in the various trust
deeds and to provide administrative services.
In terms of the Investment Management Agreement, the Management Company receives a management fee, monthly in arrears, based on
daily assets under management.
The Management Company has appointed Old Mutual Investment Group (South Africa) Proprietary Limited and Old Mutual Asset Managers
(UK) Limited as the Schemes’ primary investment managers. SYm|mETRY Multi-Managers provides asset allocation advice to the Management
Company. Investment managers external to the Old Mutual Group, have been appointed in the multi-manager Schemes.
The back office administration of the Schemes has been outsourced to Old Mutual Investment Administrators Proprietary Limited.
The fund administration of the Schemes has been outsourced to JP Morgan Administration Services Proprietary Limited.
Management fees paid to the Management Company are disclosed in the statement of comprehensive income of each Scheme and the balance
outstanding as part of the accrued expenses line item in the statements of financial position of the Schemes.
Controlled Entities
Certain of the Schemes are deemed to be controlled by parties holding more than 50% of the units of these Schemes at reporting date. As at
31 December 2011, the following Schemes were controlled by Old Mutual Life Assurance Company (South Africa) Limited.
141

Notes to the financial statements for the year ended 31 December 2011 (continued)
4. Related parties (continued)
SCHEME
%
interest
Scheme
distributions
R000’s
2011 2010
Purchases
R000’s
Redemptions
R000’s
%
interest
Scheme
distributions
R000’s
Purchases
R000’s
Redemptions
R000’s
Albaraka Balanced 78.0 66 8 537 557 85.5 - 802 1
Balanced 77.0 40 201 509 058 758 306 70.3 37 881 339 943 170 447
Capital Builder 95.0 37 800 420 620 243 983 94.9 23 163 557 006 70 307
Dynamic Floor 77.0 78 202 351 642 542 338 74.3 81 946 345 419 485 470
Enhanced Income 63.0 164 867 959 734 596 565 57.6 166 675 452 972 583 269
Global Emerging Fund 100.0 3 513 693 381 107 706 - - - -
High Yield Opportunity 56.0 82 136 396 612 308 341 52.3 67 373 367 877 212 869
Institutional Money Market 100.0 21 145 1 164 914 635 480 99.6 16 123 253 889 136 712
Matador Balanced 77.0 1 265 2 046 38 560 58.7 764 4 459 8 752
Rafi® 40 Tracker 98.0 10 742 48 858 41 092 97.3 6 727 63 324 27 898
Real Income 54.0 71 084 1 222 992 327 456 63.6 31 813 626 414 101 549
SA Quoted Property 66.0 246 141 1 013 008 621 526 61.2 126 583 1 883 834 368 796
Stable Growth 55.0 14 834 234 300 113 199 56.8 12 781 247 836 79 844
SYm|mETRY Balanced 73.0 99 308 1 337 453 687 461 77.4 84 513 1 078 490 520 757
SYm|mETRY Cautious 57.0 2 451 93 899 19 240 - - - -
SYm|mETRY Defensive 75.0 100 448 725 924 863 057 77.3 96 840 938 892 803 623
SYm|mETRY Equity 56.0 2 799 65 624 39 762 - - - -
SYm|mETRY Fixed interest 78.0 15 374 130 421 88 123 81.3 14 861 67 621 71 691
SYm|mETRY Inflation Plus Fund No. 3 100.0 38 564 378 164 76 872 - - - -
SYm|mETRY Inflation Plus Fund No. 7 59.0 3 076 80 233 48 162 - - - -
SYm|mETRY Satellite Equity Fund No. 1 97.0 37 573 4 853 684 159 762 100.0 5 157 75 155 183 140
SYm|mETRY Satellite Equity Fund No. 2 96.0 29 507 1 983 676 134 227 71.3 7 252 136 339 88 504
SYm|mETRY Satellite Equity Fund No. 3 97.0 47 162 4 600 550 140 668 72.1 4 578 60 755 78 145
SYm|mETRY Satellite Equity Fund No. 4 75.0 2 495 4 465 13 097 69.9 195 118 873 1 352
Value 65.0 14 531 43 330 98 810 63.7 11 418 77 821 124 643
5. Creation and cancellation of units
SCHEME
Rand movement Unit movement Units in issue
2011
R000’s
2010
R000’s
Active Quant Equity Fund A (21 758) (7 490) (464) (171) 4 693 5 157
Active Quant Equity Fund C 25 (147) - (4) 16 16
Albaraka Balanced Fund A 11 321 2 375 5 626 1 188 6 814 1 188
Albaraka Equity Fund A (51 548) (55 540) (4 423) (5 155) 80 682 85 105
Balanced Fund A 56 163 227 690 5 718 26 937 100 737 95 019
Balanced Fund B2 90 - 10 - 10 -
Balanced Fund C 111 087 112 213 12 156 13 268 46 923 34 767
Balanced Fund R (252 444) 31 832 (27 526) 4 266 101 374 128 900
Bond Fund B 103 641 30 333 398 368
Bond Fund B2 (8 385) 136 930 (2 338) 37 933 35 595 37 933
Bond Fund C (597) (33) (174) (8) 2 038 2 212
Bond Fund R (34 978) (24 227) (9 186) (5 565) 119 258 128 444
Capital Builder Fund A (8 131) 14 733 (3 777) 6 987 35 391 39 168
Capital Builder Fund B1 (22 172) 21 700 (10 342) 10 342 100 10 442
Capital Builder Fund B2 255 723 538 274 118 733 257 588 548 681 429 948
Capital Builder Fund B3 31 766 - 14 762 - 14 762 -
Dividend Income Fund A - 400 - 400 400 400
Dividend Income Fund B1 - 400 - 400 400 400
Dividend Income Fund B2 - 200 - 200 200 200
Dynamic Floor Fund A (143 432) (88 525) (44 116) (27 710) 550 845 594 961
Dynamic Floor Fund B1 (5 112) (1 298) (1 562) (371) 25 641 27 203
Dynamic Floor Fund B2 10 717 16 639 3 387 5 559 124 741 121 354
Dynamic Floor Fund C (17 895) (23 521) (5 502) (7 571) 29 208 34 710
Enhanced Income Fund A (12 507) (1 100) (4 119) 292 851 408 855 527
Enhanced Income Fund B (787) (1 543) (309) (632) 9 716 10 025
Enhanced Income Fund B2 421 929 - 173 600 - 173 600 -
Enhanced Income Fund C 58 139 55 618 23 946 22 940 222 262 198 316
Financial Services Fund A (23 672) (12 596) (3 110) (1 623) 9 954 13 064
Financial Services Fund B2 (8 162) 70 099 (1 067) 8 738 7 671 8 738
Financial Services Fund R (26 143) (37 475) (3 382) (4 929) 45 396 48 778
2011
000’s
2010
000’s
2011
000’s
2010
000’s
142

Notes to the financial statements for the year ended 31 December 2011 (continued)
5. Creation and cancellation of units (continued)
SCHEME
Rand movement Unit movement Units in issue
2011
R000’s
2010
R000’s
Flexible Fund A 89 951 74 430 10 158 9 152 41 138 30 980
Flexible Fund B2 89 - 10 - 10 -
Flexible Fund C 17 032 29 945 1 966 3 680 8 725 6 759
Flexible Fund R (20 899) (18 062) (2 377) (2 190) 29 958 32 335
Four Plus Capital Fund of Funds A 518 1 137 181 437 14 173 13 992
Four Plus Global Fund of Funds A (12 393) (14 079) (3 085) (3 846) 48 271 51 356
Four Plus Global Fund of Funds B (150) (298) (37) (82) 348 385
Four Plus Growth Fund of Funds A (12 768) (19 470) (2 583) (4 214) 71 537 74 120
Four Plus Growth Fund of Funds B (291) (76) (60) (16) 255 315
Four Plus Secure Fund of Funds A (505) 540 (240) 272 16 430 16 670
Global Bond Feeder Fund A (35 936) 10 586 (9 270) 3 392 17 388 26 658
Global Bond Feeder Fund C - - - - 5 5
Global Emerging Market Fund A 211 723 - 101 482 - 101 482 -
Global Emerging Market Fund B2 501 926 - 250 907 - 250 907 -
Global Emerging Market Fund B3 250 - 125 - 125 -
Global Emerging Market Fund C 340 - 167 - 167 -
Global Equity Fund A 41 786 (5 436) 7 695 (457) 59 267 51 572
Global Equity Fund B2 62 - 10 - 10 -
Global Equity Fund C 6 531 5 403 969 913 3 827 2 858
Global Equity Fund R 75 350 40 747 11 520 7 111 194 231 182 711
Global Index FOF R (6 868) (6 743) (1 627) (1 630) 6 251 7 878
Global Technology Fund A (7 466) (7 513) (4 614) (4 953) 42 100 46 714
Gold Fund A 58 426 1 315 6 000 (348) 28 703 22 703
Gold Fund R (35 707) (53 723) (3 697) (6 298) 40 521 44 218
Growth Fund A 5 735 14 925 259 834 9 426 9 167
Growth Fund C - - - - 5 5
Growth Fund R (138 361) (76 185) (7 222) (4 297) 61 888 69 110
High Yield Opportunity Fund A 80 333 163 502 5 834 13 461 143 872 138 038
High Yield Opportunity Fund B (47 223) 60 008 (3 398) 5 061 1 681 5 079
High Yield Opportunity Fund C 123 150 28 897 9 149 2 245 15 607 6 458
Income Fund C 39 822 30 984 32 860 25 680 123 435 90 575
Income Fund R 174 713 213 112 145 055 177 822 1 296 139 1 151 084
Industrial Fund A 6 871 4 296 409 327 21 884 21 475
Industrial Fund B2 (4 654) 92 714 (395) 8 051 7 656 8 051
Industrial Fund R (35 770) (36 766) (2 894) (3 411) 40 443 43 337
Institutional Money Market Fund B1 (223) (168 260) (222) (168 260) 752 974
Institutional Money Market Fund B2 147 789 206 040 147 789 206 040 417 867 270 078
Interest Plus Fund A 1 153 632 - 575 535 - 575 535 -
International Growth Fund of Funds A (3 072) (5 144) (1 340) (2 627) 40 480 41 820
International Growth Fund of Funds B (713) (3 749) (276) (1 876) 14 900 15 176
International Growth Fund of Funds C 32 (181) 12 (93) 901 889
Investors' Fund A 23 410 81 958 70 393 2 818 2 748
Investors' Fund B2 867 327 - 3 713 - 3 713 -
Investors' Fund C (639) 305 (2) 1 41 43
Investors' Fund R (644 001) (748 480) (2 827) (3 604) 31 040 33 867
Matador Balanced Fund B1 - - - - 5 5
Matador Balanced Fund C (35 511) (3 960) (10 331) (1 257) 36 339 46 670
Matador Defensive Fund of Funds C (80 300) (9 987) (26 426) (3 466) 13 239 39 665
Matador Equity Fund of Funds C (115 797) (18 495) (28 830) (5 079) 20 623 49 453
Matador Equity Fund of Funds C2 - - - - 5 5
Matador Fixed Interest Fund of Funds C (118 869) (16 401) (55 524) (7 755) 25 907 81 431
Mining and Resources Fund A 96 288 18 357 1 124 404 10 556 9 432
Mining and Resources Fund B2 (27 098) 331 517 (360) 4 467 4 107 4 467
Mining and Resources Fund C 14 943 52 474 162 788 1 742 1 580
Mining and Resources Fund R (59 721) (76 828) (823) (1 134) 11 195 12 018
Money Market Fund A (841 395) (538 442) (841 395) (538 443) 6 398 015 7 239 410
Money Market Fund A2 58 907 (19 440) 58 907 (19 440) 191 971 133 064
Money Market Fund B 876 765 579 123 876 765 579 123 1 724 448 847 683
Money Market Fund B2 2 108 431 1 385 749 2 108 432 1 385 750 3 494 181 1 385 750
Money Market Fund B3 2 552 160 723 340 2 552 160 723 340 3 275 500 723 340
Money Market Fund C (29 636) (81 400) (29 636) (81 400) 654 729 684 365
RAFI® 40 Tracker Fund A 24 250 46 080 10 731 23 399 91 654 80 923
RAFI® 40 Tracker Fund B1 (2 312) 3 756 (1 059) 1 888 1 944 3 003
RAFI® 40 Tracker Fund B2 5 332 3 128 2 392 1 639 100 180 97 788
2011
000’s
2010
000’s
2011
000’s
2010
000’s
143

Notes to the financial statements for the year ended 31 December 2011 (continued)
5. Creation and cancellation of units (continued)
SCHEME
Rand movement Unit movement Units in issue
2011
R000’s
2010
R000’s
Real Income Fund A 658 371 440 047 289 105 197 490 623 590 334 485
Real Income Fund B 2 298 10 332 1 009 4 677 5 697 4 688
Real Income Fund C 483 398 227 917 212 261 102 879 345 606 133 345
SA Quoted Property Fund A 171 474 202 535 30 467 36 785 279 329 248 862
SA Quoted Property Fund B (10 274) (7 851) (1 705) (933) 31 739 33 444
SA Quoted Property Fund B2 306 474 1 266 557 52 999 220 926 273 925 220 926
SA Quoted Property Fund C 104 491 155 510 18 399 28 819 113 467 95 068
SA Quoted Property Fund C3 1 616 4 162 294 770 1 388 1 094
Small Companies Fund A (50 562) 97 038 (4 775) 9 672 10 235 15 010
Small Companies Fund B2 (2 652) 41 078 (245) 3 799 3 554 3 799
Small Companies Fund R (23 365) (4 933) (2 221) (495) 56 127 58 348
Stable Growth Fund A 92 724 129 232 43 655 64 482 234 290 190 635
Stable Growth Fund B (32) 56 (15) 29 90 105
Stable Growth Fund B2 21 - 10 - 10 -
Stable Growth Fund C 44 999 64 529 21 269 32 066 77 628 56 359
SYm|mETRY Balanced Fund of Funds A 379 979 339 115 65 228 62 112 672 524 607 296
SYm|mETRY Balanced Fund of Funds C 415 102 315 917 70 918 58 344 266 300 195 382
SYm|mETRY Balanced Fund of Funds C2 (80) 159 (13) 28 34 47
SYm|mETRY Cautious Fund of Fund A 39 899 17 133 19 650 8 498 28 148 8 498
SYm|mETRY Cautious Fund of Fund C 39 427 3 109 19 515 1 546 21 061 1 546
SYm|mETRY Defensive Fund of Funds A (160 358) 18 128 (35 715) 4 611 797 119 832 834
SYm|mETRY Defensive Fund of Funds C 111 105 227 911 24 900 53 877 295 867 270 967
SYm|mETRY Defensive Fund of Funds C2 - - - - 5 5
SYm|mETRY Equity Fund of Funds A 10 071 3 127 1 608 655 31 298 29 690
SYm|mETRY Equity Fund of Funds C 17 799 (1 464) 2 914 (283) 5 412 2 498
SYm|mETRY Equity Fund of Funds C2 425 - 72 - 77 5
SYm|mETRY Fixed Interest Fund of Funds A 40 684 (14 311) 17 368 (6 669) 105 969 88 601
SYm|mETRY Fixed Interest Fund of Funds C 24 087 12 424 10 279 5 346 32 303 22 024
SYm|mETRY Fixed Interest Fund of Funds C2 (795) (92) (337) (40) 5 342
SYm|mETRY Income Fund No. 1 (33 936) (2 893) (12 436) (1 354) 70 483 82 919
SYm|mETRY Income Fund No. 2 7 782 (9 751) 2 853 (3 875) 82 822 79 969
SYm|mETRY Inflation Plus Fund No. 1 15 788 145 000 3 021 30 137 183 617 180 596
SYm|mETRY Inflation Plus Fund No. 1 B2 900 104 - 183 160 - 183 160 -
SYm|mETRY Inflation Plus Fund No. 2 (53 569) 47 382 (10 689) 10 823 401 638 412 327
SYm|mETRY Inflation Plus Fund No. 3 14 888 196 096 3 608 47 533 236 128 232 520
SYm|mETRY Inflation Plus Fund No. 3 B2 289 779 - 67 494 - 67 494 -
SYm|mETRY Inflation Plus Fund No. 4 488 744 141 739 96 342 30 180 674 696 578 354
SYm|mETRY Inflation Plus Fund No. 5 111 323 197 999 22 595 44 384 316 183 293 588
SYm|mETRY Inflation Plus Fund No. 6 171 324 100 946 80 090 48 365 710 003 629 913
SYm|mETRY Inflation Plus Fund No. 6 B2 448 496 - 213 006 - 213 006 -
SYm|mETRY Inflation Plus Fund No. 7 (17 624) 52 861 (8 767) 26 409 17 642 26 409
SYm|mETRY Inflation Plus Fund No. 7 B2 51 384 - 25 439 - 25 439 -
SYm|mETRY Money Market Fund A (158 133) (214 082) (158 132) (214 083) 716 428 874 560
SYm|mETRY Money Market Fund C (20 502) (44 777) (20 502) (44 777) 65 577 86 079
SYm|mETRY Satellite Equity Fund No. 1 (18 641) (35 667) (2 354) (4 971) 9 552 11 906
SYm|mETRY Satellite Equity Fund No. 1 B2 2 261 652 - 309 521 - 309 521 -
SYm|mETRY Satellite Equity Fund No. 1 B3 (25 782) (67 865) (3 274) (9 442) 26 682 29 956
SYm|mETRY Satellite Equity Fund No. 2 (24 882) (712) (3 223) (55) 12 623 15 846
SYm|mETRY Satellite Equity Fund No. 2 B2 1 915 356 - 264 607 - 264 607 -
SYm|mETRY Satellite Equity Fund No. 2 B3 (30 248) 46 842 (3 898) 6 589 35 443 39 341
SYm|mETRY Satellite Equity Fund No. 3 (21 868) (6 084) (3 387) (973) 13 517 16 904
SYm|mETRY Satellite Equity Fund No. 3 B2 2 483 658 - 414 103 - 414 103 -
SYm|mETRY Satellite Equity Fund No. 3 B3 (33 437) (5 862) (5 161) (865) 38 550 43 711
SYm|mETRY Satellite Equity Fund No. 4 (8 551) 35 619 (3 831) 17 831 14 000 17 831
SYm|mETRY Satellite Equity Fund No. 4 B3 1 048 82 873 482 41 436 41 918 41 436
Top 40 Fund A 74 772 8 050 13 764 1 662 52 134 38 370
Top 40 Fund B (16 379) 8 130 (3 011) 1 403 10 700 13 711
Top Companies Fund A 31 723 39 646 1 428 2 027 10 518 9 090
Top Companies Fund B 14 518 244 676 13 704 28
Top Companies Fund B2 508 434 - 23 300 - 23 300 -
Top Companies Fund C 10 354 17 629 480 866 1 354 874
Top Companies Fund R (41 081) (57 860) (1 914) (2 879) 40 072 41 986
UK Money Market Feeder Fund A (61 306) (119 598) (29 562) (58 249) 88 019 117 581
2011
000’s
2010
000’s
2011
000’s
2010
000’s
144

Notes to the financial statements for the year ended 31 December 2011 (continued)
5. Creation and cancellation of units (continued)
SCHEME
Rand movement Unit movement Units in issue
2011
R000’s
2010
R000’s
UK Money Market Feeder Fund B2 18 - 10 - 10 -
UK Money Market Feeder Fund C 3 059 (10 296) 1 619 (5 063) 6 955 5 336
US Dollar Feeder Fund A (737) 14 247 (374) 7 071 6 697 7 071
US Dollar Feeder Fund B2 17 - 10 - 10 -
Value Fund A (5 761) 20 011 (453) 1 492 15 159 15 612
Value Fund C (1 809) (534) (128) (41) 1 771 1 899
Value Fund R (64 731) (72 616) (4 578) (5 446) 44 121 48 699
2011
000’s
2010
000’s
2011
000’s
2010
000’s
6. Distributions
Income distributions to unitholders (cents per unit)
SCHEME
31 March 30 June 30 September 31 December
2011 2010 2011 2010 2011 2010 2011 2010
Active Quant Equity Fund A - - 39.95 34.74 - - 60.18 27.56
Active Quant Equity Fund C - - 6.59 5.83 - - 27.20 -
Albaraka Balanced Fund A - - 0.07 - - - 0.94 -
Albaraka Equity Fund A - - 9.82 6.39 - - 3.73 0.21
Balanced Fund A - - 4.85 3.87 - - 10.76 7.39
Balanced Fund B2 - - 15.11 - - - 16.93 -
Balanced Fund C - - - - - - 2.59 -
Balanced Fund R - - 9.96 10.36 - - 11.67 11.11
Bond Fund B - - 13.60 14.02 - - 13.69 14.03
Bond Fund B2 - - 14.76 - - - 14.89 15.21
Bond Fund C - - 10.70 11.21 - - 10.68 11.03
Bond Fund R - - 13.31 13.74 - - 13.39 13.73
Capital Builder Fund A - - 1.70 1.30 - - 2.91 2.51
Capital Builder Fund B1 - - 2.21 1.66 - - 3.28 2.87
Capital Builder Fund B2 - - 3.05 2.90 - - 4.14 3.60
Capital Builder Fund B3 - - 2.38 - - - 3.47 -
Dividend Income Fund A* - - - - - - - -
Dividend Income Fund B1* - - - - - - - -
Dividend Income Fund B2* - - - - - - - -
Dynamic Floor Fund A - - 4.14 4.81 - - 5.72 4.76
Dynamic Floor Fund B1 - - 4.70 5.33 - - 6.27 5.30
Dynamic Floor Fund B2 - - 7.15 8.56 - - 7.70 7.44
Dynamic Floor Fund C - - 1.95 2.74 - - 3.50 2.62
Enhanced Income Fund A 3.89 4.11 3.57 4.09 3.47 4.04 3.51 3.99
Enhanced Income Fund B 4.06 4.26 3.74 4.27 3.64 4.21 3.68 4.17
Enhanced Income Fund B2 4.55 - 4.25 - 4.17 - 4.20 -
Enhanced Income Fund C 3.15 3.38 2.82 3.36 2.71 3.27 2.74 3.23
Financial Services Fund A - - 8.19 1.10 - - 14.08 6.94
Financial Services Fund B2 - - 13.66 - - - 19.57 12.43
Financial Services Fund R - - 9.28 2.12 - - 15.18 8.04
Flexible Fund A - - 3.83 1.80 - - 8.68 4.38
Flexible Fund B2 - - 13.48 - - - 13.57 -
Flexible Fund C - - - - - - 0.14 -
Flexible Fund R - - 8.49 8.29 - - 8.56 8.56
Four Plus Capital Fund of Funds A - - 3.26 5.94 - - 2.83 3.66
Four Plus Global Fund of Funds A - - 0.98 1.10 - - 2.06 0.87
Four Plus Global Fund of Funds B - - 1.86 1.94 - - 2.99 1.73
Four Plus Growth Fund of Funds A - - 5.97 5.69 - - 4.69 6.00
Four Plus Growth Fund of Funds B - - 7.07 6.70 - - 5.81 7.07
Four Plus Secure Fund of Funds A 2.62 3.10 2.26 2.83 2.37 4.20 2.11 1.26
Global Bond Feeder Fund A - - 0.34 2.78 - - - 2.01
Global Bond Feeder Fund C - - - 0.79 - - - -
Global Emerging Market Fund A - - - - - - - -
Global Emerging Market Fund B2 - - - - - - 1.40 -
Global Emerging Market Fund B3 - - - - - - - -
Global Emerging Market Fund C - - - - - - - -
145

Notes to the financial statements for the year ended 31 December 2011 (continued)
6. Distributions (continued)
Income distributions to unitholders (cents per unit)
SCHEME
31 March 30 June 30 September 31 December
2011 2010 2011 2010 2011 2010 2011 2010
Global Equity Fund A - - 1.73 1.89 - - - -
Global Equity Fund B2 - - 8.32 - - - 6.43 -
Global Equity Fund C - - - - - - - -
Global Equity Fund R - - 4.51 4.41 - - 2.44 1.27
Global Index FOF R - - - - - - - -
Global Technology Fund A - - - - - - - -
Gold Fund A - - - - - - - -
Gold Fund R - - - - - - - -
Growth Fund A - - 15.68 6.04 - - 24.47 16.11
Growth Fund C - - 2.09 - - - 11.21 -
Growth Fund R - - 14.54 14.82 - - 22.08 14.69
High Yield Opportunity Fund A - - 30.15 30.02 - - 23.33 18.93
High Yield Opportunity Fund B - - 33.77 32.69 - - 26.43 21.85
High Yield Opportunity Fund C - - 22.50 23.32 - - 15.78 11.66
Income Fund C 1.67 1.85 1.55 1.77 1.51 1.74 1.48 1.73
Income Fund R 2.13 2.30 2.01 2.22 1.98 2.21 1.94 2.19
Industrial Fund A - - 8.71 6.32 - - 11.56 7.25
Industrial Fund B2 - - 17.32 - - - 20.52 15.20
Industrial Fund R - - 10.44 7.73 - - 13.34 8.84
Institutional Money Market Fund B1* - - - - - - - -
Institutional Money Market Fund B2* - - - - - - - -
Interest Plus Fund A ## - - - - - - - -
International Growth Fund of Funds A - - - - - - - -
International Growth Fund of Funds B - - - - - - - -
International Growth Fund of Funds C - - - - - - - -
Investors' Fund A - - 159.67 57.65 - - 266.87 148.87
Investors' Fund B2 - - - - - - 383.27 -
Investors' Fund C - - - - - - 103.61 -
Investors' Fund R - - 157.94 89.32 - - 253.60 146.38
Matador Balanced Fund B1 1.85 1.28 1.03 1.16 2.28 1.05 1.84 1.55
Matador Balanced Fund C 0.90 0.45 0.12 0.33 1.35 0.20 0.88 0.64
Matador Defensive Fund of Funds C 1.21 0.82 0.53 0.79 1.18 1.28 0.52 0.48
Matador Equity Fund of Funds C - - - - - - - -
Matador Equity Fund of Funds C2 - - - - - - - -
Matador Fixed Interest Fund of Funds C 2.06 3.46 1.71 2.89 2.04 2.21 2.49 2.40
Mining and Resources Fund A - - - - - - 39.26 9.89
Mining and Resources Fund B2 - - 52.53 - - - 91.47 68.89
Mining and Resources Fund C - - - - - - - -
Mining and Resources Fund R - - 8.28 - - - 51.92 28.17
Money Market Fund A* - - - - - - - -
Money Market Fund A2* - - - - - - - -
Money Market Fund B* - - - - - - - -
Money Market Fund B2* - - - - - - - -
Money Market Fund B3* - - - - - - - -
Money Market Fund C* - - - - - - - -
RAFI® 40 Tracker Fund A - - 1.96 0.95 - - 2.89 2.11
RAFI® 40 Tracker Fund B1 - - 2.27 1.22 - - 3.20 2.41
RAFI® 40 Tracker Fund B2 - - 2.65 1.54 - - 3.58 2.77
Real Income Fund A 2.83 3.24 2.33 2.77 2.48 3.11 2.29 2.51
Real Income Fund B 3.09 3.48 2.58 3.01 2.74 3.36 2.56 2.77
Real Income Fund C 2.17 2.62 1.65 2.14 1.79 2.45 1.59 1.83
SA Quoted Property Fund A 12.82 13.90 4.67 3.52 10.16 13.61 7.99 3.93
SA Quoted Property Fund B 13.58 14.62 5.46 4.23 10.99 14.40 8.81 4.75
SA Quoted Property Fund B2 14.72 - 6.65 - 12.23 15.55 10.03 5.97
SA Quoted Property Fund C 10.89 12.19 2.69 1.74 8.13 11.72 5.91 1.89
SA Quoted Property Fund C3 11.13 12.51 2.93 2.22 8.36 11.96 6.16 2.17
Small Companies Fund A - - 9.61 14.55 - - 4.59 6.95
Small Companies Fund B2 - - 18.79 - - - 13.78 15.65
Small Companies Fund R - - 12.67 17.13 - - 7.65 9.86
Stable Growth Fund A - - 2.55 3.30 - - 3.11 3.09
146

Notes to the financial statements for the year ended 31 December 2011 (continued)
6. Distributions (continued)
Income distributions to unitholders (cents per unit)
SCHEME
31 March 30 June 30 September 31 December
2011 2010 2011 2010 2011 2010 2011 2010
Stable Growth Fund B - - 2.92 3.63 - - 3.48 3.43
Stable Growth Fund B2 - - 4.72 - - - 4.80 -
Stable Growth Fund C - - 1.13 1.96 - - 1.65 1.68
SYm|mETRY Balanced Fund of Funds A 3.68 2.98 2.32 2.66 3.65 3.86 2.87 2.77
SYm|mETRY Balanced Fund of Funds C 2.47 1.92 1.09 1.57 2.39 2.75 1.58 1.55
SYm|mETRY Balanced Fund of Funds C2 2.05 1.50 0.69 1.15 1.97 2.30 1.13 1.15
SYm|mETRY Cautious Fund of Fund A 1.83 - 1.40 - 2.45 - 2.37 2.52
SYm|mETRY Cautious Fund of Fund C 1.26 - 0.87 - 1.84 - 1.78 1.73
SYm|mETRY Defensive Fund of Funds A 3.01 2.46 2.23 2.45 3.18 3.13 2.04 2.00
SYm|mETRY Defensive Fund of Funds C 1.76 1.33 0.97 1.30 1.89 1.94 0.74 0.76
SYm|mETRY Defensive Fund of Funds C2 1.46 1.01 0.64 0.95 1.59 1.62 0.41 0.45
SYm|mETRY Equity Fund of Funds A - - - - - - 4.14 3.85
SYm|mETRY Equity Fund of Funds C - - - - - - - -
SYm|mETRY Equity Fund of Funds C2 - - - - - - - -
SYm|mETRY Fixed Interest Fund of Funds A 2.91 4.52 2.66 3.89 3.06 3.17 3.58 3.37
SYm|mETRY Fixed Interest Fund of Funds C 2.19 3.81 1.93 3.19 2.30 2.46 2.84 2.64
SYm|mETRY Fixed Interest Fund of Funds C2 2.02 3.82 1.77 3.16 1.98 2.43 2.66 1.76
SYm|mETRY Income Fund No. 1 2.50 5.30 1.72 4.55 3.08 2.75 3.76 3.41
SYm|mETRY Income Fund No. 2 4.27 5.11 4.46 4.45 3.97 4.65 4.52 4.41
SYm|mETRY Inflation Plus Fund No. 1 2.72 1.88 1.38 1.51 2.23 2.92 1.98 1.29
SYm|mETRY Inflation Plus Fund No. 1 B2 - - - - 4.36 - 4.19 -
SYm|mETRY Inflation Plus Fund No. 2 3.59 2.77 2.18 2.61 3.46 3.45 2.47 2.34
SYm|mETRY Inflation Plus Fund No. 3 3.44 3.49 3.06 2.79 3.40 3.51 3.31 1.12
SYm|mETRY Inflation Plus Fund No. 3 B2 - - - - 5.24 - 5.24 -
SYm|mETRY Inflation Plus Fund No. 4 2.78 2.10 2.00 2.21 2.49 2.62 1.83 2.59
SYm|mETRY Inflation Plus Fund No. 5 3.38 3.17 2.24 2.50 4.10 4.01 3.52 2.88
SYm|mETRY Inflation Plus Fund No. 6 1.45 1.20 1.04 1.36 1.91 1.88 1.10 1.03
SYm|mETRY Inflation Plus Fund No. 6 B2 - - - - 2.82 - 2.01 -
SYm|mETRY Inflation Plus Fund No. 7 1.89 - 2.01 - 2.02 - 2.13 2.46
SYm|mETRY Inflation Plus Fund No. 7 B2 - - - - - - 2.96 -
SYm|mETRY Money Market Fund A* - - - - - - - -
SYm|mETRY Money Market Fund C* - - - - - - - -
SYm|mETRY Satellite Equity Fund No. 1 - - - - - - 5.04 6.63
SYm|mETRY Satellite Equity Fund No. 1 B2 - - - - - - 9.95 -
SYm|mETRY Satellite Equity Fund No. 1 B3 - - - - - - 8.65 14.58
SYm|mETRY Satellite Equity Fund No. 2 # - - - - - - 3.25 7.06
SYm|mETRY Satellite Equity Fund No. 2 B2 - - - - - - 8.13 -
SYm|mETRY Satellite Equity Fund No. 2 B3 # - - - - - - 7.07 15.59
SYm|mETRY Satellite Equity Fund No. 3 # - - - - - - 5.46 2.70
SYm|mETRY Satellite Equity Fund No. 3 B2 - - - - - - 9.53 -
SYm|mETRY Satellite Equity Fund No. 3 B3 # - - - - - - 8.62 9.43
SYm|mETRY Satellite Equity Fund No. 4 # - - - - - - 2.05 -
SYm|mETRY Satellite Equity Fund No. 4 B3 # - - - - - - 2.99 0.47
Top 40 Fund A 3.42 1.39 1.37 1.06 5.24 4.03 2.13 0.98
Top 40 Fund B 3.83 1.74 1.79 1.42 5.63 4.40 2.53 1.36
Top Companies Fund A - - 18.09 8.19 - - 27.49 16.37
Top Companies Fund B - - 21.21 10.80 - - 30.51 19.40
Top Companies Fund B2 - - - - - - 38.00 -
Top Companies Fund C - - 2.68 - - - 12.42 2.60
Top Companies Fund R - - 17.66 17.17 - - 25.92 16.03
UK Money Market Feeder Fund A 0.16 0.07 - 0.08 0.36 0.15 0.10 0.18
UK Money Market Feeder Fund B2 0.38 - 0.19 - 0.63 - 0.35 -
UK Money Market Feeder Fund C - - - - - - - -
US Dollar Feeder Fund A - - - - - - - -
US Dollar Feeder Fund B2 - - - - - - - -
Value Fund A - - 14.46 2.89 - - 12.08 8.24
Value Fund C - - 4.37 - - - 2.24 -
Value Fund R - - 12.58 11.53 - - 10.08 7.72
147

Notes to the financial statements for the year ended 31 December 2011 (continued)
6. Distributions (continued)
* Annual yield to unitholders
% %
SCHEME
2011 2010
Dividend Income - Class A 2.29 2.77
Dividend Income - Class B1 2.52 3
Dividend Income - Class B2 3.2 3.68
Institutional Money Market - Class B1 5.65 7.28
Institutional Money Market - Class B2 5.96 7.46
Money Market - Class A 5.41 6.87
Money Market - Class A2 5.53 6.98
% %
SCHEME
2011 2010
Money Market - Class B 5.72 7.17
Money Market - Class B2 6.01 7.02
Money Market - Class B3 5.79 6.73
Money Market - Class C 3.81 5.24
SYm|metry Money Market - Class A 5.44 6.96
SYm|metry Money Market - Class C 3.96 5.45
#
The funds below had a special distribution which was declared 29 July 2011 (cents per unit)
SCHEME
SYm|mETRY Satellite Equity Fund No. 2 6.56
SYm|mETRY Satellite Equity Fund No. 2 B3 11.56
SYm|mETRY Satellite Equity Fund No. 3 3.48
SYm|mETRY Satellite Equity Fund No. 3 B3 7.85
SYm|mETRY Satellite Equity Fund No. 4 0.66
SYm|mETRY Satellite Equity Fund No. 4 B3 2.07
##
The Interest Plus fund declares a monthly distribution (cents per unit)
31 October 30 November 31 December
0.74 0.76 0.57
7. Cash and cash equivalents
SCHEME
Money market cash
equivalents Current accounts Call accounts Total
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
Active Quant Equity - - 1 662 480 - - 1 662 480
Albaraka Balanced - - 5 902 432 855 800 6 757 1 232
Albaraka Equity - - 3 458 15 412 - - 3 458 15 412
Balanced - - 3 026 57 159 80 059 157 000 83 085 214 159
Bond - - 2 221 15 321 10 000 9 000 12 221 24 321
Capital Builder - - 2 377 46 000 323 800 234 744 326 177 280 744
Dividend Income - - 801 100 - - 801 100
Dynamic Floor - - 7 880 1 546 376 974 389 920 384 854 391 466
Enhanced Income - - 1 502 3 701 284 500 245 000 286 002 248 701
Financial Services - - 570 7 693 - - 570 7 693
Flexible - - 3 468 9 452 75 446 61 900 78 914 71 352
Four Plus Capital - - 1 295 1 340 - - 1 295 1 340
Four Plus Global - - 11 025 2 422 7 000 32 000 18 025 34 422
Four Plus Growth - - 2 931 3 056 - 7 500 2 931 10 556
Four Plus Secure - - 158 233 - - 158 233
Global Bond Feeder - - 2 163 4 876 - - 2 163 4 876
Global Emerging Market - - 39 930 - - - 39 930 -
Global Equity - - 15 546 16 111 7 000 80 000 22 546 96 111
Global Index - - 1 001 427 - - 1 001 427
Global Technology - - 2 780 853 - - 2 780 853
Gold - - 17 346 1 615 36 500 27 500 53 846 29 115
Growth - - 1 251 14 047 - - 1 251 14 047
High Yield Opportunity - - 1 326 32 957 - - 1 326 32 957
Income - - 2 366 6 346 133 500 58 500 135 866 64 846
Industrial - - 1 015 8 127 7 885 - 8 900 8 127
Institutional Money Market 396 996 249 108 2 298 2 846 15 000 16 500 414 294 268 454
Interest Plus - - 3 049 - 106 000 - 109 049 -
International Growth - - 5 359 4 266 - - 5 359 4 266
148

Notes to the financial statements for the year ended 31 December 2011 (continued)
7. Cash and cash equivalents (continued)
SCHEME
Money market cash
equivalents Current accounts Call accounts Total
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
2011
R000’s
2010
R000’s
Investors - - 2 046 71 037 - - 2 046 71 037
Matador Balanced - - 2 023 17 507 12 298 9 612 14 321 27 119
Matador Defensive - - 104 142 - - 104 142
Matador Equity - - 45 47 - - 45 47
Matador Fixed Interest - - 114 242 - - 114 242
Mining and Resources - - 62 259 44 934 107 000 - 169 259 44 934
Money Market 15 238 410 10 420 502 99 656 111 661 250 000 360 000 15 588 066 10 892 163
RAFI® 40 Tracker - - 2 407 7 607 9 692 403 12 099 8 010
Real Income - - 1 830 6 747 196 500 151 000 198 330 157 747
SA Quoted Property - - 2 843 33 329 - - 2 843 33 329
Small Companies - - 1 224 8 727 - - 1 224 8 727
Stable Growth - - 3 492 21 373 67 684 68 000 71 176 89 373
SYm|mETRY Balanced - - 10 643 10 380 - - 10 643 10 380
SYm|mETRY Cautious - - 548 154 - - 548 154
SYm|mETRY Defensive - - 3 323 16 268 - - 3 323 16 268
SYm|mETRY Equity - - 325 103 - - 325 103
SYm|mETRY Fixed Interest - - 139 781 - - 139 781
SYm|mETRY Income 1 - - 4 953 18 756 5 000 43 000 9 953 61 756
SYm|mETRY Income 2 - - 385 330 6 400 12 300 6 785 12 630
SYm|mETRY Inflation Plus 1 - - 25 233 7 841 608 180 288 530 633 413 296 371
SYm|mETRY Inflation Plus 2 - - 13 417 78 946 31 723 118 467 45 140 197 413
SYm|mETRY Inflation Plus 3 - - 102 972 98 995 26 825 21 000 129 797 119 995
SYm|mETRY Inflation Plus 4 - - (2 707) 7 129 651 041 356 028 648 334 363 157
SYm|mETRY Inflation Plus 5 - - 21 698 9 573 109 130 112 099 130 828 121 672
SYm|mETRY Inflation Plus 6 - - 50 716 79 997 98 032 67 000 148 748 146 997
SYm|mETRY Inflation Plus 7 - - 756 1 943 9 390 9 500 10 146 11 443
SYm|mETRY Money Market 655 704 903 945 2 086 2 220 119 000 41 805 776 790 947 970
SYm|mETRY Satellite Equity 1 - - 114 229 5 373 - - 114 229 5 373
SYm|mETRY Satellite Equity 2 - - 3 800 8 499 60 792 2 270 64 592 10 769
SYm|mETRY Satellite Equity 3 - - 1 664 590 115 423 16 025 117 087 16 615
SYm|mETRY Satellite Equity 4 - - 6 146 3 759 369 180 6 515 3 939
Top 40 - - 2 649 1 509 2 859 2 734 5 508 4 243
Top Companies - - 1 047 11 250 931 - 1 978 11 250
UK Money Market Feeder - - 8 838 1 390 - - 8 838 1 390
US Dollar Feeder - - 602 641 - - 602 641
Value - - 685 5 134 - - 685 5 134
8. Recovery of expenses from capital
Where the expenses of a Scheme exceed the income, in the event that the Management Company considers it unlikely that the expenses will
be recovered from future income earned, the shortfall is funded from the capital account, as provided for in the Trust Deeds.
149

Notes to the financial statements for the year ended 31 December 2011 (continued)
9. Unit prices
The value of units is based on closing market prices of the underlying securities and will fluctuate in accordance with any changes in those
prices.
The fluctuations in the prices of the Schemes and the repurchase prices at reporting date were as follows:
SCHEME
2011
Minimum
2011
Maximum
Repurchase price (cents)
2011
Last price
2010
Minimum
2010
Maximum
2010
Last price
Active Quant Equity Fund A 4 266.56 4 897.03 4 840.73 3 797.01 4 783.72 4 783.72
Active Quant Equity Fund C 4 255.27 4 864.09 4 835.95 3 791.25 4 751.94 4 751.94
Albaraka Balanced Fund A 193.35 207.67 205.63 199.45 201.67 201.67
Albaraka Equity Fund A 1 091.33 1 241.58 1 225.98 927.70 1 144.05 1 144.05
Balanced Fund A 866.20 964.83 953.14 795.91 912.13 911.83
Balanced Fund B2 868.30 970.44 953.20 - - -
Balanced Fund C 862.81 957.09 952.61 794.85 904.63 904.02
Balanced Fund R 867.19 965.85 953.11 797.26 915.64 915.56
Bond Fund B 339.35 365.79 349.59 322.98 365.42 362.69
Bond Fund B2 339.77 366.25 349.61 333.39 366.25 363.87
Bond Fund C 338.27 364.64 349.53 322.78 363.36 359.69
Bond Fund R 339.24 365.68 349.58 322.97 365.23 362.39
Capital Builder Fund A 209.52 219.19 216.62 204.09 218.05 217.80
Capital Builder Fund B1 209.60 219.52 216.62 204.16 218.41 218.16
Capital Builder Fund B2 209.79 220.32 216.63 204.38 219.13 218.88
Capital Builder Fund B3 209.66 219.72 216.63 - - -
Dividend Income Fund A 100.00 100.00 100.00 100.00 100.00 100.00
Dividend Income Fund B1 100.00 100.00 100.00 100.00 100.00 100.00
Dividend Income Fund B2 100.00 100.00 100.00 100.00 100.00 100.00
Dynamic Floor Fund A 315.83 332.23 327.90 297.15 327.38 327.38
Dynamic Floor Fund B1 315.94 332.76 327.90 297.16 327.92 327.92
Dynamic Floor Fund B2 316.45 334.18 327.92 297.18 330.06 330.06
Dynamic Floor Fund C 315.35 330.27 327.85 297.13 325.23 325.23
Enhanced Income Fund A 239.55 246.52 243.14 235.55 245.07 245.07
Enhanced Income Fund B 239.54 246.69 243.15 235.56 245.24 245.24
Enhanced Income Fund B2 239.56 247.20 243.17 - - -
Enhanced Income Fund C 239.54 245.76 243.12 235.52 244.31 244.31
Financial Services Fund A 720.59 811.50 805.08 676.43 802.43 784.24
Financial Services Fund B2 721.82 816.89 805.16 715.64 806.35 789.73
Financial Services Fund R 720.84 812.58 805.10 676.65 803.22 785.34
Flexible Fund A 822.85 919.23 906.56 752.95 889.73 889.73
Flexible Fund B2 824.76 923.63 906.62 - - -
Flexible Fund C 813.66 906.06 901.03 748.53 879.93 879.93
Flexible Fund R 823.61 919.26 906.54 753.81 893.91 893.91
Four Plus Capital Fund of Funds A 274.13 284.32 282.29 263.02 282.19 282.19
Four Plus Global Fund of Funds A 370.57 417.96 412.16 343.51 385.17 382.07
Four Plus Global Fund of Funds B 370.76 418.65 412.17 343.51 385.91 382.92
Four Plus Growth Fund of Funds A 467.70 507.60 499.40 435.49 483.32 483.08
Four Plus Growth Fund of Funds B 467.93 508.58 499.42 435.55 484.25 484.16
Four Plus Secure Fund of Funds A 206.12 209.42 208.65 205.28 210.05 208.19
Global Bond Feeder Fund A 276.57 366.03 350.62 277.52 315.37 279.70
Global Bond Feeder Fund C 276.47 362.50 346.63 275.45 314.66 277.63
Global Emerging Market Fund A 186.56 221.27 207.92 - - -
Global Emerging Market Fund B2 188.10 223.31 209.41 - - -
Global Emerging Market Fund B3 186.76 221.59 208.55 - - -
Global Emerging Market Fund C 186.17 220.67 206.82 - - -
Global Equity Fund A 608.78 742.54 724.83 545.07 645.20 610.61
Global Equity Fund B2 617.69 754.76 725.42 - - -
Global Equity Fund C 603.28 731.59 718.15 541.82 642.49 605.17
Global Equity Fund R 617.65 753.54 727.11 553.41 654.29 620.71
Global Index FOF R 384.21 462.30 446.95 372.24 428.85 398.49
Global Technology Fund A 137.58 178.47 166.55 139.79 162.30 157.17
150

Notes to the financial statements for the year ended 31 December 2011 (continued)
9. Unit prices (continued)
SCHEME
2011
Minimum
2011
Maximum
Repurchase price (cents)
2011
Last price
2010
Minimum
2010
Maximum
2010
Last price
Gold Fund A 860.35 1 114.94 1 013.22 766.17 959.98 924.70
Gold Fund R 874.50 1 131.22 1 018.61 772.41 970.93 936.36
Growth Fund A 1 760.75 2 014.78 1 945.47 1 619.21 1 954.78 1 954.78
Growth Fund C 1 746.88 2 000.56 1 934.42 1 608.69 1 927.86 1 927.86
Growth Fund R 1 760.32 2 014.10 1 945.41 1 621.06 1 953.37 1 953.37
High Yield Opportunity Fund A 1 241.04 1 409.43 1 376.73 1 137.11 1 392.84 1 392.84
High Yield Opportunity Fund B 1 241.69 1 412.14 1 376.78 1 137.62 1 395.75 1 395.75
High Yield Opportunity Fund C 1 239.42 1 402.85 1 376.60 1 135.81 1 385.56 1 385.56
Income Fund C 119.25 122.27 120.84 118.28 121.92 121.68
Income Fund R 119.25 122.73 120.86 118.31 122.38 122.14
Industrial Fund A 1 163.28 1 333.38 1 320.40 954.52 1 238.41 1 238.41
Industrial Fund B2 1 166.78 1 341.17 1 320.54 954.51 1 246.36 1 246.36
Industrial Fund R 1 163.98 1 334.94 1 320.44 954.53 1 240.00 1 240.00
Institutional Money Market Fund B1 100.00 100.00 100.00 100.00 100.00 100.00
Institutional Money Market Fund B2 100.00 100.00 100.00 100.00 100.00 100.00
Interest Plus Fund A 200.00 200.86 200.30 - - -
International Growth Fund of Funds A 193.64 234.67 229.91 188.55 205.09 194.46
International Growth Fund of Funds B 196.75 238.23 230.47 191.32 207.79 197.56
International Growth Fund of Funds C 188.47 227.13 226.98 184.43 202.01 189.31
Investors' Fund A 20 949.89 24 005.16 23 746.27 18 818.20 23 116.98 23 116.98
Investors' Fund B2 20 980.93 24 095.26 23 749.12 - - -
Investors' Fund C 20 782.19 23 790.15 23 614.74 18 694.91 22 839.34 22 839.34
Investors' Fund R 20 951.75 23 995.88 23 746.91 18 818.78 23 114.50 23 114.50
Matador Balanced Fund B1 326.10 364.03 359.36 300.86 344.51 343.01
Matador Balanced Fund C 325.72 363.31 359.33 300.57 344.06 342.10
Matador Defensive Fund of Funds C 294.71 315.44 313.94 276.89 301.16 300.89
Matador Equity Fund of Funds C 370.85 418.34 415.50 340.05 399.08 399.08
Matador Equity Fund of Funds C2 370.03 417.38 415.05 340.00 398.53 398.53
Matador Fixed Interest Fund of Funds C 211.78 219.62 217.28 202.55 215.25 215.25
Mining and Resources Fund A 6 243.52 8 461.77 6 983.14 6 055.13 7 662.91 7 613.91
Mining and Resources Fund B2 6 272.22 8 475.75 6 983.94 6 065.76 7 719.25 7 672.92
Mining and Resources Fund C 6 062.77 8 346.39 6 919.78 5 988.14 7 553.92 7 502.27
Mining and Resources Fund R 6 251.49 8 464.57 6 983.31 6 063.87 7 680.66 7 632.19
Money Market Fund A 100.00 100.00 100.00 100.00 100.00 100.00
Money Market Fund A2 100.00 100.00 100.00 100.00 100.00 100.00
Money Market Fund B 100.00 100.00 100.00 100.00 100.00 100.00
Money Market Fund B2 100.00 100.00 100.00 100.00 100.00 100.00
Money Market Fund B3 100.00 100.00 100.00 100.00 100.00 100.00
Money Market Fund C 100.00 100.00 100.00 100.00 100.00 100.00
RAFI® 40 Tracker Fund A 198.82 232.50 227.26 180.43 225.14 225.14
RAFI® 40 Tracker Fund B1 198.89 232.66 227.26 180.48 225.43 225.43
RAFI® 40 Tracker Fund B2 198.97 232.86 227.26 180.54 225.79 225.79
Real Income Fund A 223.60 234.95 232.86 208.72 228.66 228.66
Real Income Fund B 223.59 235.15 232.86 208.74 228.92 228.92
Real Income Fund C 223.59 234.43 232.84 208.70 227.98 227.98
SA Quoted Property Fund A 532.84 589.65 582.91 479.93 584.94 578.42
SA Quoted Property Fund B 533.14 590.45 582.94 480.25 585.43 579.23
SA Quoted Property Fund B2 533.59 591.65 582.98 508.29 586.17 580.45
SA Quoted Property Fund C 531.47 587.63 582.86 479.21 583.70 576.38
SA Quoted Property Fund C3 531.67 587.87 582.86 479.42 583.89 576.66
Small Companies Fund A 1 021.13 1 123.29 1 123.29 853.14 1 110.90 1 110.35
Small Companies Fund B2 1 023.25 1 127.26 1 123.43 912.52 1 119.14 1 119.05
Small Companies Fund R 1 021.83 1 123.34 1 123.34 853.63 1 113.65 1 113.25
Stable Growth Fund A 206.57 221.02 217.76 193.68 211.54 211.54
Stable Growth Fund B 206.72 221.34 217.76 193.75 211.89 211.89
Stable Growth Fund B2 207.51 222.53 217.78 - - -
151

Notes to the financial statements for the year ended 31 December 2011 (continued)
9. Unit prices (continued)
SCHEME
2011
Minimum
2011
Maximum
Repurchase price (cents)
2011
Last price
2010
Minimum
2010
Maximum
2010
Last price
Stable Growth Fund C 205.99 219.74 217.72 193.42 210.36 210.14
SYm|mETRY Balanced Fund of Funds A 563.70 614.37 609.87 511.83 577.13 576.47
SYm|mETRY Balanced Fund of Funds C 563.17 613.39 609.83 511.40 576.05 575.26
SYm|mETRY Balanced Fund of Funds C2 562.99 613.06 609.84 511.25 575.68 574.85
SYm|mETRY Cautious Fund of Fund A 200.47 205.07 203.19 200.00 202.91 202.91
SYm|mETRY Cautious Fund of Fund C 200.40 204.61 203.18 199.94 202.11 202.11
SYm|mETRY Defensive Fund of Funds A 433.71 464.03 461.05 406.79 442.97 442.70
SYm|mETRY Defensive Fund of Funds C 433.17 463.05 461.01 406.34 441.86 441.46
SYm|mETRY Defensive Fund of Funds C2 430.95 460.69 458.90 404.12 439.48 439.05
SYm|mETRY Equity Fund of Funds A 574.42 646.11 634.85 507.07 623.18 623.18
SYm|mETRY Equity Fund of Funds C 567.59 636.99 636.79 506.48 616.73 616.73
SYm|mETRY Equity Fund of Funds C2 565.03 634.99 634.99 506.33 615.22 615.22
SYm|mETRY Fixed Interest Fund of Funds A 232.06 241.41 238.02 221.99 236.52 236.52
SYm|mETRY Fixed Interest Fund of Funds C 232.05 240.67 238.00 221.91 235.79 235.79
SYm|mETRY Fixed Interest Fund of Funds C2 232.15 240.49 238.00 221.91 235.66 234.91
SYm|mETRY Income Fund No. 1 268.30 278.97 275.43 255.55 272.95 272.95
SYm|mETRY Income Fund No. 2 265.43 276.48 272.09 254.79 271.30 271.19
SYm|mETRY Inflation Plus Fund No. 1 482.45 526.34 521.62 436.75 490.86 488.65
SYm|mETRY Inflation Plus Fund No. 1 B2 485.03 528.01 521.69 - - -
SYm|mETRY Inflation Plus Fund No. 2 479.07 515.82 511.51 437.71 495.96 495.40
SYm|mETRY Inflation Plus Fund No. 3 423.55 454.50 452.13 399.02 425.50 425.36
SYm|mETRY Inflation Plus Fund No. 3 B2 424.32 455.96 452.18 - - -
SYm|mETRY Inflation Plus Fund No. 4 482.00 535.80 532.24 444.77 496.76 496.46
SYm|mETRY Inflation Plus Fund No. 5 472.49 517.36 513.43 427.91 489.49 486.75
SYm|mETRY Inflation Plus Fund No. 6 208.77 217.20 215.01 205.13 214.58 214.40
SYm|mETRY Inflation Plus Fund No. 6 B2 209.14 217.42 215.03 - - -
SYm|mETRY Inflation Plus Fund No. 7 199.88 204.04 201.98 200.00 202.37 202.37
SYm|mETRY Inflation Plus Fund No. 7 B2 201.70 204.78 202.00 - - -
SYm|mETRY Money Market Fund A 100.00 100.00 100.00 100.00 100.00 100.00
SYm|mETRY Money Market Fund C 100.00 100.00 100.00 100.00 100.00 100.00
SYm|mETRY Satellite Equity Fund No. 1 723.15 816.08 805.75 635.33 809.32 809.32
SYm|mETRY Satellite Equity Fund No. 1 B2 723.45 819.99 805.85 - - -
SYm|mETRY Satellite Equity Fund No. 1 B3 723.37 818.90 805.83 636.06 817.27 817.27
SYm|mETRY Satellite Equity Fund No. 2 720.31 796.78 792.48 660.92 783.88 783.88
SYm|mETRY Satellite Equity Fund No. 2 B2 720.54 800.90 792.57 - - -
SYm|mETRY Satellite Equity Fund No. 2 B3 720.51 800.00 792.55 661.73 792.41 792.41
SYm|mETRY Satellite Equity Fund No. 3 591.78 678.94 671.81 518.95 635.67 635.67
SYm|mETRY Satellite Equity Fund No. 3 B2 592.06 682.39 671.89 - - -
SYm|mETRY Satellite Equity Fund No. 3 B3 591.93 681.61 671.87 519.59 642.40 642.40
SYm|mETRY Satellite Equity Fund No. 4 199.94 231.47 223.07 199.91 222.93 222.93
SYm|mETRY Satellite Equity Fund No. 4 B3 200.19 231.97 223.27 199.92 223.59 223.59
Top 40 Fund A 512.13 601.98 584.10 465.06 579.15 577.53
Top 40 Fund B 512.30 602.19 584.12 465.19 579.49 577.92
Top Companies Fund A 1 989.97 2 240.01 2 194.49 1 800.38 2 176.28 2 176.28
Top Companies Fund B 1 990.66 2 241.68 2 194.53 1 800.83 2 179.31 2 179.31
Top Companies Fund B2 1 992.48 2 234.69 2 194.67 - - -
Top Companies Fund C 1 982.92 2 229.18 2 190.65 1 794.44 2 158.94 2 158.94
Top Companies Fund R 1 989.71 2 239.57 2 194.49 1 802.22 2 175.95 2 175.95
UK Money Market Feeder Fund A 179.91 230.92 219.02 179.72 216.41 180.83
UK Money Market Feeder Fund B2 180.65 231.07 219.02 - - -
UK Money Market Feeder Fund C 176.28 224.64 216.01 175.95 215.72 177.05
US Dollar Feeder Fund A 172.65 221.85 209.26 174.01 208.11 174.01
US Dollar Feeder Fund B2 173.73 223.61 210.41 - - -
Value Fund A 1 309.96 1 505.69 1 452.53 1 220.37 1 463.56 1 463.56
Value Fund C 1 293.96 1 486.57 1 438.63 1 208.12 1 441.58 1 441.58
Value Fund R 1 309.50 1 504.72 1 452.50 1 220.42 1 463.05 1 463.05
152

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management
Risks and risk management
Collective investment schemes invest in financial assets. Each scheme is exposed to a mix of financial risks resulting predominantly from the
instruments in which it invests.
Financial risk is limited firstly by the regulatory environment. The Collective Investment Schemes Control Act has strict and specific regulations
as to what instruments may and may not be held.
Each Scheme is also governed by a Trust Deed, which commits it to a specific investment objective. The Trust Deed’s investment objective
is further refined into an investment mandate which requires the investment manager to manage the fund in accordance with the specified
mandate. As far as possible, compliance limits are built into the daily pricing systems and processes of investment managers and are checked
and reported on daily.
The Financial Services Board gives initial approval for each scheme and reviews compliance of the Management Company at least annually.
Daily checks are performed by the independent trustee/custodian as well as the compliance functions of the Management Company and each
appointed investment manager to ensure compliance with investment mandates and limitations specified in the respective Trust Deeds and
the regulations determined under the Collective Investments Scheme Control Act.
The nature of a scheme is determined by the scheme’s objective and investment mandate, both of which dictate the nature of the underlying
investments the scheme holds and the risk profile of the scheme.
Schemes are primarily classified according to the geographic focus of their underlying investments and secondly, by the asset allocation of the
underlying investments. Geographically, schemes are classified as one of Domestic, Foreign or Worldwide Schemes.
Domestic schemes have a minimum of 75% of their assets invested in South Africa. The remainder can be invested in assets listed on
registered offshore stock exchanges. Foreign schemes have a minimum 85% of their assets invested in assets that are listed on registered
offshore stock exchanges.
Worldwide schemes have no limitation on the percentage of their assets that can be invested offshore or on assets invested in South Africa.
In terms of asset allocation, schemes are classified according to the nature of their underlying investments - equity schemes, fixed interest
schemes, real estate schemes and asset allocation schemes. Each asset allocation category has further sub-categories, as determined by
the investment mandate of the particular scheme.
Equity schemes
Equity schemes have a minimum of 75% of their assets invested in equities at all times. Generally, equity schemes seek maximum capital
appreciation for the level of risk assumed over the long term. These schemes are primarily exposed to the risk of share price movements,
which are affected by the performance of the individual companies, general market conditions as well as political and economic changes.
Where schemes have a specific sector concentration, those schemes are riskier than a diversified general equity investment portfolio. In addition,
schemes concentrated on a specific sector may hold a greater risk as exposure to a single security may be higher than that of a general equity
portfolio, due to a smaller universe of shares being available for investment.
Equity schemes can be further sub-categorised as follows:
General schemes - These schemes invest in selected shares across all industry groups of the JSE Securities Exchange South Africa as well
as across the range of large, mid and smaller cap shares. These schemes do not subscribe to a particular theme or investment style. The
schemes in this category offer medium to long-term capital growth as their primary investment objective.
Oil & gas and basic materials schemes – These schemes invest in companies whose principal business operations involve the exploration,
mining, distribution and processing of metals, minerals, energy, chemicals, forestry and other agricultural and natural resources or where at
least 50% of their earnings are derived from such business activities and excludes service providers to these companies.
Value schemes - These are schemes that seek medium to long-term capital appreciation as their primary investment objective. The schemes
seek out value situations by typically investing in shares with low relative price to earnings ratios as well as shares that are trading at a discount
to their net asset value. These schemes are invested in selected “value” shares across all industry groups of the JSE Securities Exchange
South Africa.
Large capitalisation schemes – These schemes seek long-term growth as their primary objective through investment in large market capitalisation
shares which fall within the Top 40 JSE Securities Exchange South Africa listed shares ranked by market capitalisation.
Industrial schemes – These schemes invest in selected industrial companies listed on the JSE Securities Exchange South Africa but generally
excludes all companies listed in the FTSE / JSE Oil & Gas, Basic Materials, and Financials industry groups.
Financial schemes – These schemes invest in shares of financial services companies including banks, insurance companies, brokerage firms
and other companies whose principal business operations involve the provision of various financial services or where at least 50% of their
earnings are derived from the provision of such financial services. The schemes invest primarily in companies listed in the FTSE/JSE Financials
industry group. These schemes may be more volatile than schemes that are diversified across a wider range of FTSE / JSE industry groups.
Smaller companies schemes – These schemes invest in established smaller companies as well as in emerging companies that are in the initial
phase of their life. New investment by the schemes are restricted to fledgling, small and midcap shares only and at least 80% of the schemes
will be invested in fledgling, small and mid cap shares at all times. Due to both the nature and focus of these schemes, they may be more
volatile than schemes that are diversified across the broader market.
Growth schemes – These schemes seek maximum capital appreciation as their primary objective through investment in growth companies.
Growth companies can be defined as those whose earnings are on or are anticipated to enter a strong and sustainable upward trend and typically
trade on PE ratios. These schemes are invested in growth companies across all industry groups of the JSE Securities Exchange South Africa.
153

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Equity schemes (continued)
Varied specialist schemes – These schemes invest in a single industry group or in companies that share a common theme or activity as
defined in their respective mandates. However due to the unique nature of their mandates they cannot be categorised into any of the aforelisted
categories. The performance of these schemes cannot be compared to others in this category. Due to both the nature and focus of these
schemes, they may be more volatile than schemes that are diversified across the broader market.
Fixed interest schemes
These schemes invest in bonds, money market instruments, fixed deposits and other interest-bearing securities in public and private sectors,
with sub-categories of fixed interest schemes specialising in a specific component or combination of this asset class.
Fixed interest schemes can be further sub-categorised as follows:
Bond schemes – These schemes invest in bonds, fixed deposits and other interest-bearing securities. These schemes may invest in short,
intermediate and long-dated securities. The composition of the underlying investments is actively managed and will change over time to reflect
the manager’s assessment of interest rate trends. These schemes offer the potential for capital growth, together with a regular and high level
of income.
Income schemes – These schemes invest in bonds, fixed deposits and other interest earning securities which have a fixed maturity date
and either have a predetermined cash flow profile or are linked to benchmark yields, but excluding any equities. To provide relative capital
stability, the average modified duration of the underlying assets is limited to a maximum of two years.These schemes are less volatile and are
characterised by a regular and high level of income.
Money market schemes – These schemes seek to maximise interest income, preserve the schemes capital and provide immediate liquidity.
This is achieved by investing in money market instruments with a maturity of less than one year while the average maturity of the underlying
assets may not exceed 90 days. The schemes are typically characterised as short-term, highly liquid vehicles.
Real estate schemes – These schemes invest in listed property shares; collective investment schemes in property and property loan stock.
The objective of these schemes are to provide high levels of income and long-term capital appreciation. This is achieved in a careful selection
of listed South African commercial and residential property shares that offer a secure, escalating income stream and that show potential for an
upward share price movement. Further factors that influence share selection are the quality and location of the properties as well as the rental
growth potential, based upon tenant quality and lease profile. Due to liquidity constraints in the Real Estate sector on the securities exchange,
these portfolios must maintain a minimum exposure to real estate securities of 50% and may include other high yielding fixed interest and
other securities from time to time.
Varied specialist schemes – These schemes invests in bonds, fixed deposits, structured money market instruments, real estate, listed debentures
and other high yielding securities, provided that not more than 5% may be invested in ordinary equities. They seek to maximise income with
either preservation and stability of capital, or an offer of potential growth of capital. The underlying risk and return objectives of individual schemes
may vary as dictated by each schemes mandate and stated investment objective and strategy. However, in terms of the investment mandates
of these schemes, they fall outside the existing sub-categories of the fixed interest sector. Should it be considered appropriate, where five or
more schemes have a similar focus, a new category will be created and the funds transferred.
Asset allocation
These schemes invest in a wide spread of equity, bond, money market and property market instruments to maximise total returns over the long
term. Certain schemes have been established to provide exposure to a specific asset class. Generally, the schemes are managed to meet
their investment objectives by, firstly, actively moving between asset classes and, secondly, through focused stock selection. These schemes
are exposed to the risk of share price movements, interest rate fluctuations, credit risk and currency risk. Risk is reduced through holding a
diversified portfolio of investments.
The asset allocation schemes can be further sub-categorised as follows:
Flexible schemes – These schemes invest in a flexible combination of investments in the equity, bond, money and property markets. The
underlying risk and return objectives of individual schemes may vary as dictated by each schemes mandate and stated investment objective
and strategy. These schemes are often aggressively managed with assets being shifted between the various markets and asset classes to
reflect changing economic and market conditions to maximise total returns.
Prudential low equity schemes – These schemes invest in a spectrum of investments in the equity, bond, money, or property markets. These
schemes tend to display reduced short term volatility, aim for long term capital growth and would have an effective equity exposure (including
international equity) below 40% at all times. These schemes conform to legislation governing retirement schemes, (Regulation 28 of the Pension
Funds Act) and are thus suitable as investment vehicles for retirement schemes. The underlying risk and return objectives of individual schemes
may vary as dictated by each schemes mandate and stated investment objective and strategy.
Prudential medium equity – as above with an actual equity exposure between 40% and 65%.
Prudential high equity – as above with an actual equity exposure above 60%.
Prudential variable equity - as above with an actual equity exposure between 0% and 75%.
Targeted absolute and real return - these schemes offer investors long term capital growth as well as some level of capital protection. These
schemes invest across shares, bonds and cash - moving from shares to fixed interest investments when the schemes’ value drops below a
predetermined floor as set out in the schemes’ investment mandate. When the markets start to move up, the fund increases its holdings in
shares, increasing exposure to these growth opportunities.
154

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
The Old Mutual Collective Investment Schemes are categorised as follows:
SCHEME Geographic classification Sector Asset allocation classification
Active Quant Equity Domestic Equity General
Albaraka Balanced Domestic Asset Allocation Prudential Variable Equity
Albaraka Equity Domestic Equity General
Balanced Domestic Asset Allocation Prudential Variable Equity
Bond Domestic Fixed Interest Bond
Capital Builder Domestic Asset Allocation Prudential Variable Equity
Dividend Income Domestic Fixed Interest Varied specialist
Dynamic Floor Domestic Asset Allocation Prudential Variable Equity
Enhanced Income Domestic Fixed Interest Varied specialist
Financial Services Domestic Equity Financial
Flexible Domestic Asset Allocation Flexible
Four Plus Capital Domestic Asset Allocation Prudential Low Equity
Four Plus Global Worldwide Asset Allocation Flexible
Four Plus Growth Domestic Asset Allocation Prudential Medium Equity
Four Plus Secure Domestic Fixed Interest Varied specialist
Global Bond Foreign Fixed Interest Bond
Global Emerging Markets Foreign Equity Varied specialist
Global Equity Foreign Equity General
Global Index Foreign Equity General
Global Technology Worldwide Equity Technology
Gold Domestic Equity Resources & Basic Industries
Growth Domestic Equity General
High Yield Opportunity Domestic Equity General
Income Domestic Fixed Interest Income
Industrial Domestic Equity Industrial
Institutional Money Market Domestic Fixed Interest Money market
Interest Plus Domestic Fixed Interest Varied Specialist
International Growth Foreign Asset Allocation Flexible
Investors' Domestic Equity General
Matador Balanced Domestic Asset Allocation Prudential Variable Equity
Matador Defensive Domestic Asset Allocation Prudential Variable Equity
Matador Equity Domestic Equity General
Matador Fixed Interest Domestic Fixed Interest Varied specialist
Mining and Resources Domestic Equity Resources & Basic Industries
Money Market Domestic Fixed Interest Money market
RAFI ® 40 Tracker Domestic Equity General
Real Income Domestic Asset Allocation Prudential Low equity
SA Quoted Property Domestic Real estate General
Small Companies Domestic Equity Small Companies
Stable Growth Domestic Asset Allocation Prudential Low equity
SYm|mETRY Balanced Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Cautious Domestic Asset Allocation Prudential Low equity
SYm|mETRY Defensive Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Equity Domestic Equity General
SYm|mETRY Fixed Interest Domestic Fixed Interest Varied specialist
SYm|mETRY Income No. 1 Domestic Fixed Interest Varied specialist
SYm|mETRY Income No. 2 Domestic Fixed Interest Varied specialist
SYm|mETRY Inflation Plus No. 1 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 2 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 3 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 4 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 5 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 6 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Inflation Plus No. 7 Domestic Asset Allocation Prudential Variable Equity
SYm|mETRY Money Market Domestic Fixed Interest Money market
SYm|mETRY Satellite Equity No. 1 Domestic Equity General
SYm|mETRY Satellite Equity No. 2 Domestic Equity General
SYm|mETRY Satellite Equity No. 3 Domestic Equity General
SYm|mETRY Satellite Equity No. 4 Domestic Equity General
Top 40 Domestic Equity Large capitalisation
Top Companies Domestic Equity General
UK Money Market Foreign Fixed Interest Varied specialist
US Dollar Foreign Fixed Interest Varied specialist
Value Domestic Equity Value
155

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Financial risk management strategy
The Schemes are exposed to financial risk through their financial assets and financial liabilities. In particular the key financial risk is that the
proceeds from financial assets are not sufficient to fund the obligations arising from the redemption of units. The most significant components
of financial risk are interest rate risk, liquidity risk, market risk and currency risk.
The main financial risks in the Old Mutual Collective Investment Schemes are as follows:
Market risk
Market risk is the potential for both loss and gain to the investor resulting from decreases and increases in the unit price of each scheme. The
main causes of unit price changes are the result of price changes in the underlying instruments caused by movements in securities prices,
changes in credit rating of instrument issuers, changes in the prevailing level of interest rates and currency movement relative to the Rand.
Return is the desired reward for assuming market risk. Market risk is managed daily by the Investment Manager with reference to the Scheme’s
investment mandate. The objective being to produce the highest possible return for a given level of risk.
Price risk
Price risk is the risk that the value of the Scheme fluctuates as a result of changes in market prices of instruments held, whether caused by
factors specific to the underlying investments of the scheme, its issuer or all factors affecting all instruments traded in the market.
Price risk is mitigated primarily by diversification. Diversification being achieved through asset allocation, sector diversification and market
diversification. Funds that invest primarily in a specific industry will have an increased exposure to market risk factors specific to that industry
sector.
The majority of the Schemes are simultaneously invested in various sectors of the market as well as various shares within each sector. As
a sensitivity analysis on the assumption that all shares perform in line with sector movements will not represent a realistic and meaningful
analysis, no sensitivity analysis has been performed.
The exposure to price fluctuations are governed by the investment mandate of each Scheme and investors are able to assess the sensitivity and
exposure to the relevant sector and share movements by referring to the investment mandate of each Scheme and the portfolio composition
of the Scheme at any point in time.
The analysis inserted below sets out the asset allocation of the Schemes and equity exposure by market sector:
SCHEME
YEAR
Financials
As a % of the total portfolio
EQUITIES AND SPECIALIST SECURITIES
Resources
Industrials
Property
Active Quant Equity 2011 19.71 25.67 47.53 4.35 1.86 - 0.15 - - - 0.73 100.00
2010 18.88 27.81 44.21 5.42 2.51 - 0.98 - - - 0.19 100.00
Albaraka Balanced 2011 - 15.60 18.25 - 1.25 - - - 16.39 - 48.51 100.00
2010 - 15.85 12.23 - 2.35 - - - 18.18 - 51.39 100.00
Albaraka Equity 2011 - 33.47 49.96 - 5.89 - - - 10.33 - 0.35 100.00
2010 - 39.37 41.95 - 7.94 - - - 9.17 - 1.57 100.00
Balanced 2011 11.22 21.03 13.76 4.65 0.57 3.04 0.08 - 22.95 14.33 8.37 100.00
2010 11.16 17.39 20.47 7.14 0.62 - 1.09 - 17.36 11.21 13.56 100.00
Bond 2011 - - - - - - - - - 97.82 2.18 100.00
2010 - - - - - - - - - 95.95 4.05 100.00
Capital Builder 2011 9.58 21.64 21.10 - - - - - - 4.37 43.31 100.00
2010 9.93 35.81 20.46 - - - - - - 2.36 31.44 100.00
Dividend Income 2011 - - - - - - - - 19.98 - 80.02 100.00
2010 - - - - - - - - 89.98 - 10.02 100.00
Dynamic Floor 2011 4.65 8.02 10.38 1.55 0.33 11.04 - - - 20.46 43.57 100.00
2010 8.05 14.14 15.43 1.28 0.37 - 0.50 - - 22.17 38.06 100.00
Enhanced Income 2011 - - - - - - - - 0.97 74.01 25.02 100.00
2010 - - - - - - - - - 76.98 23.02 100.00
Financial Services 2011 94.60 - - - - - - - 5.29 - 0.11 100.00
2010 96.81 - - - - - - - 1.80 - 1.39 100.00
Flexible 2011 11.04 20.39 29.65 3.62 1.83 6.90 0.33 - 14.61 0.67 10.96 100.00
2010 12.63 21.28 28.01 5.77 2.76 3.37 1.25 - 12.76 0.73 11.44 100.00
* Cash includes cash, call and money market instruments.
** Specialist securities include preference shares, convertible debentures and exchange traded funds.
*** Bonds include floating rate notes and debentures.
Information
technology
International
equities
Specialist
securities**
Derivatives
Other Collective
Investment
Schemes
Bonds ***
Cash *
Total
156

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Price risk (continued)
SCHEME
YEAR
Financials
EQUITIES AND SPECIALIST SECURITIES
Resources
Industrials
Property
As a % of the total portfolio
Information
technology
International
equities
Specialist
securities**
Derivatives
Other Collective
Investment
Schemes
Four Plus Capital 2011 - - - - - - - - 96.79 - 3.21 100.00
2010 - - - - - - - - 96.61 - 3.39 100.00
Four Plus Global 2011 - - - - - - - - 90.93 - 9.07 100.00
2010 - - - - - - - - 82.60 - 17.40 100.00
Four Plus Growth 2011 - - - - - - - - 99.18 - 0.82 100.00
2010 - - - - - - - - 97.06 - 2.94 100.00
Four Plus Secure 2011 - - - - - - - - 99.54 - 0.46 100.00
2010 - - - - - - - - 99.33 - 0.67 100.00
Global Bond Feeder 2011 - - - - - - - - 96.48 - 3.52 100.00
2010 - - - - - - - - 93.47 - 6.53 100.00
Global Emerging
2011 - 10.32 - - - 84.26 - - - - 5.42 100.00
Markets
2010 - - - - - - - - - - - 0.00
Global Equity 2011 - 0.93 - - - 97.86 - - - - 1.21 100.00
2010 - - - - - 93.45 - - - - 6.55 100.00
Global Index Fund of
Funds
2011 - - - - - - - - 96.50 - 3.50 100.00
2010 - - - - - - - - 98.64 - 1.36 100.00
Global Technology 2011 - - 6.27 - 5.45 84.36 - - - - 3.92 100.00
2010 - - 9.26 - 6.86 82.72 - - - - 1.16 100.00
Gold 2011 - 68.11 - - - 17.46 6.61 - - - 7.82 100.00
2010 - 65.80 - - - 16.39 13.16 - - - 4.65 100.00
Growth 2011 24.64 29.38 32.95 2.57 1.08 - 1.86 - 7.43 - 0.09 100.00
2010 20.82 30.23 40.55 2.37 0.88 - 3.70 - 0.53 - 0.92 100.00
High Yield Opportunity 2011 9.77 26.19 48.49 4.07 4.85 - 2.40 4.17 - 0.06 100.00
2010 15.94 25.51 46.25 - 3.52 - 3.21 - 3.99 - 1.58 100.00
Income 2011 - - - - - - - - - 82.60 17.40 100.00
2010 - - - - - - - - - 87.71 12.29 100.00
Industrial
2011 4.91 6.58 69.27 - 13.62 - - - 4.66 - 0.96 100.00
2010 - 5.15 73.67 - 15.14 - 1.22 - 3.91 - 0.91 100.00
Institutional Money
Market
2011 - - - - - - - - - - 100.00 100.00
2010 - - - - - - - - - - 100.00 100.00
Interest Plus 2011 - - - - - - - - - 6.98 93.02 100.00
2010 - - - - - - - - - - - 0.00
International Growth 2011 - - - - - - - - 95.86 - 4.14 100.00
2010 - - - - - - - - 96.23 - 3.77 100.00
Investors' 2011 19.31 27.41 44.10 0.24 3.49 - 0.68 - 4.75 - 0.02 100.00
2010 18.10 34.75 39.09 0.03 3.33 - 1.33 - 2.53 - 0.84 100.00
Matador Balanced 2011 9.18 12.82 22.75 1.86 - 8.07 3.43 - 17.30 13.55 11.04 100.00
2010 9.72 23.07 22.85 1.48 - - - - 13.63 12.32 16.93 100.00
Matador Defensive 2011 - - - - - - - - 99.75 - 0.25 100.00
2010 - - - - - - - - 99.88 - 0.12 100.00
Matador Equity Feeder 2011 - - - - - - - - 99.95 - 0.05 100.00
2010 - - - - - - - - 99.98 - 0.02 100.00
Matador Fixed Interest 2011 - - - - - - - - 99.80 - 0.20 100.00
2010 - - - - - - - - 99.86 - 0.14 100.00
Mining and Resources 2011 72.15 6.00 - - 13.00 - - - - 8.85 100.00
2010 - 82.09 3.68 - - 12.09 - - - - 2.14 100.00
Money Market 2011 - - - - - - - - - - 100.00 100.00
2010 - - - - - - - - - - 100.00 100.00
RAFI® 40 Tracker 2011 17.41 36.03 41.95 1.85 - - - - - - 2.76 100.00
2010 24.28 40.12 32.64 1.01 - - - - - - 1.95 100.00
Real Income 2011 3.74 4.23 6.29 8.95 2.29 - 2.25 - - 52.05 20.20 100.00
2010 2.86 1.28 7.85 7.89 2.34 - 4.44 - - 56.56 16.78 100.00
Bonds ***
Cash *
Total
* Cash includes cash, call and money market instruments.
** Specialist securities include preference shares, convertible debentures and exchange traded funds.
*** Bonds include floating rate notes and debentures.
157

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Price risk (continued)
SCHEME
YEAR
Financials
EQUITIES AND SPECIALIST SECURITIES
Resources
Industrials
Property
As a % of the total portfolio
Information
technology
International
equities
Specialist
securities**
Derivatives
Other Collective
Investment
Schemes
SA Quoted Property 2011 - - - 96.95 - - - - 2.98 - 0.07 100.00
2010 - - - 98.75 - - - - 0.29 - 0.96 100.00
Small Companies 2011 10.60 15.69 67.26 - 4.38 - - - 1.91 - 0.16 100.00
2010 7.96 17.23 61.51 - 4.61 - 0.59 - 7.09 - 1.01 100.00
Stable Growth 2011 3.89 5.20 8.19 5.75 0.72 5.60 0.04 - 11.85 34.83 23.93 100.00
2010 3.93 6.50 8.04 5.74 0.73 3.53 0.27 - 9.18 35.88 26.20 100.00
SYm|mETRY Balanced 2011 - - - - - - - - 99.81 - 0.19 100.00
2010 - - - - - - - - 99.78 - 0.22 100.00
SYm|mETRY Cautious 2011 - - - - - - - - 99.45 - 0.55 100.00
2010 - - - - - - - - 99.22 - 0.78 100.00
SYm|mETRY Defensive
2011 - - - - - - - - 99.93 - 0.07 100.00
2010 - - - - - - - - 99.67 - 0.33 100.00
SYm|mETRY Equity
2011 - - - - - - - - 99.86 - 0.14 100.00
2010 - - - - - - - - 99.95 - 0.05 100.00
SYm|mETRY Fixed 2011 - - - - - - - - 99.96 - 0.04 100.00
Interest
2010 - - - - - - - - 99.70 - 0.30 100.00
SYm|mETRY Income 2011 0.61 - 8.72 - 1.01 - 5.14 - - 37.06 47.46 100.00
No. 1
2010 - - - - - - 8.16 - - 53.71 38.13 100.00
SYm|mETRY Income 2011 5.14 - - - - - 3.01 - - 78.25 13.60 100.00
No. 2
2010 4.37 - - 0.26 - - 3.16 - - 73.01 19.20 100.00
SYm|mETRY Inflation 2011 11.69 10.56 14.03 2.52 0.21 3.29 1.25 - 20.81 2.44 33.20 100.00
Plus No. 1
2010 13.25 7.36 19.23 3.15 0.24 - 1.18 - 19.17 2.68 33.74 100.00
SYm|mETRY Inflation 2011 11.94 10.75 18.54 4.25 0.88 1.53 4.12 - 16.23 29.55 2.21 100.00
Plus No. 2
2010 4.60 8.06 26.74 4.57 0.38 0.65 4.33 - 13.43 27.56 9.68 100.00
SYm|mETRY Inflation 2011 6.24 7.83 11.81 2.51 - 5.37 0.19 - 9.88 45.45 10.72 100.00
Plus No. 3
2010 8.26 8.42 12.61 - - 5.92 - - 3.12 25.87 35.80 100.00
SYm|mETRY Inflation 2011 7.10 12.57 26.08 0.99 - - 3.58 - 17.64 13.86 18.18 100.00
Plus No. 4
2010 9.99 14.82 30.90 - - - 3.17 - 13.86 14.58 12.68 100.00
SYm|mETRY Inflation 2011 7.52 11.07 17.89 7.80 0.04 11.22 0.05 - 12.91 23.41 8.09 100.00
Plus No. 5
2010 6.71 19.41 16.60 8.60 - - - - 18.75 21.42 8.51 100.00
SYm|mETRY Inflation 2011 9.75 25.65 21.63 0.86 - - - - 19.90 14.70 7.51 100.00
Plus No. 6
2010 10.40 29.02 20.02 - - - - - 19.22 6.58 14.76 100.00
SYm|mETRY Inflation 2011 3.22 7.62 2.47 0.24 - - - - - 16.48 69.97 100.00
Plus No.7
2010 4.23 6.51 3.36 0.44 - - - - - 3.73 81.73 100.00
SYm|mETRY Money 2011 - - - - - - - - - - 100.00 100.00
Market
2010 - - - - - - - - - - 100.00 100.00
SYm|mETRY Satellite 2011 25.39 27.10 40.65 - 0.86 1.91 - - - 4.09 100.00
Equity No. 1
2010 20.67 28.73 43.25 1.55 2.46 - 1.77 - - - 1.57 100.00
SYm|mETRY Satellite 2011 19.65 29.31 40.28 1.84 3.22 3.09 - - - 2.61 100.00
Equity No. 2
2010 7.13 36.72 45.72 1.65 3.01 - 3.31 - - - 2.46 100.00
SYm|mETRY Satellite 2011 13.18 39.79 42.72 - - - 0.56 - - - 3.75 100.00
Equity No. 3
2010 13.61 28.43 49.43 0.53 - - 3.72 - - - 4.28 100.00
SYm|mETRY Satellite
Equity No. 4
2011 21.58 31.10 37.96 - 1.02 - 3.13 - - - 5.21 100.00
2010 19.16 30.38 42.79 - 0.86 - 3.85 - - - 2.96 100.00
Top 40 2011 16.59 43.63 36.79 1.46 - - - - - - 1.53 100.00
2010 15.12 48.14 33.80 1.53 - - - - - - 1.41 100.00
Top Companies 2011 10.65 29.26 42.73 1.40 0.94 - 2.95 - 11.95 - 0.12 100.00
2010 20.65 27.68 38.16 2.09 1.26 - 6.82 - 2.36 - 0.98 100.00
UK Money Market
Feeder
2011 - - - - - - - - 95.74 - 4.26 100.00
2010 - - - - - - - - 99.34 - 0.66 100.00
US Dollar Feeder 2011 - - - - - - - - 95.73 - 4.27 100.00
2010 - - - - - - - - 94.79 - 5.21 100.00
Value
2011 9.58 39.17 43.30 - 4.05 - 2.35 - 1.47 - 0.08 100.00
2010 17.60 36.08 38.43 - 4.84 - 2.52 - - - 0.53 100.00
Bonds ***
Cash *
Total
158
* Cash includes cash, call and money market instruments.
** Specialist securities include preference shares, convertible debentures and exchange traded funds.
*** Bonds include floating rate notes and debentures.

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Currency risk
Certain Schemes’ mandates permit or require investment in financial instruments denominated in currencies other than Rand. As the Schemes’
net asset values are reported in Rands, movements in the foreign exchange rates in relation to the Rand would cause volatility in the Schemes’
Rand unit prices.
The following table summarises, for the Schemes with currency exposure, the percentage of total investments exposed to fluctuations in
exchange rates as at 31 December 2011. The Schemes that are not reflected below only have Rand denominated investments. To the extent
that schemes are invested in Rand denominated underlying investments, the earnings of which are susceptible to fluctuations in exchange
rates, indirect foreign currency exposure exists. Fluctuations in the foreign currencies would cause the value of the investments to change as
a result. This exposure has been quantified as a percentage of total assets in the table below.
GBP % EURO % USD % JPY % Global^ % Other^^ % Total foreign %
SCHEME
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Albaraka Equity - - - - - - - - 10.33 9.17 - - 10.33 9.17
Balanced - 0.30 - 0.35 3.04 0.98 - - 3.86 2.40 - - 6.90 4.03
Dynamic Floor - - 3.62 - 3.99 - 3.54 - - - - - 11.15 -
Flexible - - - - 5.84 3.19 - - 4.11 5.22 1.10 0.49 11.05 8.90
Four Plus Global 4.99 0.89 - - - - - - 41.42 38.16 - - 46.41 39.05
Four Plus Growth - - - - 0.36 - - - 1.51 1.87 - - 1.87 1.87
Global Bond Feeder 0.14 2.65 - - - - - - 96.48 93.47 - - 96.62 96.12
Global Emerging Market 3.57 - 10.58 - 6.41 - - - - - 68.37 - 88.93 -
Global Equity 9.93 11.72 16.74 16.01 50.28 44.49 10.16 9.58 - - 11.27 12.48 98.38 94.28
Global Index - - - - 0.05 - - - 96.19 98.64 - - 96.24 98.64
Global Technology - - - - 83.10 83.02 - - - - 4.50 - 87.60 83.02
Gold 4.00 0.02 - - 11.65 3.52 - - - - 2.93 12.87 18.58 16.41
International Growth 2.38 1.39 - - - - - - 95.86 96.23 - - 98.24 97.62
Matador Balanced 1.39 - - 0.01 5.80 4.92 1.05 - 17.30 13.63 - - 25.54 18.56
Minining and Resources 9.08 5.48 - - 3.37 6.72 - - - - 3.58 1.99 16.03 14.19
Stable Growth - 0.63 - - 0.11 2.45 - - 1.85 3.28 5.60 3.53 7.56 9.89
SYm|mETRY Inflation Plus No 1 0.55 - - - 3.02 - 0.20 - 20.81 19.17 - - 24.58 19.17
SYm|mETRY Inflation Plus No 2 1.04 0.66 - 0.54 0.10 3.27 - - 16.23 13.43 1.18 - 18.55 17.90
SYm|mETRY Inflation Plus No 3 5.19 4.22 3.05 3.45 1.27 4.30 - - 8.77 2.00 0.41 0.29 18.69 14.26
SYm|mETRY Inflation Plus No 4 - - - - - - - - 17.64 13.86 - - 17.64 13.86
SYm|mETRY Inflation Plus No 5 0.61 - - - 11.78 0.51 - - 12.92 18.75 - - 25.31 19.26
UK Money Market Feeder 0.24 0.66 - - - - - - 95.74 99.34 - - 95.98 100.00
US Dollar Feeder - - - - - - - - 95.73 94.79 - - 95.73 94.79
^ Global - constitutes indirect investment in any of the abovementioned currencies by virtue of investment in another collective investment scheme.
^^ Other - constitutes direct investments in Australian Dollars; Canadian Dollars; Asian currencies (excluding Japanese YEN); other European currencies (not affiliated to
the Euro).
The majority of the Schemes in the table above, are simultaneously invested in various foreign currencies. As a sensitivity analysis on the
assumption that all currencies move in a similar direction at the same time will not represent a realistic and meaningful analysis, no sensitivity
analysis has been performed.
The Schemes’ exposure to foreign currencies are governed by the investment mandate of each Scheme and investors are able to assess the
sensitivity and exposure to the relevant foreign currency movements by referring to the mandate of each Scheme and the portfolio composition
of the Scheme at any point in time.
Interest rate risk
Certain Schemes’ mandates permit or require investment in interest-bearing financial instruments. The fair values of fixed rate interest instruments
are susceptible to changes in the prevailing level of interest rates. Schemes with significant investments in interest-bearing financial instruments
are exposed to interest rate risk. 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.
159

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Interest rate risk (continued)
The following table provides an analysis of interest bearing instruments by Scheme, together with the split between fixed rate and variable
rate instruments.
For interest rate price risk, a change in the prevailing level of interest rates in effect at 31 December 2011 for fixed rate instruments will
impact the fair value of these instruments. For cash flow interest rate risk, a change in the prevailing level of interest rates in effect at
31 December 2011 for variable rate instruments will impact the future cash flows associated with such instruments and thereby the yield of
the Scheme.
At 31 December 2011, the interest rate profile of the Schemes’ interest bearing financial assets was:
FIXED RATE INSTRUMENTS
CORPORATE BONDS
GOVERNMENT BONDS
Cash and call
%
Money market
instruments
%
Variable
rate instruments
%
2012
< 1 year
%
2013-2014
1-3 years
%
2015-2018
3-7 years
%
2018
> 7 years
%
2012
< 1 year
%
2013-2014
1-3 years
%
2015-2018
3-7 years
%
2018
> 7 years
%
SCHEME
Active Quant Equity 0.73 - - - - - - - - - - 0.73
Albaraka Balanced 48.51 - - - - - - - - - - 48.51
Albaraka Equity 0.35 - - - - - - - - - - 0.35
Balanced Fund 3.51 4.86 - 9.46 - - - - - 3.81 1.06 22.70
Bond 2.18 - 3.08 1.98 9.22 10.48 21.47 - 0.16 15.09 36.34 100.00
Capital Builder Fund 24.91 18.40 4.37 - - - - - - - - 47.68
Dividend Income Fund 80.02 - - - - - - - - - - 80.02
Dynamic Floor Fund 15.93 27.64 20.46 - - - - - - - - 64.03
Enhanced Income Fund 9.22 15.80 45.19 5.04 8.11 2.15 1.52 - 0.01 11.99 - 99.03
Financial Services Fund 0.11 - - - - - - - - - - 0.11
Flexible Fund 10.96 - 0.67 - - - - - - - - 11.63
Four Plus Capital Fund 3.21 - - - - - - - - - - 3.21
Four Plus Global Fund 9.07 - - - - - - - - - - 9.07
Four Plus Growth Fund 0.82 - - - - - - - - - - 0.82
Four Plus Secure 0.46 - - - - - - - - - - 0.46
Global Bond Feeder 3.52 - - - - - - - - - - 3.52
Global Emerging Markets 5.42 - - - - - - - - - - 5.42
Global Equity 1.21 - - - - - - - - - - 1.21
Global Index 3.50 - - - - - - - - - - 3.50
Global Technology 3.92 - - - - - - - - - - 3.92
Gold 7.82 - - - - - - - - - - 7.82
Growth 0.09 - - - - - - - - - - 0.09
High Yield Opportunity 0.06 - - - - - - - - - - 0.06
Income 7.73 9.67 40.70 13.44 9.99 3.84 0.91 - - 13.72 - 100.00
Industrial 0.96 - - - - - - - - - - 0.96
Institutional Money Market 4.18 95.82 - - - - - - - - - 100.00
Interest Plus 9.41 83.61 0.88 4.05 2.05 - - - - - - 100.00
International Growth 4.14 - - - - - - - - - - 4.14
Investors' 0.02 - - - - - - - - - - 0.02
Matador Balanced 11.04 - 4.95 0.08 0.94 2.84 2.41 - 0.77 0.23 1.33 24.59
Matador Defensive Fund of Funds 0.25 - - - - - - - - - - 0.25
Matador Equity Fund of Funds 0.05 - - - - - - - - - - 0.05
Matador Fixed Interest Fund of Funds 0.20 - - - - - - - - - - 0.20
Mining and Resources 8.85 - - - - - - - - - - 8.85
Money Market 2.24 97.76 - - - - - - - - - 100.00
RAFI® 40 Tracker 2.76 - - - - - - - - - - 2.76
Real Income Fund 8.74 11.46 32.52 1.78 2.61 0.91 1.27 - 0.57 12.39 - 72.25
SA Quoted Property 0.07 - - - - - - - - - - 0.07
Small Companies 0.16 - - - - - - - - - - 0.16
Stable Growth Fund 10.44 13.49 22.70 - - - - - - 8.21 3.92 58.76
SYm|mETRY Balanced 0.19 - - - - - - - - - - 0.19
Total
%
160

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Interest rate risk (continued)
At 31 December 2011, the interest rate profile of the Schemes’ interest bearing financial assets was:
FIXED RATE INSTRUMENTS
Cash and call
%
Money market
instruments
%
Variable
rate instruments
%
2012
< 1 year
%
CORPORATE BONDS
2013-2014
1-3 years
%
2015-2018
3-7 years
%
2018
> 7 years
%
2012
< 1 year
%
GOVERNMENT BONDS
2013-2014
1-3 years
%
2015-2018
3-7 years
%
2018
> 7 years
%
SCHEME
SYm|mETRY Cautious 0.55 - - - - - - - - - - 0.55
SYm|mETRY Defensive 0.07 - - - - - - - - - - 0.07
SYm|mETRY Equity 0.14 - - - - - - - - - - 0.14
SYm|mETRY Fixed Interest 0.04 - - - - - - - - - - 0.04
SYm|mETRY Income Fund No. 1 5.13 42.33 35.18 0.36 0.84 0.68 - - - - - 84.52
SYm|mETRY Income Fund No. 2 2.99 10.61 40.05 1.18 11.17 21.54 4.31 - - - - 91.85
SYm|mETRY Inflation Plus Fund No. 1 33.20 - 2.44 - - - - - - - - 35.64
SYm|mETRY Inflation Plus Fund No. 2 2.21 - 18.59 0.52 0.21 4.18 6.05 - - - - 31.76
SYm|mETRY Inflation Plus Fund No. 3 9.48 1.24 36.81 - 1.88 1.67 - - 0.89 0.15 4.05 56.17
SYm|mETRY Inflation Plus Fund No. 4 18.18 - 1.84 - 0.07 0.05 0.30 - 1.21 2.08 8.31 32.04
SYm|mETRY Inflation Plus Fund No. 5 8.09 - 11.14 0.55 1.08 5.99 4.65 - - - - 31.50
SYm|mETRY Inflation Plus Fund No. 6 7.51 - 11.76 - 2.94 - - - - - - 22.21
SYm|mETRY Inflation Plus Fund No. 7 11.59 58.38 16.48 - - - - - - - - 86.45
SYm|mETRY Money Market 15.59 84.41 - - - - - - - - - 100.00
SYm|mETRY Satellite Equity Fund No. 1 4.09 - - - - - - - - - - 4.09
SYm|mETRY Satellite Equity Fund No. 2 2.61 - - - - - - - - - - 2.61
SYm|mETRY Satellite Equity Fund No. 3 3.75 - - - - - - - - - - 3.75
SYm|mETRY Satellite Equity Fund No. 4 5.21 - - - - - - - - - - 5.21
Top 40 1.53 - - - - - - - - - - 1.53
Top Companies 0.12 - - - - - - - - - - 0.12
UK Money Market Feeder 4.26 - - - - - - - - - - 4.26
US Dollar Feeder Fund 4.27 - - - - - - - - - - 4.27
Value 0.08 - - - - - - - - - - 0.08
Total
%
At 31 December 2010, the interest rate profile of the Schemes’ interest bearing financial assets was:
FIXED RATE INSTRUMENTS
SCHEME
Cash and call
%
Money market
instruments
%
Variable
rate instruments
%
2011
< 1 year
%
CORPORATE BONDS
2012-2013
1-3 years
%
2014-2017
3-7 years
%
2017
> 7 years
%
2011
< 1 year
%
GOVERNMENT BONDS
2012-2013
1-3 years
%
2014-2017
3-7 years
%
2017
> 7 years
%
Active Quant Equity 0.19 - - - - - - - - - - 0.19
Albaraka Balanced 51.39 - - - - - - - - - - 51.39
Albaraka Equity 1.57 - - - - - - - - - - 1.57
Balanced Fund 9.09 4.47 9.03 0.42 - - - - - 1.45 0.31 24.77
Bond 4.05 - - 2.41 7.70 8.00 20.95 - - 5.04 51.85 100.00
Capital Builder Fund 26.12 5.32 2.36 - - - - - - - - 33.80
Dividend Income Fund 10.02 - - - - - - - - - - 10.02
Dynamic Floor Fund 15.50 22.56 21.50 0.67 - - - - - - - 60.23
Enhanced Income Fund 9.69 13.33 34.33 2.30 13.39 3.55 0.90 - - 14.51 8.00 100.00
Financial Services Fund 1.39 - - - - - - - - - - 1.39
Flexible Fund 11.44 - 0.73 - - - - - - - - 12.17
Four Plus Capital Fund 3.39 - - - - - - - - - - 3.39
Four Plus Global Fund 17.40 - - - - - - - - - - 17.40
Four Plus Growth Fund 2.94 - - - - - - - - - - 2.94
Four Plus Secure 0.67 - - - - - - - - - - 0.67
Global Bond Feeder 6.53 - - - - - - - - - - 6.53
Total
%
161

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Interest rate risk (continued)
At 31 December 2010, the interest rate profile of the schemes interest bearing financial assets was:
FIXED RATE INSTRUMENTS
SCHEME
Cash and call
%
Money market
instruments
%
Variable
rate instruments
%
2011
< 1 year
%
CORPORATE BONDS
2012-2013
1-3 years
%
2014-2017
3-7 years
%
2017
> 7 years
%
2011
< 1 year
%
GOVERNMENT BONDS
2012-2013
1-3 years
%
2014-2017
3-7 years
%
2017
> 7 years
%
Global Equity 6.55 - - - - - - - - - - 6.55
Global Index 1.36 - - - - - - - - - - 1.36
Global Technology 1.16 - - - - - - - - - - 1.16
Gold 4.65 - - - - - - - - - - 4.65
Growth 0.92 - - - - - - - - - - 0.92
High Yield Opportunity 1.58 - - - - - - - - - - 1.58
Income 4.35 7.94 34.61 17.19 13.42 2.22 - - - 13.83 6.44 100.00
Industrial 0.91 - - - - - - - - - - 0.91
Institutional Money Market 7.21 92.79 - - - - - - - - - 100.00
International Growth 3.77 - - - - - - - - - - 3.77
Investors' 0.84 - - - - - - - - - - 0.84
Matador Balanced 16.93 - 3.79 0.45 0.52 2.47 2.25 - - 1.43 1.41 29.25
Matador CPI 3 Fund of Funds - - - - - - - - - - - -
Matador CPI 4 Fund of Funds - - - - - - - - - - - -
Matador CPI 5 Fund of Funds - - - - - - - - - - - -
Matador Defensive Fund of Funds 0.12 - - - - - - - - - - 0.12
Matador Equity Fund of Funds 0.02 - - - - - - - - - - 0.02
Matador Fixed Interest Fund of Funds 0.14 - - - - - - - - - - 0.14
Mining and Resources 2.14 - - - - - - - - - - 2.14
Money Market 4.33 95.67 - - - - - - - - - 100.00
RAFI® 40 Tracker 1.95 - - - - - - - - - - 1.95
Real Income Fund 14.64 2.14 30.56 4.53 4.28 2.26 0.28 - - 7.83 6.82 73.34
SA Quoted Property 0.96 - - - - - - - - - - 0.96
Small Companies 1.01 - - - - - - - - - - 1.01
Stable Growth Fund 17.03 9.17 24.80 1.09 - - - - - 7.78 2.21 62.08
SYm|mETRY Balanced 0.22 - - - - - - - - - - 0.22
SYm|mETRY Cautious 0.78 - - - - - - - - - - 0.78
SYm|mETRY Defensive 0.33 - - - - - - - - - - 0.33
SYm|mETRY Equity 0.05 - - - - - - - - - - 0.05
SYm|mETRY Fixed Interest 0.30 - - - - - - - - - - 0.30
SYm|mETRY Income Fund No. 1 27.46 10.67 44.36 3.98 4.09 0.71 0.57 - - - - 91.84
SYm|mETRY Income Fund No. 2 5.89 13.31 47.39 1.12 7.17 15.50 1.83 - - - - 92.21
SYm|mETRY Inflation Plus Fund No. 1 33.74 - 1.02 - - 1.66 - - - - - 36.42
SYm|mETRY Inflation Plus Fund No. 2 9.68 - 18.20 - 0.45 5.97 2.94 - - - - 37.24
SYm|mETRY Inflation Plus Fund No. 3 12.20 23.60 16.66 - 2.83 4.06 - - - 1.77 0.55 61.67
SYm|mETRY Inflation Plus Fund No. 4 12.68 - 1.75 - 0.09 0.07 0.11 - - 2.72 9.84 27.26
SYm|mETRY Inflation Plus Fund No. 5 8.51 - 7.55 0.16 1.74 5.75 6.22 - - - - 29.93
SYm|mETRY Inflation Plus Fund No. 6 10.90 3.86 5.38 1.20 - - - - - - - 21.34
SYm|mETRY Inflation Plus Fund No. 7 21.36 60.37 - 3.73 - - - - - - - 85.46
SYm|mETRY Money Market 4.64 95.36 - - - - - - - - - 100.00
SYm|mETRY Satellite Equity Fund No. 1 1.57 - - - - - - - - - - 1.57
SYm|mETRY Satellite Equity Fund No. 2 2.46 - - - - - - - - - - 2.46
SYm|mETRY Satellite Equity Fund No. 3 4.28 - - - - - - - - - - 4.28
SYm|mETRY Satellite Equity Fund No. 4 2.96 - - - - - - - - - - 2.96
Top 40 1.41 - - - - - - - - - - 1.41
Top Companies 0.98 - - - - - - - - - - 0.98
UK Money Market Feeder 0.66 - - - - - - - - - - 0.66
US Dollar Feeder Fund 5.21 - - - - - - - - - - 5.21
Value 0.53 - - - - - - - - - - 0.53
Total
%
162

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Credit risk - exposure to credit risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with
the Scheme.
The Collective Investment Schemes Control Act (CISCA) has strict guidelines ensuring that a high proportion of instruments held are of high
credit quality. Any unrated instruments held must be issued by a listed issuer who guarantees liquidity. CISCA assigns a maximum exposure
per issuer and per rating band with stricter requirements for foreign issuers.
The Investment Managers employed in the management of the investments of the Schemes all have credit policies in place, which are at least
as stringent as the CISCA requirements, and the exposure to credit risk is monitored on an ongoing basis. Credit risk arising on debt instruments
is mitigated by investing in rated instruments or instruments issued by rated counterparties.
Credit risk arising on non-rated investments is monitored through regular analysis of financial statements of their respective issuers.
The credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the fact that the majority
of financial instrument transactions are exchange traded, with settlement guaranteed by the exchanges.
The maximum credit risk exposure at the statement of financial position date is equal to the carrying amount of the assets as reported.
The table below analyses the credit rating (Standard & Poors or equivalent) by investment grade of financial assets bearing credit risk and by
type of instrument.
Fixed rate instruments
Money
Cash and market
Variable rate instruments Corporate bonds
Government bonds
call instruments AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated
SCHEME YEAR R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s
Active Quant Equity 2011 1 662 - - - - - - - - - -
2010 480 - - - - - - - - - -
Albaraka Balanced 2011 5 902 - - - - - - - - - -
2010 1 232 - - - - - - - - - -
Albaraka Equity 2011 3 458 - - - - - - - - - -
2010 15 412 - - - - - - - - - -
Balanced Fund 2011 83 085 115 004 222 214 1 751 - - - - 115 361 - -
2010 214 159 105 250 210 718 2 101 - 9 937 - - 41 524 - -
Bond 2011 12 221 - 17 324 - - 242 123 - 202 289 717 - -
2010 24 321 - - - - 229 993 4 441 343 341 956 - -
Capital Builder 2011 326 177 240 989 57 201 - - - - - - - -
2010 280 744 57 179 25 347 - - - - - - - -
Dividend Income 2011 801 - - - - - - - - - -
2010 100 - - - - - - - - - -
Dynamic Floor 2011 384 854 667 941 494 416 - - - - - - - -
2010 391 466 569 994 543 198 - - 16 755 - - - - -
Enhanced Income 2011 286 002 489 985 1 402 167 - - 521 343 - - 372 208 - -
2010 248 701 342 412 861 791 19 730 - 496 128 21 245 - 578 279 - -
Financial Services 2011 570 - - - - - - - - - -
2010 7 693 - - - - - - - - - -
Flexible 2011 78 914 - 4 848 - - - - - - - -
2010 71 352 - 4 551 - - - - - - - -
Four Plus Capital 2011 1 295 - - - - - - - - - -
2010 1 340 - - - - - - - - - -
Four Plus Global 2011 18 025 - - - - - - - - - -
2010 34 422 - - - - - - - - - -
Four Plus Growth 2011 2 931 - - - - - - - - - -
2010 10 556 - - - - - - - - - -
Four Plus Secure 2011 158 - - - - - - - - - -
2010 233 - - - - - - - - - -
Global Bond Feeder 2011 2 163 - - - - - - - - - -
2010 4 876 - - - - - - - - - -
163

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Credit risk - exposure to credit risk (continued)
Cash and
call
Money
market
instruments
Variable rate instruments
Corporate bonds
Fixed rate instruments
Government bonds
AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated
SCHEME YEAR R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s
Global Emerging
2011 39 930 - - - - - - - - - -
Markets
2010 - - - - - - - - - - -
Global Equity 2011 22 546 - - - - - - - - - -
2010 96 111 - - - - - - - - - -
Global Index 2011 1 001 - - - - - - - - - -
2010 427 - - - - - - - - - -
Global Technology 2011 2 780 - - - - - - - - - -
2010 853 - - - - - - - - - -
Gold 2011 53 846 - - - - - - - - - -
2010 29 115 - - - - - - - - - -
Growth 2011 1 251 - - - - - - - - - -
2010 14 047 - - - - - - - - - -
High Yield Opportunity 2011 1 326 - - - - - - - - - -
2010 32 957 - - - - - - - - - -
Income 2011 135 866 169 983 715 599 - - 495 345 - - 241 113 - -
2010 64 846 118 303 501 202 14 401 - 470 764 18 210 - 301 955 - -
Industrial 2011 8 900 - - - - - - - - - -
2010 8 127 - - - - - - - - - -
Institutional Money 2011 17 298 396 996 - - - - - - - - -
Market
2010 19 346 249 108 - - - - - - - - -
Interest Plus 2011 109 049 968 594 10 250 - - 70 569 - - - - -
2010 - - - - - - - - - - -
International Growth 2011 5 359 - - - - - - - - - -
2010 4 266 - - - - - - - - - -
Investors' 2011 2 046 - - - - - - - - - -
2010 71 037 - - - - - - - - - -
Matador Balanced 2011 14 321 - 6 417 - - 8 131 - - 3 029 -
2010 27 119 - 6 072 - - 9 113 - - 4 551 - -
Matador Defensive 2011 104 - - - - - - - - - -
2010 142 - - - - - - - - - -
Matador Equity 2011 45 - - - - - - - - - -
2010 47 - - - - - - - - - -
Matador Fixed Interest 2011 114 - - - - - - - - - -
2010 242 - - - - - - - - - -
Mining and Resources 2011 169 259 - - - - - - - - - -
2010 44 934 - - - - - - - - - -
Money Market 2011 349 656 15 238 410 - - - - - - - - -
2010 471 661 10 420 502 - - - - - - - - -
RAFI® 40 Tracker 2011 12 099 - - - - - - - - - -
2010 8 010 - - - - - - - - - -
Real Income 2011 198 330 259 997 737 684 - - 148 992 - - 293 969 - -
2010 157 747 23 045 324 551 4 700 - 117 754 4 451 - 157 843 - -
SA Quoted Property 2011 2 843 - - - - - - - - - -
2010 33 329 - - - - - - - - - -
Small Companies 2011 1 224 - - - - - - - - - -
2010 8 727 - - - - - - - - - -
Stable Growth 2011 71 176 91 998 154 853 - - - - - 82 658 - -
2010 89 373 48 120 127 190 3 001 - 5 721 - - 52 434 - -
164

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Credit risk - exposure to credit risk (continued)
Cash and
call
Money
market
instruments
Variable rate instruments
Corporate bonds
Fixed rate instruments
Government bonds
AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated AAA-A BBB-B Non-rated
SCHEME YEAR R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s R000’s
SYm|mETRY Balanced 2011 10 643 - - - - - - - - - -
2010 10 380 - - - - - - - - - -
SYm|mETRY Cautious 2011 548 - - - - - - - - - -
2010 154 - - - - - - - - - -
SYm|mETRY Defensive 2011 3 323 - - - - - - - - - -
2010 16 268 - - - - - - - - - -
SYm|mETRY Equity 2011 325 - - - - - - - - - -
2010 103 - - - - - - - - - -
SYm|mETRY Fixed 2011 139 - - - - - - - - - -
Interest
2010 781 - - - - - - - - - -
SYm|mETRY Income 2011 9 953 82 100 68 228 - - 3 649 - - - -
No. 1
2010 61 756 24 000 99 761 - - 21 041 - - - - -
SYm|mETRY Income 2011 6 785 24 070 90 881 - - 86 689 - - - -
No. 2
2010 12 630 28 521 101 578 - - 54 924 - - - - -
SYm|mETRY Inflation 2011 633 413 - 46 478 - - - - - - - -
Plus No. 1
2010 296 371 - 8 916 - - 14 600 - - - - -
SYm|mETRY Inflation 2011 45 140 374 405 4 573 108 768 114 814
Plus No. 2
2010 197 413 - 371 058 - - 155 633 35 195 - - - -
SYm|mETRY Inflation 2011 129 797 17 025 504 238 - - 48 538 - - 64 406 5 395 -
Plus No. 3
2010 119 995 232 060 163 888 - - 57 337 10 422 - 22 736 - -
SYm|mETRY Inflation 2011 648 334 - 65 755 - - 14 953 - - 413 650 - -
Plus No. 4
2010 363 157 - 49 989 - - 7 530 - - 360 271 - -
SYm|mETRY Inflation 2011 130 828 - 180 231 - - 198 545 - - - - -
Plus No. 5
2010 121 672 - 107 812 - - 198 267 - - - - -
SYm|mETRY Inflation 2011 148 748 - 233 012 - - 58 193 - - - - -
Plus No. 6
2010 146 997 52 000 72 593 - - 16 199 - - - - -
SYm|mETRY Inflation 2011 10 146 51 090 14 425 - - - - - - - -
Plus No. 7
2010 11 443 32 080 - - - 1 998 - - - - -
SYm|mETRY Money 2011 121 086 655 704 - - - - - - - - -
Market
2010 44 025 903 945 - - - - - - - - -
SYm|mETRY Satellite 2011 114 229 - - - - - - - - - -
Equity No. 1
2010 5 373 - - - - - - - - - -
SYm|mETRY Satellite 2011 64 592 - - - - - - - - - -
Equity No. 2
2010 10 769 - - - - - - - - - -
SYm|mETRY Satellite 2011 117 087 - - - - - - - - - -
Equity No. 3
2010 16 615 - - - - - - - - - -
SYm|mETRY Satellite 2011 6 515 - - - - - - - - - -
Equity No. 4
2010 3 939 - - - - - - - - - -
Top 40 2011 5 508 - - - - - - - - - -
2010 4 243 - - - - - - - - - -
Top Companies 2011 1 978 - - - - - - - - - -
2010 11 250 - - - - - - - - - -
UK Money Market
2011 8 838 - - - - - - - - - -
Feeder
2010 1 390 - - - - - - - - - -
US Dollar Feeder 2011 602 - - - - - - - - - -
2010 641 - - - - - - - - - -
Value 2011 685 - - - - - - - - - -
2010 5 134 - - - - - - - - - -
165

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Liquidity risk
The Schemes’ Trust Deeds provide for the daily creation and cancellation of units and the Schemes are therefore exposed to the liquidity risk
of meeting unitholders’ redemptions at any time.
Liquidity risk is the risk that the Scheme may not be able to liquidate investments quickly enough at an amount close to its fair value in order
to meet its liquidity requirements, or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.
The Schemes’ listed securities are considered to be readily realisable as they are listed on reputable local and major foreign stock exchanges.
Investments in over the counter (OTC) derivative contracts are permitted.
Liquidity risk can also occur if an institutional investor redeems a significant proportion of a fund. This risk is mitigated by service level agreements
with large investors requiring notice periods for large redemptions and regulatory safeguards as incorporated into the CISCA.
The use of derivatives
Derivative instruments are used by the Investment Managers for the purpose of reducing investment risk enabling diversification of asset allocations
and interest rate exposures without having to divest from the instruments in the portfolio.
Derivatives used can generally be classified as futures, forward contracts and options.
Futures and forward contracts
Futures and forward contracts are contracts giving the holder or issuer the obligation to either purchase or sell a designated financial instrument,
currency, commodity or an index at a specified future date for a specified price and may be settled in cash or another financial asset. Futures are
standardised exchange-traded contracts whereas forwards are individually traded over-the-counter contracts. Forward contracts are subject to
liquidity risk as the individually traded contracts may not be easily traded in an active market. Futures trading may also be illiquid. Certain futures
exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day’s trading beyond
certain set limits. If prices fluctuate during a single day’s trading beyond those limits, the Scheme could be prevented from promptly liquidating
unfavourable positions and thus could be subject to substantial losses.
Options
Options are derivative instruments that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase
from (call option) or sell to (put option) the writer a specified underlying instrument at a specified price on or before a specified date. The Scheme
enters into exchange-traded and over-the-counter option contracts to meet the requirements of its risk management and trading activities. The
risk in buying an option is that the Scheme pays a premium whether or not the option is exercised.
Investments in derivatives are regulated by the Financial Services Board (FSB). Submissions are required by the FSB indicating the derivative
component of each scheme at the end of each quarter during the period under review.
Speculative activity in derivatives is not permitted in terms of the Old Mutual Group policy and all transactions must be fully covered by cash or
corresponding assets and liabilities.
The following table summarises derivative contracts at year end:
SCHEME YEAR DERIVATIVE TYPES UNDERLYING SECURITY
NUMBER
OF
CONTRACTS
MATURITY
DATE
ASSETS
R’000
FAIR VALUE
LIABILITIES
R’000
NOMINAL
EFFECTIVE
EXPOSURE
R’000
Balanced 2011 SAFEX Futures All Share Index 63 March 2012 - - 17 936
Options on Futures All Share Index (388) June 2012 - - (11 143)
2010 - - - - - - -
Capital Builder 2011 SAFEX Futures Anglo American PLC 80 March 2012 - - 237
SAFEX Futures All Share Index 247 March 2012 - - 70 320
AMSQM12 150312 Angloplatinum Limited 100 March 2012 - - 532
ANGQM12 150312 Anglogold Ashanti Limited (80) March 2012 - - (275)
ASAQM12 150312 ABSA Group (100) March 2012 - - (141)
BILQM12 150312 BHP Billiton 388 March 2012 - - 909
BVTQM12 150312 The Bidvest Group Limited 124 March 2012 - - 192
CFRQM12 150312
Compagnie Financiere
Richemont
1 089 March 2012 - - 444
FSRQM12 150312 FirstRand Limited (1 546) March 2012 - - (321)
GFIQM12 150312 Gold Fields Limited 331 March 2012 - - 412
HARQM12 150312
Harmony Gold Mining Company
Limited
(30) March 2012 - - (29)
IMPQM12 150312
Impala Platinum Holdings
Limited
(127) March 2012 - - (213)
KIOQM12 150312 Kumba Iron Ore Limited 9 March 2012 - - 45
MTNQM12 150312 MTN Group Limited (250) March 2012 - - (359)
NPNQJ12 140612 Naspers Limited (1 116) June 2012 - - (3 942)
166

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Options (continued)
SCHEME YEAR DERIVATIVE TYPES UNDERLYING SECURITY
NUMBER
OF
CONTRACTS
MATURITY
DATE
ASSETS
R’000
FAIR VALUE
LIABILITIES
R’000
NOMINAL
EFFECTIVE
EXPOSURE
R’000
OMLQM12 150312 Old Mutual PLC 2 465 March 2012 - - 420
SABQM12 150312 SAB Miller PLC 336 March 2012 - - 951
SHFQM12 150312
Steinhoff International Holdings
Limited
1 086 March 2012 - - 250
SHPQM12 150312 Shoprite Holdings Limited 154 March 2012 - - 210
SLMQM12 150312 Sanlam Limited 206 March 2012 - - 59
SOLQM12 150312 Sasol Limited 61 March 2012 - - 235
Options on Futures All Share Index 192 March 2012 - - 5 489
Options on Futures All Share Index 748 September 2012 - - 21 453
XWZQ 190112 29432
CO
FTSE/JSE Top 40 Index (382) January 2012 - - (10 904)
2010 SAFEX Futures Anglo American PLC (254) March 2010 - - (871)
SAFEX Futures All Share Index 308 June 2011 - - 88 562
SAFEX Futures All Share Index (885) March 2011 - - (254 472)
SAFEX Futures All Share Index 337 September 2011 - - 96 900
AMSQM11 170311 Angloplatinum Limited 71 March 2011 - - 493
ANGQM11 170311 Anglogold Ashanti Limited 210 March 2011 - - 686
ASAQM11 170311 ABSA Group (100) March 2011 - - (140)
BILQM11 170311 BHP Billiton 245 March 2011 - - 650
BVTQM11 170311 The Bidvest Group Limited (14) March 2011 - - (22)
CFRQM11 170311
Compagnie Financiere
Richemont
2 109 March 2011 - - 823
FSRQM11 170311 FirstRand Limited 631 March 2011 - - 123
GFIQM11 170311 Gold Fields Limited (492) March 2011 - - (593)
HARQM11 170311
Harmony Gold Mining Company
Limited
(474) March 2011 - - (393)
IMPQM11 170311
Impala Platinum Holdings
Limited
(142) March 2011 - - (331)
MTNQM11 170311 MTN Group Limited (128) March 2011 - - (172)
NPNQM11 170311 Naspers Limited (1 142) March 2011 - - (4 430)
OMLQM11 170311 Old Mutual PLC 678 March 2011 - - 88
REMQM11 170311 Remgro Limited 97 March 2011 - - 110
SABQM11 170311 SAB Miller PLC 412 March 2011 - - 970
SBKQM11 170311 Standard Bank 722 March 2011 - - 777
SLMQM11 170311 Sanlam Limited 206 March 2011 - - 58
SOLQM11 170311 Sasol Ltd 133 March 2011 - - 461
Options on Futures All Share Index 885 June 2011 - - 25 672
Options on Futures All Share Index 490 March 2011 - - 14 116
Options on Futures All Share Index 860 September 2011 - - 25 142
Dynamic Floor 2011 SAFEX Futures All Share Index (214) March 2012 - - (60 925)
SAFEX Futures
Shareholder Weighted Top 40
Index
(1 004) March 2012 - - (61 429)
SAFEX Futures All Share Index 568 March 2012 - - 161 709
Options on Futures All Share Index (100) January 2012 - - (2 854)
2010 SAFEX Futures All Share Index 426 March 2011 - - 122 491
SAFEX Futures Financial and Industrial Index 180 March 2011 - - 53 948
Options on Futures All Share Index (692) January 2011 - - (19 846)
Flexible 2011 Options on Futures All Share Index (117) June 2012 - - (3 360)
2010 - - - - - - -
Industrial 2011
BVTM 150312 182.50
C
The Bidvest Group Limited (1 425) March 2012 - - (223)
CFRQ 150312 35.28
PO
NPNQ 150312 322.4
PO
Compagnie Financiere
Richemont
(12 213) March 2012 - - (504)
Naspers Limited (1 207) March 2012 - - (431)
2010 - - - - - - -
167

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Options (continued)
NUMBER
OF
CONTRACTS
MATURITY
DATE
ASSETS
R’000
FAIR VALUE
LIABILITIES
R’000
NOMINAL
EFFECTIVE
EXPOSURE
R’000
SCHEME YEAR DERIVATIVE TYPES UNDERLYING SECURITY
Matador
Balanced
2011 SAFEX Futures All Share Index (2) March 2012 - - (569)
2010 - - - - - - -
RAFI® 40
Shareholder Weighted Top 40
2011 SAFEX Futures
Tracker
Index
173 March 2012 - - 10 585
2010 SAFEX Futures
Shareholder Weighted Top 40
Index
115 March 2011 - - 6 985
Stable Growth 2011 SAFEX Futures All Share Index 23 March 2012 - - 6 548
Options on Futures All Share Index (108) March 2012 - - (3 102)
2010 - - - - - - -
SYm|mETRY 2011 Interest Rate Swaps SW ASA 7.605 180716 - July 2016 - 371 10 000
Income 2
Interest Rate Swaps SW SBK 6.90 180714 - July 2014 - 205 10 000
2010 - - - - - - -
SYm|mETRY
Inflation Plus
No. 2
SYm|mETRY
Inflation Plus
No. 3
2011 SAFEX Futures
Shareholder Weighted Top 40
Index
(134) March 2012 - - (8 199)
MTNQH2 150312 MTN Group Limited 2 325 March 2012 - - 3 342
LBHQ 150312 82.27 CO Liberty Holdings Limited (521) March 2012 - - (42)
SOLQ 150312 410.0
CO
Sasol Limited (193) March 2012 - - (75)
ANGQ 150312 423.57 C Anglogold Ashanti Limited (111) March 2012 - - (38)
MTNQ 150312 145.9
CO
MTN Group Limited (871) March 2012 - - (127)
BVTQ 150312 167.08 C The Bidvest Group Limited (483) March 2012 - - (76)
Options on Futures
Shareholder Weighted Top 40
Index
601 September 2012 - - 3 701
Options on Futures
Shareholder Weighted Top 40
Index
143 June 2012 - - 882
Options on Futures
Shareholder Weighted Top 40
Index
1 278 March 2012 - - 7 856
2010 Options on Futures
Shareholder Weighted Top 40
Index
1 248 March 2011 - - 478
Options on Futures
Shareholder Weighted Top 40
Index
(44) March 2011 - - (2 687)
Options on Futures
Shareholder Weighted Top 40
Index
651 June 2011 - - 791
Options on Futures
Shareholder Weighted Top 40
Index
1 413 September 2011 - - 2 975
Options on Futures
Shareholder Weighted Top 40
Index
274 December 2011 - - 821
2011 SAFEX Futures Shareholder Weighted Top 40
1 305 March 2012 - - 79 846
Index
Options on Futures
Shareholder Weighted Top 40
Index
(1 467) January 2012 - - (9 013)
Options on Futures
Shareholder Weighted Top 40
Index
(1 363) April 2012 - - (8 335)
Options on Futures
Shareholder Weighted Top 40
Index
(1 326) May 2012 - - (8 151)
Options on Futures
Shareholder Weighted Top 40
Index
1 532 February 2012 - - 9 373
Options on Futures
Shareholder Weighted Top 40
Index
1 467 January 2012 - - 8 976
Options on Futures
Shareholder Weighted Top 40
Index
1 363 April 2012 - - 8 339
Options on Futures
Shareholder Weighted Top 40
Index
1 326 May 2012 - - 8 113
Options on Futures
Shareholder Weighted Top 40
Index
(1 532) February 2012 - - (9 448)
168

Notes to the financial statements for the year ended 31 December 2011 (continued)
10. Financial instruments - associated risks and risk management (continued)
Options (continued)
SCHEME YEAR DERIVATIVE TYPES UNDERLYING SECURITY
NUMBER
OF
CONTRACTS
MATURITY
DATE
ASSETS
R’000
FAIR VALUE
LIABILITIES
R’000
NOMINAL
EFFECTIVE
EXPOSURE
R’000
2010 Options on Futures
Shareholder Weighted Top 40
Index
902 January 2011 - - 183
Options on Futures
Shareholder Weighted Top 40
Index
(902) January 2011 - - (3 197)
Options on Futures
Shareholder Weighted Top 40
Index
931 March 2011 - - 473
Options on Futures All Share Index (931) March 2011 - - (2 943)
Options on Futures All Share Index 189 June 2011 - - 1 241
Options on Futures All Share Index (189) June 2011 - - (1 588)
SYm|mETRY
Inflation Plus
No. 4
2011 SAFEX Futures All share Index (631) March 2012 - - (179 645)
2010 SAFEX Futures All share Index (346) March 2011 - - (99 676)
SYm|mETRY
Inflation Plus
No. 6
2011 SAFEX Futures All share Index (498) March 2012 - - (141 780)
Options on Futures All Share Index 1 766 March 2012 - - 50 490
2010 SAFEX Futures All share Index (1 866) March 2011 - - (645 616)
SAFEX Futures All share Index 763 September 2011 - - 187 232
SAFEX Futures All share Index 755 March 2012 - - 219 523
SYm|mETRY
Inflation Plus
No. 7
2011 SAFEX Futures All share Index (41) March 2012 - - (11 673)
2010 SAFEX Futures All share Index (26) March 2011 - - (7 490)
SYm|mETRY
Satellite Equity
No. 2
2011 Options on Futures
Shareholder Weighted Top 40
Index
222 March 2012 - - 1 365
2010 - - - - - - -
SYm|mETRY
Satellite Equity
No. 3
2011 SAFEX Futures All share Index (587) March 2012 - - (16 782)
MTN 150312 130.00
PO
OMLQ 150312 12.15
PO
IMP 150312 168 PO
MTN Group Limited (2 500) March 2012 - - (364)
Old Mutual PLC (10 163) March 2012 - - (175)
Impala Platinum Holdings
Limited
(700) March 2012 - - (117)
2010 - - - - - - -
SYm|mETRY
Satellite Equity
No. 4
2011 SAFEX Futures All share Index 19 March 2012 - - 5 409
2010 SAFEX Futures All share Index 10 March 2011 - - 2 875
Top 40 2011 SAFEX Futures All Share Index 17 March 2012 - - 4 840
2010 SAFEX Futures All Share Index 13 March 2011 - - 3 738
Top
Companies
2011 SAFEX Futures All Share Index 48 March 2012 - - 13 666
2010 - - - - - - -
11. Subsequent events
No material facts or circumstances have arisen between the date of the statement of financial position and the date of this report which affect the
financial position or financial performance of the Scheme as reflected in the financial statements.
169

Trustees’ report
Standard Bank of South Africa Limited provides custodian services for a fee as disclosed in the statement of comprehensive income.
Report in terms of Section 70(f) of the Collective Investment Schemes Control Act (Act), Act 45 of 2002 for the period 1 January 2011 to
31 December 2011 - Old Mutual Unit Trust Funds Scheme* and the Old Mutual Investors’ Fund $ .
As trustees of the above Collective Investment Schemes we advise that we have controls in place to give us reasonable assurance that the
following are being complied with by (you), the Manager:
• The limitations imposed on the investment and borrowing powers of the Manager by this Act and
• The provisions of the Act and deed
* Human error and timing differences resulted in some compliance contraventions, which were however immaterial. We confirm that the
portfolios incurred no losses as a result, and no unit holder has been prejudiced by any contraventions.
$ No contraventions occurred during the aforementioned period.
ABSA Bank
ABSA Bank Limited have not recorded any material breaches for the year in respect of the Old Mutual Global Index Fund of Funds, Old Mutual
Albaraka Balanced Fund and the Old Mutual Albaraka Equity Fund.
IMPORTANT NOTICE:
In terms of the Collective Investment Schemes Control Act, the trustees of all unit trust companies must report on their adherence to
limitations imposed on investing, borrowing powers and the general provisions of the Act and Trust Deed. Our trustees, Standard Bank
of South Africa Limited and ABSA Bank Limited, have released Old Mutual Unit Trusts’ report for 2011. The report does not detail any
material breaches and is available from the manager on request and may be viewed at the registered offices of the manager.
170

Annual financial statements for the year ended 31 December 2011
Management company annual financial statements
Contents
Page
Corporate governance report 172
Directors’ responsibility statement 173
Certificate by the Company Secretary 173
Independent auditor’s report 174
Directors’ report 175
Statement of comprehensive income 176
Statement of financial position 177
Statement of changes in equity 177
Statement of cash flows 177
Notes to the financial statements 178 to 194
Prepared by: Wasiem Abbas CA(SA)
Finance Manager
171

Corporate governance report
The Old Mutual Group (the Group) has an overarching governance structure (Group Operating Model), incorporating principles of governance to
facilitate effective and dynamic management and oversight of a Group containing several regulated entities, in different jurisdictions. These overarching
governance structures are set out in the Group Operating Manual (the Manual) which contains the internal operating framework and governance
structure for the Group. The company has resolved to adhere to the Manual, noting that it is a governance framework for the promotion of efficiency
and mitigation of risks, both in the interests of the company and the Group, whilst maintaining the primacy of the fiduciary duties of the Board.
Going concern
The Board has satisfied itself that the Company has adequate resources to continue in operation for the foreseeable future. The Company’s financial
statements have accordingly been prepared on a going concern basis.
Corporate Citizenship and non-financial reporting
The broader Old Mutual Group in South Africa publishes a separate annual corporate citizenship report on its social, transformation, ethical, safety,
health and environmental policies and practices.
This report also covers the financial benefits delivered to customers, employees, government and shareholders. The Old Mutual Group subscribes to
a code of ethics which is available to all staff.
172

Directors’ responsibility statement
The Company’s directors are responsible for the preparation and fair presentation of the annual financial statements and related information included
in this annual report.
In order for the Board to discharge its responsibilities, management has developed and continues to maintain a system of internal control. The Board
has ultimate responsibility for the system of internal control and reviews its operation, primarily through the Audit, Risk and Compliance Committee of
OMLAC(SA) and various other risk monitoring committees.
The annual financial statements are prepared in accordance with statements of International Financial Reporting Standards (IFRS) and in the manner
required by the Companies Act of South Africa and the Old Mutual Group. They are based on appropriate accounting policies consistently applied and
supported by reasonable and prudent judgements and estimates.
The Board has satisfied itself that the Company has adequate resources to continue as a going concern for the foreseeable future and has no reason
to believe the business will not be a going concern in the year ahead.
The auditor is responsible for reporting on whether the annual financial statements are fairly presented in accordance with the applicable financial
reporting framework.
The annual financial statements for the year ended 31 December 2011 set out on pages 173 to 192 were approved by the Board of Directors on
9 February 2012 and are signed on its behalf by:
PG De Beyer
Chairman Designate
PM Hugo
Managing Director
Certificate by the Company Secretary
I declare that, to the best of my knowledge, the Company has lodged all such returns and notices as are required of it in terms of section 88(2)(e) of
the Companies Act of South Africa 71 of 2008, for the year ended 31 December 2011 and that all such returns are true, correct and up to date.
RF Foster
Company Secretary
9 February 2012
173

Independent Auditor’s report
To the shareholders of Old Mutual Unit Trust Managers Limited
We have audited the accompanying financial statements of Old Mutual Unit Trust Managers Limited set out on pages 171 to 194, which comprise the
statement of financial position at 31 December 2011, and the statement of comprehensive income, statement of changes in equity and the statement
of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes, and the directors’ report.
Directors’ responsibility for the annual financial statements
The Company’s directors are responsible for the preparation and fair presentation of these annual financial statements in accordance with International
Financial Reporting Standards, and in the manner required by the Companies Act of South Africa, and for such internal control as the directors determine
is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International
Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Old Mutual Unit Trust Managers Limited as at
31 December 2011, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards
and the requirements of the Companies Act of South Africa.
KPMG Inc.
Registered Auditor
Per KT Hopkins
1 Mediterranean Street
Chartered Accountant (SA)
Foreshore
Registered Auditor
Cape Town
Director 8001
9 February 2012
174

Directors’ report
The directors of Old Mutual Unit Trust Managers Limited have pleasure in submitting their report on the annual financial statements for the year ended
31 December 2011.
Business activities
The Company markets and administers a range of collective investment schemes in accordance with the provisions of the Collective Investment
Schemes Control Act of South Africa. There has been no change in the nature of the business of the Company during the year under review.
Results of operations
The operating results and financial position of the Company are set out in the statement of comprehensive income, statement of financial position,
statement of changes in equity, statement of cash flows and accompanying notes.
Comprehensive income for the Company was R146 653 698 (2010: R141 099 429), after taxation of R58 323 922 (2010: R54 792 418).
Holding company
The Company is a wholly owned subsidiary of Old Mutual (South Africa) Limited. The ultimate holding company is Old Mutual plc, which is incorporated
in the United Kingdom and listed on the London, Johannesburg, Malawi, Namibia and Zimbabwe stock exchanges.
Share capital
There was no change in the authorised or issued ordinary or preference share capital of the Company.
Dividends
Ordinary shares
Dividends on ordinary shares amounting to R100 000 000 (2010: R179 000 000) were declared during the year.
Preference shares
Dividends on preference shares amounting to R100 (2010: R100) were declared during the year.
Public interest score
The Company’s public interest score, as determined in accordance with the relevant provisions of the Companies Act, is 755.
Directors
On 1 April 2011, R Mupita resigned as a director.
On 25 September 2011, MJ Harper (Chairman), DC Radley and M Patel resigned as directors.
On 26 September 2011, PG De Beyer (Chairman) and D Naidoo were appointed as a directors (subject to approval by the Financial Services Board).
The directors currently holding office are:
Independent non-executive directors
PG De Beyer (Chairman Designate)
D Naidoo
Executive directors
PM Hugo (Managing Director)
Non-executive directors
RB Berelowitz
Prescribed officer
FP Moller
Company Secretary
OMLAC(SA), is the Company Secretary.
Business address: Mutualpark Postal address: PO Box 207
Jan Smuts Drive
Cape Town
Pinelands 8000
7405
175

Old Mutual Unit Trust Managers Limited
Revenue
Statement of comprehensive income
for the year ended 31 December 2011
Note
2011
R000’s
2010
R000’s
Initial fees 4 29 711 30 229
Service fees 695 305 632 060
Trading profit/(loss) 1 (367)
Investment income 5 7 747 11 220
Total revenue 732 764 673 142
Expenses
Operating and administration expenses 6 527 774 477 222
Finance costs 13 28
Total expenses 527 787 477 250
Profit before tax 204 977 195 892
Income tax expense 7 58 324 54 793
Total comprehensive income for the financial year 146 653 141 099
Statement of financial position
at 31 December 2011
Assets
Computer and other equipment 8 11 16
Deferred tax asset 9 5 291 9 207
Investments and securities 10 73 822 38 712
Trade receivables 136 486 77 211
Current tax receivables 1 455 -
Cash and cash equivalents 64 475 97 008
Total assets 281 540 222 154
Liabilities
Deferred revenue on investment contracts 11 8 898 16 403
Provisions 12 - 1 374
Amounts due to group companies 13 43 126 39 815
Current tax payable - 1 547
Trade payables 54 898 35 050
Total liabilities 106 922 94 189
Net assets 174 618 127 965
Shareholders' equity
Share capital and premium 14 13 600 13 600
Retained earnings 161 018 114 365
Total equity 174 618 127 965
176

Old Mutual Unit Trust Managers Limited
R000’s
2011
Statement of changes in equity
for the year ended 31 December 2011
Share capital
and premium
Retained
earnings
Shareholders' equity at beginning of year 13 600 114 365 127 965
Total comprehensive income for the financial year - 146 653 146 653
Ordinary dividends - (100 000) (100 000)
Preference dividends - - -
Shareholders' equity at end of year 13 600 161 018 174 618
Dividends on preference shares amounting to R100 (2010: R100) were declared during the year.
Total
2010
Shareholders' equity at beginning of year 13 600 152 266 165 866
Total comprehensive income for the financial year - 141 099 141 099
Ordinary dividends - (179 000) (179 000)
Preference dividends - - -
Shareholders' equity at end of year 13 600 114 365 127 965
Statement of cash flows
for the year ended 31 December 2011
2011
R000’s
2010
R000’s
Note
Cash flows from operating activities
Profit before tax 204 977 195 892
Non-cash movements and adjustments to profit before tax 19.1 (16 608) (19 205)
Changes in working capital 19.2 (35 926) (2 204)
Interest received 7 319 10 622
Interest paid (13) (28)
Dividends received 163 52
Dividends paid (100 000) (179 000)
Taxation paid 19.3 (57 410) (60 570)
Net cash from operating activities 2 502 (54 441)
Cash flows from investing activities
Acquisition of financial assets (113 067) (78 435)
Disposal of financial assets 78 032 50 875
Decrease in loan to holding company - 129 000
Net cash (used)/generated in investing activities (35 035) 101 440
Net (decrease)/increase in cash and cash equivalents (32 533) 46 999
Cash and cash equivalents at beginning of year 97 008 50 009
Cash and cash equivalents at end of year 64 475 97 008
177

Notes to the annual financial statements
for the year ended 31 December 2011
1. General information
Old Mutual Unit Trust Managers Limited markets and administers a range of collective investment schemes in accordance with the provisions
of the Collective Investment Schemes Control Act of South Africa. There has been no change in the nature of the business of the Company
during the period under review.
2. Accounting policies
2.1 Statement of compliance
The annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and the Companies
Act of South Africa.
2.2 Basis of preparation
The financial statements provide information about the financial position, results of operations and changes in financial position of the Company.
They have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or
loss. The accounting policies applied have been consistently applied to all periods presented.
The Company’s functional and presentation currency is South African Rands.
2.3 Revenue
Revenue comprises initial charges on the sale of units in collective investment schemes, service charges based on the daily market value of
the respective collective investment scheme portfolios, trading surplus and investment income.
Revenue is accounted for in accordance with the particular accounting policies as set out below.
2.3.1 Revenue on investment management service contracts
Fees charged for investment management services provided in conjunction with an investment contract are recognised as revenue in the
statement of comprehensive income as the services are provided. Initial fees, which exceed the level of recurring fees and relate to the future
provision of services are deferred and amortised over a period of three to four years.
2.3.2 Trading surplus
The trading surplus on the sale of dealing stock is recognised on the transaction date.
2.3.3 Investment income
Income from collective investment schemes is recognised on the date of distribution.
2.4 Interest income and expense
Interest income and expense is recognised in the statement of comprehensive income using the effective interest method taking into account
the expected timing and amount of cash flows. Interest income and expense includes the amortisation of any discount or premium or other
differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest basis.
2.5 Acquisition costs
Acquisition costs comprise all direct costs arising from the sale of investment management contracts.
2.6 Foreign currency translation
Foreign currency transactions
Foreign currency transactions are measured using the Company’s functional currency, on initial recognition by applying the spot exchange rate
between the functional currency and the foreign currency at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of
assets and liabilities denominated in foreign currencies, whether monetary or non-monetary, are recognised in the statement of comprehensive
income as part of investment income.
2.7 Computer and other equipment
Computer and other equipment is stated at cost less depreciation and impairment losses. Residual values and useful lives are reassessed
annually.
Subsequent expenditure
Subsequent expenditure is capitalised when it is measurable and will result in probable future economic benefits. Expenditure incurred to
replace a separate component of an item of computer and other equipment is capitalised to the cost of the item and the component replaced
is derecognised. All other expenditure is recognised in the statement of comprehensive income as an expense when incurred.
Derecognition
On derecognition of computer and other equipment, any gain or loss on disposal, determined as the difference between the net disposal
proceeds and the carrying amount of the asset, is included in the statement of comprehensive income in the period of derecognition.
178

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
2. Accounting policies (continued)
2.7 Computer and other equipment (continued)
Depreciation
Depreciation is charged to the statement of comprehensive income on a straight-line basis over the estimated useful lives of computer and
other equipment that are accounted for separately. The expected useful lives of the assets are as follows:
Computer equipment - PC’s and printers
3 years
Computer equipment - Servers
5 years
Furniture and fittings
6 years
2.8 Taxation
Income tax charge for the year comprises current and deferred tax. Included within the tax charge are charges relating to normal income tax,
capital gains tax and secondary tax on companies. Income tax is recognised in the statement of comprehensive income except to the extent
that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting
date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The amount of deferred taxation provided is based on the expected manner of realisation
or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the statement of financial
position date. Deferred taxation is charged to the statement of comprehensive income except to the extent that it relates to a transaction that
is recognised directly in equity. The effect on deferred taxation of any changes in tax rates is recognised in the statement of comprehensive
income, except to the extent that it relates to items previously charged or credited directly to equity.
Deferred tax is not recognised on temporary differences that arise from:
• the initial recognition of goodwill;
• initial recognition of an asset or liability in a transaction that is not a business combination which, at the time of transaction, affects
neither the accounting nor taxable profit or loss; and
• temporary differences associated with investments in subsidiaries, associates and joint ventures where the timing of the reversal of
the temporary differences can be controlled by the Company and it is probable that the temporary differences will not reverse in the
foreseeable future.
A deferred tax asset is recognised to the extent that it is probable that future taxable income will be available, against which the unutilised tax
losses and deductible temporary differences can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the
related tax benefits will be realised.
Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend
is recognised.
2.9 Financial instruments
Recognition and de-recognition of financial instruments
Financial instruments are recognised when, and only when, the Company becomes a party to the contractual provisions of the particular instrument.
The Company de-recognises a financial asset when and only when:
• The contractual rights to the cash flows arising from the financial assets have expired or been forfeited by the Company; or
• It transfers the financial asset including substantially all the risks and rewards of ownership of the asset; or
• It transfers the financial asset, neither retaining nor transferring substantially all the risks and rewards of ownership of the asset, but
no longer retains control of the asset.
A financial liability is de-recognised when and only when the liability is extinguished, that is, when the obligation specified in the contract is
discharged, cancelled or has expired.
The difference between the carrying amount of a financial liability (or part thereof) extinguished or transferred to another party and consideration
paid, including any non-cash assets transferred or liabilities assumed, is recognised in the statement of comprehensive income.
All purchases and sales of financial assets carried at fair value through profit or loss that require delivery within the time frame established by
regulation or market convention (‘regular way’ purchases and sales) are recognised at trade date, which is the date that the Company commits
to purchase or sell the asset. Otherwise such transactions are treated as derivatives until settlement occurs.
Financial assets carried at fair value through profit or loss
Financial assets carried at fair value through profit or loss include seed capital and unit dealing stock holdings and comprise financial assets
classified as held-for-trading and those that the Company has elected to designate at fair value through profit or loss.
179

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
2. Accounting policies (continued)
2.9 Financial instruments (continued)
Financial assets at fair value through profit or loss are initially recognised at fair value excluding transaction costs directly attributable to
their acquisition which are recognised immediately in the statement of comprehensive income. After initial recognition financial assets at fair
value through profit or loss are measured at fair value with resulting fair value gains or losses being recognised directly in the statement of
comprehensive income.
Fair value gains and losses are included in investment income or for gains and losses on unit dealing stock, trading loss or surplus. Interest
earned whilst holding financial assets at fair value through profit or loss is reported as interest income. Dividends received are included in
dividend income.
Investment policy in respect of seed capital
The Company is required to provide seed capital of R1 million per fund until such time as a fund’s assets from third party investors exceed
R10 million at which point the seed capital may be disinvested, provided that at all times sufficient assets are maintained in a fund or a specific
class of a fund in order to price and pay the expenses in the fund or specific class of a fund. A fund is only launched if it promises to be viable in
the short term in which case it can be expected that third party investments into a new fund would exceed R10 million in a period significantly
shorter than twelve months. The Company’s policy in respect of seed capital is to manage these investments (the participatory interest in the
fund) in order to realise the assets, as soon as possible after the seeding requirement is extinguished, at a market value in excess of the initial
amount. The seed capital is designated at fair value through profit or loss in accordance with IAS 39, Financial Instruments: Recognition and
Measurement.
Fair value measurement considerations
The fair values of investments in collective investment schemes are based on quoted repurchase prices.
Loans and receivables
Loans and receivables including amounts due from group companies are non-derivative financial assets that are not quoted in an active market,
other than those classified as at fair value through profit or loss or available-for-sale. Subsequent to initial measurement, loans and receivables
including those made to fellow group undertakings, are measured at amortised cost using the effective interest method less any impairment losses.
Interest received is recognised as part of investment income. All loans and receivables are recognised when cash is advanced to borrowers.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than 90 days maturity from the date of
acquisition including cash and balances with banks but excluding cash and cash equivalent instruments held for investing purposes.
Financial liabilities
All financial liabilities including amounts due to group companies are initially recognised at fair value less directly attributable transaction costs.
After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process, i.e. interest
expense.
Offsetting
Financial assets and liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable
right to set off and there is intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Income and expense items are offset only to the extent that their related instruments have been offset in the statement of financial position.
2.10 Impairment of financial assets
The Company assesses at each reporting date whether there is any objective evidence that a financial asset or group of financial assets,
excluding financial assets at fair value through profit or loss, is impaired.
Assets carried at amortised cost
If there is objective evidence that an impairment loss on loans or receivables carried at amortised cost has been incurred, the amount of the loss
is measured as the difference between asset’s carrying amount and the present value of estimated future cash flows (excluding credit losses
that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced
either directly or through use of an allowance account. The impairment loss is recognised in profit or loss.
The Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant,
and individually or collectively for financial assets that are not individually significant. If it is determined that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, the asset is included in a group of financial assets with similar
credit risk characteristics and that group is collectively assessed for impairment. Assets that are individually assessed for impairment and for
which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment.
180

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
2. Accounting policies (continued)
2.10 Impairment of financial assets (continued)
If, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after
the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is
recognised in profit or loss, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.
2.11 Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, for which it is probable
that an outflow of economic benefits will occur, and where a reliable estimate can be made of the amount of the obligation. Where the Company
expects some or all of a provision to be reimbursed, for example under the Company’s insurance arrangements, the reimbursement is recognised
as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement
of comprehensive income net of any reimbursement. If the effect of discounting is material, provisions are discounted. The discount rate used
is a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Future operating costs or losses are not provided for.
2.12 Impairment of other assets
The carrying amounts of the Company’s assets, other than financial assets and deferred tax assets, are reviewed at each statement of financial
position date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated.
The recoverable amount is the greater of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and
of the risks specific to the asset. For an asset that does not generate largely independent cash flows, the recoverable amount is determined
for the cash-generating unit to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of the asset exceeds its recoverable amount. Impairment losses are recognised
in profit or loss for the period. An impairment loss is reversed to profit or loss if there has been a change in the estimates used to determine
the recoverable amount.
An impairment of goodwill is not reversed.
2.13 Dividends
Dividends payable to holders of equity instruments or preference share equity instruments are recognised in the period in which the dividend
distribution is authorised and approved by the Company’s shareholder.
2.14 Maturity of assets and liabilities
The Company’s statement of financial position is presented in order of liquidity as is permitted by IAS 1. In order to satisfy the requirements
of IAS1, the following additional analyses are given to describe how statement of financial position lines are categorised between current and
non-current balances, applying the principles laid out in IAS1.
The following statement of financial position captions are generally classified as current: cash and cash equivalents, investments and securities,
trade receivables, trade payables, current tax payable and provisions. The following balances are generally classified as non-current: computer
and other equipment and deferred tax assets.
The following balances include both current and non-current portions: amounts due to group companies and deferred revenue on investment
contracts. The terms and conditions attached to intercompany amounts are disclosed in note 13.
2.15 Share capital
Ordinary and preference share capital is classified as equity if they are non-redeemable by the holder, and if dividends are discretionary. Coupon
payments on preference share equity instruments are recognised as distributions within equity.
Preference share capital is classified as a liability if it is redeemable on a specific date or at the option of the holder or if dividend payments are
not discretionary. Coupon payments thereon are recognised in the statement of comprehensive income as an interest expense.
2.16 Critical accounting estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised and in any future periods affected.
Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. The areas of the Company’s
181

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
2. Accounting policies (continued)
business that typically require such estimates are provisions, determination of the fair value for financial assets and liabilities and impairment
charges.
The underlying assumptions used to determine the term of recognition with respect to deferred revenue liability is based on past investment
history experienced by the Company.
The nature and the key assumptions made in determining provisions are disclosed in note 2.11.
Assets are subject to regular impairment reviews as required. Impairments are measured and accounted for as described in notes 2.10 and 2.12.
2.17 New standards and interpretations
Standards and interpretations that have been adopted in the Company’s 2011 annual financial statements
• Revised IAS 24 Related Party Disclosures (effective for years commencing on or after 1 January 2011) - this standard addresses
the disclosure requirements in respect of related parties, with the main changes relating to the definition of a related party where
new related party relationships have been identified. This standard has been adopted retrospectively in the 2011 annual financial
statements, and did not have a significant impact on the disclosure.
• IFRS 7 Financial Instruments: Disclosures - Transfers of Financial Assets (effective from 1 July 2011) - this amendment introduces
new disclosure requirements about transfers of financial assets including disclosure for financial assets that are not derecognised in
their entirety and financial assets that are derecognised in their entirety but for which the entity retains continuing involvement.This
standard has been adopted in the 2011 annual financial statements, and did not have a significant impact on the disclosure.
Future amendments not early adopted in the 2011 annual financial statements
At the date of authorisation of these financial statements the following standards, amendments to standards, and interpretations, which are
relevant to the Company, have been issued by the International Accounting Standards Board, although the EU has not yet endorsed all of them.
• IFRS 9 Financial Instruments (effective for years commencing on or after 1 January 2013) - this standard addresses the initial
measurement and classification of financial assets as either measured at amortised cost or at fair value. Financial assets are measured
at amortised cost when the business model is to hold assets in order to collect contractual cash flows. All other financial assets are
measured at fair value with changes recognised in profit or loss. For an investment in an equity instrument that is not held for trading,
an entity may on initial recognition elect to present all fair value changes from the investment in other comprehensive income.
IFRS 9 retains the classification and measurement requirements in IAS 39 for financial liabilities. The standard however requires for
financial liabilities designated under the fair value option (other than loan commitments and financial guarantee contracts), that the
amount of change in fair value attributable to changes in the credit risk of the liability be presented in other comprehensive income. The
remaining amount of the total gain or loss is included in profit or loss. However, if this requirement creates or enlarges an accounting
mismatch in profit or loss, then the whole fair value change is presented in profit or loss.
IFRS 9 will be adopted for the first time for the year ending 31 December 2013 and will be applied retrospectively, subject to certain
transitional provisions. The impact on the financial statements has not yet been estimated.
• IAS 1 Presentation of Items of Other Comprehensive Income (effective from 1 July 2012) - this amendment requires that an entity
present separately the items of other comprehensive income (OCI) that would be reclassified to profit or loss in the future if certain
conditions are met from those that would never be reclassified to profit or loss; and change the title of the statement of comprehensive
income to the statement of profit or loss and other comprehensive income. However, an entity is still allowed to use other titles.
IAS 1 will be adopted for the first time for the year ending 31 December 2012. There is no significant impact on the financial statements
as this amendment will only require additional disclosure.
• IFRS 13 Fair value Measurement (effective 13 January 2013) - this standard introduces a single source of guidance on fair value
measurement for both financial and non-financial assets and liabilities by defining fair value as an exit price, establishing a framework
for measuring fair value and setting out disclosures requirements for fair value measurements.
IFRS 13 will be adopted for the first time for the year ending 31 December 2013. The impact on the financial statements has not yet
been estimated.
3. Company statement of financial position
The Company is exposed to financial risk through its financial assets (investments and loans) and financial liabilities (borrowings). The key
focus of financial risk management for the Company is ensuring that the proceeds from its financial assets are sufficient to fund the obligations
arising from its insurance operations. The most important components of financial risk are credit risk, market risk (arising from changes in
equity, and bond prices, interest and foreign exchange rates), and liquidity risk. Market risk arises from open positions in interest rate, currency
and equity products, all of which are exposed to general and specific market movements and/or conditions.
182

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
3. Company statement of financial position (continued)
3.1 Categories of financial instruments
The analysis of assets and liabilities into their categories as defined in IAS 39 ‘Financial Instruments: Recognition and Measurement’ (IAS
39) is set out in the following table. For completeness, assets and liabilities of a non-financial nature, or financial assets and liabilities that are
specifically excluded from the scope of IAS 39, are reflected in the non-financial assets and liabilities category.
3.2 Fair values of financial assets and liabilities
At fair value through
profit or loss
Held for
Trading
At fair value through
profit or loss
Held for
Trading
Held-tomaturity
investments
Held-tomaturity
investments
Loans and
receivables
Loans and
receivables
Financial
liabilities at
amortised
cost
Financial
liabilities at
amortised
cost
Non-financial
assets and
liabilities
At 31 December 2011
Designated
Total
Assets
Computer and other equipment 11 11
Deferred tax asset 5 291 5 291
Investments and securities 57 385 16 437 73 822
Trade receivables 136 486 136 486
Current tax receivables 1 455 1 455
Cash and cash equivalents 64 475 64 475
Total assets 57 385 16 437 - 200 961 - 6 757 281 540
Liabilities
Deferred revenue on investment contracts 8 898 8 898
Amounts due to group companies 43 126 43 126
Trade payables 54 898 54 898
Total liabilities - - - - 98 024 8 898 106 922
Non-financial
assets and
liabilities
At 31 December 2010
Designated
Total
Assets
Computer and other equipment 16 16
Deferred tax asset 9 207 9 207
Investments and securities 27 759 10 953 38 712
Trade receivables 77 211 77 211
Cash and cash equivalents 97 008 97 008
Total assets 27 759 10 953 - 174 219 - 9 223 222 154
Liabilities
Deferred revenue on investment contracts 16 403 16 403
Provisions 1 374 1 374
Amounts due to group companies 39 815 39 815
Current tax payables 1 547 1 547
Trade payables 35 050 35 050
Total liabilities - - - - 74 865 19 324 94 189
Determination of fair value
All financial instruments, regardless of their IAS 39 categorisation, are initially recorded at fair value. The fair value of a financial instrument
on initial recognition is normally the transaction price, that is, the fair value of the consideration given or received. In certain circumstances,
however, the initial fair value may be based on other observable current market transactions in the same instrument, without modification
or repackaging, or on a valuation technique whose variables include only observable data.
Subsequent to initial recognition, the fair values of financial instruments measured at fair value that are quoted in active markets are based
on bid prices for assets, which in certain circumstances includes using quotations from independent third parties such as brokers and pricing
services, and offer prices for liabilities. When quoted prices are not available, fair values are determined by using valuation techniques that
refer as far as possible to observable market data. These include comparison with similar instruments where market observable prices exist,
discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. A number of
factors such as bid-offer spread, credit profile, servicing costs and model uncertainty are taken into account, as appropriate, when values
are calculated using a valuation technique. Changes in the assumptions used in such valuations could impact the reported value of such
instruments.
In general none of the carrying amounts of financial assets and liabilities carried at amortised cost have a fair value significantly different
to their carrying amounts. Such assets and liabilities are primarily comprised of variable-rate financial assets and liabilities that reprice as
interest rates change, short-term deposits or current assets.
183

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
3. Company statement of financial position (continued)
3.2 Fair values of financial assets and liabilities (continued)
Investments and securities
The fair values of collective investment schemes are based on the quoted repurchase price. For unlisted investments and securities, fair
values are determined using valuation techniques that refer as far as possible to observable market data (see above).
Borrowed funds
The fair values of amounts included in borrowed funds are based on quoted market prices at the statement of financial position date where
applicable, or by reference to quoted prices of similar instruments.
Other financial assets and liabilities
The fair values of other financial assets and liabilities are reasonably approximated by the carrying amounts reflected in the statement of
financial position.
Fair value hierarchy
Fair values are determined according to the following hierarchy based on the requirements in IFRS 7 ‘Financial Instruments: Disclosures’
- Level 1 – quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets.
- Level 2 – valuation techniques using observable inputs: quoted prices for similar instruments in active markets or quoted prices for identical
or similar instruments in inactive markets and financial assets and liabilities valued using models where all significant inputs are observable.
- Level 3 – valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where
one or more significant inputs are unobservable.
The best evidence of fair value is a quoted price in an active market. In the event that the market for a financial asset or liability is not active,
a valuation technique is used.
The judgement as to whether a market is active may include, for example, consideration of factors such as the magnitude and frequency of
trading activity, the availability of prices and the size of bid/offer spreads. In inactive markets, obtaining assurance that the transaction price
provides evidence of fair value or determining the adjustments to transaction prices that are necessary to measure the fair value of the asset
or liability requires additional work during the valuation process.
The majority of valuation techniques employ only observable market data, and so the reliability of the fair value measurement is high. However,
certain financial assets and liabilities are valued on the basis of valuation techniques that feature one or more significant market inputs that are
unobservable and, for them, the derivation of fair value is more judgemental. A financial asset or liability in its entirety is classified as valued
using significant unobservable inputs if a significant proportion of that asset or liability’s carrying amount is driven by unobservable inputs. In this
context, ‘unobservable’ means that there is little or no current market data available for which to determine the price at which an arm’s length
transaction would likely occur. It generally does not mean that there is no market data available at all upon which to base a determination of
fair value. Furthermore, in some cases the majority of the fair value derived from a valuation technique with significant unobservable inputs
may be attributable to observable inputs.
Consequently, the effect of uncertainty in determining unobservable inputs will generally be restricted to uncertainty about the overall fair value
of the asset or liability being measured.
At 31 December 2011 Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Held for Trading
Investments and securities 57 385 57 385
Designated (fair value through profit and loss)
Investments and securities 16 437 16 437
Total financial assets measured at fair value 73 822 - - 73 822
At 31 December 2010 Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Held for Trading
Investments and securities 27 759 27 759
Designated (fair value through profit and loss)
Investments and securities 10 953 10 953
Total financial assets measured at fair value 38 712 - - 38 712
4. Initial fees 2011 2010
Initial fees charged 22 206 22 206
Change in deferred revenue 7 505 8 023
29 711 30 229
184

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
5. Investment income 2011 2010
Dividend income from financial assets at fair value through profit or loss 163 52
Interest income 7 319 10 622
Financial assets at fair value through profit or loss 690 775
Cash and cash equivalents 6 629 9 847
Net fair value gains on financial assets at fair value through profit or loss 265 546
Total investment income 7 747 11 220
6. Operating and administration expenses
Operating and administration expenses include:
Amortisation and depreciation
Depreciation of computer equipment 1 5
Depreciation of furniture and fittings 4 5
5 10
Auditors' remuneration
Statutory audit services 487 375
Current year 487 463
Prior year over provision - (88)
487 375
Remuneration report
Directors' emoluments
Non-executive directors
Fees 47 -
Fees paid for other services - -
Executive directors
Salary 1 364 1 261
Bonus 1 219 945
Gains on share options and restricted shares exercised 364 56
Retirement and related benefits 157 146
Total director's emoluments 3 104 2 408
Fees to non-executive directors were as follows:
Director 2 29 -
Director 3 18 -
3 151 2 397
2011 Salary Bonus
Gains on share
options and restricted
shares exercised
Retirement and
related benefits
Executive director’s total emoluments comprise:
Director 1 1 364 1 219 364 157 3 104
2010
Executive director’s total emoluments comprise:
Director 1 1 261 945 56 146 2 408
The variable pay for 2011 is made up of an award of restricted shares of 6.785%, share options of 6.875%, medium term incentives of 41.25% and a cash
component of 45%. The variable pay for 2010 is made up of an award of restricted shares of 6.785%, share options of 6.875%, medium term incentives of 41.25%
and a cash component of 45%. The bonus disclosed is the cash component of the variable pay. The shares awarded are retained until the third anniversary of the
award date provided the director remains employed by the Company until the third anniversary of the award date. There are no corporate performance targets
applicable to these restricted shares and share options
Total
2011 Salary Bonus
Gains on share
options and restricted
shares exercised
Retirement and
related benefits
Prescibed officer’s total emoluments comprise:
Prescibed officer 1 1 164 765 131 137 2 197
2010
Prescibed officer’s total emoluments comprise:
Prescibed officer 1 1 088 540 86 128 1 842
The variable pay of prescibed officer for 2011 is made up of an award of restricted shares of 6.25%, share options of 6.25%, medium term incentives of 37.5% and
a cash component of 50%. The variable pay for 2010 is made up of an award of restricted shares of 6.25%, share options of 6.25%, medium term incentives of
37.5% and a cash component of 50%. The bonus disclosed is the cash component of the variable pay. The shares awarded are retained until the third anniversary
of the award date provided the director remains employed by the Company until the third anniversary of the award date. There are no corporate performance
targets applicable to these restricted shares and share options
Total
185

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
6. Operating and administration expenses (continued)
Remuneration other than to employees 2011 2010
Management fees paid to group company 14 927 12 761
14 927 12 761
Other
Marketing, distribution and administration fees paid to group companies 278 930 162 314
Portfolio management fees 159 281 151 674
Technical and professional fees 3 896 2 253
The permanent staff engaged in the operations of the Company are employed by Old Mutual Investment Group (South Africa) (Pty) Limited.
Employment related expenses are charged to the Company in the form of a management fee. Directors’ emoluments are charged as part of
the management fee, but are separately disclosed above.
7. Income tax expense
South African taxation
Normal income tax - current year 54 408 55 862
Capital gains tax - current year 37 86
Deferred taxation - reversal of temporary differences 3 879 (1 155)
58 324 54 793
* No STC paid in 2011 as the Old Mutual (South Africa) Limited group exemption was used.
Reconciliation of taxation rate on profit before tax
% %
Standard rate of taxation 28.0 28.0
Adjusted for:
Fair value adjustments 0.45 -
Effective tax rate 28.45 28.0
The accumulated reserves that are available for distribution as a dividend (after taking into account minimum statutory capital adequacy
requirements and STC) amount to R136 million (2010: R94 million). If distributed as a dividend, a STC liability amounting to R13.6 million
(2010: R10 million) would arise.
8. Computer and other equipment
Computer
equipment
Furniture
and fittings
Total
2011 2010
Carrying amount at beginning of year 1 15 16 26
Depreciation charge for the year (1) (4) (5) (10)
Carrying amount at end of year - 11 11 16
Cost 5 26 31 71
Accumulated depreciation and impairment losses (5) (15) (20) (55)
Carrying amount at end of year - 11 11 16
9. Deferred tax asset
At beginning
2011
Statement of
comprehensive
income
(charge)/credit
At end
2011
Deferred tax
Revenue recognition 4 593 (2 101) 2 492
Unrealised capital gains (81) (37) (118)
Accruals and provisions 4 695 (1 778) 2 917
9 207 (3 916) 5 291
At beginning
2010
Statement of
comprehensive
income
(charge)/credit
At end
2010
Deferred tax
Revenue recognition 6 839 (2 246) 4 593
Unrealised capital gains 5 (86) (81)
Accruals and provisions 1 294 3 401 4 695
8 138 1 069 9 207
186

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
10. Investments and securities 2011 2010
Collective investment schemes - at fair value through profit or loss
Investment in securities - Interest Plus Fund, Old Mutual Money Market Fund 50 374 20 558
Seed capital 16 437 10 953
Unit dealing stock 7 011 7 201
73 822 38 712
Analysis of investments
10.1 Seed capital 2011 2010
Cost Market Value Cost Market Value
Old Mutual Albaraka Balanced Fund 1 000 1 025 1 000 1 008
Old Mutual Balanced Fund class "A" 44 48 44 46
Old Mutual Balanced Fund class "B2" 90 96 - -
Old Mutual Bond Fund class "B" 18 18 18 18
Old Mutual Bond Fund class "B2" 33 36 33 36
Old Mutual Capital Builder Fund class "A" 200 218 200 218
Old Mutual Capital Builder Fund class "B1" 200 219 200 218
Old Mutual Capital Builder fund class "B3" 22 22 - -
Old Mutual Dividend Income Fund class "A" 400 400 400 400
Old Mutual Dividend Income Fund class "B1" 400 400 400 400
Old Mutual Dividend Income Fund class "B2" 200 200 200 200
Old Mutual Enhanced Income Fund class "B2" 24 25 - -
Old Mutual Financial Services Fund class "A" 38 40 38 39
Old Mutual Financial Services Fund class "B2" 72 81 72 79
Old Mutual Flexible Fund class "A" 40 45 40 44
Old Mutual Flexible Fund class "B2" 89 91 - -
Old Mutual Flexible Fund class "C" 39 44 39 44
Old Mutual Global Bond Feeder Fund class "C" 11 17 11 14
Old Mutual Global Emerging Market Fund class "A" 250 257 - -
Old Mutual Global Emerging Market Fund class "B2" 250 260 - -
Old Mutual Global Emerging Market Fund class "B3" 250 257 - -
Old Mutual Global Emerging Market Fund class "C" 250 255 - -
Old Mutual Global Equity Fund class "B2" 62 73 - -
Old Mutual Global Equity Fund class "C" 30 35 30 30
Old Mutual Gold Fund class "A" 43 49 43 46
Old Mutual Growth Fund class "A" 82 97 82 98
Old Mutual Growth fund class "C" 64 96 64 96
Old Mutual High Yield Opportunity Fund class "B" 14 14 14 14
Old Mutual Income Fund class "C" 6 6 6 6
Old Mutual Industrial Fund class "B2" 95 133 95 125
Old Mutual Interest Plus Fund class "A" 1 000 1 004 - -
Old Mutual International Growth Fund of Funds class "C" 13 11 13 9
Old Mutual Investors' Fund class "A" 212 237 212 233
Old Mutual Investors' fund class "B2" 2 320 2 382 - -
Old Mutual Matador Balanced Fund class "B1" 16 18 16 17
Old Mutual Matador Equity Fund of Funds class "C2" 18 21 18 20
Old Mutual Mining and Resources Fund class "A" 116 137 116 152
Old Mutual Mining and Resources Fund class "B2" 610 688 610 767
Old Mutual Mining and Resources Fund class "C" 390 331 390 375
Old Mutual Money Market Fund 50 50 50 50
Old Mutual Money Market Fund class "C" 100 100 100 100
Old Mutual Real Income Fund class "B" 20 23 20 23
Old Mutual Real Income Fund class "C" 10 12 10 11
Old Mutual SA Quoted Property Fund class "R" 22 29 22 29
Old Mutual SA Quoted Property Fund class "B2" 51 59 51 58
Old Mutual Small Companies Fund class "A" 58 56 58 56
Old Mutual Small Companies Fund class "B2" 91 113 91 112
Old Mutual Stable Growth Fund class "B" 10 11 10 11
Old Mutual Stable Growth Fund class "B2" 21 22 - -
Old Mutual SYm|mETRY Balanced Fund of Funds class "C2" 25 30 25 29
Old Mutual SYm|mETRY Cautious Fund of Funds class "A" 500 513 500 507
Old Mutual SYm|mETRY Cautious Fund of Funds class "C" 500 511 500 505
Subtotal: carried forward 10 469 10 915 5 841 6 243
187

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
10. Investments and securities (continued)
10.1 Seed capital 2011 2010
Cost Market Value Cost Market Value
Subtotal: brought forward 10 469 10 915 5 841 6 243
Old Mutual SYm|mETRY Defensive Fund of Funds class "C2" 21 23 21 22
Old Mutual SYm|mETRY Equity Fund of Funds class "C2" 29 31 29 31
Old Mutual SYm|mETRY Equity no. 1 Fund class "B2" 34 40 34 41
Old Mutual SYm|mETRY Equity no. 2 Fund class "B2" 34 40 34 40
Old Mutual SYm|mETRY Equity no. 3 Fund class "B2" 36 33 36 32
Old Mutual SYm|mETRY Fixed Interest Fund of Funds class "C2" 11 12 11 12
Old Mutual SYm|mETRY Inflation Plus no. 1 Fund class "B2" 49 52 - -
Old Mutual SYm|mETRY Inflation Plus no. 3 Fund class "B2" 43 45 - -
Old Mutual SYm|mETRY Inflation Plus no. 6 Fund 1 000 1 074 1 000 1 072
Old Mutual SYm|mETRY Inflation Plus no. 6 Fund class "B2" 21 22 - -
Old Mutual SYm|mETRY Inflation Plus no. 7 Fund "B1" 1 000 1 020 1 000 1 012
Old Mutual SYm|mETRY Inflation Plus no. 7 Fund "B2" 10 10 - -
Old Mutual SYm|mETRY Satellite Equity no. 1 Fund "B2" 77 80 - -
Old Mutual SYm|mETRY Satellite Equity no. 2 Fund "B2" 76 79 - -
Old Mutual SYm|mETRY Satellite Equity no. 3 Fund "B2" 63 67 - -
Old Mutual SYm|mETRY Satellite Equity no. 4 Fund "B1" 500 555 500 557
Old Mutual SYm|mETRY Satellite Equity no. 4 Fund "B2" 500 557 500 559
Old Mutual Top Companies Fund class "A" 92 110 92 109
Old Mutual Top Companies Fund class "B" 97 154 96 152
Old Mutual Top Companies Fund class "B2" 216 220 - -
Old Mutual Top Companies Fund class "C" 93 109 93 108
Old Mutual UK Money Market Feeder Fund class "B2" 18 22 - -
Old Mutual UK Money Market Feeder Fund class "C" 10 11 10 9
Old Mutual Umbono RAFI 40 Tracker Fund class "B1" 10 11 10 11
Old Mutual US Dollar Feeder Fund 1 000 1 052 1 000 870
Old Mutual US Dollar Feeder Fund class "B2" 17 21 - -
Old Mutual Value Fund class "A" 67 72 67 73
15 593 16 437 10 374 10 953
10.2 Unit dealing stock 2011 2010
Cost Market Value Cost Market Value
Old Mutual Albaraka Balanced Fund - - 1 1
Old Mutual Albaraka Equity Fund - - 1 1
Old Mutual Active Quant Equity Fund Class "A" - - 23 22
Old Mutual Balanced Fund class "A" 62 62 18 18
Old Mutual Balanced Fund class "C" - - 9 8
Old Mutual Balanced Fund class "R" 4 4 - -
Old Mutual Bond Fund class "B2" 2 2 2 2
Old Mutual Capital Builder fund class "B2" - - 907 895
Old Mutual Dynamic Floor Fund class "A" 18 18 6 6
Old Mutual Dynamic Floor Fund class "B1" 2 1 - -
Old Mutual Enhanced Income Fund class "A" 184 182 180 180
Old Mutual Enhanced Income Fund class "B2" 10 10 - -
Old Mutual Financial Services Fund class "A" - - 1 1
Old Mutual Financial Services Fund class "R" 2 2 - -
Old Mutual Flexible Fund class "A" 3 3 9 9
Old Mutual Four Plus Growth Fund of Funds class "A" 2 2 1 1
Old Mutual Four Plus Secure Fund of Funds 3 3 - -
Old Mutual Galaxy Fixed Interest Fund class "C" 1 1 - -
Old Mutual Global Equity Fund class "R" 4 4 2 2
Old Mutual Global Technology Fund 1 1 - -
Old Mutual Gold Fund class "A" 3 3 55 55
Old Mutual Gold Fund class "R" 1 1 1 1
Old Mutual Growth Fund class "A" 1 1 - -
Old Mutual Growth Fund class "R" 3 4 1 1
Old Mutual High Yield Opportunity Fund class "A" 207 206 96 94
Old Mutual High Yield Opportunity Fund class "C" 1 1 1 1
Old Mutual Income Fund 578 572 18 18
Subtotal: carried forward 1 092 1 083 1 332 1 316
188

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
10. Investments and securities (continued)
Subtotal: brought forward 1 092 1 083 1 332 1 316
Old Mutual Income Fund class "C" 4 4 - -
Old Mutual Industrial Fund 89 88 7 7
Old Mutual Industrial Fund class "B2" 1 1 - -
Old Mutual Institutional Money Market Fund class "B1" 752 752 974 974
Old Mutual Institutional Money Market Fund class "B2" 750 750 526 526
Old Mutual Interest Plus Fund class "A" 4 4 - -
Old Mutual International Growth Fund of Funds class "B" 3 3 - -
Old Mutual Investors' Fund class "A" 388 390 383 383
Old Mutual Investors' Fund class "B2" 8 8 - -
Old Mutual Investors' Fund class "C" - - 2 2
Old Mutual Investors' Fund class "R" 4 7 32 35
Old Mutual Mining and Resources Fund class "A" 66 67 14 14
Old Mutual Mining and Resources Fund class "B2" 73 74 2 2
Old Mutual Mining and Resources Fund class "C" - - 4 4
Old Mutual Mining and Resources fund class "R" 1 1 1 -
Old Mutual Money Market Fund A 1 514 1 514 1 072 1 072
Old Mutual Money Market Fund A2 32 32 83 83
Old Mutual Money Market Fund B 36 36 515 515
Old Mutual Money Market Fund B2 97 97 41 41
Old Mutual Money Market Fund B3 - - 41 41
Old Mutual Money Market Fund class "C" 307 307 328 328
Old Mutual Real Income Fund class "A" 17 16 6 6
Old Mutual Real Income Fund class "C" 49 49 1 1
Old Mutual SA Quoted Property Fund class "A" 5 6 66 68
Old Mutual SA Quoted Property Fund class "B2" 18 18 12 12
Old Mutual SA Quoted Property Fund class "C" 11 11 9 9
Old Mutual Small Companies Fund class "A" 1 1 27 27
Old Mutual Small Companies Fund class "R" - - 2 2
Old Mutual Stable Growth Fund class "A" 2 2 9 9
Old Mutual Stable Growth Fund class "C" 4 4 - -
Old Mutual SYm|mETRY Balanced Fund of Funds class "A" 4 4 32 32
Old Mutual SYm|mETRY Balanced Fund of Funds class "C" 17 17 8 8
Old Mutual SYm|mETRY Cautious Fund of Funds class "A" - - 15 15
Old Mutual SYm|mETRY Cautious Fund of Funds class "C" 1 1 - -
Old Mutual SYm|mETRY Defensive Fund of Funds class "A" 48 48 39 39
Old Mutual SYm|mETRY Defensive Fund of Funds class "C" 26 26 1 1
Old Mutual SYm|mETRY Equity Fund of Funds class "A" 3 3 1 1
Old Mutual SYm|mETRY Equity Fund of Funds class "C" 1 1 - -
Old Mutual SYm|mETRY Fixed Interest Fund of Funds class "A" 10 10 14 14
Old Mutual SYm|mETRY Fixed Interest fund of fund class "C" - - 3 3
Old Mutual SYm|mETRY Inflation Plus Fund no. 1 class "B2" 1 1 - -
Old Mutual SYm|mETRY Inflation Plus Fund no. 3 class "B2" 1 1 - -
Old Mutual SYm|mETRY Inflation Plus Fund no. 6 class "B2" 1 1 - -
Old Mutual SYm|mETRY Satellite Equity fund no. 3 Fund class "B2" 1 - - -
Old Mutual SYm|mETRY Money Market Fund class "A" 1 007 1 007 1 023 1 023
Old Mutual SYm|mETRY Money Market Fund class "C" 540 540 573 573
Old Mutual Top Companies Fund class "A" 4 4 2 2
Old Mutual Top Companies Fund class "B2" 4 4 - -
Old Mutual Top Companies Fund class "R" 5 5 - -
Old Mutual Top 40 Fund class "A" 5 5 - -
Old Mutual Top 40 Fund class "B-1" - - 1 1
Old Mutual UK Money Market Fund of Funds class "A" 7 3 6 3
Old Mutual Umbono RAFI 40 Tracker Fund class "A" 3 3 2 2
Old Mutual Value Fund class "A" 1 1 5 5
Old Mutual Value Fund class "R" 1 1 2 2
7 019 7 011 7 216 7 201
189

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
11. Deferred revenue on investment contracts 2011 2010
Balance at beginning of year 16 403 24 426
Initial charges deferred 1 344 3 736
Amortisation (8 849) (11 759)
Balance at end of year 8 898 16 403
12. Provisions
Balance at beginning of year 1 374 1 374
Writeback (1 374) -
Balance at end of year - 1 374
The provision above is a provision for fraud and error and covers probable exposure where collective
investment scheme unit holders have to be compensated for fraudulent activities or administration errors.
13. Amounts due to group companies
Old Mutual Life Assurance Company (South Africa) (Pty) Limited 9 327 10 121
Old Mutual Asset Managers (Bermuda) Limited 543 374
Old Mutual Investment Administrators (Pty) Limited 7 939 6 834
Old Mutual Investment Group (South Africa) (Pty) Limited 13 343 12 523
Old Mutual Investment Services (Pty) Limited 11 819 9 952
Old Mutual Unit Trust Management Company (Namibia) Limited 155 11
43 126 39 815
Amounts due to group companies are unsecured, interest free and are settled on a monthly basis.
14. Share capital and premium
Authorised share capital
3 000 000 Ordinary shares of R2 each 6 000 6 000
10 Redeemable preference shares of R1 each - -
Issued share capital
2 510 000 Ordinary shares of R2 each 5 020 5 020
1 Redeemable preference share of R1 each - -
Share premium 8 580 8 580
13 600 13 600
Subject to the restrictions imposed by the Companies Act of South Africa 71 of 2008, as amended, the unissued shares are under the control
of the directors, until the forthcoming annual general meeting.
The preference shares may be redeemed by the Company by giving thirty days written notice to the holder. The preference shareholder
has the right to receive a dividend of R100 per share or an additional amount at the discretion of the Company’s directors. The preference
shareholder has full voting rights.
15. Sales and repurchases of units
Sales 44 559 994 29 084 543
Repurchases (26 658 540) (23 176 830)
Net sales 17 901 454 5 907 713
The Company undertakes to repurchase any number of units offered to it on the basis of prices calculated in accordance with the requirements
of the Collective Investment Schemes Control Act of South Africa and on terms and conditions set out in the Trust Deeds of the Old Mutual
Collective Investment Schemes.
190

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
16. Related parties
Holding Company
The Company’s immediate holding company is Old Mutual (South Africa) Limited, incorporated in South Africa, which holds 100% of the
Company’s ordinary shares. The ultimate holding company is Old Mutual plc, incorporated in the United Kingdom.
Other group companies consist of fellow subsidiaries and associates.
Transactions with Group companies
Group companies: 2011 2010
Old Mutual Unit Trust Management Company (Namibia) Limited 144 136
Nature of transactions
Fees incurred for distribution services
Old Mutual Life Assurance Company (South Africa) Limited 207 490 90 813
Nature of transactions
Marketing and distribution of unit trust products and services
Management of HR function and other costs including premises costs
Old Mutual Investment Administrators (Pty) Limited 71 440 71 501
Nature of transactions
Administration services
Old Mutual Investment Group (South Africa) (Pty) Limited 138 463 133 002
Nature of transactions
Portfolio management and administration fees
Old Mutual Asset Managers (Bermuda) Limited 5 822 5 349
Nature of transactions
Administration of certain international Unit Trust funds
Old Mutual Investment Services (Pty) Limited 112 114 90 434
Nature of transactions
Platform fees
Amounts due by or to holding company and other group companies
Amounts due by or to other group companies are disclosed in note 13.
Key management personnel
The Company’s key management personnel are the directors as listed in the Directors’ report.
There were no material transactions with key management personnel or their families during the current or previous year, other than normal
remuneration for employee services.
Key management personnel remuneration and other compensation 2011 2010
Short-term employee benefits 1 364 1 261
Other long-term benefits 1 740 1 147
3 104 2 408
191

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
17. Financial risk management
Effective risk management is integral to the Company’s objective of consistently adding value to the business. The focus of risk management
is on identifying, assessing, managing and monitoring risk. Exposure to interest rate, market and credit risk arises in the normal course of the
Company’s business.
The Company is exposed to financial risk through its financial assets and financial liabilities. The most significant component of financial risk to
the statement of financial position is price risk in respect of the Company’s investment holdings and credit risk on trade receivables and cash
and cash equivalents. The most significant component of financial risk to the operations of the business results from the fluctuation in the value
of assets managed on behalf of unitholders.
Capital adequacy
Capital management policies
Capital is actively managed to ensure that the Company is properly capitalised and funded at all times, having regard to its regulatory needs,
prudent management and the needs of all stakeholders.
The Company has a business planning process that runs on an annual cycle with regular updates to projections. It is through this process,
which includes risk and sensitivity analyses of forecasts, and the operations of the Capital Management Committee (CMC) of the Company’s
holding company, Old Mutual (South Africa) Limited, that the Company’s capital is managed.
The CMC is a sub-committee of the Executive Committee of Old Mutual (South Africa) Limited, established to set an appropriate framework and
guidelines to ensure the appropriate management of capital, to allocate capital to the various businesses, and to monitor return on allocated
capital for each business relative to the agreed hurdle. The CMC comprises the executive directors together with certain executives and senior
managers. Meetings are held as regularly as circumstances require and in any event not less than half-yearly and to approve requests for
capital that are outside the business plans.
Specifically, the Company has adopted the following capital management policies:
• Maintenance, as a minimum, of capital sufficient to meet the statutory requirements and such additional capital as management believes
is necessary to ensure that obligations to unitholders of its collective investment schemes can be met on a timely basis.
• Maintenance of an appropriate level of liquidity at all times. The Company further ensures that it can continue to meet its expected capital
and financing needs, having regard to the business plans, forecasts and any strategic initiatives.
The Company has sufficient capital available to enable it to meet its statutory capital requirements of R25 million at 31 December 2011
(2010: R24 million).
The Company’s statutory capital requirements are calculated in terms of Notice 2072 of 2003 of the Collective Investment Schemes Control
Act of 2002.
Liquidity risk
Liquidity risk is the risk that cash may not be available to pay obligations when due at a reasonable cost.
Cash flow is tightly managed to control liquidity risk to which the Company is exposed and the Company has adequate cash resources at
year-end to meet commitments as and when they fall due.
In addition to the capital adequacy policies above, an Old Mutual (South Africa) Limited policy statement that governs liquidity risk has been
adopted by the Company. High level principles, roles and responsibilities and reporting requirements are set out in the policy statement document.
Credit risk
Credit risk is the risk that an asset, in the form of a monetary claim against a counterparty, may not result in a cash receipt (or equivalent) in
accordance with the terms of a contract.
Financial assets, which may potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents,
loans and receivables.
The Company’s cash resources are only placed with reputable financial institutions. Credit risk with respect to accounts receivable is limited
as it relates primarily to service charges payable by the Old Mutual Collective Investment Schemes.
192

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
17. Financial risk management (continued)
Trade receivables
The table below provides an age analysis of the gross statement of financial position value of debt instruments and similar securities:
Market risk
Market risk is the potential impact on earnings of unfavourable changes in foreign exchange rates, interest rates, prices, market volatilities and
liquidity. Investment risk arises from changes in the fair value of investments in Old Mutual Collective Investment Schemes.
In addition, a large portion of the Company’s income is derived from service charges levied on the market value of the collective investment
schemes it administers. As the service charges are dependant on the daily market value of these collective investment schemes, any market
movements affect the Company accordingly. To the extent the Company is directly invested in units in its collective investment schemes,
movements in the repurchase prices of these investments affect the Company accordingly.
Market risk is mitigated through the diversification of investment mandates such that revenue is not overly exposed to any single sector of the
investment market. Investment management capacity is monitored to ensure that the performance of specific funds are not unduly compromised
through excessive scale.
A 10% downturn in the value of the assets that the Company manages on behalf of clients would reduce the Company’s revenue and profits
before taxation by approximately R30 million (2010: R27 million).
A 10% downturn in the value of the Company’s investments in collective investment schemes, would reduce the Company’s revenue and profits
before taxation by approximately R7 million (2010: R4 million).
There are no assets of significance in the Company’s own statement of financial position that create major market related risks to the Company’s
equity or profits.
Currency risk
The Company has limited exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and
cash flows. The Company incurs currency risk as a result of expenses incurred and income earned in foreign currencies. The currency (other
than South African Rand) in which the Company primarily deals is the UK Pound.
The Company’s operations policy is not to hedge against currency exposures as these exposures are not significant.
The carrying amount of trade payables denominated in GBP at 31 December 2011 is R543 000 (2010: R374 000).
Interest rate risk
Interest rate risk is the risk that fluctuating interest rates will unfavourably affect the Company’s earnings and the value of its assets, liabilities
and capital.
The tables below summarise the statement of financial position amounts and the effective average interest rate earned on all interest-bearing
financial instruments:
The Company’s exposure to interest rate risk is limited to interest earned on cash and cash equivalents and money market investments which
is earned at variable rates. The average effective interest rate earned during the year amounted to 4.5 percent (2010: 5.4 percent).
Without any action by the Company to alter the resulting interest rate risk exposure, a 1% decrease in interest rates would reduce the Company’s
revenue and profits before taxation by approximately R1 150 000 (2010: R1 200 000). A 1% increase in interest rates would increase the
Company’s revenue and profits before taxation by an equal but opposite amount.
Fair value
The carrying amounts of all financial assets and financial liabilities approximate fair value.
The fair values of financial assets at fair value through profit or loss is determined in accordance with the accounting policy detailed in note
2.9. The fair values of other financial assets and financial liabilities equal their carrying amounts as the impact of discounting is not significant.
At 31 December 2011
Interest bearing financial assets
Cash and cash equivalents and money market investment 114 849
At 31 December 2010
Interest bearing financial assets
Cash and cash equivalents and money market investment 117 566
193

Notes to the annual financial statements (continued)
for the year ended 31 December 2011
R000’s
17. Financial risk management (continued)
financial instruments:
The Company’s exposure to interest rate risk is limited to interest earned on cash and cash equivalents and money market investments which
is earned at variable rates. The average effective interest rate earned during the year amounted to 4.5 percent (2010: 5.4 percent).
Without any action by the Company to alter the resulting interest rate risk exposure, a 1% decrease in interest rates would reduce the Company’s
revenue and profits before taxation by approximately R1 150 000 (2010: R1 200 000). A 1% increase in interest rates would increase the
Company’s revenue and profits before taxation by an equal but opposite amount.
Fair value
The carrying amounts of all financial assets and financial liabilities approximate fair value.
The fair values of financial assets at fair value through profit or loss is determined in accordance with the accounting policy detailed in note
2.9. The fair values of other financial assets and financial liabilities equal their carrying amounts as the impact of discounting is not significant.
18. Notes to the statement of cash flows 2011 2010
18.1 Non-cash movements and adjustments to profit before tax consist of:
Depreciation 5 10
Finance costs 13 28
Fraud provision reversed (1 374) -
Investment income (7 747) (11 220)
Movement in deferred revenue on investment contracts (7 505) (8 023)
(16 608) (19 205)
18.2 Changes in working capital comprises:
Decrease in unit dealing stock 190 1 050
Increase in trade receivables (59 275) (8 167)
Increase in trade payables 19 848 3 167
Increase in amounts due to group companies 3 311 1 746
(35 926) (2 204)
198.3 Taxation paid:
Taxation payable at beginning of year (1 547) (6 255)
Taxation as per statement of comprehensive income (54 445) (55 862)
Deferred taxation credit 37 -
Taxation (receivable)/payable at end of year (1 455) 1 547
(57 410) (60 570)
19. Assets under management
As at 31 December 2011, the Company managed R84.7bn (2010: R64bn) on behalf of its clients.
194