Fund manager of a Fund of Funds may not invest in:
Fund of Funds;
Fund which is dedicated to investment in a number of Funds;
Fund which is dedicated to investment in a single Fund or in a single investment trust; and
Sub-Fund of an Umbrella Fund or Sub-Fund of any other Fund which is equivalent to a Fund within (a) to (d).
(2) Not more than 25% in value of the
Fund Property is to consist of Units in anyone Fund.
(3) For the purpose of (1) and (2), each
Sub-Fund of an Umbrella Fund and of an equivalent Fund is to be treated as if it were a separate Fund.