(i) invest in transferable securities admitted to official listing on stock exchanges recognised by the Agency;

(ii) invest in transferable securities, other than those referred to above, up to a maximum of 10% of its total assets;

(iii) invest in transferable securities issued or guaranteed by any government (or its agencies) or public international bodies, without limitation provided that any one such issue shall not account for more than 20% of its total assets;

(iv) invest in other transferable debt instruments up to a maximum of 10% of its total assets;

(v) invest in options and warrants for hedging purposes. In addition, to value of a scheme's investment in warrants and options not held for such purposes may not exceed 15% of its total assets;

(vi) enter into financial futures contracts for hedging purposes. In addition, a scheme may enter into futures contracts on an unhedged basis provided that the net aggregate value of contract prices, together with the net aggregate value of holdings under no. (vii) below, does not exceed 20% of total assets;

(vii) invest in physical commodities and commodity based investments, which together with the net aggregate value of holdings under no. (vi) above, does not exceed 20% of its assets;

(viii) invest in real and personal property required for its business;

(ix) hold liquid assets and employ techniques and instruments in relation to transferable securities intended to provide protection against exchange risks (by reference to the base currency of the scheme) in the context of, and to assist in, the efficient use and management of its assets and liabilities;

(x) invest in holdings of units in other schemes up to 10% of its assets in aggregate;

(xi) save as otherwise provided herein, invest no more than 10% of its assets in transferable securities issued by any one issuer;

(xii) not lend, assume, guarantee, endorse or otherwise become directly or contingently liable for, or in connection with, any obligation or indebtedness of any person, otherwise in accordance with its scheme documents. In particular, no lending etc., shall be permitted to any company into which a scheme is to make an investment. This prohibition shall also apply where the loan etc. is to be made to the parent, subsidiary or other associated company of the company in which the scheme is to make the investment;

(xiii) not acquire any asset which involves the assumption of any liability which is unlimited;

(xiv) not invest in any security of any class in any company or body if any director, officer or broker of the scheme and/or, as may be appropriate, any one of more of the relevant persons (or related or associated persons) owns more than 1/2% of the total nominal amount of all the issued securities of that class, or collectively the directors, officers or brokers of the scheme and/or, as may be appropriate, any one or more of the relevant persons (or related or associated persons) own more than 5% of those securities. This prohibition shall also apply where the ownership of the directors and other parsons referred to above is in the parent, subsidiary or other associated company of the company in which the scheme is to make the investment;

(xv) not invest in any security where a call is to be made for any sum to be paid on that security unless that call could be paid in full out of cash (or near cash) by the scheme's portfolio;

(xvi) not (nor may any one or more of the relevant persons or any other person, acting for and on behalf of the scheme) borrow more than 20% of its asset value; provided that: