Region

Jurisdiction

Regulator

2018-01-01

Financial Services (Submission of Information Relating to the Business of Pension Funds) Directive 2018

The Registrar of Financial Institutions in Malawi issued this Directive to establish supervisory reporting standards and ensure the timely submission of accurate electronic call reports by pension entities. The regulation mandates quarterly and annual submissions of financial data, member profiles, and management details using prescribed formats, while holding trustees accountable for data accuracy and internal controls. Non-compliance triggers significant monetary penalties ranging from K2,000,000 to K10,000,000, alongside additional administrative directions and daily fines for continued violations.

Malawi

Reserve Bank of Malawi

5th July, 2018

(2) In addition, a penalty of K50,000 may be imposed on the financial institution or individual for each subsequent day for which the violation continues after being notified by the Registrar of the violation.

(3) The financial institution or individual shall pay the penalty in subparagraph (1) through a bank certified cheque or electronic transfer payable to the Reserve Bank of Malawi within 10 working days after being notified of the violation.

25. In addition to the monetary penalty imposed in paragraph 24(1) Administrative hereof, the Registrar may impose directions or administrative penalties as penalties provided for under the Act and other financial services laws.

Dated this 29th day of June 2018

(FILE NO. FIN/PFSPD/03/04)

D. KABAMBE, PhD  
Registrar of Financial Institutions

GOVERNMENT NOTICE NO. 47

FINANCIAL SERVICES ACT  
(CAP. 44:05)  

FINANCIAL SERVICES (SUBMISSION OF INFORMATION RELATING TO THE BUSINESS OF PENSION FUNDS) DIRECTIVE, 2018  

ARRANGEMENT OF PARAGRAPHS

PART I—PRELIMINARY  
1. Citation  
2. Application  
3. Interpretation  

PART II—OBJECTIVES  
4. Objectives  

PART III—SPECIFIC REQUIREMENTS  
5. Submission and format of call reports  
6. Deadline for submission of call reports  
7. Submission of profile of directors and responsible persons  
8. Submission of member profile report  
9. Submission of other information  
10. Restriction on tampering with call report templates  
11. Quality control and sign off  

PART IV—ENFORCEMENT  
12. Monetary penalties  
13. Other penalties

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472  
5th July, 2018  

IN EXERCISE of the powers conferred by section 34 of the Financial Services Act, I, DR. DALITSO KABAMBE, Registrar of Financial Institutions, issue the following Directive—

PART I—PRELIMINARY

Citation  
1. This Directive may be cited as the Financial Services (Submission of Information Relating to the Business of Pension Funds) Directive, 2018.

Application  
2. This Directive applies to—  
(a) pension funds;  
(b) administrators;  
(c) pension services companies;  
(d) operators of umbrella funds;  
(e) umbrella funds;  
(f) pension brokers;  
(g) custodians;  
(h) investment managers; and  
(i) trustees.

Interpretation  
3. In this Directive, except where the context otherwise requires—  
“call report” means a complete set of returns as outlined in this Directive that pension entities must compile and submit to the Registrar; and  
“pension entity” includes a pension fund, an administrator, a pension services company, an operator of umbrella fund, an umbrella fund, a pension broker, a custodian, an investment manager and a trustee.

PART II—OBJECTIVES

Objectives  
4. The objectives of this Directive are to—  
(a) set out the supervisory reporting standards for the provision of information relating to the governance, financial performance or position, and member profile of pension and umbrella funds;  
(b) ensure that pension entities submit to the Registrar on a timely basis accurate electronic call reports as prescribed by the Registrar;  
(c) provide the Registrar with sufficient information to prudentially supervise and monitor compliance and implementation of pension sector laws and support future policy development; and  
(d) establish quality control standards for data before it is submitted to the Registrar.

PART III—SPECIFIC REQUIREMENTS

Submission and format of call reports  
5. A pension fund and an umbrella fund shall complete and electronically submit to the Registrar call reports in the format prescribed in the First Schedule.

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5th July, 2018  
473  

6.—(1) A pension fund and an umbrella fund shall submit quarterly call reports to the Registrar within 15 days after the last day of the quarter.  
(2) A pension fund and an umbrella fund shall submit to the Registrar an annual call report, audited by external auditors of the fund within 3 months after the end of each financial year.  

7. A pension fund and an umbrella fund shall submit to the Registrar a profile of management and responsible persons prescribed in the Second Schedule, within 15 days after the last day of the year.  

8. A pension fund and an umbrella fund shall submit to the Registrar a member activity report prescribed in the Third Schedule, within 15 days after the last day of the year.  

9. A pension entity shall submit any other information, reports or data as directed by the Registrar.  

10. Unless otherwise approved by the Registrar, a pension entity shall not tamper with or modify the format of a call report template, whether electronic or not.  

11.—(1) Trustees of a pension entity shall ensure the implementation of appropriate management information systems, processes and controls to support the preparation and submission of information under the pension reporting requirements.  
(2) Trustees are responsible for the accuracy and reliability of information submitted.  

PART IV—ENFORCEMENT

12. Where the Registrar determines that a pension entity has not met the requirements of this Directive, the Registrar may impose administrative penalties on the pension entity, including—  
(a) a fine of K2,000,000 for failure to submit call reports and any other information within the required deadline;  
(b) a fine of K5,000,000 for tampering with format of the call report template; and  
(c) a fine of up to K10,000,000 in addition to the penalties in paragraphs (a) or (b), for each time a pension entity repeats a contravention.  

13. In addition to the penalties specified in paragraph 12, the Registrar may impose directions as provided for under the Act and other financial services laws.

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474  
5th July, 2018  

FIRST SCHEDULE  
(para. 5)  

CALL REPORT FORMS FOR PENSION FUNDS

| NAME OF FORM | FORM NO. |
|--------------|----------|
| 1 Statement of Investments and Asset Allocation | Form PF1 |
| 2 Statement of Net Assets Available for Benefits | Form PF2 |
| 3 Statement of Changes in Net Assets Available for Members | Form PF3 |
| 4 Specification of Unlisted Equity | Form PF4 |
| 5 Specification of Listed Equity | Form PF5 |
| 6 Specification of Government Short Term Debt | Form PF6 |
| 7 Specification of Government Long Term Debt | Form PF7 |
| 8 Specification of Private Debt - Listed | Form PF8 |
| 9 Specification of Private Debt – Unlisted | Form PF9 |
| 10 Specification of other Investments | Form PF10 |
| 11 Specification of Property | Form PF11 |
| 12 Specification of other Investment Income | Form PF12 |
| 13 Specification of other Operating Income | Form PF13 |
| 14 Specification of other Investment Expenses | Form PF14 |
| 15 Specification of other Administrative Expenses | Form PF15 |
| 16 Specification of Fixed Deposits per Bank | Form PF16 |
| 17 Specification of other Receivables | Form PF17 |
| 18 Specification of other Assets | Form PF18 |
| 19 Specification of other Payables | Form PF19 |
| 20 Specification of other Reserves | Form PF20 |
| 20 Membership Profile | Form PF21 |

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5th July, 2018  
475  

FORM PF1  
STATEMENT OF INVESTMENTS AND ASSET ALLOCATION  
PORTFOLIO 1  

| Strategic Asset Allocation (SAA) | Benchmark (SAA) | Lower end of allowable (SAA) | Upper end of allowable SAA range | Percentage Asset Allocation | Market Value at the end of period | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|----------------------------------|-----------------|------------------------------|----------------------------------|----------------------------|-----------------------------------|----------------------------------|--------------------------------|
| 5.1 Cash | | | | | | | |
| 5.2 Fixed Deposits (B16) | | | | | | | |
| 5.3 Malawi Listed Equity (B5) | | | | | | | |
| 5.4 Unlisted Equity (B4) | | | | | | | |
| 5.5 Property (B11) | | | | | | | |
| 5.6 Government Debt (Malawi) | | | | | | | |
| 5.6.1 Short Term (B6) | | | | | | | |
| 5.6.2 Long Term (B7) | | | | | | | |
| 5.7 Private Debt | | | | | | | |
| 5.7.1 Listed (B8) | | | | | | | |
| 5.7.2 Unlisted (B9) | | | | | | | |
| 5.8 Loans | | | | | | | |
| 5.9 Foreign Investments | | | | | | | |
| 5.10 Other Investments (B10) | | | | | | | |
| 5.11 Total investment | | | | | | | |

Strategic Asset Allocation (SAA)  
Benchmark (SAA)  
Lower end of allowable (SAA)  
Upper end of allowable SAA range  
Percentage Asset Allocation  
Actual Asset Allocation at Market Value period (K'000)  
Unrealised gains/losses (K'000)  
Realised gains/losses (K'000)  

Portfolio 2  

| Strategic Asset Allocation (SAA) | Benchmark (SAA) | Lower end of allowable (SAA) | Upper end of allowable SAA range | Percentage Asset Allocation | Actual Asset Allocation at Market Value period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|----------------------------------|-----------------|------------------------------|----------------------------------|----------------------------|----------------------------------------------------------|----------------------------------|--------------------------------|
| 5.1 Cash | | | | | | | |
| 5.2 Fixed Deposits (B16) | | | | | | | |
| 5.3 Malawi Listed Equity (B5) | | | | | | | |
| 5.4 Unlisted Equity (B4) | | | | | | | |
| 5.5 Property (B11) | | | | | | | |
| 5.6 Government Debt (Malawi) | | | | | | | |
| 5.6.1 Short Term (B6) | | | | | | | |
| 5.6.2 Long Term (B7) | | | | | | | |

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476  
5th July, 2018  

| Strategic Asset Allocation (SAA) | Benchmark (SAA) | Lower end of allowable (SAA) | Upper end of allowable SAA range | Percentage Asset Allocation | Actual Asset Allocation at Market Value period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|----------------------------------|-----------------|------------------------------|----------------------------------|----------------------------|----------------------------------------------------------|----------------------------------|--------------------------------|
| 5.7 Private Debt | | | | | | | |
| 5.7.1 Listed (B8) | | | | | | | |
| 5.7.2 Unlisted (B9) | | | | | | | |
| 5.8 Loans | | | | | | | |
| 5.9 Foreign Investments | | | | | | | |
| 5.10 Other Investments (B10) | | | | | | | |
| 5.11 Total investment | | | | | | | |

Portfolio 3  

| Strategic Asset Allocation (SAA) | Benchmark (SAA) | Lower end of allowable (SAA) | Upper end of allowable SAA range | Percentage Asset Allocation | Actual Asset Allocation at Market Value period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|----------------------------------|-----------------|------------------------------|----------------------------------|----------------------------|----------------------------------------------------------|----------------------------------|--------------------------------|
| 5.1 Cash | | | | | | | |
| 5.2 Fixed Deposits (B16) | | | | | | | |
| 5.3 Malawi Listed Equity (B5) | | | | | | | |
| 5.4 Unlisted Equity (B4) | | | | | | | |
| 5.5 Property (B11) | | | | | | | |
| 5.6 Government Debt (Malawi) | | | | | | | |
| 5.6.1 Short Term (B6) | | | | | | | |
| 5.6.2 Long Term (B7) | | | | | | | |
| 5.7 Private Debt | | | | | | | |
| 5.7.1 Listed (B8) | | | | | | | |
| 5.7.2 Unlisted (B9) | | | | | | | |
| 5.8 Loans | | | | | | | |
| 5.9 Foreign Investments | | | | | | | |
| 5.10 Other Investments (B10) | | | | | | | |
| 5.11 Total investment | | | | | | | |

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5th July, 2018  
477  

FORM—B 2  
Statement of Net Assets Available for Benefits

| | Consolidated (K'000) | Portfolio 1 (K'000) | Portfolio 2 (K'000) | Portfolio 3 (K'000) |
|---|----------------------|---------------------|---------------------|---------------------|
| **Assets** | | | | |
| 1 Total Receivables | | | | |
| 1.1 Total investment income receivable | | | | |
| 1.2 Other receivables | | | | |
| 2 Investments (B1) | | | | |
| 3 Tax Recoverable | | | | |
| 4 Property, Plant and Equipment | | | | |
| 5 Other Assets | | | | |
| 6 Total Assets | | | | |
| **Liabilities** | | | | |
| 7 Total Payables | | | | |
| 7.1 Provisions and Accruals | | | | |
| 7.2 Benefits payable to members | | | | |
| 7.3 Tax payable | | | | |
| 7.4 Deferred Tax | | | | |
| 7.5 Other | | | | |
| 8 Net assets available to pay member benefits | | | | |
| **Member Benefits** | | | | |
| 9 Total Reserves | | | | |
| 9.1 Bonus Smoothing Reserve | | | | |
| 9.2 Benefit Reserve | | | | |
| 9.3 General Reserve | | | | |
| 9.4 Other Reserves | | | | |
| 10 Total liability for DC member benefits | | | | |
| 10.1 Member benefits at end of the previous period | | | | |
| 10.2 Increase or Decrease in net assets after tax | | | | |
| 10.3 Unallocated contributions | | | | |
| 11 Surplus or Deficit | | | | |
| 12 Total Funds Employed | | | | |

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478  
5th July, 2018  

FORM—B3  
Statement of Changes in Net Assets Available for Members (Amounts in K'000)  

**Member flows - In**  
1 Total contributions  
 1.1 Employer contributions  
 1.2 Employee contributions  
 1.3 Severance due entitlement  
 1.4 Voluntary contributions  
 1.5 Transfers from other pension funds  
  1.5.1 Member contributions  
  1.5.2 Employer Contributions  
 1.6 Personal pension contributions  

**Member flows - Out**  
2 Withdrawals at Retirement- Lump Sum  
 2.1 Member entitlement of up to 40% § 68 of Pension Act  
 2.2 Savings applied to life annuity or programmed withdrawal  
 2.3 Commutation of pension  
 2.4 Pension payments to members  
3 Non-retirement withdrawals  
 3.1 Early withdrawals (Sections 65, 69 and 87)  
 3.2 Death benefits (Sections 64 and 70)  
 3.3 Transfers  
4 Total benefit payments paid out  
5 Net Member flows (Item 4 - Item 1)  

**Income**  
6 Investment income  
 6.1 Interest  
 6.2 Dividend  
 6.3 Rental income  
 6.4 Change in unrealised gains/losses (B1)  

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5th July, 2018  
479  

6.5 Other investment income  
7 Other income  
 7.1 Proceeds on from GLA  
 7.2 Other  
8 Total operating income  
 8.1 Administration fee charged to Employers  
 8.2 Other operating income  
9 Total investment and operating income  

**Expenses**  
10 Total investment Expenses  
 10.1 Investment management fees  
 10.2 Custodial Fees  
 10.3 Property maintenance expenses  
 10.4 Other investment expenses  
11 Total Pension administration expenses  
 11.1 Member administration fees  
 11.2 Other administration expenses  
12 Total expenses  
13 Profit or Loss before income tax  
14 Total income tax paid  
15 Increase or Decrease in net assets after income tax  

**Net assets**  
16 Net assets available to pay member benefits at the beginning of reporting period  
17 Net assets available to pay member benefits at the end of the reporting period (this amount must check and give error message if amount in item 15 plus amount in item 16 does not add up to this amount)  

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480  
5th July, 2018  

FORM B4  
SPECIFICATION OF UNLISTED EQUITY  
Portfolio 1  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| Insert Description | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Total (item 5.4 Form B1) | | | | | | | | |

Portfolio 2  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| Insert Description | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Total (item 5.4 Form B1) | | | | | | | | |

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5th July, 2018  
481  

Portfolio 3  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| Insert Description | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Total (item 5.4 Form B1) | | | | | | | | |

FORM B 5  
SPECIFICATION OF LISTED EQUITY  
Portfolio 1  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| Blantyre Hotels Limited | | | | | | | | |
| First Merchant Bank | | | | | | | | |
| Illovo | | | | | | | | |
| MPICO | | | | | | | | |
| National Bank of Malawi | | | | | | | | |
| NBS Bank | | | | | | | | |
| NICO | | | | | | | | |
| NITL | | | | | | | | |
| Press Corporation Ltd | | | | | | | | |
| Real Insurance | | | | | | | | |
| Standard Bank | | | | | | | | |
| Sunbird | | | | | | | | |

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482  
5th July, 2018  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| TNM | | | | | | | | |
| Old Mutual | | | | | | | | |
| Total (Item 5.3 Form PF1) | | | | | | | | |

Portfolio 2  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| First Merchant Bank | | | | | | | | |
| Illovo | | | | | | | | |
| MPICO | | | | | | | | |
| National Bank of Malawi | | | | | | | | |
| NBS Bank | | | | | | | | |
| NICO | | | | | | | | |
| NITL | | | | | | | | |
| Press Corporation Ltd | | | | | | | | |
| Real Insurance | | | | | | | | |
| Standard Bank | | | | | | | | |
| Sunbird | | | | | | | | |
| TNM | | | | | | | | |
| Old Mutual | | | | | | | | |
| Total (Item 5.3 Form PF1) | | | | | | | | |

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5th July, 2018  
483  

Portfolio 3  

| Shareholding as % of total stocks/shares | Number of common stocks/shares | Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions Cost (K'000) | Disposal losses (K'000) | Unrealised gains/losses (K'000) | Realised gains/loss (K'000) |
|------------------------------------------|-------------------------------|-----------------------------|--------------------------------------------|-----------------------------------------------|------------------------|-------------------------|------------------------------|---------------------------|
| Blantyre Hotels Limited | | | | | | | | |
| First Merchant Bank | | | | | | | | |
| Illovo | | | | | | | | |
| MPICO | | | | | | | | |
| National Bank of Malawi | | | | | | | | |
| NBS Bank | | | | | | | | |
| NICO | | | | | | | | |
| NITL | | | | | | | | |
| Press Corporation Ltd | | | | | | | | |
| Real Insurance | | | | | | | | |
| Standard Bank | | | | | | | | |
| Sunbird | | | | | | | | |
| TNM | | | | | | | | |
| Old Mutual | | | | | | | | |
| Total (Item 5.3 Form PF1) | | | | | | | | |

FORM B6  
SPECIFICATION OF GOVERNMENT SHORT TERM DEBT  
Portfolio 1  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |

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484  
5th July, 2018  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.3 Form PF1) | | | |

Portfolio 2  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.6.1 Form PF1) | | | |

Portfolio 3  

| Percentage Actual Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|------------------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.6.1 Form PF1) | | | |

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5th July, 2018  
485  

FORM B7  
SPECIFICATION OF GOVERNMENT LONG TERM DEBT  
Portfolio 1  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.6.2 Form B1) | | | |

Portfolio 2  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.6.2 Form PF1) | | | |

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486  
5th July, 2018  

Portfolio 3  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.6.2 Form PF1) | | | |

FORM B8  
SPECIFICATION OF PRIVATE DEBT - LISTED  
Portfolio 1  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.1 Form PF1) | | | |

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5th July, 2018  
487  

Portfolio 2  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.1 Form PF1) | | | |

Portfolio 3  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.1 Form PF1) | | | |

FORM B9  
SPECIFICATION OF PRIVATE DEBT - UNLISTED  
Portfolio 1  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |

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488  
5th July, 2018  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.2 Form PF1) | | | |

Portfolio 2  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.2 Form PF1) | | | |

Portfolio 3  

| Percentage Asset Allocation | Amount at the end of the period (K'000) | Amount at the beginning of the period (K'000) | Repayment (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|-------------------|
| Insert Description | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total (Item 5.7.2 Form PF1) | | | |

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5th July, 2018  
489  

FORM B10  
SPECIFICATION OF OTHER INVESTMENTS  
Portfolio 1  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|------------------------------|---------------------------|
| Insert Description | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total (Item 5.10 Form B1) | | | | |

Portfolio 2  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|------------------------------|---------------------------|
| Insert Description | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total (Item 5.10 Form B1) | | | | |

Portfolio 3  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|------------------------------|---------------------------|
| Insert Description | | | | |
| | | | | |
| | | | | |

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490  
5th July, 2018  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|------------------------------|---------------------------|
| | | | | |
| | | | | |
| Total (Item 5.10 Form B1) | | | | |

FORM B11  
SPECIFICATION OF PROPERTY  
Portfolio 1  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions cost (K'000) | Disposal (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|----------------------|------------------|------------------------------|---------------------------|
| Insert Description | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Total (Item 5.5 Form B1) | | | | | | |

Portfolio 2  

| Percentage Asset Allocation | Market Value at the end of period (K'000) | Market Value at the beginning of period (K'000) | Additions cost (K'000) | Disposal (K'000) | Unrealised gains/losses (K'000) | Realised gains/losses (K'000) |
|-----------------------------|------------------------------------------|-----------------------------------------------|----------------------|------------------|------------------------------|---------------------------|
| Insert Description | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Total (Item 5.5 Form PF1) | | | | | | |