Old Mutual Income Fund (PDF)

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					Old Mutual Income Fund                                                                                                        FUND DESCRIPTION
                                                                                                                              The fund aims to offer a high level of income, together with relative capital
                                                                                                                              stability. It aims to pay out a high regular income without putting the investor's
                                                                                                                              money at undue risk. The fund invests in local interest-bearing investments
                                                                                                                              including fixed and floating rate bonds and money market instruments. The
                                                                                                                              average duration of the fund will always be less than two years, which
ALL DATA TO 31/12/2010                                                                                                        contributes to its relative capital stability. It can be used as a secure parking
                                                                                                                              bay in times of stock market instability as well as a means of phasing money
                                          3-Year Rand Performance
                      140                                                                              40%
                                                                                                                              into an equity (share) fund over a period of time.

                                      Fund                                                                                    FUND MANAGER(S): Jennifer Sheehy (Futuregrowth Asset Management)
                      130                                                                              30%
                                      SA Inflation                                                                            REVIEW OF Q4 2010
                                                                                                                              The yield curve steepened during the fourth quarter of 2010, with short-

                                                                                                                              dated bond yields declining, largely as a result of the 50 basis point (bp)

                                                                                                              FUND % CHANGE
                      120                                                                              20%                    rate cut in November. Medium- and long-dated bond yields rose to underperform
                                                                                                                              cash and money market instruments.

                                                                                                                              Globally, risk aversion returned to bond markets during the quarter, with
                      110                                                                              10%
                                                                                                                              attention focused on the troubled Eurozone, where Ireland was at the forefront
                                                                                                                              with severe budget problems. There was widespread bond market weakness
                                                                                                                              across both developed and emerging markets. The local fixed-rate bond
                      100                                                                              0%                     market was hard hit by foreign selling.

                                                                                                                              Sentiment improved in the local bond market in December as the Eurozone
                      90                                                                               -10%                   debt debacle settled somewhat. The firmer rand also played a role as the
                       Dec-07                Dec-08                       Dec-09                 Dec-10                       US dollar weakened against a broad range of currencies. The latest inflation
                                                                                                                              data, as well as third quarter macroeconomic data, confirmed that South
                                                                                                                              African (SA) short term interest rates will remain low in the immediate future.

PERFORMANCE                                                                                                                   The fund increased exposure to medium-dated fixed-rate SA bonds during
                                              % PERFORMANCE                          % PERFORMANCE (p.a.)                     the quarter, reducing exposure to inflation-linked bonds. It also increased
                                                                                                                              exposure to short-dated corporate and securitisation bonds.
                                             1-Mth 3-Mth 6-Mth                1-Yr     3-Yr   5-Yr   7-Yr 10-Yr
NON-LIFE                                     Due to the Association
                                                                                                                              In the short term we feel that SA fixed-rate bond yields could drift lower on
Fund                                         for     Savings     &             9.3    10.4     9.2   9.1     10.0
                                                                                                                              the back of a benign inflation outlook and a steep yield curve slope. The
Benchmark                                    Investment (ASISA)                8.5     9.5     8.6   8.5      9.6
                                                                                                                              longer term outlook for bonds, both locally and globally, is less favourable
                                             code on advertising,
Tax-exempt Investor                                                            9.3    10.4     9.2   9.1     10.0             due to continued efforts to engineer higher, more sustainable economic
                                             no unit trust fund is
Corporate Investor                                                             6.9     7.7     6.6   6.5      7.1             growth.
                                             allowed to report on
Private Investor                             performance for less              6.8     7.5     6.4   6.4      7.0
Retirement Fund                                                                9.2    10.4     8.9   8.5      8.7             RISK FACTOR
                                             than one year.
                                                                                                                              This is a conservative risk fund with a risk rating of 1 (based on Old Mutual's
The above portfolio performance is calculated on a NAV-NAV basis and does not take                                            rating scale of 1 - 5). The fund is exposed to interest rate fluctuations. The
any initial fees into account. Income is reinvested on the ex-dividend date. Actual                                           short term nature of the fund's cash holding reduces its exposure to price
investment performance will differ based on the initial fees applicable, the actual
                                                                                                                              fluctuations and interest rate risk. Capital loss over any 3-month period is
investment date and the date of reinvestment of income. Lump sum basis. Performances
are in ZAR and as at 31 December 2010. Sources: Morningstar and OMIGSA (estimated
inflation figure for month of December 2010).
                                                                                                                              FUND CATEGORY: Domestic - Fixed Interest - Income
                                                                                                                              BENCHMARK: 80% STeFI Composite Index & 20% All Bond Index

            Money market instruments* (13.8%)
                                                                                                                              LAUNCH DATE: 22/04/1989

                      Bonds 7-12 years (9.0%)
                                                                                                                              31/12/2010:                   Distribution       2.19c    per   unit
                                                                                                                              30/09/2010:                   Distribution       2.21c    per   unit
                                                                                       Bonds 1 - 3 years (52.2%)
                                                                                                                              30/06/2010:                   Distribution       2.22c    per   unit
                                                                                                                              31/03/2010:                   Distribution       2.30c    per   unit

                       Bonds 3 - 7 years (25.0%)                                                                              MINIMUM INVESTMENTS
                                                                                                                              Monthly: R500 • Lump sum: R10 000 • Ad hoc: R500

                                                *Money market instruments include cash, NCDs and treasury bills
                                                                                                                              TAX EXEMPTIONS
Size of fund: R1.5bn (total market value of assets + net income)                                                              The first R22 300 p.a. of all interest income earned (R32 000 if aged 65 or
                                                                                                                              older as at the end of February 2011) is exempt from income tax. In addition,
CURRENT PRINCIPAL HOLDINGS                                                                                                    the first R17 500 p.a. of realised capital gains is exempt.

                                                                                                                              FUND CODE: INC
       HOLDING                                                        SECTOR                         % OF FUND
       Republic of SA R203 8.25% 2017                                 3   -   7 Years Bonds                   13.6
       Money Market                                                   0   -   3 Years NCD                      7.8
                                                                                                                              There is no initial administration charge for investment transactions of R500
       SBK5 9.5% 17/11/2011                                           1   -   3 Years Bonds                    2.8
       DaimlerChrysler 8.22% 26/05/2011                               1   -   3 Years Bonds                    2.8            and above. Commission will be between 0% and 0.68%. Investment transactions
       SBS6 11.47% 26/03/2011                                         1   -   3 Years Bonds                    2.8            below the R500 fund minimum incur a 0.46% administration charge.
       R204 8.00% 21/12/2018                                          7   -   12 Years Bonds                   2.5            Total expense ratio (TER): 0.86%
       DVF12 13/10/2012                                               1   -   3 Years Bonds                    2.4               •    Service fee (included in TER): 0.86% p.a. This fee is accrued daily
       GFC2 9.2% 27/02/2012                                           1   -   3 Years Bonds                    2.3                    and paid to the management company on a monthly basis.
       Republic of SA R208 6.75% 2021                                 7   -   12 Years Bonds                   2.3               •    Other charges incurred by the fund, and deducted from its portfolio,
       TL12 12.45% 29/04/2012                                         1   -   3 Years Bonds                    2.2                    are included in the TER.
Unit trusts are generally medium to long term investments. Past performance is no indication of future growth. It is important that you are prepared for some shorter term fluctuations 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. A schedule of fees and charges and
maximum commissions is available from the company/intermediary. You can easily 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 and this may result in a capital loss in extreme cases. Specialist equity funds may hold a greater risk as exposure limits to a single security may be
higher. A feeder fund portfolio is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a collective investment 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 in order 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 & Investment SA.

                                                              Funds are also available via Investment Frontiers, MAX Investments and Galaxy.
                                                                  Helpline 0860 234 234 Fax +27 21 509 7100 Internet
 Old Mutual Income Fund                                                                                                                            FONDSBESKRYWING
                                                                                                                                                   Die fonds se doelwit is om 'n hoë inkomste plus relatiewe kapitaalstabiliteit
                                                                                                                                                   te verskaf. Dit poog om 'n hoë gereelde inkomste te betaal sonder om die
                                                                                                                                                   belegger se geld aan onnodige risiko bloot te stel. Die fonds belê in plaaslike
                                                                                                                                                   rentedraende beleggings, insluitend vaste- en swewendekoers-effekte en
                                                                                                                                                   geldmarkinstrumente. Die gemiddelde duur van die fonds sal altyd minder
                                                                                                                                                   as twee jaar wees, wat tot die relatiewe kapitaalstabiliteit van die fonds
 ALLE DATA TOT 31/12/2010                                                                                                                          bydra. Dit kan tydens onstuimigheid in aandelemarkte as 'n veilige parkeerplek
                                                         3-jaar Randprestasie                                                                      gebruik word, of as 'n medium om geld met verloop van tyd in 'n aandelefonds
                              140                                                                                  40%                             in te faseer.

                                             Fonds                                                                                                 FONDSBESTUURDER(S): Jennifer Sheehy (Futuregrowth Asset Management)

                              130                                                                                  30%                             OORSIG VAN VIERDE KWARTAAL 2010
                                             SA Inflasie
                                                                                                                                                   Die opbrengskromme het in die vierde kwartaal van 2010 steiler geword, en

                                                                                                                             FONDS %-VERANDERING
                                                                                                                                                   opbrengste op korttermyn-effekte het gedaal. Dit was hoofsaaklik toe te
                                                                                                                                                   skryf aan die rentekoersverlaging van 50 basispunte in November. Die
                              120                                                                                  20%
                                                                                                                                                   opbrengste van medium- en langtermyn-effekte het gestyg en swakker
                                                                                                                                                   gevaar as kontant en geldmarkinstrumente.

                              110                                                                                  10%                             Wêreldwyd het risiko-skuheid weer gedurende kwartaal in effektemarkte
                                                                                                                                                   posgevat, en die aandag was toegespits op die beleërde Eurosone, waar
                                                                                                                                                   Ierland op die voorgrond was met ernstige begrotingsprobleme. Daar was
                                                                                                                                                   wydverspreide effektemarkswakheid in beide ontwikkelde en ontluikende
                              100                                                                                  0%                              markte. Die plaaslike vastekoers-effektemark het besonder erg deurgeloop
                                                                                                                                                   weens verkope deur buitelanders.

                                                                                                                                                   Sentiment in die plaaslike effektemark het in Desember verbeter, toe die
                               90                                                                                  -10%                            skulddebakel in die Eurosone ietwat bedaar het. Die sterker rand het ook ’n
                                Des-07                  Des-08                    Des-09                     Des-10                                rol gespeel, aangesien die Amerikaanse dollar teenoor ’n breë spektrum van
                                                                                                                                                   geldeenhede verswak het. Die jongste inflasiesyfers, asook makro-ekonomiese
                                                                                                                                                   data vir die derde kwartaal, het bevestig dat Suid-Afrikaanse (SA) korttermyn-
                                                                                                                                                   rentekoerse oor die kort termyn laag sal bly.
                                                           PRESTASIE (%)                          PRESTASIE P.J. (%)
                                                                                                                                                   Die fonds het gedurende die kwartaal blootstelling aan mediumtermyn-,
                                                                                                                                                   vastekoers-RSA-effekte verhoog en blootstelling aan inflasiegekoppelde
                                                        1-md 3-mde 6-mde                  1-j     3-j     5-j     7-j    10-j                      effekte verlaag. Blootstelling aan korttermyn korporatiewe en sekuriterings-
NIE-LEWENS                                              As gevolg van die                                                                          effekte is ook verhoog.
Fonds                                                   Vereniging vir Spaar en           9.3    10.4     9.2     9.1    10.0
Maatstaf                                                Belegging (ASISA) se              8.5     9.5     8.6     8.5     9.6                      Ons reken dat opbrengste op SA vastekoers-effekte oor die kort termyn
                                                        reklamekode word                                                                           effens laer kan beweeg as gevolg van ’n gunstige inflasievooruitsig en die
                                                        geen effektetrustfonds                                                                     steil helling van die opbrengskromme. Die vooruitsigte vir plaaslike sowel
Belastingvrye Belegger                                                                    9.3    10.4     9.2     9.1    10.0
                                                        toegelaat    om    oor
Korporatiewe Belegger                                                                     6.9     7.7     6.6     6.5     7.1                      as internasionale effekte is minder gunstig oor die langer termyn, weens
                                                        prestasie van minder
Privaat Belegger                                                                          6.8     7.5     6.4     6.4     7.0
                                                                                                                                                   volgehoue pogings om hoër, meer volhoubare ekonomiese groei te
                                                        as een jaar verslag te
                                                        doen nie.                         9.2    10.4     8.9     8.5     8.7

Bogenoemde portefeuljeprestasie word op 'n NBW-NBW grondslag bereken en neem
nie aanvangsfooie in ag nie. Inkomste word op die ex dividend-datum herbelê. Werklike                                                              Die fonds het 'n konserwatiewe risikoprofiel met 'n risikogradering van 1
beleggingsprestasie sal verskil, gebaseer op die aanvangsfooie wat van toepassing is,                                                              (gebaseer op Old Mutual se takseringskaal van 1 - 5). Die fonds is aan rente-
die werklike beleggingsdatum en die datum van herbelegging van inkomste.                                                                           koersskommelinge blootgestel. Die korttermyn-aard van die fonds se
Enkelbedraggrondslag. Prestasie in ZAR en soos op 31 Desember 2010. Bronne:                                                                        kontantbesit verlaag sy blootstelling aan prysskommelinge en rentekoersrisiko.
Morningstar en OMIGSA (geraamde inflasiesyfer vir Desember 2010).                                                                                  Kapitaalverliese oor enige 3-maandetydperk is onwaarskynlik.

                                                                                                                                                   FONDSKATEGORIE: Binnelands - Vaste Rente - Inkomste
                                                                                                                                                   MAATSTAF: 80% STeFI Saamgestelde Indeks & 20% Alle Effekte-indeks
                              Geldmarkinstrumente* (13.8%)
                                                                                                                                                   BEKENDSTELLINGSDATUM: 22/04/1989

                             Effekte 7-12 jaar (9.0%)
                                                                                                                                                   31/12/2010:           Uitkering   2.19c   per   onderaandeel
                                                                                                                                                   30/09/2010:           Uitkering   2.21c   per   onderaandeel
                                                                                                Effekte 1 - 3 jaar (52.2%)
                                                                                                                                                   30/06/2010:           Uitkering   2.22c   per   onderaandeel
                                                                                                                                                   31/03/2010:           Uitkering   2.30c   per   onderaandeel

                              Effekte 3 - 7 jaar (25.0%)                                                                                           MINIMUM BELEGGINGS
                                                                                                                                                   Maandeliks: R500 • Enkelbedrag: R10 000 • Ad hoc: R500

                                                             *Geldmarkinstrumente sluit kontant, VDS’e en skatkiswissels in                        BELASTINGVRYSTELLINGS
                                                                                                                                                   Die eerste R22 300 p.j. van alle rente-inkomste wat verdien is (R32 000
 Fondsgrootte: R1.5mjd (totale markwaarde van bates + netto inkomste)                                                                              indien 65 jaar oud of ouer teen einde Februarie 2011), word vrygestel van
                                                                                                                                                   inkomstebelasting. Verder word die eerste R17 500 p.j. gerealiseerde
 HUIDIGE HOOFBESIT                                                                                                                                 kapitaalwins vrygestel.

                                                                                                                                                   FONDSKODE: INC
            BESIT                                                                 SEKTOR                     % VAN FONDS
            Republic of SA R203 8.25% 2017                                        3   -   7 Jaar Effekte                     13.6                  KOSTE
            Geldmark                                                              0   -   3 Jaar VDS                          7.8                  Daar is geen aanvanklike administrasiekoste vir beleggingstransaksies van
            SBK5 9.5% 17/11/2011                                                  1   -   3 Jaar Effekte                      2.8                  R500 en hoër nie. Kommissie sal tussen 0% en 0.68% wees. ’n Aanvanklike
            DaimlerChrysler 8.22% 26/05/2011                                      1   -   3 Jaar Effekte                      2.8                  administrasiekoste van 0.46% sal betaalbaar wees op beleggingstransaksies
            SBS6 11.47% 26/03/2011                                                1   -   3 Jaar Effekte                      2.8                  onder die fondsminimum van R500.
            R204 8.00% 21/12/2018                                                 7   -   12 Jaar Effekte                     2.5                  Totale onkosteverhouding (TOV): 0.86%
            DVF12 13/10/2012                                                      1   -   3 Jaar Effekte                      2.4                     •    Diensfooi (ingesluit by TOV): 0.86% p.j. Hierdie fooi loop daagliks op
            GFC2 9.2% 27/02/2012                                                  1   -   3 Jaar Effekte                      2.3                          en word maandeliks aan die bestuursmaatskappy betaal.
            Republic of SA R208 6.75% 2021                                        7   -   12 Jaar Effekte                     2.3                     •    Ander koste wat deur die fonds aangegaan en van sy portefeulje
            TL12 12.45% 29/04/2012                                                1   -   3 Jaar Effekte                      2.2                          afgetrek word, is ingesluit by die TOV.
Effektetrusts is gewoonlik medium- tot langtermynbeleggings. Vorige prestasie is nie ’n aanduiding van toekomstige groei nie. Dit is belangrik dat u voorbereid moet wees op skommelinge oor die korter termyn, terwyl u belegging in
ooreenstemming met die markte beweeg. Wisselkoersbewegings of -skommelinge kan meebring dat die waarde van onderliggende internasionale beleggings styg of daal. Effektetrusts kan by leen en die uitleen van skrip betrokke
wees. ’n Lys van fooie en koste en maksimum kommissie is by die maatskappy/tussenganger verkrygbaar. U kan u belegging maklik verkoop teen die heersende prys van die dag (om 15:00 op ’n vooruitprysingsgrondslag bereken en
17:00 teen die maandeinde vir Old Mutual RAFI® 40 Tracker Fund en Old Mutual Top 40 Fund). Die Old Mutual Money Market Fund se onderaandeelprys poog om staties te wees, maar beleggingskapitaal word nie gewaarborg nie. Die
totale opbrengs bestaan hoofsaaklik uit rente (wat daagliks om 13:00 verklaar word), maar kan ook enige wins/verlies op ’n bepaalde instrument insluit, en dit kan in uiterste gevalle ’n kapitaalverlies meebring. Spesialisaandelefondse
kan ’n groter risiko inhou, aangesien blootstellingsperke ten opsigte van ’n enkele sekuriteit hoër kan wees. ’n Voederfondsportefeulje is ’n portefeulje wat, afgesien van bates in likiede vorm, uitsluitlik uit onderaandele van ’n enkele
portefeulje van ’n kollektiewe beleggingskema bestaan. ’n Fonds van fondse-effektetrust belê slegs in ander kollektiewe beleggingskemas, wat hul eie koste kan vra. Sekere fondse kan tydelik gesluit word om ooreenkomstig hul
mandaat bestuur te word. Hierdie portefeuljes bevat verskillende onderaandeelklasse, wat aan verskillende fooie en koste onderhewig is. Old Mutual is ’n lid van die Vereniging vir Spaar en Belegging SA.
                                                                      Fondse is ook beskikbaar via Investment Frontiers, MAX Investments en Galaxy.
                                                                           Hulplyn 0860 234 234 Faks +27 21 509 7100 Internet

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