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3 STAATSKOERANT 4 FEBRUARIE 2009 No31838
BOARD NOTICE
BOARD NOTICE 14 OF 2009
PENSION FUNDS ACT NO 24 OF 1956
REGULATORY REPORTING REQUIREMENTS FOR RETIREMENT FUNDS
I Dube Phineas Tshidi Registrar of Pension Funds hereby prescribe the following Regulatory Reporting Requirements for Retirement Funds for the preparation of the annual financial statements as referred to in Board Notice 99 of 2008
Underwritten funds and retirement annuity funds are exempted from the requirements of the Regulatory Reporting Requirements for Retirement Funds in so far as it relates to accrual basis for all financial year-ends ending during 20062007 2008 and 2009
This Board Notice takes effect on publication hereof
Ef 1Bl-i tJs1 DPTSHIDI
REGISRAR OF PENSION FUNDS
RE
GU
LA
TO
RY
RE
PO
RT
ING
R
EQ
UIR
EM
EN
TS
FO
R
RE
TIR
EM
EN
T F
UN
DS
CO
NT
EN
TS
Pref
ace
Rep
onin
g co
ncep
ts
Def
initi
ons
Inve
stlil
ents
C
ash
HO
llsin
g hJ
all f
acili
ties
Res
erve
s S
mpl
us
Tra
nsfe
rs
Acc
ount
S re
ceiv
able
and
acc
oullt
s pa
yabl
e pl
anl
and
equi
pmen
t
Prov
isio
ns c
ontin
gent
lia
bilit
ies
and
cont
mgc
n( a
sset
s C
ontri
butio
ns
Ben
efils
In
vest
men
t ill
com
e A
dmin
istr
atio
n c
pells
es
Ope
rali
ng le
ases
A
ccou
ntIn
g po
licie
s c
hang
es in
acc
olln
ting
estim
atcJ
i and
err
ors
Rel
aled
par
ties
ag
e
I 2
10
II
22
23 ~ 2
8 29
O
31
32
36
37 ~ 3
9 40
41
43
44
45
46
~ 5
4 5
5-
57
58 -
61
62
63
60
67
68middot
69
70
71
7]
PRE
FAC
E
His
tori
cally
1he
fin
anci
al s
tate
men
ts o
f ret
irem
ent
fund
s w
ere
prep
ared
on
the
basi
s of
Sou
lh A
fric
an
Stal
emen
ts o
f G
enem
lly
Acc
eple
d A
ccou
ntin
g Pr
actic
e W
ilh
a nu
mbe
r o
f de
panu
res
T
his
has
prov
ed d
iffi
cult
10 d
efin
e
it is
ac
cepl
ed
that
In
tern
alio
nal
Fina
ncio
l th
e re
tirem
ent
fim
ds i
ndus
try
It
is a
ntic
ipat
ed (
118t
fund
s S
outh
Afi
ica
will
fol
low
tho
se s
tand
ards
H
owev
er
it is
unl
ikel
y th
at
slau
dard
s w
ill b
e de
velo
ped
ill t
he I
lear
fut
tlre
Tite
se r
egul
ato
) r
epon
ing
requ
irem
ents
hav
e be
en d
evel
oped
as
a ba
sis
for
fina
ucia
l re
tirem
ent
fund
s in
So
uth
Afr
ica
T
he
requ
irem
ents
w
ere
fina
lised
af
ter
a pe
riod
co
nsul
tatio
n w
hich
allo
wed
for
inp
ut f
rom
acc
ount
ants
aud
ltors
tr
uste
es a
nd m
embe
rs o
f re
tirem
ent
fund
s
The
R
egul
ato
) fo
r R
elir
emem
Fu
nds
Ithe
re
tirem
ent
fund
s re
gist
ered
tm
der
the
Pens
ion
Fund
s A
ct
repo
rtiu
g re
quir
emen
ts a
re a
pplic
able
to
the
fina
ncia
l st
atem
ents
an
nual
ly t
o tit
e Fi
nanc
ial S
ervi
ces
Boa
rd I
FS
B)
Pres
enta
tion
and
disc
losu
re
requ
irem
ents
are
set
ou
t in
th
e fo
nlla
t o
f th
e fi
nanc
ial
stat
emen
ts
Ihe
Reg
isfr
ar
nle
fin
anci
al s
tate
men
ts a
re a
vaila
ble
on L
he r
etir
emen
t fu
nds
page
of
ite
W
w(
ib
CO
llL
The
reg
ulat
ory
repo
rtmg
requ
irem
ents
add
ress
the
rec
ogm
lioJl
and
m
easu
rem
en(
prin
cipl
es t
o be
lIs
ed
in p
repa
ring
the
fim
mda
l st
atem
ents
and
als
o pr
ovid
e so
me
guid
ance
rel
atin
g to
dis
clos
ure
and
pres
enla
lioll
in t
he p
resc
ribe
d fo
nnaL
repo
rli
g re
quir
emen
ts w
ill
bc
from
lim
e to
tim
c fo
r ch
ange
s ill
glo
bal
are
appr
opri
ate
for
retir
emen
t
Vllc
re r
elir
cmel
lt flm
ds
fina
ncia
l st
atem
ents
spe
cifk
ally
fix
ot
her
exte
rnal
us
ers
or ro
r m
embe
rs o
f tile
fu
d t
he
repo
rtin
g re
qllir
eille
n(s
may
not
nec
essa
rily
be
appr
opri
uc
Thc
reg
ulat
ory
repo
rtin
g re
quir
emen
ts d
o no
t ad
dres
s Ih
e ac
tuar
ial
valu
atio
n
Tra
nsitj
onal
pro
visi
ons
and
(I til
ilelin
e fo
r fh
e ap
Plic
atio
n o
f the
req
uire
mei
lls f
or f
unds
tha
t cu
rren
tly
appl
y a
all
-acc
rual
bas
i of
aCC
otU
ltinl
w
ill b
e is
sued
by
the
FSB
bv
boor
d no
tice
or d
irec
tive
TIe
FSB
will
als
o de
leon
ine
whe
ther
cer
tain
(ll
lds
requ
irem
ents
bas
ed o
n tll
eir
sile
or
natw
e f
hcsc
or
dire
cLiv
e
Furt
her
guid
ance
and
exa
mpl
es m
ay a
lso
be p
rovi
ded
sepa
rate
ly
Ilo z p W
CO
VJ CO
G) ~ m n
z
m
z -i
G) ~ g m 11 m
III n
C raquo ~ ) o o lt0
RE
PO
RT
ING
CO
NC
EP
TS
Intr
od
uct
ion
ou
tlm
es t
he c
once
ps
cont
amed
It
Ih
e pr
epar
atio
n an
d pr
esen
tati
on o
f th
e st
aie
men
ls s
ubm
itted
ann
ually
to
the
FSB
T
he p
LUpO
SC o
fthet
gte c
once
pts
are
to
fina
ncia
l Slatement~
in
appl
ying
th
e re
quir
emen
ts a
ud
in
deal
ing
with
to
pics
tha
r ar
e nO
I sp
ecif
icai
lv
regu
lato
ry l
cpor
ting
req
uire
men
ts
Ass
ist
audl
turs
in
form
intt
an o
pini
on a
s to
whe
ther
st
atem
ents
con
fonl
l til
e re
bul
ator
y re
port
ing
requ
irem
ents
an
d
Ass
ist
the
rSll
in
th
e in
fim
natio
ll co
ntai
ned
fina
llcia
l st
atem
ellts
pr
epar
ed i
ll co
nfor
mit
y th
e rc
gula
lof)
rep
ortin
g re
quilc
mel
Hs
The
se
do n
ot a
ddre
ss a
ny s
peci
fic
mea
sure
men
t o
r di
sclo
sure
iss
ues
d
o t
hey
spec
ific
ally
dea
lt w
ith i
n an
y ot
her
chap
ter
of
the
reql
lircm
clIl
s
a co
nflic
t be
twee
n th
ese
conc
epts
an
d th
c te
quir
emen
B w
ere
10 be
id
enlif
ied
the
reg
ulat
ory
repo
ning
req
uire
men
ts w
ould
ov
cr t
he c
once
pts
01
T
hese
con
cept
s de
al w
ith
The
obj
ecti
ve o
f fin
aTic
ial
stat
emen
ts
The
qua
litat
ive
char
acte
rist
ics
thal
del
erm
ine
the
usef
ulne
ss o
f w
fonn
atio
ll i
n fl1
1anc
ial
stat
emel
lts
and
Ihe
defi
nitio
ll
reco
lnu
ioll
and
mea
sure
mel
lt o
f lh
e el
emen
l5 n
ol11
w
hich
fll
i3nc
lal
stat
emen
ts a
re c
Olls
truct
ed
The
B
oard
o
f T
mst
ees
of
the
retir
emen
t fu
nd
lias
thc
for
the
and
orcs
enta
tion
of
the
fina
ncia
l st
atem
ents
th
e fi
nanc
ial
stat
emen
ts e
ven
thou
gh i1
has
acc
ess
has
mee
t It
s ow
n ne
eds
T
he r
epor
ting
or
nrc
Boa
rd o
f T
rmtc
cs
canc
epis
and
the
reg
ulat
ory
repo
rtin
g re
quire
men
t
Th
e ob
ject
ive
of
tbe
fina
ncia
l st
atem
ents
T
he o
biec
tive
of
lhe
fman
clal
st
atem
ents
in
fonn
alio
n
posilo~
perl
mm
mee
and
cha
nges
in
lite
lIs
erlil
to t
he F
SR
06
rhc
info
nnat
ion
in
the
fllla
ncia
l st
atem
ents
is
ho
wev
er
Inni
ted
bv
the
fact
th
at
the
fina
ncia
l st
atem
ents
lar
gey
por
tray
the
fm
anci
al e
ffec
ts o
f pas
t ev
ents
07
Fina
ncia
l st
atem
ents
al
so
relle
et
the
acco
unta
bilil
y o
f lh
e B
oard
o
f T
nlst
ees
for
Ihe
reso
urce
s en
tflls
ted
to i
t
Fin
anci
aill
osi
tio
n
per
form
ance
and
cha
nges
iu
nn
and
al p
osit
ion
08
Info
l1na
tioll
abou
l th
e fll
lanc
ial
posi
tion
of
the
retir
emen
t fu
nds
is pr
imaI
ily p
rovi
ded
ill t
he
stat
emen
t o
f ue
t as
sets
and
fun
ds
lufo
rmat
ion
abou
t pc
rfon
nanc
e of
an
d ch
ange
s III
tile
fi
nanc
ial
POSi
llOl1
is
prim
arily
pro
vide
d In
the
stal
emcn
t of c
hang
es I
n n
et a
sset
s an
d ftl
nds
09
part
s of
the
fin
anci
al s
tate
men
ts I
Ilte
nda
te b
ecau
se l
hey
reH
ect
diff
eren
t sa
me
tran
sact
ions
or o
ther
eve
nts
gtio
tes
and
sup
ple
men
tary
sch
edul
es
10
The
fi
nanc
ial
stat
emen
ts
also
co
ntai
n no
tes
and
supp
lem
enta
ry
sche
dule
s aJ
1d
othe
r in
fonl
latio
n th
at i
s re
leva
nt t
o th
e FS
B r
egar
ding
Ite
ms
refl
ecte
d in
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
and
the
sta
tem
ent o
f cha
nges
in n
et a
sset
s an
d fu
nds
Und
erly
ing
assu
mp
tio
ns
Acc
rual
bas
is
I I
file
fin
anci
al s
tate
men
ts a
re p
repa
red
on t
he a
ccru
al b
asts
of
acco
untl
llg
Llld
cr t
his
balil
s
the
elT
ects
of
tran
sact
ions
and
oth
el e
vent
s ar
e re
cogn
ised
whe
n th
ey o
ccur
(an
d no
t as
cas
l1
or i
ts e
ouiv
alen
t is
rec
eive
d or
oai
j)
and
thev
are
rec
orde
d in
the
acc
ount
ing
reco
rds
and
to w
hich
lhe
y re
late
Fi
nanc
ial
stat
elll
ents
re
gard
ing
past
tr
ansa
Cllo
ns
to p
ay c
ash
in t
he n
Uur
c
prep
ared
011
th
c as
sum
plio
n th
at a
rel
irei
llent
fun
d fo
r th
e fo
rese
eabl
e [U
llin
Hen
ce
It
nor
the
need
to
Of
cur1
ali
need
th
e fin
ancI
al
Qu
alit
ath
c c
har
acte
rist
ics
of
fina
ncia
l st
atem
ents
IJ
Q
ualit
ativ
e ch
arac
teri
stic
s ar
e th
e aU
ribu
es t
hat
mak
e th
e in
fmm
atlO
ll pI
Ovi
ded
stat
emen
ts
usef
ul
to
user
s
The
fo
ur
prin
cipa
l qu
ahta
tiyc
ch
arac
ten
llc
s (Ir
e un
ders
tand
abili
ty
rele
vanc
e r
elia
bilit
y an
d C
Ol1
1rfl
lrah
ililmiddot
llnd
erst
nda
bili
ty
1middot1
An
esse
ntia
l qu
alii
y o
f til
e Jl
lfon
nalio
ll pr
ovid
ed i
n fm
anci
a s
taie
men
ts I
S h
al i
t re
adil
) un
ders
tand
able
Rel
evan
ce
15
To b
e us
eful
Jl
1f(
)[]n
att
oll
mus
t be
rel
evan
t 10
th
e Ile
eds
of
the
jSH
In
form
atio
n ha
th
e qu
ality
or
rele
vanc
e w
hen
it he
lps
the
FS
B t
o cy
alua
te p
asL
pr~senl or
Hltm
c ev
ents
OJ
to
conf
irm
or
corr
ect
its p
asl
eval
uatio
ns
~f(l(n(
ftl
r
16
n
le r
e1e
anc
e o
f in
form
atio
n is
affe
cted
by
Its l
latu
re a
nd m
ater
ialit
y I
II so
me
case
s t
he
natu
re o
rmfo
nnat
ion
alon
e is
suf
fici
ent
to d
eten
nine
its
rel
evan
ce
In o
ther
cas
es
both
the
na
ture
and
rna
teIi
ality
are
im
port
ant
is m
ater
ial
jf i
ts
oilli
ssio
n O
f m
isst
atem
ent
coul
d in
flue
nce
the
econ
omic
de
ciSi
ons
of
the
FSB
tak
cn o
n th
e ba
sis
of
the
fina
ncia
l st
atem
ents
rv
late
llal
ity
on
the
size
of
the
item
O
f er
ror
judg
ed i
n th
e pa
rtic
ular
cir
cum
stan
ces
of
ils
or
mis
stat
emen
t T
hus
mat
eria
litv
prov
ides
a t
hres
hold
or
cut-
off
rath
er t
han
bem
g a
iufo
nlla
tlQIl
mus
t ha
ve
is t
o be
use
ful
I~elibi
lit
r 18
T
o be
use
fllL
inf
onna
lion
mus
l al
so b
e re
liabl
e ~hen
It is
fr
ee
tiom
m
alcr
Ial
erro
r an
d bi
as a
nd
can
be
repr
esen
fa
ithfu
lly
expe
cted
re
pres
ent
19
Info
nnat
ion
may
be
rele
vallt
but
sO
unre
liabl
e in
nat
ure
Of
repr
esen
tati
on
may
be
pote
ntia
lly m
isle
adin
g I
n th
ose
inst
ance
s il
may
be
inap
prop
riat
e fu
nd t
o re
cobr
nise
an
amou
nt i
n th
e st
atem
ent
of
poundlei
asse
ts a
nd
fund
s or
the
sta
tem
enl
of
chan
ges
in n
el a
sset
s an
d fu
nds
alth
ough
it
may
be
appr
opri
ate
In d
iscl
ose
the
info
rmat
ion
in t
he n
otes
to
the
fina
ncia
l st
aler
nent
s
CJ) ~ ~ CJ) 6 m
0 raquo Z _-1 ~
m
tll 0
C raquo
m
I) o o (0 z p W
-
(Xl
W
(Xl
CJ1
into
01l3
tion
mus
t re
pres
ent
the
tran
sacl
ions
and
oth
er e
vent
s ei
ther
Pl
LIT)
orts
to
repr
esen
t or
cou
ld
rea
expe
eled
10
re
pres
ent
Tilli
S
for
exam
ple
a s
tate
men
t o
f net
ass
ets
alld
fun
ds
11 fa
ilhfu
llv I
he I
rans
aclio
ns a
nd
olhe
r ev
ents
tha
t re
sult
In a
sset
s l
iabi
litie
s an
d fu
nds
relir
emen
t H
lIld
at t
he r
epor
ting
date
whi
dJ n
tcc
t th
e re
cogn
ition
crI
teri
a
10
21
Mos
t fi
nanc
ial
info
rmat
ion
is su
bjec
t to
so
me
risk
of
bein
g le
ss
than
a
fairh
fh
to p
ortr
ay
Thi
s is
1101
du
e to
bia
s b
ut r
athe
r to
th
e fr
ansa
ctio
Jls
and
othe
r eve
nts
to b
e m
easu
red
or
It
and
pres
enta
tion
tech
niqL
les
thai
ca
n co
nvey
w
ilh
thos
e tr
ansa
ctio
ns
and
even
ts
In
cert
ain
ca5es~
the
mea
sure
men
t o
f th
e fi
nanc
ial
efTe
cts
of
item
s co
uld
be s
o ul
lcer
tain
tha
t re
tirem
ent
fund
s ge
nera
lly
mlld
Hot
rec
ogni
e
them
in
the
finan
cial
sta
tem
ents
In
oth
er c
ases
lo
e
ver
it m
ay
be
rele
vant
10
rec
ogni
se
item
s fw
d to
dis
dose
the
nsk
o
f er
ror
surr
ound
ing
Ihei
r re
cob
rniti
on a
nd m
caSl
Ircr
nenL
Subs
onc
e 2
2
(f in
fonn
atio
n is
fo
repr
esen
t fa
ithfu
lly t
ile t
rans
actio
lls a
nd m
her
even
ts t
hat
it pu
rpor
ts t
o re
pres
ent
it is
nec
essa
ry t
hat
they
are
acc
ount
ed f
or a
nd p
rese
nted
in
acco
rdan
ce w
ith t
heir
su
bsta
nce
and
econ
omic
rea
hlV
and
not
mer
elv
thei
r le
gal
fonn
Ilo
wcv
eL i
ll th
e re
lirem
cnt
fimds
env
irof
lmen
t w
here
an
~venl
requ
ires
app
rova
l b
tlte
FSI
3 it
shou
ld n
ot b
e ac
coun
ted
for
IlIlli
Ih
e ap
prov
al i
s ob
tain
ed
The
Pen
sion
Fun
ds A
CI w
ill i
n al
l ca
ses
supe
rsed
e Ih
c m
les
of
the
fund
how
evC
f th
e m
les
of t
he f
und
TIll
st h
e dr
afte
d in
corn
olia
nce
wit
h t
he a
ct
and
shou
ld b
e pr
escr
ipti
vc i
n 1e
nns
of t
he a
ccou
nts
and
rese
rves
to b
e
the
illfo
nnl
tioll
cunt
aine
d in
fm
anci
al s
tate
men
ts m
ust
be n
eutr
al
that
is
fr
ee f
rom
bia
s Fi
nanc
ial
$lat
emel
lts a
re n
ot n
entr
al j
f by
the
sel
ectio
n or
nre
senl
atro
n o
f
info
nnat
ion
the
y in
flue
nce
the
mak
ing
of
a de
cisi
on o
r ju
dgem
ent
in
pred
eten
ninc
d re
sult
or o
utco
me
2~
Ili
de
nn
24
I1
1e u
repa
rers
of
fina
ncia
l st
atem
ents
do
how
ever
ha
ve t
o co
nten
d w
ith t
he u
nte
rtain
ties
surr
ound
m
any
even
ts
and
circ
umst
allc
es
slic
h as
(h
e co
llec
tabl
lity
o
f re
celv
ahle
s S
tich
unce
rtai
ntie
s ar
e re
cogn
ised
by
the
disc
losu
re o
f the
ir n
atur
e an
d th
e ex
erC
ise
of
prud
ence
tt
l th
e pr
epar
atio
n o
f th
e fm
anci
ai
stat
emcn
s
Incl
usio
n o
fa
ofca
utiO
Il i
n th
e ex
erci
se o
f the
judg
emen
ts n
eede
d II
I
mak
ing
the
esti
mat
es r
equi
red
cond
ition
s o
f ul
lcer
lain
ty ~uch t
hat
asse
ts o
r in
com
e ar
e no
t ov
erst
ated
and
lia
bilit
ies
or e
xpen
ses
are
not
unde
rsta
ted
How
ever
th
e ex
erci
se o
f pr
uden
ce d
oes
not
allo
w
for
exam
ple
the
cre
alio
ll o
f ex
cess
ive
prov
isio
ns
the
deli
bera
te
uTld
erst
atem
ent
of
asse
ts
or
inco
me
or
th
e de
liber
ate
over
stat
emen
t o
f lia
bilit
ies
or
expe
nses
be
caus
e in
thi
s ca
se t
he f
inan
cial
sta
tem
ents
wou
ld n
ot b
e ne
utra
l an
d t
here
fore
w
ould
not
hav
e th
e qu
alily
of r
elia
bilit
y
25
10
be
relia
ble
the
inf
onna
tion
in
fina
ncia
l st
atem
ents
mus
t be
com
piet
e w
ithi
n th
e bo
unds
o
f m
ater
ialit
y an
d co
st
An
omis
sion
can
cau
se j
nfon
nati
on t
o be
fal
se o
r m
isle
adin
g an
d th
us u
nrel
iabl
e an
d de
fici
em in
ten
ns o
f its
rei
ca
nce
Com
llal
1lbi
lity
2
6
TIle
fin
anci
al s
tafe
men
ts o
f a
retir
emcn
t fu
nd m
ust
be
thro
ugh
time
in o
rder
to
iden
tify
tren
ds i
n Ih
e re
tirem
ent
nmd
s fin
anci
al
perf
onna
nce
It
mus
t al
so b
e po
ssib
le t
o co
mpa
re
the
finan
cial
re
tirem
ent
fund
s in
or
der
io
eval
uate
the
ir r
elal
ive
fina
ncia
l in
fin
anci
al
Hen
ce
the
mea
sure
men
t an
d di
spla
y o
f Ih
e fin
anci
al e
neel
of
like
lran
sacl
ions
and
nlh
er
evel
lts m
ust
be c
arri
ed o
ut i
n a
cons
iste
nt w
ay b
y re
tirem
ent
fund
s an
d ov
er t
ime
27
impl
icat
ion
of
the
tlual
itativ
e ch
arac
teri
tic
of
com
oara
bilil
v st
atem
ents
des
crib
e th
e aC
COUl
11
fina
ncia
l st
atem
ents
an
y ch
ange
s in
tho
se
28
The
nee
d fo
r co
mpa
rdbi
llly
shou
ld n
ot h
e co
nfus
ed w
ith m
ere
unif
onni
ty a
nd s
houl
d no
t be
al
low
ed t
o be
com
e an
im
pedi
men
t to
the
int
rodu
ctio
n o
f Im
prov
ed a
ccou
ntin
g pr
actic
es
It is
not
app
ropr
iate
for
a r
etir
emen
t fu
nd t
o co
mill
tle a
ccou
ntill
g [n
the
sam
e m
anne
r fO
i a
tran
sact
ion
or o
ther
eve
nt
if t
he
polic
y ad
opte
d IS
no
t in
ke
epin
g w
ith
the
qual
itat
ive
char
acte
rist
ics
of
rele
vanc
e an
d re
liabi
lity
It
is al
so i
napp
ropr
iate
for
a r
etir
emen
t fu
nd t
o
leav
e its
acc
ount
ing
polic
ies
unch
ange
d w
hen
mor
e re
leva
nt a
nd r
elia
ble
ahem
ativ
es e
xisl
]9
B
ecau
se u
sers
wis
h to
pe
rion
nanc
e an
d ch
ange
s in
1in
anci
al
posi
tion
of
a re
tirem
ent
fund
ove
r tim
e i
t th
at t
he f
inan
cial
sta
tem
ents
sho
w
corr
espo
ndin
g in
form
atio
n fo
r tIl
e pr
eced
ing
O
re
qUlr
emen
ts
are
lot a
djus
ted
for
chan
ges
erro
rs
Full
be g
iven
in
lite
curr
ent
year
wh
efl
~
com
para
bilil
y
Co
nst
rain
ts o
n re
leva
nt a
nd
rel
iabl
e in
form
atio
n T
imel
ines
s 31
If
ther
e is
undu
e de
lay
in t
he r
epor
ting
of
info
nnat
ion
it m
ay l
ose
ils r
elev
ance
T
he B
oard
o
f Tru
slee
s m
ay n
eed
to b
alan
ce t
he r
elat
Ive
I1ll
rits
ofti
mcl
y re
port
ing
and
the
plov
isio
n o
f re
liabl
e in
fonn
alio
l1
To
prov
ide
info
nnat
ion
all a
um
ely
basi
s it
may
oft
en b
e ne
cess
ary
to
all
aspe
cts
of
a tr
ansa
ctio
n or
ot
her
even
t ar
e kn
own
th
us
impa
irin
g is
dela
yed
ullti
l al
l as
pect
s ar
e kn
own
the
inf
onna
lion
us
c to
Ihe
fS
B
whi
ch h
as h
ad t
o m
ake
deci
Sion
s ill
Ihe
in
teri
m
In
achi
evin
g a
bala
nce
betw
een
rele
vanc
e an
d re
iiab1
1ity
th
e ov
erri
ding
co
nsid
erat
ion
is ho
w b
est
lO s
atis
fY f
he r
equi
rem
ents
ofl
he
FSB
Bal
ance
bet
wee
n be
nefi
t an
d c
osl
32
I1
le ba
lanc
e be
twee
n be
nefi
t an
d co
st i
s fl
perv
asiv
e co
nstr
aint
rat
her
than
a q
uali
lati
vc
char
acfe
rist
lc
The
ben
efils
der
ived
fro
m i
nfor
mat
ion
shou
ld e
xcee
d th
e c
ost
ofpr
ovfd
ing
it 11
1e e
valu
atio
n or
bene
fits
and
cos
ts is
ho
wev
er
subs
tant
ially
aju
dgem
enla
l pr
oces
s
Bal
ance
bet
wee
n v
ario
us
qu
alit
ativ
e ch
arac
teri
stic
s 3
3
In
prac
tice
a ba
lanc
e be
twee
n va
rIO
us
qual
itativ
e ch
arac
teri
stic
s is
onen
ne
cess
ary
Gen
eral
ly t
he a
im i
s to
ach
ieve
an
appr
opri
ate
bala
nce
amon
g lh
e ch
arac
teri
stic
s ill
ord
er to
m
eet
the
obje
ctiv
c o
f fi
nanc
ial
stat
emen
ts T
he r
elat
ive
tlnpO
nallc
e o
f the
cha
ract
eris
tics
in
diff
eren
t ca
ses
is a
mat
ter o
f pro
fess
iona
l jud
gem
ent
34
Th
e el
emen
ts o
f fi
nanc
ial
stat
emen
ts
S
Fi
nanc
ial
stat
emen
ts
port
ray
the
fina
ncia
l ef
fect
s o
f tr
ansa
ctio
ns
and
othe
r ev
ents
by
rton
ping
the
m i
nto
broa
d cl
asse
s ac
cord
ing
to t
heir
eco
nom
ic c
hara
crer
islic
s T
hese
bro
ad
clas
ses
are
tenn
cd t
he
elem
ent
)
of
fina
neia
i st
alem
enlS
T
he e
lem
ents
dir
ectly
rel
ated
10
the
mea
sure
men
t o
f fi
nanc
ial
Ilos
itiol
l in
the
sta
tem
ent
of
net
asse
ts a
nd f
imds
are
ass
ets
lia
bilit
ies
and
fill
lds
and
rese
ryes
T
he e
lem
ents
dir
eclly
rel
aled
to
the
mea
sure
men
l o
f pe
rfon
nanc
e in
Ihe
sla
tem
ent
of
chan
ges
in n
et a
ssel
s an
d fil
l1ds
ate
inc
ome
and
ltc
sta
tem
ent
of
chan
ges
in n
el a
ssel
s an
d fu
nds
also
ref
lecl
s ch
ange
s in
the
po
sitio
n re
flec
led
in t
he s
tate
men
t o
f net
ass
ets
and
fund
s
01
z p () CD
()
CD
G) ~ m
II
Z
SO m
z -I
G) raquo N S
J11
j
l II
m
OJ
II
C raquo ~ IJ g lO
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l) r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s l
iabi
liti
es
and
fund
s an
d re
serv
es
01 l
ese
are
defi
ned
as r
ollo
s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
T
hus
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s 5
7 to
72
in
particul~r t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
lni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et
or
fU1l
d at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH
Ass
ets
w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e d
irec
tly
or
indi
rect
ly
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
s
40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
tai
fon
n l
low
eveJ
A
I 42
asse
ts
for
exam
ple
re
cejv
able
s an
d pr
oper
ly
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t
is n
ot e
ssen
tial
A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts
henc
e f
or e
xam
ple
an
inte
llli
on t
o pu
rcha
se a
n a
sset
doe
s n
o
its
elf
mee
t th
e de
finh
ion
of a
n as
set
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
H
ence
w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s f
or
exam
ple
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
lia
bil
itit
s middot1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
) i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in v
ay
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
ho
wev
er
from
Jl
onlla
l bu
sine
ss p
ract
ice
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
46
~ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
of
itse
lr
give
nsc
to
a p
rese
nt o
blig
atio
n A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le
if a
ni
disc
reti
on t
o o
f re
sQu
ces
anot
her
part
y
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil
ilti
on m
ay o
ccur
in a
num
ber
ofw
ays
fo
r ex
ampl
e b
y
Paym
ent
of c
ash
TIan
sfe
r o
f oth
er a
sset
s
Pro
visi
on o
f ser
vice
s o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
ill
loth
er o
blig
atio
n
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns
such
as
torf
citi
ng it
s ri
ghts
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
sr
es t
ite r
est o
f the
to
be
esti
mat
ed
Fu
nd
s an
d r
esen
cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l th
cy m
ay b
e su
bshyin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
S
uch
clas
sifi
cati
ons
can
be r
efe
middotanl
middoth
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
an
d lh
e ru
les
of
the
fund
Per
form
ance
5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
s
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
57
to
72
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m
D
lgt
Z
-1
jl
m
tIl D
C
lgt
D
iii
)
o fil z p (
)
-
~ CD
--I
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss
and
Pres
cnl
valu
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e l
omla
l co
urle
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
fiic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
ploy
er 1
urpl
us a
ccou
nts
~lId
rhe
sum
of
(he
valu
es o
f th
e am
ount
s Ih
e ac
coun
ts h
eld
for
indi
vidu
al m
embe
rs
whe
ther
con
trib
utor
y or
pa
id-u
p_
pillS
th
e va
lue
or a
ny
othe
l lia
bilit
ies
pIllS
th
e to
the
cred
it o
f an v
inv
estm
ent
rese
rve
acco
unt
the
smoo
thin
g o
f fu
nd
rcH
lm
cred
ited
10
cont
inge
ncy
rese
rve
acco
nnts
wiu
ch
prud
ent
to e
stab
lish
amor
tised
co
st u
f ci-
tll-laI
1c1a
l assc
I oi--
i1m
mda
t iab~it-vfS-T1C a
mC)
lllH
at
finan
cial
tii
tbilit
~ ll1~asurcd
whi
ch
the
asse
t or
fi
llanc
ial
is
at
mili
a
reCOf
LHn 1
011
min
us
or
min
us
the
clIm
ulat
lve
amor
tIsa
tion
lIsin
l an
d th
e
plus
amO
lUlf
m
etho
d o
f an
y di
ffer
cnce
uet
wee
n th
aI
initi
al
amou
nt
and
min
us
any
redu
cio
ll (d
irec
tly o
r th
roug
h ac
colln
t)
for
Impa
irm
ent
or
Uilc
olJe
ctih
iJiIy
~
sale
fin
anci
al
asse
ts
a an
d th
at h
as a
ccru
ed
such
per
son
term
s of
a d
ecis
ion
by t
he B
OA
rd o
f T
rust
ees
ort
he
fund
and
who
is
not
a m
embe
r or
pen
sion
cr o
f th
e re
tirem
ent
fund
(e
g
min
or c
hild
ren
ill r
ecei
pt
of
belle
fits
ill
te
flllS
of
deat
h-be
nefi
t al
loca
lion
s fr
om t
he p
rimar
y
II
Cl ~ -r
Cl [5 m
JJ raquo Z
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jl
i1
m
OJ
JJ
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shou
ld n
ol
inch
lde
col1
lral
ove
r th
e as
sets
of
the
reti
rem
ent
fund
oth
er (
han
acco
unl
jn t
he I
lam
e o
f th
e fu
nd o
r th
e sa
fe c
usto
dy o
f T
lte
appo
intm
ent
of
a be
nefit
adm
inis
tral
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Th
e in
divi
dual
s d
omes
tic p
alln
er a
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hild
ren
Chi
ldre
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fthe
ind
ivid
uals
dO
lnes
tle p
artn
er
tllld
any
accu
mul
ated
or-th
e a
mou
nt
--or
be
fimd
T
hey
may
Dep
enda
nls
oft
he i
ndiv
idua
l or
the
indi
vidu
als
dO
lllc
stic
par
tller
The
se a
re s
chem
es
mem
bers
of
the
publ
ic m
ay
whi
ch T
wo
or
mor
e in
vest
ors
cont
ribu
te m
oney
or
othe
r as
sets
to
and
hold
a
part
icip
ator
y il
lter
est
in a
por
tfol
io o
f th
e sc
hem
e th
roug
h sh
ares
un
its
or
allY
oth
er f
onn
of
part
icip
ator
y in
tere
st
and
The
inv
esto
rs s
hare
the
ris
k an
d th
e be
nefi
t of
lllv
estm
ent
in p
ropo
rtio
n
of tb
e le
ase
tenn
to t
heir
par
tici
pato
ry i
nter
est
in R
por
tfol
io o
f th
e sc
hem
e o
r on
any
de
term
ined
in
tile
de
ed
but
not
a co
llec
tive
inv
estm
enl
Acl
ot
her
than
the
C
olle
ctiv
e In
vest
men
t
thai
ari
ses
from
pas
t ev
ents
and
who
se e
xist
ence
on
lv b
v th
e oc
curr
ence
or non~OCCllITellce o
f o
lle o
r m
ore
unce
rtai
n fu
ture
e-
vent
s no
t w
holl
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ithin
th
e co
ntru
l o
f th
e re
tire
men
t fu
nd
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A p
rese
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biig
atl0
1l t
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ront
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t ev
ents
hut
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hllH
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use
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not
econ
omic
th
ai
an
ou
tflo
w
of
reSO
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es
embo
dyin
g w
ill
be r
equi
red
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ettl
e th
e ob
liga
tion
o
r
-fhe
am
olll
il o
f(ll
e ob
liga
tion
car
ulot
be
mea
stlr
ed
ith
suf
fici
ent
reli
abil
ity
-
defi
ned
bene
fit
cate
gory
of
a fu
nd
mea
lls p
aym
ent
Jess
the
m t
he c
ontr
ibut
ion
rate
the
val
uato
r re
com
men
ds
the
empl
oyer
ta
king
int
o ac
cmm
t th
e ci
rcum
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ces
of
the
igJl
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y su
rplu
s o
r de
fici
t o
r
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on
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ilit
y
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amou
nt
resp
ect
of
who
m
the
mcm
ber
is
lega
lly
In
resp
ect
of
who
m
the
mem
ber
is
not
lega
lly
liab
le
for
mai
nten
ance
If
slIC
h p
erso
nshy
main
tena
ncc~
or
the
bust
nes
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f th
e de
pell
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on
the
is t
he s
pous
e o
f th
e m
embe
r i
nclu
dmg
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rty
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cus
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ary
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n ac
cord
ing
to
Bla
ck
law
an
d C
lIsto
m
or
to
a lIn
ion
reco
gnis
ed a
s (I
m
arri
age
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r th
e te
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siat
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in r
espe
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f w
hom
the
mem
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wou
ld h
ave
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me
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mai
mcl
lanc
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ad t
he m
embe
r no
t di
ed
an a
sset
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r am()U~litSUbs-tjtut~middotdfor
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les
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res
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l
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on o
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t ov
er I
ts
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l
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T th
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le fo
llow
ing
its v
alue
cha
nges
in
resp
onse
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cha
nge
in a
spe
clfi
ed I
llter
esl
rate
fi
nanc
ial
insl
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ellt
pric
e
com
mod
ity
pric
e
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ign
exch
ange
mle
e
s or
rat
es
cred
it nuin~ o
r cr
edit
ind
ex
or o
ther
var
iabl
e
tile
case
of
a J1
on-l
inan
~ial
var
iabl
e th
at t
he v
aria
ble
is no
t sp
ecif
ic
0 a
par
ty 1
0 th
e co
ntra
ct (
som
elim
es c
alle
d th
e u
nder
lyin
g)
no i
nitia
l ne
t in
vest
men
t or
an
initi
al n
et i
nves
tmel
lt t
hat
is th
aI
wou
ld b
e re
quir
ed f
i)r o
ther
typ
es o
f co
ntra
cts
that
wou
ld
he e
xpec
ted
to h
ave
a si
mil
ar r
espo
nse
to c
hang
es i
n m
arke
t ra
ctor
s
and
il is
sett
led
at a
lin
ure
date
inte
rest
met
hod
asse
t tl
r fi
nanc
ial
liab
ilit
y at
fai
r va
lue
thro
ugh
stat
emen
t uf
ch
ange
s in
De1
as
sets
an
d
fund
s
the
amor
tise
d co
st of
a fina
ndaf
assel
or (I
ndal
ass
ets
or f
inan
cial
lia
bili
ties
) an
d of
ailo
cati
ng
inte
rest
exp
ense
ove
r th
e re
leva
nt p
erio
d
The
efl
ecti
ve i
lller
esl
rate
is
the
rate
tha
t ex
actl
y di
scou
nts
esti
mat
ed f
utur
e ca
sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
erio
d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
e in
tere
sl r
ate
a r
etir
emen
t fu
nd s
hall
esti
mal
e co
nsid
erin
g al
l co
ntra
ctua
l le
nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
ent
call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
lr
futu
re
ses
T
he c
alcl
llal
ion
incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
ct
that
ar
e an
in
tegr
al
part
o
f th
e ef
fect
ive
inte
resl
rat
e t
rans
acti
on c
osts
an
d al
l ut
her
prem
iml1
s or
An
eqLI
IIY
inst
rum
ent o
f ano
ther
ent
ity
or
A c
ontr
actu
al r
ight
middot
To
rece
ive
cash
or a
noth
er f
inan
cial
ass
el f
rom
ano
ther
ellt
lty
or
To
exch
ange
fin
anCH
1 a
sset
s or
fin
anci
al l
iabi
litie
s w
ith a
noth
er
enti
ty u
nder
con
diti
ons
that
ar
e po
tent
ially
fa
vom
abJe
O
th
e re
tirem
ent
fund
Afiri~mcial a
ssel
Ort
inan
cial
fiab
ampty
tha
t m
eets
co
ndit
ions
It is
cla
ssif
ied
as h
eld
for
tradi
n
f
inan
cial
ass
et o
r fi
nanc
ial
liabi
lity
is cl
assi
fied
as
held
for
Ira
ding
ifi
t is
Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
e pw
pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
ied
fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
t fu
nd a
s at
a
lue
thro
ugh
the
stat
emen
t o
f ch
ame
s in
net
ass
ets
and
fund
s A
re
tirem
ent
fnlld
~na
y us
e th
is d
esig
naho
n o
nly
whe
n do
ing
so r
esul
ts i
n m
ore
rele
vant
inf
onna
iion
be
caus
e ei
ther
It el
imin
ates
or
si
gnif
ican
tly
redu
ces
a m
easu
rem
ent
or
_J~coglli~ l
ocol
lsis
tenc
y (sot1)~liITes r~ie~
__ O
as
15
(J) )J ~ (J) 8 m
lJ raquo Z
-1
-Ilgt
m
OJ
lJ ~ sect m
z () (Xl
()
(X
l 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
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m
I
l Z ~ m
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G) 9 raquo N
JTI
~
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m
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(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
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N o o (D z w CO ill W
9
that
est
abhs
l1es
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or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
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d
middotle
val
ue
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ribU
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ay
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yed
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Fo
r-i~
ixat
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p-ur
poses
a f
eref
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s Je
eo-ic
d --1
0
have
acc
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d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
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ent
fund
or
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r de
ath
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in
tcnn
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onth
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ter
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oes
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ct I
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ed p
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date
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n w
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t be
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purp
oses
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f th
ese
h-(
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iii
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Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
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sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
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ectio
n to
a~
unde
rwri
tten
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s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
RE
GU
LA
TO
RY
RE
PO
RT
ING
R
EQ
UIR
EM
EN
TS
FO
R
RE
TIR
EM
EN
T F
UN
DS
CO
NT
EN
TS
Pref
ace
Rep
onin
g co
ncep
ts
Def
initi
ons
Inve
stlil
ents
C
ash
HO
llsin
g hJ
all f
acili
ties
Res
erve
s S
mpl
us
Tra
nsfe
rs
Acc
ount
S re
ceiv
able
and
acc
oullt
s pa
yabl
e pl
anl
and
equi
pmen
t
Prov
isio
ns c
ontin
gent
lia
bilit
ies
and
cont
mgc
n( a
sset
s C
ontri
butio
ns
Ben
efils
In
vest
men
t ill
com
e A
dmin
istr
atio
n c
pells
es
Ope
rali
ng le
ases
A
ccou
ntIn
g po
licie
s c
hang
es in
acc
olln
ting
estim
atcJ
i and
err
ors
Rel
aled
par
ties
ag
e
I 2
10
II
22
23 ~ 2
8 29
O
31
32
36
37 ~ 3
9 40
41
43
44
45
46
~ 5
4 5
5-
57
58 -
61
62
63
60
67
68middot
69
70
71
7]
PRE
FAC
E
His
tori
cally
1he
fin
anci
al s
tate
men
ts o
f ret
irem
ent
fund
s w
ere
prep
ared
on
the
basi
s of
Sou
lh A
fric
an
Stal
emen
ts o
f G
enem
lly
Acc
eple
d A
ccou
ntin
g Pr
actic
e W
ilh
a nu
mbe
r o
f de
panu
res
T
his
has
prov
ed d
iffi
cult
10 d
efin
e
it is
ac
cepl
ed
that
In
tern
alio
nal
Fina
ncio
l th
e re
tirem
ent
fim
ds i
ndus
try
It
is a
ntic
ipat
ed (
118t
fund
s S
outh
Afi
ica
will
fol
low
tho
se s
tand
ards
H
owev
er
it is
unl
ikel
y th
at
slau
dard
s w
ill b
e de
velo
ped
ill t
he I
lear
fut
tlre
Tite
se r
egul
ato
) r
epon
ing
requ
irem
ents
hav
e be
en d
evel
oped
as
a ba
sis
for
fina
ucia
l re
tirem
ent
fund
s in
So
uth
Afr
ica
T
he
requ
irem
ents
w
ere
fina
lised
af
ter
a pe
riod
co
nsul
tatio
n w
hich
allo
wed
for
inp
ut f
rom
acc
ount
ants
aud
ltors
tr
uste
es a
nd m
embe
rs o
f re
tirem
ent
fund
s
The
R
egul
ato
) fo
r R
elir
emem
Fu
nds
Ithe
re
tirem
ent
fund
s re
gist
ered
tm
der
the
Pens
ion
Fund
s A
ct
repo
rtiu
g re
quir
emen
ts a
re a
pplic
able
to
the
fina
ncia
l st
atem
ents
an
nual
ly t
o tit
e Fi
nanc
ial S
ervi
ces
Boa
rd I
FS
B)
Pres
enta
tion
and
disc
losu
re
requ
irem
ents
are
set
ou
t in
th
e fo
nlla
t o
f th
e fi
nanc
ial
stat
emen
ts
Ihe
Reg
isfr
ar
nle
fin
anci
al s
tate
men
ts a
re a
vaila
ble
on L
he r
etir
emen
t fu
nds
page
of
ite
W
w(
ib
CO
llL
The
reg
ulat
ory
repo
rtmg
requ
irem
ents
add
ress
the
rec
ogm
lioJl
and
m
easu
rem
en(
prin
cipl
es t
o be
lIs
ed
in p
repa
ring
the
fim
mda
l st
atem
ents
and
als
o pr
ovid
e so
me
guid
ance
rel
atin
g to
dis
clos
ure
and
pres
enla
lioll
in t
he p
resc
ribe
d fo
nnaL
repo
rli
g re
quir
emen
ts w
ill
bc
from
lim
e to
tim
c fo
r ch
ange
s ill
glo
bal
are
appr
opri
ate
for
retir
emen
t
Vllc
re r
elir
cmel
lt flm
ds
fina
ncia
l st
atem
ents
spe
cifk
ally
fix
ot
her
exte
rnal
us
ers
or ro
r m
embe
rs o
f tile
fu
d t
he
repo
rtin
g re
qllir
eille
n(s
may
not
nec
essa
rily
be
appr
opri
uc
Thc
reg
ulat
ory
repo
rtin
g re
quir
emen
ts d
o no
t ad
dres
s Ih
e ac
tuar
ial
valu
atio
n
Tra
nsitj
onal
pro
visi
ons
and
(I til
ilelin
e fo
r fh
e ap
Plic
atio
n o
f the
req
uire
mei
lls f
or f
unds
tha
t cu
rren
tly
appl
y a
all
-acc
rual
bas
i of
aCC
otU
ltinl
w
ill b
e is
sued
by
the
FSB
bv
boor
d no
tice
or d
irec
tive
TIe
FSB
will
als
o de
leon
ine
whe
ther
cer
tain
(ll
lds
requ
irem
ents
bas
ed o
n tll
eir
sile
or
natw
e f
hcsc
or
dire
cLiv
e
Furt
her
guid
ance
and
exa
mpl
es m
ay a
lso
be p
rovi
ded
sepa
rate
ly
Ilo z p W
CO
VJ CO
G) ~ m n
z
m
z -i
G) ~ g m 11 m
III n
C raquo ~ ) o o lt0
RE
PO
RT
ING
CO
NC
EP
TS
Intr
od
uct
ion
ou
tlm
es t
he c
once
ps
cont
amed
It
Ih
e pr
epar
atio
n an
d pr
esen
tati
on o
f th
e st
aie
men
ls s
ubm
itted
ann
ually
to
the
FSB
T
he p
LUpO
SC o
fthet
gte c
once
pts
are
to
fina
ncia
l Slatement~
in
appl
ying
th
e re
quir
emen
ts a
ud
in
deal
ing
with
to
pics
tha
r ar
e nO
I sp
ecif
icai
lv
regu
lato
ry l
cpor
ting
req
uire
men
ts
Ass
ist
audl
turs
in
form
intt
an o
pini
on a
s to
whe
ther
st
atem
ents
con
fonl
l til
e re
bul
ator
y re
port
ing
requ
irem
ents
an
d
Ass
ist
the
rSll
in
th
e in
fim
natio
ll co
ntai
ned
fina
llcia
l st
atem
ellts
pr
epar
ed i
ll co
nfor
mit
y th
e rc
gula
lof)
rep
ortin
g re
quilc
mel
Hs
The
se
do n
ot a
ddre
ss a
ny s
peci
fic
mea
sure
men
t o
r di
sclo
sure
iss
ues
d
o t
hey
spec
ific
ally
dea
lt w
ith i
n an
y ot
her
chap
ter
of
the
reql
lircm
clIl
s
a co
nflic
t be
twee
n th
ese
conc
epts
an
d th
c te
quir
emen
B w
ere
10 be
id
enlif
ied
the
reg
ulat
ory
repo
ning
req
uire
men
ts w
ould
ov
cr t
he c
once
pts
01
T
hese
con
cept
s de
al w
ith
The
obj
ecti
ve o
f fin
aTic
ial
stat
emen
ts
The
qua
litat
ive
char
acte
rist
ics
thal
del
erm
ine
the
usef
ulne
ss o
f w
fonn
atio
ll i
n fl1
1anc
ial
stat
emel
lts
and
Ihe
defi
nitio
ll
reco
lnu
ioll
and
mea
sure
mel
lt o
f lh
e el
emen
l5 n
ol11
w
hich
fll
i3nc
lal
stat
emen
ts a
re c
Olls
truct
ed
The
B
oard
o
f T
mst
ees
of
the
retir
emen
t fu
nd
lias
thc
for
the
and
orcs
enta
tion
of
the
fina
ncia
l st
atem
ents
th
e fi
nanc
ial
stat
emen
ts e
ven
thou
gh i1
has
acc
ess
has
mee
t It
s ow
n ne
eds
T
he r
epor
ting
or
nrc
Boa
rd o
f T
rmtc
cs
canc
epis
and
the
reg
ulat
ory
repo
rtin
g re
quire
men
t
Th
e ob
ject
ive
of
tbe
fina
ncia
l st
atem
ents
T
he o
biec
tive
of
lhe
fman
clal
st
atem
ents
in
fonn
alio
n
posilo~
perl
mm
mee
and
cha
nges
in
lite
lIs
erlil
to t
he F
SR
06
rhc
info
nnat
ion
in
the
fllla
ncia
l st
atem
ents
is
ho
wev
er
Inni
ted
bv
the
fact
th
at
the
fina
ncia
l st
atem
ents
lar
gey
por
tray
the
fm
anci
al e
ffec
ts o
f pas
t ev
ents
07
Fina
ncia
l st
atem
ents
al
so
relle
et
the
acco
unta
bilil
y o
f lh
e B
oard
o
f T
nlst
ees
for
Ihe
reso
urce
s en
tflls
ted
to i
t
Fin
anci
aill
osi
tio
n
per
form
ance
and
cha
nges
iu
nn
and
al p
osit
ion
08
Info
l1na
tioll
abou
l th
e fll
lanc
ial
posi
tion
of
the
retir
emen
t fu
nds
is pr
imaI
ily p
rovi
ded
ill t
he
stat
emen
t o
f ue
t as
sets
and
fun
ds
lufo
rmat
ion
abou
t pc
rfon
nanc
e of
an
d ch
ange
s III
tile
fi
nanc
ial
POSi
llOl1
is
prim
arily
pro
vide
d In
the
stal
emcn
t of c
hang
es I
n n
et a
sset
s an
d ftl
nds
09
part
s of
the
fin
anci
al s
tate
men
ts I
Ilte
nda
te b
ecau
se l
hey
reH
ect
diff
eren
t sa
me
tran
sact
ions
or o
ther
eve
nts
gtio
tes
and
sup
ple
men
tary
sch
edul
es
10
The
fi
nanc
ial
stat
emen
ts
also
co
ntai
n no
tes
and
supp
lem
enta
ry
sche
dule
s aJ
1d
othe
r in
fonl
latio
n th
at i
s re
leva
nt t
o th
e FS
B r
egar
ding
Ite
ms
refl
ecte
d in
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
and
the
sta
tem
ent o
f cha
nges
in n
et a
sset
s an
d fu
nds
Und
erly
ing
assu
mp
tio
ns
Acc
rual
bas
is
I I
file
fin
anci
al s
tate
men
ts a
re p
repa
red
on t
he a
ccru
al b
asts
of
acco
untl
llg
Llld
cr t
his
balil
s
the
elT
ects
of
tran
sact
ions
and
oth
el e
vent
s ar
e re
cogn
ised
whe
n th
ey o
ccur
(an
d no
t as
cas
l1
or i
ts e
ouiv
alen
t is
rec
eive
d or
oai
j)
and
thev
are
rec
orde
d in
the
acc
ount
ing
reco
rds
and
to w
hich
lhe
y re
late
Fi
nanc
ial
stat
elll
ents
re
gard
ing
past
tr
ansa
Cllo
ns
to p
ay c
ash
in t
he n
Uur
c
prep
ared
011
th
c as
sum
plio
n th
at a
rel
irei
llent
fun
d fo
r th
e fo
rese
eabl
e [U
llin
Hen
ce
It
nor
the
need
to
Of
cur1
ali
need
th
e fin
ancI
al
Qu
alit
ath
c c
har
acte
rist
ics
of
fina
ncia
l st
atem
ents
IJ
Q
ualit
ativ
e ch
arac
teri
stic
s ar
e th
e aU
ribu
es t
hat
mak
e th
e in
fmm
atlO
ll pI
Ovi
ded
stat
emen
ts
usef
ul
to
user
s
The
fo
ur
prin
cipa
l qu
ahta
tiyc
ch
arac
ten
llc
s (Ir
e un
ders
tand
abili
ty
rele
vanc
e r
elia
bilit
y an
d C
Ol1
1rfl
lrah
ililmiddot
llnd
erst
nda
bili
ty
1middot1
An
esse
ntia
l qu
alii
y o
f til
e Jl
lfon
nalio
ll pr
ovid
ed i
n fm
anci
a s
taie
men
ts I
S h
al i
t re
adil
) un
ders
tand
able
Rel
evan
ce
15
To b
e us
eful
Jl
1f(
)[]n
att
oll
mus
t be
rel
evan
t 10
th
e Ile
eds
of
the
jSH
In
form
atio
n ha
th
e qu
ality
or
rele
vanc
e w
hen
it he
lps
the
FS
B t
o cy
alua
te p
asL
pr~senl or
Hltm
c ev
ents
OJ
to
conf
irm
or
corr
ect
its p
asl
eval
uatio
ns
~f(l(n(
ftl
r
16
n
le r
e1e
anc
e o
f in
form
atio
n is
affe
cted
by
Its l
latu
re a
nd m
ater
ialit
y I
II so
me
case
s t
he
natu
re o
rmfo
nnat
ion
alon
e is
suf
fici
ent
to d
eten
nine
its
rel
evan
ce
In o
ther
cas
es
both
the
na
ture
and
rna
teIi
ality
are
im
port
ant
is m
ater
ial
jf i
ts
oilli
ssio
n O
f m
isst
atem
ent
coul
d in
flue
nce
the
econ
omic
de
ciSi
ons
of
the
FSB
tak
cn o
n th
e ba
sis
of
the
fina
ncia
l st
atem
ents
rv
late
llal
ity
on
the
size
of
the
item
O
f er
ror
judg
ed i
n th
e pa
rtic
ular
cir
cum
stan
ces
of
ils
or
mis
stat
emen
t T
hus
mat
eria
litv
prov
ides
a t
hres
hold
or
cut-
off
rath
er t
han
bem
g a
iufo
nlla
tlQIl
mus
t ha
ve
is t
o be
use
ful
I~elibi
lit
r 18
T
o be
use
fllL
inf
onna
lion
mus
l al
so b
e re
liabl
e ~hen
It is
fr
ee
tiom
m
alcr
Ial
erro
r an
d bi
as a
nd
can
be
repr
esen
fa
ithfu
lly
expe
cted
re
pres
ent
19
Info
nnat
ion
may
be
rele
vallt
but
sO
unre
liabl
e in
nat
ure
Of
repr
esen
tati
on
may
be
pote
ntia
lly m
isle
adin
g I
n th
ose
inst
ance
s il
may
be
inap
prop
riat
e fu
nd t
o re
cobr
nise
an
amou
nt i
n th
e st
atem
ent
of
poundlei
asse
ts a
nd
fund
s or
the
sta
tem
enl
of
chan
ges
in n
el a
sset
s an
d fu
nds
alth
ough
it
may
be
appr
opri
ate
In d
iscl
ose
the
info
rmat
ion
in t
he n
otes
to
the
fina
ncia
l st
aler
nent
s
CJ) ~ ~ CJ) 6 m
0 raquo Z _-1 ~
m
tll 0
C raquo
m
I) o o (0 z p W
-
(Xl
W
(Xl
CJ1
into
01l3
tion
mus
t re
pres
ent
the
tran
sacl
ions
and
oth
er e
vent
s ei
ther
Pl
LIT)
orts
to
repr
esen
t or
cou
ld
rea
expe
eled
10
re
pres
ent
Tilli
S
for
exam
ple
a s
tate
men
t o
f net
ass
ets
alld
fun
ds
11 fa
ilhfu
llv I
he I
rans
aclio
ns a
nd
olhe
r ev
ents
tha
t re
sult
In a
sset
s l
iabi
litie
s an
d fu
nds
relir
emen
t H
lIld
at t
he r
epor
ting
date
whi
dJ n
tcc
t th
e re
cogn
ition
crI
teri
a
10
21
Mos
t fi
nanc
ial
info
rmat
ion
is su
bjec
t to
so
me
risk
of
bein
g le
ss
than
a
fairh
fh
to p
ortr
ay
Thi
s is
1101
du
e to
bia
s b
ut r
athe
r to
th
e fr
ansa
ctio
Jls
and
othe
r eve
nts
to b
e m
easu
red
or
It
and
pres
enta
tion
tech
niqL
les
thai
ca
n co
nvey
w
ilh
thos
e tr
ansa
ctio
ns
and
even
ts
In
cert
ain
ca5es~
the
mea
sure
men
t o
f th
e fi
nanc
ial
efTe
cts
of
item
s co
uld
be s
o ul
lcer
tain
tha
t re
tirem
ent
fund
s ge
nera
lly
mlld
Hot
rec
ogni
e
them
in
the
finan
cial
sta
tem
ents
In
oth
er c
ases
lo
e
ver
it m
ay
be
rele
vant
10
rec
ogni
se
item
s fw
d to
dis
dose
the
nsk
o
f er
ror
surr
ound
ing
Ihei
r re
cob
rniti
on a
nd m
caSl
Ircr
nenL
Subs
onc
e 2
2
(f in
fonn
atio
n is
fo
repr
esen
t fa
ithfu
lly t
ile t
rans
actio
lls a
nd m
her
even
ts t
hat
it pu
rpor
ts t
o re
pres
ent
it is
nec
essa
ry t
hat
they
are
acc
ount
ed f
or a
nd p
rese
nted
in
acco
rdan
ce w
ith t
heir
su
bsta
nce
and
econ
omic
rea
hlV
and
not
mer
elv
thei
r le
gal
fonn
Ilo
wcv
eL i
ll th
e re
lirem
cnt
fimds
env
irof
lmen
t w
here
an
~venl
requ
ires
app
rova
l b
tlte
FSI
3 it
shou
ld n
ot b
e ac
coun
ted
for
IlIlli
Ih
e ap
prov
al i
s ob
tain
ed
The
Pen
sion
Fun
ds A
CI w
ill i
n al
l ca
ses
supe
rsed
e Ih
c m
les
of
the
fund
how
evC
f th
e m
les
of t
he f
und
TIll
st h
e dr
afte
d in
corn
olia
nce
wit
h t
he a
ct
and
shou
ld b
e pr
escr
ipti
vc i
n 1e
nns
of t
he a
ccou
nts
and
rese
rves
to b
e
the
illfo
nnl
tioll
cunt
aine
d in
fm
anci
al s
tate
men
ts m
ust
be n
eutr
al
that
is
fr
ee f
rom
bia
s Fi
nanc
ial
$lat
emel
lts a
re n
ot n
entr
al j
f by
the
sel
ectio
n or
nre
senl
atro
n o
f
info
nnat
ion
the
y in
flue
nce
the
mak
ing
of
a de
cisi
on o
r ju
dgem
ent
in
pred
eten
ninc
d re
sult
or o
utco
me
2~
Ili
de
nn
24
I1
1e u
repa
rers
of
fina
ncia
l st
atem
ents
do
how
ever
ha
ve t
o co
nten
d w
ith t
he u
nte
rtain
ties
surr
ound
m
any
even
ts
and
circ
umst
allc
es
slic
h as
(h
e co
llec
tabl
lity
o
f re
celv
ahle
s S
tich
unce
rtai
ntie
s ar
e re
cogn
ised
by
the
disc
losu
re o
f the
ir n
atur
e an
d th
e ex
erC
ise
of
prud
ence
tt
l th
e pr
epar
atio
n o
f th
e fm
anci
ai
stat
emcn
s
Incl
usio
n o
fa
ofca
utiO
Il i
n th
e ex
erci
se o
f the
judg
emen
ts n
eede
d II
I
mak
ing
the
esti
mat
es r
equi
red
cond
ition
s o
f ul
lcer
lain
ty ~uch t
hat
asse
ts o
r in
com
e ar
e no
t ov
erst
ated
and
lia
bilit
ies
or e
xpen
ses
are
not
unde
rsta
ted
How
ever
th
e ex
erci
se o
f pr
uden
ce d
oes
not
allo
w
for
exam
ple
the
cre
alio
ll o
f ex
cess
ive
prov
isio
ns
the
deli
bera
te
uTld
erst
atem
ent
of
asse
ts
or
inco
me
or
th
e de
liber
ate
over
stat
emen
t o
f lia
bilit
ies
or
expe
nses
be
caus
e in
thi
s ca
se t
he f
inan
cial
sta
tem
ents
wou
ld n
ot b
e ne
utra
l an
d t
here
fore
w
ould
not
hav
e th
e qu
alily
of r
elia
bilit
y
25
10
be
relia
ble
the
inf
onna
tion
in
fina
ncia
l st
atem
ents
mus
t be
com
piet
e w
ithi
n th
e bo
unds
o
f m
ater
ialit
y an
d co
st
An
omis
sion
can
cau
se j
nfon
nati
on t
o be
fal
se o
r m
isle
adin
g an
d th
us u
nrel
iabl
e an
d de
fici
em in
ten
ns o
f its
rei
ca
nce
Com
llal
1lbi
lity
2
6
TIle
fin
anci
al s
tafe
men
ts o
f a
retir
emcn
t fu
nd m
ust
be
thro
ugh
time
in o
rder
to
iden
tify
tren
ds i
n Ih
e re
tirem
ent
nmd
s fin
anci
al
perf
onna
nce
It
mus
t al
so b
e po
ssib
le t
o co
mpa
re
the
finan
cial
re
tirem
ent
fund
s in
or
der
io
eval
uate
the
ir r
elal
ive
fina
ncia
l in
fin
anci
al
Hen
ce
the
mea
sure
men
t an
d di
spla
y o
f Ih
e fin
anci
al e
neel
of
like
lran
sacl
ions
and
nlh
er
evel
lts m
ust
be c
arri
ed o
ut i
n a
cons
iste
nt w
ay b
y re
tirem
ent
fund
s an
d ov
er t
ime
27
impl
icat
ion
of
the
tlual
itativ
e ch
arac
teri
tic
of
com
oara
bilil
v st
atem
ents
des
crib
e th
e aC
COUl
11
fina
ncia
l st
atem
ents
an
y ch
ange
s in
tho
se
28
The
nee
d fo
r co
mpa
rdbi
llly
shou
ld n
ot h
e co
nfus
ed w
ith m
ere
unif
onni
ty a
nd s
houl
d no
t be
al
low
ed t
o be
com
e an
im
pedi
men
t to
the
int
rodu
ctio
n o
f Im
prov
ed a
ccou
ntin
g pr
actic
es
It is
not
app
ropr
iate
for
a r
etir
emen
t fu
nd t
o co
mill
tle a
ccou
ntill
g [n
the
sam
e m
anne
r fO
i a
tran
sact
ion
or o
ther
eve
nt
if t
he
polic
y ad
opte
d IS
no
t in
ke
epin
g w
ith
the
qual
itat
ive
char
acte
rist
ics
of
rele
vanc
e an
d re
liabi
lity
It
is al
so i
napp
ropr
iate
for
a r
etir
emen
t fu
nd t
o
leav
e its
acc
ount
ing
polic
ies
unch
ange
d w
hen
mor
e re
leva
nt a
nd r
elia
ble
ahem
ativ
es e
xisl
]9
B
ecau
se u
sers
wis
h to
pe
rion
nanc
e an
d ch
ange
s in
1in
anci
al
posi
tion
of
a re
tirem
ent
fund
ove
r tim
e i
t th
at t
he f
inan
cial
sta
tem
ents
sho
w
corr
espo
ndin
g in
form
atio
n fo
r tIl
e pr
eced
ing
O
re
qUlr
emen
ts
are
lot a
djus
ted
for
chan
ges
erro
rs
Full
be g
iven
in
lite
curr
ent
year
wh
efl
~
com
para
bilil
y
Co
nst
rain
ts o
n re
leva
nt a
nd
rel
iabl
e in
form
atio
n T
imel
ines
s 31
If
ther
e is
undu
e de
lay
in t
he r
epor
ting
of
info
nnat
ion
it m
ay l
ose
ils r
elev
ance
T
he B
oard
o
f Tru
slee
s m
ay n
eed
to b
alan
ce t
he r
elat
Ive
I1ll
rits
ofti
mcl
y re
port
ing
and
the
plov
isio
n o
f re
liabl
e in
fonn
alio
l1
To
prov
ide
info
nnat
ion
all a
um
ely
basi
s it
may
oft
en b
e ne
cess
ary
to
all
aspe
cts
of
a tr
ansa
ctio
n or
ot
her
even
t ar
e kn
own
th
us
impa
irin
g is
dela
yed
ullti
l al
l as
pect
s ar
e kn
own
the
inf
onna
lion
us
c to
Ihe
fS
B
whi
ch h
as h
ad t
o m
ake
deci
Sion
s ill
Ihe
in
teri
m
In
achi
evin
g a
bala
nce
betw
een
rele
vanc
e an
d re
iiab1
1ity
th
e ov
erri
ding
co
nsid
erat
ion
is ho
w b
est
lO s
atis
fY f
he r
equi
rem
ents
ofl
he
FSB
Bal
ance
bet
wee
n be
nefi
t an
d c
osl
32
I1
le ba
lanc
e be
twee
n be
nefi
t an
d co
st i
s fl
perv
asiv
e co
nstr
aint
rat
her
than
a q
uali
lati
vc
char
acfe
rist
lc
The
ben
efils
der
ived
fro
m i
nfor
mat
ion
shou
ld e
xcee
d th
e c
ost
ofpr
ovfd
ing
it 11
1e e
valu
atio
n or
bene
fits
and
cos
ts is
ho
wev
er
subs
tant
ially
aju
dgem
enla
l pr
oces
s
Bal
ance
bet
wee
n v
ario
us
qu
alit
ativ
e ch
arac
teri
stic
s 3
3
In
prac
tice
a ba
lanc
e be
twee
n va
rIO
us
qual
itativ
e ch
arac
teri
stic
s is
onen
ne
cess
ary
Gen
eral
ly t
he a
im i
s to
ach
ieve
an
appr
opri
ate
bala
nce
amon
g lh
e ch
arac
teri
stic
s ill
ord
er to
m
eet
the
obje
ctiv
c o
f fi
nanc
ial
stat
emen
ts T
he r
elat
ive
tlnpO
nallc
e o
f the
cha
ract
eris
tics
in
diff
eren
t ca
ses
is a
mat
ter o
f pro
fess
iona
l jud
gem
ent
34
Th
e el
emen
ts o
f fi
nanc
ial
stat
emen
ts
S
Fi
nanc
ial
stat
emen
ts
port
ray
the
fina
ncia
l ef
fect
s o
f tr
ansa
ctio
ns
and
othe
r ev
ents
by
rton
ping
the
m i
nto
broa
d cl
asse
s ac
cord
ing
to t
heir
eco
nom
ic c
hara
crer
islic
s T
hese
bro
ad
clas
ses
are
tenn
cd t
he
elem
ent
)
of
fina
neia
i st
alem
enlS
T
he e
lem
ents
dir
ectly
rel
ated
10
the
mea
sure
men
t o
f fi
nanc
ial
Ilos
itiol
l in
the
sta
tem
ent
of
net
asse
ts a
nd f
imds
are
ass
ets
lia
bilit
ies
and
fill
lds
and
rese
ryes
T
he e
lem
ents
dir
eclly
rel
aled
to
the
mea
sure
men
l o
f pe
rfon
nanc
e in
Ihe
sla
tem
ent
of
chan
ges
in n
et a
ssel
s an
d fil
l1ds
ate
inc
ome
and
ltc
sta
tem
ent
of
chan
ges
in n
el a
ssel
s an
d fu
nds
also
ref
lecl
s ch
ange
s in
the
po
sitio
n re
flec
led
in t
he s
tate
men
t o
f net
ass
ets
and
fund
s
01
z p () CD
()
CD
G) ~ m
II
Z
SO m
z -I
G) raquo N S
J11
j
l II
m
OJ
II
C raquo ~ IJ g lO
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l) r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s l
iabi
liti
es
and
fund
s an
d re
serv
es
01 l
ese
are
defi
ned
as r
ollo
s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
T
hus
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s 5
7 to
72
in
particul~r t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
lni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et
or
fU1l
d at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH
Ass
ets
w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e d
irec
tly
or
indi
rect
ly
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
s
40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
tai
fon
n l
low
eveJ
A
I 42
asse
ts
for
exam
ple
re
cejv
able
s an
d pr
oper
ly
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t
is n
ot e
ssen
tial
A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts
henc
e f
or e
xam
ple
an
inte
llli
on t
o pu
rcha
se a
n a
sset
doe
s n
o
its
elf
mee
t th
e de
finh
ion
of a
n as
set
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
H
ence
w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s f
or
exam
ple
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
lia
bil
itit
s middot1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
) i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in v
ay
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
ho
wev
er
from
Jl
onlla
l bu
sine
ss p
ract
ice
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
46
~ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
of
itse
lr
give
nsc
to
a p
rese
nt o
blig
atio
n A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le
if a
ni
disc
reti
on t
o o
f re
sQu
ces
anot
her
part
y
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil
ilti
on m
ay o
ccur
in a
num
ber
ofw
ays
fo
r ex
ampl
e b
y
Paym
ent
of c
ash
TIan
sfe
r o
f oth
er a
sset
s
Pro
visi
on o
f ser
vice
s o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
ill
loth
er o
blig
atio
n
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns
such
as
torf
citi
ng it
s ri
ghts
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
sr
es t
ite r
est o
f the
to
be
esti
mat
ed
Fu
nd
s an
d r
esen
cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l th
cy m
ay b
e su
bshyin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
S
uch
clas
sifi
cati
ons
can
be r
efe
middotanl
middoth
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
an
d lh
e ru
les
of
the
fund
Per
form
ance
5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
s
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
57
to
72
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m
D
lgt
Z
-1
jl
m
tIl D
C
lgt
D
iii
)
o fil z p (
)
-
~ CD
--I
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss
and
Pres
cnl
valu
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e l
omla
l co
urle
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
fiic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
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fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
RE
PO
RT
ING
CO
NC
EP
TS
Intr
od
uct
ion
ou
tlm
es t
he c
once
ps
cont
amed
It
Ih
e pr
epar
atio
n an
d pr
esen
tati
on o
f th
e st
aie
men
ls s
ubm
itted
ann
ually
to
the
FSB
T
he p
LUpO
SC o
fthet
gte c
once
pts
are
to
fina
ncia
l Slatement~
in
appl
ying
th
e re
quir
emen
ts a
ud
in
deal
ing
with
to
pics
tha
r ar
e nO
I sp
ecif
icai
lv
regu
lato
ry l
cpor
ting
req
uire
men
ts
Ass
ist
audl
turs
in
form
intt
an o
pini
on a
s to
whe
ther
st
atem
ents
con
fonl
l til
e re
bul
ator
y re
port
ing
requ
irem
ents
an
d
Ass
ist
the
rSll
in
th
e in
fim
natio
ll co
ntai
ned
fina
llcia
l st
atem
ellts
pr
epar
ed i
ll co
nfor
mit
y th
e rc
gula
lof)
rep
ortin
g re
quilc
mel
Hs
The
se
do n
ot a
ddre
ss a
ny s
peci
fic
mea
sure
men
t o
r di
sclo
sure
iss
ues
d
o t
hey
spec
ific
ally
dea
lt w
ith i
n an
y ot
her
chap
ter
of
the
reql
lircm
clIl
s
a co
nflic
t be
twee
n th
ese
conc
epts
an
d th
c te
quir
emen
B w
ere
10 be
id
enlif
ied
the
reg
ulat
ory
repo
ning
req
uire
men
ts w
ould
ov
cr t
he c
once
pts
01
T
hese
con
cept
s de
al w
ith
The
obj
ecti
ve o
f fin
aTic
ial
stat
emen
ts
The
qua
litat
ive
char
acte
rist
ics
thal
del
erm
ine
the
usef
ulne
ss o
f w
fonn
atio
ll i
n fl1
1anc
ial
stat
emel
lts
and
Ihe
defi
nitio
ll
reco
lnu
ioll
and
mea
sure
mel
lt o
f lh
e el
emen
l5 n
ol11
w
hich
fll
i3nc
lal
stat
emen
ts a
re c
Olls
truct
ed
The
B
oard
o
f T
mst
ees
of
the
retir
emen
t fu
nd
lias
thc
for
the
and
orcs
enta
tion
of
the
fina
ncia
l st
atem
ents
th
e fi
nanc
ial
stat
emen
ts e
ven
thou
gh i1
has
acc
ess
has
mee
t It
s ow
n ne
eds
T
he r
epor
ting
or
nrc
Boa
rd o
f T
rmtc
cs
canc
epis
and
the
reg
ulat
ory
repo
rtin
g re
quire
men
t
Th
e ob
ject
ive
of
tbe
fina
ncia
l st
atem
ents
T
he o
biec
tive
of
lhe
fman
clal
st
atem
ents
in
fonn
alio
n
posilo~
perl
mm
mee
and
cha
nges
in
lite
lIs
erlil
to t
he F
SR
06
rhc
info
nnat
ion
in
the
fllla
ncia
l st
atem
ents
is
ho
wev
er
Inni
ted
bv
the
fact
th
at
the
fina
ncia
l st
atem
ents
lar
gey
por
tray
the
fm
anci
al e
ffec
ts o
f pas
t ev
ents
07
Fina
ncia
l st
atem
ents
al
so
relle
et
the
acco
unta
bilil
y o
f lh
e B
oard
o
f T
nlst
ees
for
Ihe
reso
urce
s en
tflls
ted
to i
t
Fin
anci
aill
osi
tio
n
per
form
ance
and
cha
nges
iu
nn
and
al p
osit
ion
08
Info
l1na
tioll
abou
l th
e fll
lanc
ial
posi
tion
of
the
retir
emen
t fu
nds
is pr
imaI
ily p
rovi
ded
ill t
he
stat
emen
t o
f ue
t as
sets
and
fun
ds
lufo
rmat
ion
abou
t pc
rfon
nanc
e of
an
d ch
ange
s III
tile
fi
nanc
ial
POSi
llOl1
is
prim
arily
pro
vide
d In
the
stal
emcn
t of c
hang
es I
n n
et a
sset
s an
d ftl
nds
09
part
s of
the
fin
anci
al s
tate
men
ts I
Ilte
nda
te b
ecau
se l
hey
reH
ect
diff
eren
t sa
me
tran
sact
ions
or o
ther
eve
nts
gtio
tes
and
sup
ple
men
tary
sch
edul
es
10
The
fi
nanc
ial
stat
emen
ts
also
co
ntai
n no
tes
and
supp
lem
enta
ry
sche
dule
s aJ
1d
othe
r in
fonl
latio
n th
at i
s re
leva
nt t
o th
e FS
B r
egar
ding
Ite
ms
refl
ecte
d in
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
and
the
sta
tem
ent o
f cha
nges
in n
et a
sset
s an
d fu
nds
Und
erly
ing
assu
mp
tio
ns
Acc
rual
bas
is
I I
file
fin
anci
al s
tate
men
ts a
re p
repa
red
on t
he a
ccru
al b
asts
of
acco
untl
llg
Llld
cr t
his
balil
s
the
elT
ects
of
tran
sact
ions
and
oth
el e
vent
s ar
e re
cogn
ised
whe
n th
ey o
ccur
(an
d no
t as
cas
l1
or i
ts e
ouiv
alen
t is
rec
eive
d or
oai
j)
and
thev
are
rec
orde
d in
the
acc
ount
ing
reco
rds
and
to w
hich
lhe
y re
late
Fi
nanc
ial
stat
elll
ents
re
gard
ing
past
tr
ansa
Cllo
ns
to p
ay c
ash
in t
he n
Uur
c
prep
ared
011
th
c as
sum
plio
n th
at a
rel
irei
llent
fun
d fo
r th
e fo
rese
eabl
e [U
llin
Hen
ce
It
nor
the
need
to
Of
cur1
ali
need
th
e fin
ancI
al
Qu
alit
ath
c c
har
acte
rist
ics
of
fina
ncia
l st
atem
ents
IJ
Q
ualit
ativ
e ch
arac
teri
stic
s ar
e th
e aU
ribu
es t
hat
mak
e th
e in
fmm
atlO
ll pI
Ovi
ded
stat
emen
ts
usef
ul
to
user
s
The
fo
ur
prin
cipa
l qu
ahta
tiyc
ch
arac
ten
llc
s (Ir
e un
ders
tand
abili
ty
rele
vanc
e r
elia
bilit
y an
d C
Ol1
1rfl
lrah
ililmiddot
llnd
erst
nda
bili
ty
1middot1
An
esse
ntia
l qu
alii
y o
f til
e Jl
lfon
nalio
ll pr
ovid
ed i
n fm
anci
a s
taie
men
ts I
S h
al i
t re
adil
) un
ders
tand
able
Rel
evan
ce
15
To b
e us
eful
Jl
1f(
)[]n
att
oll
mus
t be
rel
evan
t 10
th
e Ile
eds
of
the
jSH
In
form
atio
n ha
th
e qu
ality
or
rele
vanc
e w
hen
it he
lps
the
FS
B t
o cy
alua
te p
asL
pr~senl or
Hltm
c ev
ents
OJ
to
conf
irm
or
corr
ect
its p
asl
eval
uatio
ns
~f(l(n(
ftl
r
16
n
le r
e1e
anc
e o
f in
form
atio
n is
affe
cted
by
Its l
latu
re a
nd m
ater
ialit
y I
II so
me
case
s t
he
natu
re o
rmfo
nnat
ion
alon
e is
suf
fici
ent
to d
eten
nine
its
rel
evan
ce
In o
ther
cas
es
both
the
na
ture
and
rna
teIi
ality
are
im
port
ant
is m
ater
ial
jf i
ts
oilli
ssio
n O
f m
isst
atem
ent
coul
d in
flue
nce
the
econ
omic
de
ciSi
ons
of
the
FSB
tak
cn o
n th
e ba
sis
of
the
fina
ncia
l st
atem
ents
rv
late
llal
ity
on
the
size
of
the
item
O
f er
ror
judg
ed i
n th
e pa
rtic
ular
cir
cum
stan
ces
of
ils
or
mis
stat
emen
t T
hus
mat
eria
litv
prov
ides
a t
hres
hold
or
cut-
off
rath
er t
han
bem
g a
iufo
nlla
tlQIl
mus
t ha
ve
is t
o be
use
ful
I~elibi
lit
r 18
T
o be
use
fllL
inf
onna
lion
mus
l al
so b
e re
liabl
e ~hen
It is
fr
ee
tiom
m
alcr
Ial
erro
r an
d bi
as a
nd
can
be
repr
esen
fa
ithfu
lly
expe
cted
re
pres
ent
19
Info
nnat
ion
may
be
rele
vallt
but
sO
unre
liabl
e in
nat
ure
Of
repr
esen
tati
on
may
be
pote
ntia
lly m
isle
adin
g I
n th
ose
inst
ance
s il
may
be
inap
prop
riat
e fu
nd t
o re
cobr
nise
an
amou
nt i
n th
e st
atem
ent
of
poundlei
asse
ts a
nd
fund
s or
the
sta
tem
enl
of
chan
ges
in n
el a
sset
s an
d fu
nds
alth
ough
it
may
be
appr
opri
ate
In d
iscl
ose
the
info
rmat
ion
in t
he n
otes
to
the
fina
ncia
l st
aler
nent
s
CJ) ~ ~ CJ) 6 m
0 raquo Z _-1 ~
m
tll 0
C raquo
m
I) o o (0 z p W
-
(Xl
W
(Xl
CJ1
into
01l3
tion
mus
t re
pres
ent
the
tran
sacl
ions
and
oth
er e
vent
s ei
ther
Pl
LIT)
orts
to
repr
esen
t or
cou
ld
rea
expe
eled
10
re
pres
ent
Tilli
S
for
exam
ple
a s
tate
men
t o
f net
ass
ets
alld
fun
ds
11 fa
ilhfu
llv I
he I
rans
aclio
ns a
nd
olhe
r ev
ents
tha
t re
sult
In a
sset
s l
iabi
litie
s an
d fu
nds
relir
emen
t H
lIld
at t
he r
epor
ting
date
whi
dJ n
tcc
t th
e re
cogn
ition
crI
teri
a
10
21
Mos
t fi
nanc
ial
info
rmat
ion
is su
bjec
t to
so
me
risk
of
bein
g le
ss
than
a
fairh
fh
to p
ortr
ay
Thi
s is
1101
du
e to
bia
s b
ut r
athe
r to
th
e fr
ansa
ctio
Jls
and
othe
r eve
nts
to b
e m
easu
red
or
It
and
pres
enta
tion
tech
niqL
les
thai
ca
n co
nvey
w
ilh
thos
e tr
ansa
ctio
ns
and
even
ts
In
cert
ain
ca5es~
the
mea
sure
men
t o
f th
e fi
nanc
ial
efTe
cts
of
item
s co
uld
be s
o ul
lcer
tain
tha
t re
tirem
ent
fund
s ge
nera
lly
mlld
Hot
rec
ogni
e
them
in
the
finan
cial
sta
tem
ents
In
oth
er c
ases
lo
e
ver
it m
ay
be
rele
vant
10
rec
ogni
se
item
s fw
d to
dis
dose
the
nsk
o
f er
ror
surr
ound
ing
Ihei
r re
cob
rniti
on a
nd m
caSl
Ircr
nenL
Subs
onc
e 2
2
(f in
fonn
atio
n is
fo
repr
esen
t fa
ithfu
lly t
ile t
rans
actio
lls a
nd m
her
even
ts t
hat
it pu
rpor
ts t
o re
pres
ent
it is
nec
essa
ry t
hat
they
are
acc
ount
ed f
or a
nd p
rese
nted
in
acco
rdan
ce w
ith t
heir
su
bsta
nce
and
econ
omic
rea
hlV
and
not
mer
elv
thei
r le
gal
fonn
Ilo
wcv
eL i
ll th
e re
lirem
cnt
fimds
env
irof
lmen
t w
here
an
~venl
requ
ires
app
rova
l b
tlte
FSI
3 it
shou
ld n
ot b
e ac
coun
ted
for
IlIlli
Ih
e ap
prov
al i
s ob
tain
ed
The
Pen
sion
Fun
ds A
CI w
ill i
n al
l ca
ses
supe
rsed
e Ih
c m
les
of
the
fund
how
evC
f th
e m
les
of t
he f
und
TIll
st h
e dr
afte
d in
corn
olia
nce
wit
h t
he a
ct
and
shou
ld b
e pr
escr
ipti
vc i
n 1e
nns
of t
he a
ccou
nts
and
rese
rves
to b
e
the
illfo
nnl
tioll
cunt
aine
d in
fm
anci
al s
tate
men
ts m
ust
be n
eutr
al
that
is
fr
ee f
rom
bia
s Fi
nanc
ial
$lat
emel
lts a
re n
ot n
entr
al j
f by
the
sel
ectio
n or
nre
senl
atro
n o
f
info
nnat
ion
the
y in
flue
nce
the
mak
ing
of
a de
cisi
on o
r ju
dgem
ent
in
pred
eten
ninc
d re
sult
or o
utco
me
2~
Ili
de
nn
24
I1
1e u
repa
rers
of
fina
ncia
l st
atem
ents
do
how
ever
ha
ve t
o co
nten
d w
ith t
he u
nte
rtain
ties
surr
ound
m
any
even
ts
and
circ
umst
allc
es
slic
h as
(h
e co
llec
tabl
lity
o
f re
celv
ahle
s S
tich
unce
rtai
ntie
s ar
e re
cogn
ised
by
the
disc
losu
re o
f the
ir n
atur
e an
d th
e ex
erC
ise
of
prud
ence
tt
l th
e pr
epar
atio
n o
f th
e fm
anci
ai
stat
emcn
s
Incl
usio
n o
fa
ofca
utiO
Il i
n th
e ex
erci
se o
f the
judg
emen
ts n
eede
d II
I
mak
ing
the
esti
mat
es r
equi
red
cond
ition
s o
f ul
lcer
lain
ty ~uch t
hat
asse
ts o
r in
com
e ar
e no
t ov
erst
ated
and
lia
bilit
ies
or e
xpen
ses
are
not
unde
rsta
ted
How
ever
th
e ex
erci
se o
f pr
uden
ce d
oes
not
allo
w
for
exam
ple
the
cre
alio
ll o
f ex
cess
ive
prov
isio
ns
the
deli
bera
te
uTld
erst
atem
ent
of
asse
ts
or
inco
me
or
th
e de
liber
ate
over
stat
emen
t o
f lia
bilit
ies
or
expe
nses
be
caus
e in
thi
s ca
se t
he f
inan
cial
sta
tem
ents
wou
ld n
ot b
e ne
utra
l an
d t
here
fore
w
ould
not
hav
e th
e qu
alily
of r
elia
bilit
y
25
10
be
relia
ble
the
inf
onna
tion
in
fina
ncia
l st
atem
ents
mus
t be
com
piet
e w
ithi
n th
e bo
unds
o
f m
ater
ialit
y an
d co
st
An
omis
sion
can
cau
se j
nfon
nati
on t
o be
fal
se o
r m
isle
adin
g an
d th
us u
nrel
iabl
e an
d de
fici
em in
ten
ns o
f its
rei
ca
nce
Com
llal
1lbi
lity
2
6
TIle
fin
anci
al s
tafe
men
ts o
f a
retir
emcn
t fu
nd m
ust
be
thro
ugh
time
in o
rder
to
iden
tify
tren
ds i
n Ih
e re
tirem
ent
nmd
s fin
anci
al
perf
onna
nce
It
mus
t al
so b
e po
ssib
le t
o co
mpa
re
the
finan
cial
re
tirem
ent
fund
s in
or
der
io
eval
uate
the
ir r
elal
ive
fina
ncia
l in
fin
anci
al
Hen
ce
the
mea
sure
men
t an
d di
spla
y o
f Ih
e fin
anci
al e
neel
of
like
lran
sacl
ions
and
nlh
er
evel
lts m
ust
be c
arri
ed o
ut i
n a
cons
iste
nt w
ay b
y re
tirem
ent
fund
s an
d ov
er t
ime
27
impl
icat
ion
of
the
tlual
itativ
e ch
arac
teri
tic
of
com
oara
bilil
v st
atem
ents
des
crib
e th
e aC
COUl
11
fina
ncia
l st
atem
ents
an
y ch
ange
s in
tho
se
28
The
nee
d fo
r co
mpa
rdbi
llly
shou
ld n
ot h
e co
nfus
ed w
ith m
ere
unif
onni
ty a
nd s
houl
d no
t be
al
low
ed t
o be
com
e an
im
pedi
men
t to
the
int
rodu
ctio
n o
f Im
prov
ed a
ccou
ntin
g pr
actic
es
It is
not
app
ropr
iate
for
a r
etir
emen
t fu
nd t
o co
mill
tle a
ccou
ntill
g [n
the
sam
e m
anne
r fO
i a
tran
sact
ion
or o
ther
eve
nt
if t
he
polic
y ad
opte
d IS
no
t in
ke
epin
g w
ith
the
qual
itat
ive
char
acte
rist
ics
of
rele
vanc
e an
d re
liabi
lity
It
is al
so i
napp
ropr
iate
for
a r
etir
emen
t fu
nd t
o
leav
e its
acc
ount
ing
polic
ies
unch
ange
d w
hen
mor
e re
leva
nt a
nd r
elia
ble
ahem
ativ
es e
xisl
]9
B
ecau
se u
sers
wis
h to
pe
rion
nanc
e an
d ch
ange
s in
1in
anci
al
posi
tion
of
a re
tirem
ent
fund
ove
r tim
e i
t th
at t
he f
inan
cial
sta
tem
ents
sho
w
corr
espo
ndin
g in
form
atio
n fo
r tIl
e pr
eced
ing
O
re
qUlr
emen
ts
are
lot a
djus
ted
for
chan
ges
erro
rs
Full
be g
iven
in
lite
curr
ent
year
wh
efl
~
com
para
bilil
y
Co
nst
rain
ts o
n re
leva
nt a
nd
rel
iabl
e in
form
atio
n T
imel
ines
s 31
If
ther
e is
undu
e de
lay
in t
he r
epor
ting
of
info
nnat
ion
it m
ay l
ose
ils r
elev
ance
T
he B
oard
o
f Tru
slee
s m
ay n
eed
to b
alan
ce t
he r
elat
Ive
I1ll
rits
ofti
mcl
y re
port
ing
and
the
plov
isio
n o
f re
liabl
e in
fonn
alio
l1
To
prov
ide
info
nnat
ion
all a
um
ely
basi
s it
may
oft
en b
e ne
cess
ary
to
all
aspe
cts
of
a tr
ansa
ctio
n or
ot
her
even
t ar
e kn
own
th
us
impa
irin
g is
dela
yed
ullti
l al
l as
pect
s ar
e kn
own
the
inf
onna
lion
us
c to
Ihe
fS
B
whi
ch h
as h
ad t
o m
ake
deci
Sion
s ill
Ihe
in
teri
m
In
achi
evin
g a
bala
nce
betw
een
rele
vanc
e an
d re
iiab1
1ity
th
e ov
erri
ding
co
nsid
erat
ion
is ho
w b
est
lO s
atis
fY f
he r
equi
rem
ents
ofl
he
FSB
Bal
ance
bet
wee
n be
nefi
t an
d c
osl
32
I1
le ba
lanc
e be
twee
n be
nefi
t an
d co
st i
s fl
perv
asiv
e co
nstr
aint
rat
her
than
a q
uali
lati
vc
char
acfe
rist
lc
The
ben
efils
der
ived
fro
m i
nfor
mat
ion
shou
ld e
xcee
d th
e c
ost
ofpr
ovfd
ing
it 11
1e e
valu
atio
n or
bene
fits
and
cos
ts is
ho
wev
er
subs
tant
ially
aju
dgem
enla
l pr
oces
s
Bal
ance
bet
wee
n v
ario
us
qu
alit
ativ
e ch
arac
teri
stic
s 3
3
In
prac
tice
a ba
lanc
e be
twee
n va
rIO
us
qual
itativ
e ch
arac
teri
stic
s is
onen
ne
cess
ary
Gen
eral
ly t
he a
im i
s to
ach
ieve
an
appr
opri
ate
bala
nce
amon
g lh
e ch
arac
teri
stic
s ill
ord
er to
m
eet
the
obje
ctiv
c o
f fi
nanc
ial
stat
emen
ts T
he r
elat
ive
tlnpO
nallc
e o
f the
cha
ract
eris
tics
in
diff
eren
t ca
ses
is a
mat
ter o
f pro
fess
iona
l jud
gem
ent
34
Th
e el
emen
ts o
f fi
nanc
ial
stat
emen
ts
S
Fi
nanc
ial
stat
emen
ts
port
ray
the
fina
ncia
l ef
fect
s o
f tr
ansa
ctio
ns
and
othe
r ev
ents
by
rton
ping
the
m i
nto
broa
d cl
asse
s ac
cord
ing
to t
heir
eco
nom
ic c
hara
crer
islic
s T
hese
bro
ad
clas
ses
are
tenn
cd t
he
elem
ent
)
of
fina
neia
i st
alem
enlS
T
he e
lem
ents
dir
ectly
rel
ated
10
the
mea
sure
men
t o
f fi
nanc
ial
Ilos
itiol
l in
the
sta
tem
ent
of
net
asse
ts a
nd f
imds
are
ass
ets
lia
bilit
ies
and
fill
lds
and
rese
ryes
T
he e
lem
ents
dir
eclly
rel
aled
to
the
mea
sure
men
l o
f pe
rfon
nanc
e in
Ihe
sla
tem
ent
of
chan
ges
in n
et a
ssel
s an
d fil
l1ds
ate
inc
ome
and
ltc
sta
tem
ent
of
chan
ges
in n
el a
ssel
s an
d fu
nds
also
ref
lecl
s ch
ange
s in
the
po
sitio
n re
flec
led
in t
he s
tate
men
t o
f net
ass
ets
and
fund
s
01
z p () CD
()
CD
G) ~ m
II
Z
SO m
z -I
G) raquo N S
J11
j
l II
m
OJ
II
C raquo ~ IJ g lO
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l) r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s l
iabi
liti
es
and
fund
s an
d re
serv
es
01 l
ese
are
defi
ned
as r
ollo
s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
T
hus
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s 5
7 to
72
in
particul~r t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
lni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et
or
fU1l
d at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH
Ass
ets
w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e d
irec
tly
or
indi
rect
ly
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
s
40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
tai
fon
n l
low
eveJ
A
I 42
asse
ts
for
exam
ple
re
cejv
able
s an
d pr
oper
ly
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t
is n
ot e
ssen
tial
A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts
henc
e f
or e
xam
ple
an
inte
llli
on t
o pu
rcha
se a
n a
sset
doe
s n
o
its
elf
mee
t th
e de
finh
ion
of a
n as
set
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
H
ence
w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s f
or
exam
ple
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
lia
bil
itit
s middot1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
) i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in v
ay
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
ho
wev
er
from
Jl
onlla
l bu
sine
ss p
ract
ice
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
46
~ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
of
itse
lr
give
nsc
to
a p
rese
nt o
blig
atio
n A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le
if a
ni
disc
reti
on t
o o
f re
sQu
ces
anot
her
part
y
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil
ilti
on m
ay o
ccur
in a
num
ber
ofw
ays
fo
r ex
ampl
e b
y
Paym
ent
of c
ash
TIan
sfe
r o
f oth
er a
sset
s
Pro
visi
on o
f ser
vice
s o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
ill
loth
er o
blig
atio
n
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns
such
as
torf
citi
ng it
s ri
ghts
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
sr
es t
ite r
est o
f the
to
be
esti
mat
ed
Fu
nd
s an
d r
esen
cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l th
cy m
ay b
e su
bshyin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
S
uch
clas
sifi
cati
ons
can
be r
efe
middotanl
middoth
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
an
d lh
e ru
les
of
the
fund
Per
form
ance
5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
s
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
57
to
72
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m
D
lgt
Z
-1
jl
m
tIl D
C
lgt
D
iii
)
o fil z p (
)
-
~ CD
--I
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
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u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
into
01l3
tion
mus
t re
pres
ent
the
tran
sacl
ions
and
oth
er e
vent
s ei
ther
Pl
LIT)
orts
to
repr
esen
t or
cou
ld
rea
expe
eled
10
re
pres
ent
Tilli
S
for
exam
ple
a s
tate
men
t o
f net
ass
ets
alld
fun
ds
11 fa
ilhfu
llv I
he I
rans
aclio
ns a
nd
olhe
r ev
ents
tha
t re
sult
In a
sset
s l
iabi
litie
s an
d fu
nds
relir
emen
t H
lIld
at t
he r
epor
ting
date
whi
dJ n
tcc
t th
e re
cogn
ition
crI
teri
a
10
21
Mos
t fi
nanc
ial
info
rmat
ion
is su
bjec
t to
so
me
risk
of
bein
g le
ss
than
a
fairh
fh
to p
ortr
ay
Thi
s is
1101
du
e to
bia
s b
ut r
athe
r to
th
e fr
ansa
ctio
Jls
and
othe
r eve
nts
to b
e m
easu
red
or
It
and
pres
enta
tion
tech
niqL
les
thai
ca
n co
nvey
w
ilh
thos
e tr
ansa
ctio
ns
and
even
ts
In
cert
ain
ca5es~
the
mea
sure
men
t o
f th
e fi
nanc
ial
efTe
cts
of
item
s co
uld
be s
o ul
lcer
tain
tha
t re
tirem
ent
fund
s ge
nera
lly
mlld
Hot
rec
ogni
e
them
in
the
finan
cial
sta
tem
ents
In
oth
er c
ases
lo
e
ver
it m
ay
be
rele
vant
10
rec
ogni
se
item
s fw
d to
dis
dose
the
nsk
o
f er
ror
surr
ound
ing
Ihei
r re
cob
rniti
on a
nd m
caSl
Ircr
nenL
Subs
onc
e 2
2
(f in
fonn
atio
n is
fo
repr
esen
t fa
ithfu
lly t
ile t
rans
actio
lls a
nd m
her
even
ts t
hat
it pu
rpor
ts t
o re
pres
ent
it is
nec
essa
ry t
hat
they
are
acc
ount
ed f
or a
nd p
rese
nted
in
acco
rdan
ce w
ith t
heir
su
bsta
nce
and
econ
omic
rea
hlV
and
not
mer
elv
thei
r le
gal
fonn
Ilo
wcv
eL i
ll th
e re
lirem
cnt
fimds
env
irof
lmen
t w
here
an
~venl
requ
ires
app
rova
l b
tlte
FSI
3 it
shou
ld n
ot b
e ac
coun
ted
for
IlIlli
Ih
e ap
prov
al i
s ob
tain
ed
The
Pen
sion
Fun
ds A
CI w
ill i
n al
l ca
ses
supe
rsed
e Ih
c m
les
of
the
fund
how
evC
f th
e m
les
of t
he f
und
TIll
st h
e dr
afte
d in
corn
olia
nce
wit
h t
he a
ct
and
shou
ld b
e pr
escr
ipti
vc i
n 1e
nns
of t
he a
ccou
nts
and
rese
rves
to b
e
the
illfo
nnl
tioll
cunt
aine
d in
fm
anci
al s
tate
men
ts m
ust
be n
eutr
al
that
is
fr
ee f
rom
bia
s Fi
nanc
ial
$lat
emel
lts a
re n
ot n
entr
al j
f by
the
sel
ectio
n or
nre
senl
atro
n o
f
info
nnat
ion
the
y in
flue
nce
the
mak
ing
of
a de
cisi
on o
r ju
dgem
ent
in
pred
eten
ninc
d re
sult
or o
utco
me
2~
Ili
de
nn
24
I1
1e u
repa
rers
of
fina
ncia
l st
atem
ents
do
how
ever
ha
ve t
o co
nten
d w
ith t
he u
nte
rtain
ties
surr
ound
m
any
even
ts
and
circ
umst
allc
es
slic
h as
(h
e co
llec
tabl
lity
o
f re
celv
ahle
s S
tich
unce
rtai
ntie
s ar
e re
cogn
ised
by
the
disc
losu
re o
f the
ir n
atur
e an
d th
e ex
erC
ise
of
prud
ence
tt
l th
e pr
epar
atio
n o
f th
e fm
anci
ai
stat
emcn
s
Incl
usio
n o
fa
ofca
utiO
Il i
n th
e ex
erci
se o
f the
judg
emen
ts n
eede
d II
I
mak
ing
the
esti
mat
es r
equi
red
cond
ition
s o
f ul
lcer
lain
ty ~uch t
hat
asse
ts o
r in
com
e ar
e no
t ov
erst
ated
and
lia
bilit
ies
or e
xpen
ses
are
not
unde
rsta
ted
How
ever
th
e ex
erci
se o
f pr
uden
ce d
oes
not
allo
w
for
exam
ple
the
cre
alio
ll o
f ex
cess
ive
prov
isio
ns
the
deli
bera
te
uTld
erst
atem
ent
of
asse
ts
or
inco
me
or
th
e de
liber
ate
over
stat
emen
t o
f lia
bilit
ies
or
expe
nses
be
caus
e in
thi
s ca
se t
he f
inan
cial
sta
tem
ents
wou
ld n
ot b
e ne
utra
l an
d t
here
fore
w
ould
not
hav
e th
e qu
alily
of r
elia
bilit
y
25
10
be
relia
ble
the
inf
onna
tion
in
fina
ncia
l st
atem
ents
mus
t be
com
piet
e w
ithi
n th
e bo
unds
o
f m
ater
ialit
y an
d co
st
An
omis
sion
can
cau
se j
nfon
nati
on t
o be
fal
se o
r m
isle
adin
g an
d th
us u
nrel
iabl
e an
d de
fici
em in
ten
ns o
f its
rei
ca
nce
Com
llal
1lbi
lity
2
6
TIle
fin
anci
al s
tafe
men
ts o
f a
retir
emcn
t fu
nd m
ust
be
thro
ugh
time
in o
rder
to
iden
tify
tren
ds i
n Ih
e re
tirem
ent
nmd
s fin
anci
al
perf
onna
nce
It
mus
t al
so b
e po
ssib
le t
o co
mpa
re
the
finan
cial
re
tirem
ent
fund
s in
or
der
io
eval
uate
the
ir r
elal
ive
fina
ncia
l in
fin
anci
al
Hen
ce
the
mea
sure
men
t an
d di
spla
y o
f Ih
e fin
anci
al e
neel
of
like
lran
sacl
ions
and
nlh
er
evel
lts m
ust
be c
arri
ed o
ut i
n a
cons
iste
nt w
ay b
y re
tirem
ent
fund
s an
d ov
er t
ime
27
impl
icat
ion
of
the
tlual
itativ
e ch
arac
teri
tic
of
com
oara
bilil
v st
atem
ents
des
crib
e th
e aC
COUl
11
fina
ncia
l st
atem
ents
an
y ch
ange
s in
tho
se
28
The
nee
d fo
r co
mpa
rdbi
llly
shou
ld n
ot h
e co
nfus
ed w
ith m
ere
unif
onni
ty a
nd s
houl
d no
t be
al
low
ed t
o be
com
e an
im
pedi
men
t to
the
int
rodu
ctio
n o
f Im
prov
ed a
ccou
ntin
g pr
actic
es
It is
not
app
ropr
iate
for
a r
etir
emen
t fu
nd t
o co
mill
tle a
ccou
ntill
g [n
the
sam
e m
anne
r fO
i a
tran
sact
ion
or o
ther
eve
nt
if t
he
polic
y ad
opte
d IS
no
t in
ke
epin
g w
ith
the
qual
itat
ive
char
acte
rist
ics
of
rele
vanc
e an
d re
liabi
lity
It
is al
so i
napp
ropr
iate
for
a r
etir
emen
t fu
nd t
o
leav
e its
acc
ount
ing
polic
ies
unch
ange
d w
hen
mor
e re
leva
nt a
nd r
elia
ble
ahem
ativ
es e
xisl
]9
B
ecau
se u
sers
wis
h to
pe
rion
nanc
e an
d ch
ange
s in
1in
anci
al
posi
tion
of
a re
tirem
ent
fund
ove
r tim
e i
t th
at t
he f
inan
cial
sta
tem
ents
sho
w
corr
espo
ndin
g in
form
atio
n fo
r tIl
e pr
eced
ing
O
re
qUlr
emen
ts
are
lot a
djus
ted
for
chan
ges
erro
rs
Full
be g
iven
in
lite
curr
ent
year
wh
efl
~
com
para
bilil
y
Co
nst
rain
ts o
n re
leva
nt a
nd
rel
iabl
e in
form
atio
n T
imel
ines
s 31
If
ther
e is
undu
e de
lay
in t
he r
epor
ting
of
info
nnat
ion
it m
ay l
ose
ils r
elev
ance
T
he B
oard
o
f Tru
slee
s m
ay n
eed
to b
alan
ce t
he r
elat
Ive
I1ll
rits
ofti
mcl
y re
port
ing
and
the
plov
isio
n o
f re
liabl
e in
fonn
alio
l1
To
prov
ide
info
nnat
ion
all a
um
ely
basi
s it
may
oft
en b
e ne
cess
ary
to
all
aspe
cts
of
a tr
ansa
ctio
n or
ot
her
even
t ar
e kn
own
th
us
impa
irin
g is
dela
yed
ullti
l al
l as
pect
s ar
e kn
own
the
inf
onna
lion
us
c to
Ihe
fS
B
whi
ch h
as h
ad t
o m
ake
deci
Sion
s ill
Ihe
in
teri
m
In
achi
evin
g a
bala
nce
betw
een
rele
vanc
e an
d re
iiab1
1ity
th
e ov
erri
ding
co
nsid
erat
ion
is ho
w b
est
lO s
atis
fY f
he r
equi
rem
ents
ofl
he
FSB
Bal
ance
bet
wee
n be
nefi
t an
d c
osl
32
I1
le ba
lanc
e be
twee
n be
nefi
t an
d co
st i
s fl
perv
asiv
e co
nstr
aint
rat
her
than
a q
uali
lati
vc
char
acfe
rist
lc
The
ben
efils
der
ived
fro
m i
nfor
mat
ion
shou
ld e
xcee
d th
e c
ost
ofpr
ovfd
ing
it 11
1e e
valu
atio
n or
bene
fits
and
cos
ts is
ho
wev
er
subs
tant
ially
aju
dgem
enla
l pr
oces
s
Bal
ance
bet
wee
n v
ario
us
qu
alit
ativ
e ch
arac
teri
stic
s 3
3
In
prac
tice
a ba
lanc
e be
twee
n va
rIO
us
qual
itativ
e ch
arac
teri
stic
s is
onen
ne
cess
ary
Gen
eral
ly t
he a
im i
s to
ach
ieve
an
appr
opri
ate
bala
nce
amon
g lh
e ch
arac
teri
stic
s ill
ord
er to
m
eet
the
obje
ctiv
c o
f fi
nanc
ial
stat
emen
ts T
he r
elat
ive
tlnpO
nallc
e o
f the
cha
ract
eris
tics
in
diff
eren
t ca
ses
is a
mat
ter o
f pro
fess
iona
l jud
gem
ent
34
Th
e el
emen
ts o
f fi
nanc
ial
stat
emen
ts
S
Fi
nanc
ial
stat
emen
ts
port
ray
the
fina
ncia
l ef
fect
s o
f tr
ansa
ctio
ns
and
othe
r ev
ents
by
rton
ping
the
m i
nto
broa
d cl
asse
s ac
cord
ing
to t
heir
eco
nom
ic c
hara
crer
islic
s T
hese
bro
ad
clas
ses
are
tenn
cd t
he
elem
ent
)
of
fina
neia
i st
alem
enlS
T
he e
lem
ents
dir
ectly
rel
ated
10
the
mea
sure
men
t o
f fi
nanc
ial
Ilos
itiol
l in
the
sta
tem
ent
of
net
asse
ts a
nd f
imds
are
ass
ets
lia
bilit
ies
and
fill
lds
and
rese
ryes
T
he e
lem
ents
dir
eclly
rel
aled
to
the
mea
sure
men
l o
f pe
rfon
nanc
e in
Ihe
sla
tem
ent
of
chan
ges
in n
et a
ssel
s an
d fil
l1ds
ate
inc
ome
and
ltc
sta
tem
ent
of
chan
ges
in n
el a
ssel
s an
d fu
nds
also
ref
lecl
s ch
ange
s in
the
po
sitio
n re
flec
led
in t
he s
tate
men
t o
f net
ass
ets
and
fund
s
01
z p () CD
()
CD
G) ~ m
II
Z
SO m
z -I
G) raquo N S
J11
j
l II
m
OJ
II
C raquo ~ IJ g lO
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l) r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s l
iabi
liti
es
and
fund
s an
d re
serv
es
01 l
ese
are
defi
ned
as r
ollo
s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
T
hus
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s 5
7 to
72
in
particul~r t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
lni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et
or
fU1l
d at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH
Ass
ets
w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e d
irec
tly
or
indi
rect
ly
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
s
40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
tai
fon
n l
low
eveJ
A
I 42
asse
ts
for
exam
ple
re
cejv
able
s an
d pr
oper
ly
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t
is n
ot e
ssen
tial
A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts
henc
e f
or e
xam
ple
an
inte
llli
on t
o pu
rcha
se a
n a
sset
doe
s n
o
its
elf
mee
t th
e de
finh
ion
of a
n as
set
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
H
ence
w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s f
or
exam
ple
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
lia
bil
itit
s middot1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
) i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in v
ay
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
ho
wev
er
from
Jl
onlla
l bu
sine
ss p
ract
ice
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
46
~ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
of
itse
lr
give
nsc
to
a p
rese
nt o
blig
atio
n A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le
if a
ni
disc
reti
on t
o o
f re
sQu
ces
anot
her
part
y
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil
ilti
on m
ay o
ccur
in a
num
ber
ofw
ays
fo
r ex
ampl
e b
y
Paym
ent
of c
ash
TIan
sfe
r o
f oth
er a
sset
s
Pro
visi
on o
f ser
vice
s o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
ill
loth
er o
blig
atio
n
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns
such
as
torf
citi
ng it
s ri
ghts
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
sr
es t
ite r
est o
f the
to
be
esti
mat
ed
Fu
nd
s an
d r
esen
cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l th
cy m
ay b
e su
bshyin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
S
uch
clas
sifi
cati
ons
can
be r
efe
middotanl
middoth
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
an
d lh
e ru
les
of
the
fund
Per
form
ance
5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
s
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
57
to
72
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m
D
lgt
Z
-1
jl
m
tIl D
C
lgt
D
iii
)
o fil z p (
)
-
~ CD
--I
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss
and
Pres
cnl
valu
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e l
omla
l co
urle
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
fiic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
ploy
er 1
urpl
us a
ccou
nts
~lId
rhe
sum
of
(he
valu
es o
f th
e am
ount
s Ih
e ac
coun
ts h
eld
for
indi
vidu
al m
embe
rs
whe
ther
con
trib
utor
y or
pa
id-u
p_
pillS
th
e va
lue
or a
ny
othe
l lia
bilit
ies
pIllS
th
e to
the
cred
it o
f an v
inv
estm
ent
rese
rve
acco
unt
the
smoo
thin
g o
f fu
nd
rcH
lm
cred
ited
10
cont
inge
ncy
rese
rve
acco
nnts
wiu
ch
prud
ent
to e
stab
lish
amor
tised
co
st u
f ci-
tll-laI
1c1a
l assc
I oi--
i1m
mda
t iab~it-vfS-T1C a
mC)
lllH
at
finan
cial
tii
tbilit
~ ll1~asurcd
whi
ch
the
asse
t or
fi
llanc
ial
is
at
mili
a
reCOf
LHn 1
011
min
us
or
min
us
the
clIm
ulat
lve
amor
tIsa
tion
lIsin
l an
d th
e
plus
amO
lUlf
m
etho
d o
f an
y di
ffer
cnce
uet
wee
n th
aI
initi
al
amou
nt
and
min
us
any
redu
cio
ll (d
irec
tly o
r th
roug
h ac
colln
t)
for
Impa
irm
ent
or
Uilc
olJe
ctih
iJiIy
~
sale
fin
anci
al
asse
ts
a an
d th
at h
as a
ccru
ed
such
per
son
term
s of
a d
ecis
ion
by t
he B
OA
rd o
f T
rust
ees
ort
he
fund
and
who
is
not
a m
embe
r or
pen
sion
cr o
f th
e re
tirem
ent
fund
(e
g
min
or c
hild
ren
ill r
ecei
pt
of
belle
fits
ill
te
flllS
of
deat
h-be
nefi
t al
loca
lion
s fr
om t
he p
rimar
y
II
Cl ~ -r
Cl [5 m
JJ raquo Z
--1
jl
i1
m
OJ
JJ
C raquo JJ iii I) o g z [0 ~ O
J ~
CO
ID
shou
ld n
ol
inch
lde
col1
lral
ove
r th
e as
sets
of
the
reti
rem
ent
fund
oth
er (
han
acco
unl
jn t
he I
lam
e o
f th
e fu
nd o
r th
e sa
fe c
usto
dy o
f T
lte
appo
intm
ent
of
a be
nefit
adm
inis
tral
or
Th
e in
divi
dual
s d
omes
tic p
alln
er a
nd c
hild
ren
Chi
ldre
n o
fthe
ind
ivid
uals
dO
lnes
tle p
artn
er
tllld
any
accu
mul
ated
or-th
e a
mou
nt
--or
be
fimd
T
hey
may
Dep
enda
nls
oft
he i
ndiv
idua
l or
the
indi
vidu
als
dO
lllc
stic
par
tller
The
se a
re s
chem
es
mem
bers
of
the
publ
ic m
ay
whi
ch T
wo
or
mor
e in
vest
ors
cont
ribu
te m
oney
or
othe
r as
sets
to
and
hold
a
part
icip
ator
y il
lter
est
in a
por
tfol
io o
f th
e sc
hem
e th
roug
h sh
ares
un
its
or
allY
oth
er f
onn
of
part
icip
ator
y in
tere
st
and
The
inv
esto
rs s
hare
the
ris
k an
d th
e be
nefi
t of
lllv
estm
ent
in p
ropo
rtio
n
of tb
e le
ase
tenn
to t
heir
par
tici
pato
ry i
nter
est
in R
por
tfol
io o
f th
e sc
hem
e o
r on
any
de
term
ined
in
tile
de
ed
but
not
a co
llec
tive
inv
estm
enl
Acl
ot
her
than
the
C
olle
ctiv
e In
vest
men
t
thai
ari
ses
from
pas
t ev
ents
and
who
se e
xist
ence
on
lv b
v th
e oc
curr
ence
or non~OCCllITellce o
f o
lle o
r m
ore
unce
rtai
n fu
ture
e-
vent
s no
t w
holl
y w
ithin
th
e co
ntru
l o
f th
e re
tire
men
t fu
nd
or
-
A p
rese
nt o
biig
atl0
1l t
hat arise~ f
ront
pas
t ev
ents
hut
IS
not
reCO
hllH
sed
beca
use
IS
not
econ
omic
th
ai
an
ou
tflo
w
of
reSO
UIc
es
embo
dyin
g w
ill
be r
equi
red
to s
ettl
e th
e ob
liga
tion
o
r
-fhe
am
olll
il o
f(ll
e ob
liga
tion
car
ulot
be
mea
stlr
ed
ith
suf
fici
ent
reli
abil
ity
-
defi
ned
bene
fit
cate
gory
of
a fu
nd
mea
lls p
aym
ent
Jess
the
m t
he c
ontr
ibut
ion
rate
the
val
uato
r re
com
men
ds
the
empl
oyer
ta
king
int
o ac
cmm
t th
e ci
rcum
stan
ces
of
the
igJl
0rin
g an
y su
rplu
s o
r de
fici
t o
r
obli
gati
on
liab
ilit
y
o Z 9 (J
CXl ~ G) ~ m
0
Z ~ m
z -l
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t2
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amou
nt
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ect
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who
m
the
mcm
ber
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lega
lly
In
resp
ect
of
who
m
the
mem
ber
is
not
lega
lly
liab
le
for
mai
nten
ance
If
slIC
h p
erso
nshy
main
tena
ncc~
or
the
bust
nes
s o
f th
e de
pell
denl
on
the
is t
he s
pous
e o
f th
e m
embe
r i
nclu
dmg
iI pa
rty
to a
cus
tom
ary
unio
n ac
cord
ing
to
Bla
ck
law
an
d C
lIsto
m
or
to
a lIn
ion
reco
gnis
ed a
s (I
m
arri
age
unde
r th
e te
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of a
ny A
siat
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elig
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or
in r
espe
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hom
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ld h
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me
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mai
mcl
lanc
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ad t
he m
embe
r no
t di
ed
an a
sset
-or(
)1he
r am()U~litSUbs-tjtut~middotdfor
-cOSI
les
s-its
res
idua
l
allo
cati
on o
f -the
-dep
reda
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allOllll~an--
asse
t ov
er I
ts
--co
lllr
aCt~
l
thaI
T th
reemiddot
Ofrl
le fo
llow
ing
its v
alue
cha
nges
in
resp
onse
to
the
cha
nge
in a
spe
clfi
ed I
llter
esl
rate
fi
nanc
ial
insl
mm
ellt
pric
e
com
mod
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pric
e
fore
ign
exch
ange
mle
e
s or
rat
es
cred
it nuin~ o
r cr
edit
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ex
or o
ther
var
iabl
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tile
case
of
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on-l
inan
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var
iabl
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at t
he v
aria
ble
is no
t sp
ecif
ic
0 a
par
ty 1
0 th
e co
ntra
ct (
som
elim
es c
alle
d th
e u
nder
lyin
g)
no i
nitia
l ne
t in
vest
men
t or
an
initi
al n
et i
nves
tmel
lt t
hat
is th
aI
wou
ld b
e re
quir
ed f
i)r o
ther
typ
es o
f co
ntra
cts
that
wou
ld
he e
xpec
ted
to h
ave
a si
mil
ar r
espo
nse
to c
hang
es i
n m
arke
t ra
ctor
s
and
il is
sett
led
at a
lin
ure
date
inte
rest
met
hod
asse
t tl
r fi
nanc
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liab
ilit
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fai
r va
lue
thro
ugh
stat
emen
t uf
ch
ange
s in
De1
as
sets
an
d
fund
s
the
amor
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a fina
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ndal
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inan
cial
lia
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) an
d of
ailo
cati
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inte
rest
exp
ense
ove
r th
e re
leva
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erio
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efl
ecti
ve i
lller
esl
rate
is
the
rate
tha
t ex
actl
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scou
nts
esti
mat
ed f
utur
e ca
sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
erio
d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
e in
tere
sl r
ate
a r
etir
emen
t fu
nd s
hall
esti
mal
e co
nsid
erin
g al
l co
ntra
ctua
l le
nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
ent
call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
lr
futu
re
ses
T
he c
alcl
llal
ion
incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
ct
that
ar
e an
in
tegr
al
part
o
f th
e ef
fect
ive
inte
resl
rat
e t
rans
acti
on c
osts
an
d al
l ut
her
prem
iml1
s or
An
eqLI
IIY
inst
rum
ent o
f ano
ther
ent
ity
or
A c
ontr
actu
al r
ight
middot
To
rece
ive
cash
or a
noth
er f
inan
cial
ass
el f
rom
ano
ther
ellt
lty
or
To
exch
ange
fin
anCH
1 a
sset
s or
fin
anci
al l
iabi
litie
s w
ith a
noth
er
enti
ty u
nder
con
diti
ons
that
ar
e po
tent
ially
fa
vom
abJe
O
th
e re
tirem
ent
fund
Afiri~mcial a
ssel
Ort
inan
cial
fiab
ampty
tha
t m
eets
co
ndit
ions
It is
cla
ssif
ied
as h
eld
for
tradi
n
f
inan
cial
ass
et o
r fi
nanc
ial
liabi
lity
is cl
assi
fied
as
held
for
Ira
ding
ifi
t is
Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
e pw
pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
ied
fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
t fu
nd a
s at
a
lue
thro
ugh
the
stat
emen
t o
f ch
ame
s in
net
ass
ets
and
fund
s A
re
tirem
ent
fnlld
~na
y us
e th
is d
esig
naho
n o
nly
whe
n do
ing
so r
esul
ts i
n m
ore
rele
vant
inf
onna
iion
be
caus
e ei
ther
It el
imin
ates
or
si
gnif
ican
tly
redu
ces
a m
easu
rem
ent
or
_J~coglli~ l
ocol
lsis
tenc
y (sot1)~liITes r~ie~
__ O
as
15
(J) )J ~ (J) 8 m
lJ raquo Z
-1
-Ilgt
m
OJ
lJ ~ sect m
z () (Xl
()
(X
l 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
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m
I
l Z ~ m
z -i
G) 9 raquo N
JTI
~
i1
m
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(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l) r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s l
iabi
liti
es
and
fund
s an
d re
serv
es
01 l
ese
are
defi
ned
as r
ollo
s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
T
hus
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s 5
7 to
72
in
particul~r t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
lni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et
or
fU1l
d at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH
Ass
ets
w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e d
irec
tly
or
indi
rect
ly
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
s
40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
tai
fon
n l
low
eveJ
A
I 42
asse
ts
for
exam
ple
re
cejv
able
s an
d pr
oper
ly
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t
is n
ot e
ssen
tial
A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts
henc
e f
or e
xam
ple
an
inte
llli
on t
o pu
rcha
se a
n a
sset
doe
s n
o
its
elf
mee
t th
e de
finh
ion
of a
n as
set
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
H
ence
w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s f
or
exam
ple
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
lia
bil
itit
s middot1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
) i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in v
ay
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
ho
wev
er
from
Jl
onlla
l bu
sine
ss p
ract
ice
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
46
~ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
of
itse
lr
give
nsc
to
a p
rese
nt o
blig
atio
n A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le
if a
ni
disc
reti
on t
o o
f re
sQu
ces
anot
her
part
y
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil
ilti
on m
ay o
ccur
in a
num
ber
ofw
ays
fo
r ex
ampl
e b
y
Paym
ent
of c
ash
TIan
sfe
r o
f oth
er a
sset
s
Pro
visi
on o
f ser
vice
s o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
ill
loth
er o
blig
atio
n
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns
such
as
torf
citi
ng it
s ri
ghts
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
sr
es t
ite r
est o
f the
to
be
esti
mat
ed
Fu
nd
s an
d r
esen
cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l th
cy m
ay b
e su
bshyin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
S
uch
clas
sifi
cati
ons
can
be r
efe
middotanl
middoth
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
an
d lh
e ru
les
of
the
fund
Per
form
ance
5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
s
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
57
to
72
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m
D
lgt
Z
-1
jl
m
tIl D
C
lgt
D
iii
)
o fil z p (
)
-
~ CD
--I
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss
and
Pres
cnl
valu
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e l
omla
l co
urle
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
fiic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
ploy
er 1
urpl
us a
ccou
nts
~lId
rhe
sum
of
(he
valu
es o
f th
e am
ount
s Ih
e ac
coun
ts h
eld
for
indi
vidu
al m
embe
rs
whe
ther
con
trib
utor
y or
pa
id-u
p_
pillS
th
e va
lue
or a
ny
othe
l lia
bilit
ies
pIllS
th
e to
the
cred
it o
f an v
inv
estm
ent
rese
rve
acco
unt
the
smoo
thin
g o
f fu
nd
rcH
lm
cred
ited
10
cont
inge
ncy
rese
rve
acco
nnts
wiu
ch
prud
ent
to e
stab
lish
amor
tised
co
st u
f ci-
tll-laI
1c1a
l assc
I oi--
i1m
mda
t iab~it-vfS-T1C a
mC)
lllH
at
finan
cial
tii
tbilit
~ ll1~asurcd
whi
ch
the
asse
t or
fi
llanc
ial
is
at
mili
a
reCOf
LHn 1
011
min
us
or
min
us
the
clIm
ulat
lve
amor
tIsa
tion
lIsin
l an
d th
e
plus
amO
lUlf
m
etho
d o
f an
y di
ffer
cnce
uet
wee
n th
aI
initi
al
amou
nt
and
min
us
any
redu
cio
ll (d
irec
tly o
r th
roug
h ac
colln
t)
for
Impa
irm
ent
or
Uilc
olJe
ctih
iJiIy
~
sale
fin
anci
al
asse
ts
a an
d th
at h
as a
ccru
ed
such
per
son
term
s of
a d
ecis
ion
by t
he B
OA
rd o
f T
rust
ees
ort
he
fund
and
who
is
not
a m
embe
r or
pen
sion
cr o
f th
e re
tirem
ent
fund
(e
g
min
or c
hild
ren
ill r
ecei
pt
of
belle
fits
ill
te
flllS
of
deat
h-be
nefi
t al
loca
lion
s fr
om t
he p
rimar
y
II
Cl ~ -r
Cl [5 m
JJ raquo Z
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jl
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m
OJ
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shou
ld n
ol
inch
lde
col1
lral
ove
r th
e as
sets
of
the
reti
rem
ent
fund
oth
er (
han
acco
unl
jn t
he I
lam
e o
f th
e fu
nd o
r th
e sa
fe c
usto
dy o
f T
lte
appo
intm
ent
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a be
nefit
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inis
tral
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Th
e in
divi
dual
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omes
tic p
alln
er a
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hild
ren
Chi
ldre
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fthe
ind
ivid
uals
dO
lnes
tle p
artn
er
tllld
any
accu
mul
ated
or-th
e a
mou
nt
--or
be
fimd
T
hey
may
Dep
enda
nls
oft
he i
ndiv
idua
l or
the
indi
vidu
als
dO
lllc
stic
par
tller
The
se a
re s
chem
es
mem
bers
of
the
publ
ic m
ay
whi
ch T
wo
or
mor
e in
vest
ors
cont
ribu
te m
oney
or
othe
r as
sets
to
and
hold
a
part
icip
ator
y il
lter
est
in a
por
tfol
io o
f th
e sc
hem
e th
roug
h sh
ares
un
its
or
allY
oth
er f
onn
of
part
icip
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tere
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and
The
inv
esto
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hare
the
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k an
d th
e be
nefi
t of
lllv
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ent
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ropo
rtio
n
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e le
ase
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to t
heir
par
tici
pato
ry i
nter
est
in R
por
tfol
io o
f th
e sc
hem
e o
r on
any
de
term
ined
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tile
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ed
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a co
llec
tive
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estm
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Acl
ot
her
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C
olle
ctiv
e In
vest
men
t
thai
ari
ses
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pas
t ev
ents
and
who
se e
xist
ence
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lv b
v th
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curr
ence
or non~OCCllITellce o
f o
lle o
r m
ore
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n fu
ture
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vent
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t w
holl
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ithin
th
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ntru
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e re
tire
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t fu
nd
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rese
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atl0
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ents
hut
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use
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not
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omic
th
ai
an
ou
tflo
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ill
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ettl
e th
e ob
liga
tion
o
r
-fhe
am
olll
il o
f(ll
e ob
liga
tion
car
ulot
be
mea
stlr
ed
ith
suf
fici
ent
reli
abil
ity
-
defi
ned
bene
fit
cate
gory
of
a fu
nd
mea
lls p
aym
ent
Jess
the
m t
he c
ontr
ibut
ion
rate
the
val
uato
r re
com
men
ds
the
empl
oyer
ta
king
int
o ac
cmm
t th
e ci
rcum
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ces
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the
igJl
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y su
rplu
s o
r de
fici
t o
r
obli
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on
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ilit
y
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amou
nt
resp
ect
of
who
m
the
mcm
ber
is
lega
lly
In
resp
ect
of
who
m
the
mem
ber
is
not
lega
lly
liab
le
for
mai
nten
ance
If
slIC
h p
erso
nshy
main
tena
ncc~
or
the
bust
nes
s o
f th
e de
pell
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on
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is t
he s
pous
e o
f th
e m
embe
r i
nclu
dmg
iI pa
rty
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cus
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ary
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n ac
cord
ing
to
Bla
ck
law
an
d C
lIsto
m
or
to
a lIn
ion
reco
gnis
ed a
s (I
m
arri
age
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r th
e te
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siat
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in r
espe
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hom
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mem
ber
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ld h
ave
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me
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mcl
lanc
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ad t
he m
embe
r no
t di
ed
an a
sset
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r am()U~litSUbs-tjtut~middotdfor
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les
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res
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l
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on o
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allOllll~an--
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t ov
er I
ts
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lllr
aCt~
l
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T th
reemiddot
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le fo
llow
ing
its v
alue
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nges
in
resp
onse
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the
cha
nge
in a
spe
clfi
ed I
llter
esl
rate
fi
nanc
ial
insl
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ellt
pric
e
com
mod
ity
pric
e
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ign
exch
ange
mle
e
s or
rat
es
cred
it nuin~ o
r cr
edit
ind
ex
or o
ther
var
iabl
e
tile
case
of
a J1
on-l
inan
~ial
var
iabl
e th
at t
he v
aria
ble
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t sp
ecif
ic
0 a
par
ty 1
0 th
e co
ntra
ct (
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es c
alle
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e u
nder
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g)
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nitia
l ne
t in
vest
men
t or
an
initi
al n
et i
nves
tmel
lt t
hat
is th
aI
wou
ld b
e re
quir
ed f
i)r o
ther
typ
es o
f co
ntra
cts
that
wou
ld
he e
xpec
ted
to h
ave
a si
mil
ar r
espo
nse
to c
hang
es i
n m
arke
t ra
ctor
s
and
il is
sett
led
at a
lin
ure
date
inte
rest
met
hod
asse
t tl
r fi
nanc
ial
liab
ilit
y at
fai
r va
lue
thro
ugh
stat
emen
t uf
ch
ange
s in
De1
as
sets
an
d
fund
s
the
amor
tise
d co
st of
a fina
ndaf
assel
or (I
ndal
ass
ets
or f
inan
cial
lia
bili
ties
) an
d of
ailo
cati
ng
inte
rest
exp
ense
ove
r th
e re
leva
nt p
erio
d
The
efl
ecti
ve i
lller
esl
rate
is
the
rate
tha
t ex
actl
y di
scou
nts
esti
mat
ed f
utur
e ca
sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
erio
d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
e in
tere
sl r
ate
a r
etir
emen
t fu
nd s
hall
esti
mal
e co
nsid
erin
g al
l co
ntra
ctua
l le
nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
ent
call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
lr
futu
re
ses
T
he c
alcl
llal
ion
incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
ct
that
ar
e an
in
tegr
al
part
o
f th
e ef
fect
ive
inte
resl
rat
e t
rans
acti
on c
osts
an
d al
l ut
her
prem
iml1
s or
An
eqLI
IIY
inst
rum
ent o
f ano
ther
ent
ity
or
A c
ontr
actu
al r
ight
middot
To
rece
ive
cash
or a
noth
er f
inan
cial
ass
el f
rom
ano
ther
ellt
lty
or
To
exch
ange
fin
anCH
1 a
sset
s or
fin
anci
al l
iabi
litie
s w
ith a
noth
er
enti
ty u
nder
con
diti
ons
that
ar
e po
tent
ially
fa
vom
abJe
O
th
e re
tirem
ent
fund
Afiri~mcial a
ssel
Ort
inan
cial
fiab
ampty
tha
t m
eets
co
ndit
ions
It is
cla
ssif
ied
as h
eld
for
tradi
n
f
inan
cial
ass
et o
r fi
nanc
ial
liabi
lity
is cl
assi
fied
as
held
for
Ira
ding
ifi
t is
Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
e pw
pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
ied
fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
t fu
nd a
s at
a
lue
thro
ugh
the
stat
emen
t o
f ch
ame
s in
net
ass
ets
and
fund
s A
re
tirem
ent
fnlld
~na
y us
e th
is d
esig
naho
n o
nly
whe
n do
ing
so r
esul
ts i
n m
ore
rele
vant
inf
onna
iion
be
caus
e ei
ther
It el
imin
ates
or
si
gnif
ican
tly
redu
ces
a m
easu
rem
ent
or
_J~coglli~ l
ocol
lsis
tenc
y (sot1)~liITes r~ie~
__ O
as
15
(J) )J ~ (J) 8 m
lJ raquo Z
-1
-Ilgt
m
OJ
lJ ~ sect m
z () (Xl
()
(X
l 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
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m
I
l Z ~ m
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G) 9 raquo N
JTI
~
i1
m
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(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
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m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
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ay
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yed
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d pr
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e o
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ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
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th
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oes
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ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
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lUld
ailll
ed
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fDr
the
purp
oses
o
f th
ese
h-(
i~
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iii
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Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
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ectio
n to
a~
unde
rwri
tten
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s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
9
Inco
me
54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s f
or e
xam
ple
tho
se a
risi
ng
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay o
r m
ay n
ot
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc
W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
cit
eria
for
rec
ogni
tion
set
out
in p
arag
raph
58
It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
cs
in n
et a
sset
s an
d fu
nds
lO
lals
H
ems
that
sat
isfy
the
reC
Oht
lUti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e
plan
atm
y Il
late
rial
59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity
60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
16
and
17
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t
for
exam
ple
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt
for
exam
ple
in
com
e o
r a
liab
ilit
y
Th
e p
rob
abil
ity
of
fulu
lc e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red
For
exa
llp
le
whe
n it
is p
roba
ble
that
a
rtgtlt
eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
it
is
then
just
ifia
ble
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
Rel
iabi
lity
of
mea
sure
men
t 6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs
18 t
o
25 o
f th
is c
hapt
er
In
man
y ca
ses
cos
t o
r va
lue
mus
t be
est
imat
ed
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s
For
exam
ple
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
ho
wev
er
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
ho
wev
er
wou
ld b
e di
sclo
sed
in t
he
nOle
s ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
63
An
item
tha
t a
t a
ill t
ime
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
cob
11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tme
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~middot
that
th
e B
oard
of
Tll
lste
es
as
mis
guid
ed
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set
shy
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B
take
pla
ce c
an b
e m
easu
red
reli
ably
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
T
his
mea
ns
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty
Oil z eN
CO ~ Q ~ m
lJ
Z s m ~ Q g raquo N
f11 m
OJ
lJ ~ ~ I
) o ~
9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss
and
Pres
cnl
valu
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e l
omla
l co
urle
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
fiic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
ploy
er 1
urpl
us a
ccou
nts
~lId
rhe
sum
of
(he
valu
es o
f th
e am
ount
s Ih
e ac
coun
ts h
eld
for
indi
vidu
al m
embe
rs
whe
ther
con
trib
utor
y or
pa
id-u
p_
pillS
th
e va
lue
or a
ny
othe
l lia
bilit
ies
pIllS
th
e to
the
cred
it o
f an v
inv
estm
ent
rese
rve
acco
unt
the
smoo
thin
g o
f fu
nd
rcH
lm
cred
ited
10
cont
inge
ncy
rese
rve
acco
nnts
wiu
ch
prud
ent
to e
stab
lish
amor
tised
co
st u
f ci-
tll-laI
1c1a
l assc
I oi--
i1m
mda
t iab~it-vfS-T1C a
mC)
lllH
at
finan
cial
tii
tbilit
~ ll1~asurcd
whi
ch
the
asse
t or
fi
llanc
ial
is
at
mili
a
reCOf
LHn 1
011
min
us
or
min
us
the
clIm
ulat
lve
amor
tIsa
tion
lIsin
l an
d th
e
plus
amO
lUlf
m
etho
d o
f an
y di
ffer
cnce
uet
wee
n th
aI
initi
al
amou
nt
and
min
us
any
redu
cio
ll (d
irec
tly o
r th
roug
h ac
colln
t)
for
Impa
irm
ent
or
Uilc
olJe
ctih
iJiIy
~
sale
fin
anci
al
asse
ts
a an
d th
at h
as a
ccru
ed
such
per
son
term
s of
a d
ecis
ion
by t
he B
OA
rd o
f T
rust
ees
ort
he
fund
and
who
is
not
a m
embe
r or
pen
sion
cr o
f th
e re
tirem
ent
fund
(e
g
min
or c
hild
ren
ill r
ecei
pt
of
belle
fits
ill
te
flllS
of
deat
h-be
nefi
t al
loca
lion
s fr
om t
he p
rimar
y
II
Cl ~ -r
Cl [5 m
JJ raquo Z
--1
jl
i1
m
OJ
JJ
C raquo JJ iii I) o g z [0 ~ O
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CO
ID
shou
ld n
ol
inch
lde
col1
lral
ove
r th
e as
sets
of
the
reti
rem
ent
fund
oth
er (
han
acco
unl
jn t
he I
lam
e o
f th
e fu
nd o
r th
e sa
fe c
usto
dy o
f T
lte
appo
intm
ent
of
a be
nefit
adm
inis
tral
or
Th
e in
divi
dual
s d
omes
tic p
alln
er a
nd c
hild
ren
Chi
ldre
n o
fthe
ind
ivid
uals
dO
lnes
tle p
artn
er
tllld
any
accu
mul
ated
or-th
e a
mou
nt
--or
be
fimd
T
hey
may
Dep
enda
nls
oft
he i
ndiv
idua
l or
the
indi
vidu
als
dO
lllc
stic
par
tller
The
se a
re s
chem
es
mem
bers
of
the
publ
ic m
ay
whi
ch T
wo
or
mor
e in
vest
ors
cont
ribu
te m
oney
or
othe
r as
sets
to
and
hold
a
part
icip
ator
y il
lter
est
in a
por
tfol
io o
f th
e sc
hem
e th
roug
h sh
ares
un
its
or
allY
oth
er f
onn
of
part
icip
ator
y in
tere
st
and
The
inv
esto
rs s
hare
the
ris
k an
d th
e be
nefi
t of
lllv
estm
ent
in p
ropo
rtio
n
of tb
e le
ase
tenn
to t
heir
par
tici
pato
ry i
nter
est
in R
por
tfol
io o
f th
e sc
hem
e o
r on
any
de
term
ined
in
tile
de
ed
but
not
a co
llec
tive
inv
estm
enl
Acl
ot
her
than
the
C
olle
ctiv
e In
vest
men
t
thai
ari
ses
from
pas
t ev
ents
and
who
se e
xist
ence
on
lv b
v th
e oc
curr
ence
or non~OCCllITellce o
f o
lle o
r m
ore
unce
rtai
n fu
ture
e-
vent
s no
t w
holl
y w
ithin
th
e co
ntru
l o
f th
e re
tire
men
t fu
nd
or
-
A p
rese
nt o
biig
atl0
1l t
hat arise~ f
ront
pas
t ev
ents
hut
IS
not
reCO
hllH
sed
beca
use
IS
not
econ
omic
th
ai
an
ou
tflo
w
of
reSO
UIc
es
embo
dyin
g w
ill
be r
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to s
ettl
e th
e ob
liga
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o
r
-fhe
am
olll
il o
f(ll
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liga
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car
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be
mea
stlr
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ith
suf
fici
ent
reli
abil
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defi
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bene
fit
cate
gory
of
a fu
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mea
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aym
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Jess
the
m t
he c
ontr
ibut
ion
rate
the
val
uato
r re
com
men
ds
the
empl
oyer
ta
king
int
o ac
cmm
t th
e ci
rcum
stan
ces
of
the
igJl
0rin
g an
y su
rplu
s o
r de
fici
t o
r
obli
gati
on
liab
ilit
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o Z 9 (J
CXl ~ G) ~ m
0
Z ~ m
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t2
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amou
nt
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who
m
the
mcm
ber
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lega
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In
resp
ect
of
who
m
the
mem
ber
is
not
lega
lly
liab
le
for
mai
nten
ance
If
slIC
h p
erso
nshy
main
tena
ncc~
or
the
bust
nes
s o
f th
e de
pell
denl
on
the
is t
he s
pous
e o
f th
e m
embe
r i
nclu
dmg
iI pa
rty
to a
cus
tom
ary
unio
n ac
cord
ing
to
Bla
ck
law
an
d C
lIsto
m
or
to
a lIn
ion
reco
gnis
ed a
s (I
m
arri
age
unde
r th
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ny A
siat
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elig
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or
in r
espe
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hom
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ld h
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me
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mai
mcl
lanc
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ad t
he m
embe
r no
t di
ed
an a
sset
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)1he
r am()U~litSUbs-tjtut~middotdfor
-cOSI
les
s-its
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idua
l
allo
cati
on o
f -the
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reda
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allOllll~an--
asse
t ov
er I
ts
--co
lllr
aCt~
l
thaI
T th
reemiddot
Ofrl
le fo
llow
ing
its v
alue
cha
nges
in
resp
onse
to
the
cha
nge
in a
spe
clfi
ed I
llter
esl
rate
fi
nanc
ial
insl
mm
ellt
pric
e
com
mod
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pric
e
fore
ign
exch
ange
mle
e
s or
rat
es
cred
it nuin~ o
r cr
edit
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ex
or o
ther
var
iabl
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tile
case
of
a J1
on-l
inan
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var
iabl
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at t
he v
aria
ble
is no
t sp
ecif
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0 a
par
ty 1
0 th
e co
ntra
ct (
som
elim
es c
alle
d th
e u
nder
lyin
g)
no i
nitia
l ne
t in
vest
men
t or
an
initi
al n
et i
nves
tmel
lt t
hat
is th
aI
wou
ld b
e re
quir
ed f
i)r o
ther
typ
es o
f co
ntra
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that
wou
ld
he e
xpec
ted
to h
ave
a si
mil
ar r
espo
nse
to c
hang
es i
n m
arke
t ra
ctor
s
and
il is
sett
led
at a
lin
ure
date
inte
rest
met
hod
asse
t tl
r fi
nanc
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liab
ilit
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fai
r va
lue
thro
ugh
stat
emen
t uf
ch
ange
s in
De1
as
sets
an
d
fund
s
the
amor
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a fina
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ndal
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inan
cial
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) an
d of
ailo
cati
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inte
rest
exp
ense
ove
r th
e re
leva
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efl
ecti
ve i
lller
esl
rate
is
the
rate
tha
t ex
actl
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scou
nts
esti
mat
ed f
utur
e ca
sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
erio
d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
e in
tere
sl r
ate
a r
etir
emen
t fu
nd s
hall
esti
mal
e co
nsid
erin
g al
l co
ntra
ctua
l le
nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
ent
call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
lr
futu
re
ses
T
he c
alcl
llal
ion
incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
ct
that
ar
e an
in
tegr
al
part
o
f th
e ef
fect
ive
inte
resl
rat
e t
rans
acti
on c
osts
an
d al
l ut
her
prem
iml1
s or
An
eqLI
IIY
inst
rum
ent o
f ano
ther
ent
ity
or
A c
ontr
actu
al r
ight
middot
To
rece
ive
cash
or a
noth
er f
inan
cial
ass
el f
rom
ano
ther
ellt
lty
or
To
exch
ange
fin
anCH
1 a
sset
s or
fin
anci
al l
iabi
litie
s w
ith a
noth
er
enti
ty u
nder
con
diti
ons
that
ar
e po
tent
ially
fa
vom
abJe
O
th
e re
tirem
ent
fund
Afiri~mcial a
ssel
Ort
inan
cial
fiab
ampty
tha
t m
eets
co
ndit
ions
It is
cla
ssif
ied
as h
eld
for
tradi
n
f
inan
cial
ass
et o
r fi
nanc
ial
liabi
lity
is cl
assi
fied
as
held
for
Ira
ding
ifi
t is
Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
e pw
pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
ied
fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
t fu
nd a
s at
a
lue
thro
ugh
the
stat
emen
t o
f ch
ame
s in
net
ass
ets
and
fund
s A
re
tirem
ent
fnlld
~na
y us
e th
is d
esig
naho
n o
nly
whe
n do
ing
so r
esul
ts i
n m
ore
rele
vant
inf
onna
iion
be
caus
e ei
ther
It el
imin
ates
or
si
gnif
ican
tly
redu
ces
a m
easu
rem
ent
or
_J~coglli~ l
ocol
lsis
tenc
y (sot1)~liITes r~ie~
__ O
as
15
(J) )J ~ (J) 8 m
lJ raquo Z
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-Ilgt
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OJ
lJ ~ sect m
z () (Xl
()
(X
l 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
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m
I
l Z ~ m
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JTI
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m
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(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
G) g
Rec
ogni
tion
of
expe
nses
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
let
as
sets
and
fl
lnds
w
hell
Iio I
) de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
Hl
OJ
liab
itil
y ha
s a
rise
n th
at c
an h
e m
easu
red
reli
aby
T
his
mea
ns
in e
ffec
t I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
ID r
decr
ease
ill a
sset
s
7
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
une
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e
Thi
s pr
oces
s
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
in
volv
es
the
sim
ulta
neol
ls o
r co
mlgt
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
H
Ov
ever
th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX
72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
ses
al
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n a
nd 1
0 th
e ex
tent
tha
t fu
ture
eco
nom
Ic
do H
ot q
ualif
y o
r cea
se to
qua
lify
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
stat
emel
lt o
f cha
nges
III
net
asse
ts a
nd f
lmds
ill
thos
e ca
ses
An
with
out
the
reco
gniti
on o
f au
asse
t
Jle
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)II1
co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
T
hey
follo
win
g
His
tori
cal
cost
A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
or
in
so
me
circ
lIJn
stan
ces
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css
Cur
rent
cos
t A
ssel
s ar
e ca
rrie
d I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
va
s cu
rren
tly
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly
Rea
tisa
bie
(se
ttle
men
t)
valu
e
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
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rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
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igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
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fund
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unl
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lam
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fe c
usto
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lte
appo
intm
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omes
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ldre
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fthe
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ivid
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tle p
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be
fimd
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hey
may
Dep
enda
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idua
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vidu
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par
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ay
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wo
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mor
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ribu
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oney
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sets
to
and
hold
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part
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lter
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roug
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and
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inv
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por
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men
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th
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the
m t
he c
ontr
ibut
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rate
the
val
uato
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com
men
ds
the
empl
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ta
king
int
o ac
cmm
t th
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rcum
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the
igJl
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y su
rplu
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r de
fici
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r
obli
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o Z 9 (J
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amou
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In
resp
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who
m
the
mem
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is
not
lega
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liab
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for
mai
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If
slIC
h p
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main
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or
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is t
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f th
e m
embe
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nclu
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cus
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unio
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cord
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an
d C
lIsto
m
or
to
a lIn
ion
reco
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s (I
m
arri
age
unde
r th
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in r
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ed
an a
sset
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r am()U~litSUbs-tjtut~middotdfor
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asse
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ts
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l
thaI
T th
reemiddot
Ofrl
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llow
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its v
alue
cha
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in
resp
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spe
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llter
esl
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fi
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insl
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ellt
pric
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ange
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tile
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var
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at t
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is no
t sp
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0 a
par
ty 1
0 th
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som
elim
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nder
lyin
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no i
nitia
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t in
vest
men
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an
initi
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tmel
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hat
is th
aI
wou
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quir
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ther
typ
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f co
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that
wou
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xpec
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to h
ave
a si
mil
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espo
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hang
es i
n m
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and
il is
sett
led
at a
lin
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date
inte
rest
met
hod
asse
t tl
r fi
nanc
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liab
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fai
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thro
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stat
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ch
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s in
De1
as
sets
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fund
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d of
ailo
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leva
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efl
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lller
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rate
is
the
rate
tha
t ex
actl
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scou
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esti
mat
ed f
utur
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sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
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d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
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tere
sl r
ate
a r
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nd s
hall
esti
mal
e co
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l co
ntra
ctua
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nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
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call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
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futu
re
ses
T
he c
alcl
llal
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incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
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that
ar
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in
tegr
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part
o
f th
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ive
inte
resl
rat
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rans
acti
on c
osts
an
d al
l ut
her
prem
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eqLI
IIY
inst
rum
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ity
or
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actu
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ight
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To
rece
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cash
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ano
ther
ellt
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or
To
exch
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fin
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1 a
sset
s or
fin
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litie
s w
ith a
noth
er
enti
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abJe
O
th
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fund
Afiri~mcial a
ssel
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cla
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as h
eld
for
tradi
n
f
inan
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ass
et o
r fi
nanc
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liabi
lity
is cl
assi
fied
as
held
for
Ira
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ifi
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Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
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pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
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fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
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nd a
s at
a
lue
thro
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the
stat
emen
t o
f ch
ame
s in
net
ass
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and
fund
s A
re
tirem
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fnlld
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e th
is d
esig
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nly
whe
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so r
esul
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n m
ore
rele
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inf
onna
iion
be
caus
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ther
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imin
ates
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gnif
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tly
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a m
easu
rem
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or
_J~coglli~ l
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as
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mea
suri
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or re
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he g
ains
and
los
ses
on t
hem
on
diff
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ses
or
A
gro
up
o
f fi
nanc
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asse
iS
finan
clill
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bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
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out
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grou
p is
pro
vide
d on
tha
t ba
sis
to t
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etir
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ndmiddot 5
key
man
agem
ent
give
s ns
e to
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t or
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noth
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ntity
or
Tho
se t
hat
the
relir
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fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
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se t
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the
retir
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t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
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the
defi
nitio
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ls a
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ecei
vabl
es
as a
t
any
finan
cial
ass
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as h
eld
to m
atur
ity j
f cu
rren
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anci
al y
ear
or d
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e tw
o or
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ifie
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in
sib
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ican
t in
vest
men
ts
befo
re
mat
UIit
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ore
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in
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ific
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in r
elat
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to t
he t
otal
am
ount
of he
ld~t
o~ma
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t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
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at
or f
he f
inan
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ass
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cal
l da
te (
for
egt
ampl
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~fore
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at c
hang
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n th
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t ra
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of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
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or
Oth
er o
pera
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ona
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52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
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hle p
aym
ents
tha
t ar
e re
cei
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cs
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quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
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net
ass
ets
thos
e th
at
the
reti
rem
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fund
up
on i
nitia
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cogn
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sign
ates
as
avai
labl
e fo
rsal
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r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
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a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
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thev
in
flue
nce
the
econ
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dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
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r-
vfat
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jily
depe
nds
on t
he s
ize
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natu
re o
flh
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Sion
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dged
in
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surr
ound
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llm
sian
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TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
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now
ledg
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bus
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d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
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d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
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lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
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15G
of
alld
any
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enol
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s to
tlte
se s
eetio
Is
per
son
te
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fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
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e m
ade
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usly
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t th
e ne
cess
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Tlc
nlar
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is fo
rwar
ded
to t
he p
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ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
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of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
amou
nt
resp
ect
of
who
m
the
mcm
ber
is
lega
lly
In
resp
ect
of
who
m
the
mem
ber
is
not
lega
lly
liab
le
for
mai
nten
ance
If
slIC
h p
erso
nshy
main
tena
ncc~
or
the
bust
nes
s o
f th
e de
pell
denl
on
the
is t
he s
pous
e o
f th
e m
embe
r i
nclu
dmg
iI pa
rty
to a
cus
tom
ary
unio
n ac
cord
ing
to
Bla
ck
law
an
d C
lIsto
m
or
to
a lIn
ion
reco
gnis
ed a
s (I
m
arri
age
unde
r th
e te
ncls
of a
ny A
siat
ic r
elig
ion
or
in r
espe
ct o
f w
hom
the
mem
ber
wou
ld h
ave
beco
me
lC~(llly
for
mai
mcl
lanc
e h
ad t
he m
embe
r no
t di
ed
an a
sset
-or(
)1he
r am()U~litSUbs-tjtut~middotdfor
-cOSI
les
s-its
res
idua
l
allo
cati
on o
f -the
-dep
reda
blc -
allOllll~an--
asse
t ov
er I
ts
--co
lllr
aCt~
l
thaI
T th
reemiddot
Ofrl
le fo
llow
ing
its v
alue
cha
nges
in
resp
onse
to
the
cha
nge
in a
spe
clfi
ed I
llter
esl
rate
fi
nanc
ial
insl
mm
ellt
pric
e
com
mod
ity
pric
e
fore
ign
exch
ange
mle
e
s or
rat
es
cred
it nuin~ o
r cr
edit
ind
ex
or o
ther
var
iabl
e
tile
case
of
a J1
on-l
inan
~ial
var
iabl
e th
at t
he v
aria
ble
is no
t sp
ecif
ic
0 a
par
ty 1
0 th
e co
ntra
ct (
som
elim
es c
alle
d th
e u
nder
lyin
g)
no i
nitia
l ne
t in
vest
men
t or
an
initi
al n
et i
nves
tmel
lt t
hat
is th
aI
wou
ld b
e re
quir
ed f
i)r o
ther
typ
es o
f co
ntra
cts
that
wou
ld
he e
xpec
ted
to h
ave
a si
mil
ar r
espo
nse
to c
hang
es i
n m
arke
t ra
ctor
s
and
il is
sett
led
at a
lin
ure
date
inte
rest
met
hod
asse
t tl
r fi
nanc
ial
liab
ilit
y at
fai
r va
lue
thro
ugh
stat
emen
t uf
ch
ange
s in
De1
as
sets
an
d
fund
s
the
amor
tise
d co
st of
a fina
ndaf
assel
or (I
ndal
ass
ets
or f
inan
cial
lia
bili
ties
) an
d of
ailo
cati
ng
inte
rest
exp
ense
ove
r th
e re
leva
nt p
erio
d
The
efl
ecti
ve i
lller
esl
rate
is
the
rate
tha
t ex
actl
y di
scou
nts
esti
mat
ed f
utur
e ca
sh
paym
ents
or
re
ceip
ts
thro
ugh
the
expamp
led
life
o
f th
e fll
l311
cial
in
stru
men
t or
w
hen
appr
opri
ate
a s
hort
er p
erio
d to
the
l1e
t ca
rryi
ng a
mol
lllt
of t
he f
inan
cial
ass
et o
r
the
effe
ctiv
e in
tere
sl r
ate
a r
etir
emen
t fu
nd s
hall
esti
mal
e co
nsid
erin
g al
l co
ntra
ctua
l le
nns
of
the
I1m
wci
al i
nstm
men
t (f
or
prep
aym
ent
call
and
sim
ilar
opti
ons)
bUI
sha
ll no
l co
nsid
lr
futu
re
ses
T
he c
alcl
llal
ion
incl
udes
all
fees
and
poi
nts
paid
or
rece
ived
be
twee
n pa
rtie
s to
the
co
ntra
ct
that
ar
e an
in
tegr
al
part
o
f th
e ef
fect
ive
inte
resl
rat
e t
rans
acti
on c
osts
an
d al
l ut
her
prem
iml1
s or
An
eqLI
IIY
inst
rum
ent o
f ano
ther
ent
ity
or
A c
ontr
actu
al r
ight
middot
To
rece
ive
cash
or a
noth
er f
inan
cial
ass
el f
rom
ano
ther
ellt
lty
or
To
exch
ange
fin
anCH
1 a
sset
s or
fin
anci
al l
iabi
litie
s w
ith a
noth
er
enti
ty u
nder
con
diti
ons
that
ar
e po
tent
ially
fa
vom
abJe
O
th
e re
tirem
ent
fund
Afiri~mcial a
ssel
Ort
inan
cial
fiab
ampty
tha
t m
eets
co
ndit
ions
It is
cla
ssif
ied
as h
eld
for
tradi
n
f
inan
cial
ass
et o
r fi
nanc
ial
liabi
lity
is cl
assi
fied
as
held
for
Ira
ding
ifi
t is
Acq
uire
d or
inc
urre
d pr
inci
pally
fo
r th
e pw
pos
e o
f se
llm
g or
re
purc
hasi
ng it
in
rhe
near
len
n
Part
of
a po
rtfo
lio o
f id
entif
ied
fina
ncia
l in
stru
men
ts t
hat
are
toge
ther
and
fo
r w
hich
the
re i
s ev
iden
ce o
f a
rece
nt
patte
rn o
f sho
rt-t
entl
pro
fit
taki
ng
or
A d
eriv
ati v
e
is de
sign
ated
by
Ihe
retir
emen
t fu
nd a
s at
a
lue
thro
ugh
the
stat
emen
t o
f ch
ame
s in
net
ass
ets
and
fund
s A
re
tirem
ent
fnlld
~na
y us
e th
is d
esig
naho
n o
nly
whe
n do
ing
so r
esul
ts i
n m
ore
rele
vant
inf
onna
iion
be
caus
e ei
ther
It el
imin
ates
or
si
gnif
ican
tly
redu
ces
a m
easu
rem
ent
or
_J~coglli~ l
ocol
lsis
tenc
y (sot1)~liITes r~ie~
__ O
as
15
(J) )J ~ (J) 8 m
lJ raquo Z
-1
-Ilgt
m
OJ
lJ ~ sect m
z () (Xl
()
(X
l 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
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m
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l Z ~ m
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G) 9 raquo N
JTI
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m
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(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
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N o o (D z w CO ill W
9
that
est
abhs
l1es
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or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
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d
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val
ue
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yed
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r-i~
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p-ur
poses
a f
eref
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s Je
eo-ic
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0
have
acc
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d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
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ent
fund
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r de
ath
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tcnn
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ter
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ed p
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date
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n w
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t be
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purp
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f th
ese
h-(
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Tr a
fund
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min
iste
red
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n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
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sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
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ectio
n to
a~
unde
rwri
tten
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s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
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atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
mea
suri
ng a
sset
s or
lia
bilit
ies
or re
cogl
1lsi
ng t
he g
ains
and
los
ses
on t
hem
on
diff
eren
t ba
ses
or
A
gro
up
o
f fi
nanc
ial
asse
iS
finan
clill
lia
bilit
ies
or
both
is
and
its p
er fo
nnan
ce i
s ev
alua
ted
on a
fai
r va
lue
basi
s
111
acco
rdau
ce
with
a
docu
men
ted
risk
m
anag
emen
t or
in
vest
men
t slrate~Y a
nd i
nfon
natio
n ab
out
the
grou
p is
pro
vide
d on
tha
t ba
sis
to t
he r
etir
emen
t fu
ndmiddot 5
key
man
agem
ent
give
s ns
e to
a~finallcia
asse
t or
equ
Ity
inst
nlln
elll
of a
noth
er e
ntity
or
Tho
se t
hat
the
relir
emen
fu
nd
fair
vaill
e th
roug
h th
e Sl
aem
enl
Tho
se t
hat
the
retir
emen
t fim
d de
sign
ates
as
avai
labl
e fo
r sa
le a
nd
Tho
se th
at m
eet
the
defi
nitio
n of
loal
ls a
nd r
ecei
vabl
es
as a
t
any
finan
cial
ass
ets
as h
eld
to m
atur
ity j
f cu
rren
t fin
anci
al y
ear
or d
urin
g th
e tw
o or
rec
lass
ifie
d m
ore
than
an
in
sib
1l1f
ican
t in
vest
men
ts
befo
re
mat
UIit
y (m
ore
(han
in
sign
ific
ant
in r
elat
ion
to t
he t
otal
am
ount
of he
ld~t
o~ma
turi
t
inve
stm
ents
) ot
her
than
sal
es o
r re
clas
sifi
catio
ns th
at
or f
he f
inan
cial
ass
ets
cal
l da
te (
for
egt
ampl
e
~fore
mat
urity
) th
at c
hang
es I
n th
e m
arke
t ra
le
of
inte
rest
wou
ld H
ot h
ave
a si
gnif
ican
t ef
fect
on
tIle
fina
ncia
l as
sets
fa
ir va
lue
Occ
ur a
fter
the
ret
irem
ent
fllnd
has
col
lecl
ed s
ubsl
antia
lly a
ll o
f th
e fi
nanc
ial
asse
ts
orig
inal
pr
inci
pal
thro
llgh
sche
dllie
d pa
ymen
ts
or
prep
aym
ents
or
to
adm
lnis
frat
Qr
Leg
isla
tion
or
Oth
er o
pera
tion
ona
17
I)
Z
9 w
CD
W
CD
G) 2
m
I
l Z ~ m
z -i
G) 9 raquo N
JTI
~
i1
m
lD
Il ~ ~ f) 8 C)
(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
(1
Ad
52
Of
1998
ISsu
ed b
y th
e
Non-derivatE~-fillijmiddot~cial a
ss~ts~~ith-ITxed
or det
efll-l
~--a
hle p
aym
ents
tha
t ar
e re
cei
-abl
cs
not
quot
ed i
n an
act
ive
mar
ket
othe
r th
an
hos
c th
at t
he r
clir
emen
f ftm
u m
tend
s to
sel
l te
nTI
whi
ch s
hall
be
clas
sifi
ed a
s he
ld f
ur t
radi
ng
in t
he n
ear
thos
e th
at t
he
reti
rem
ent
fund
up
on
init
ial
reC
Oh
llitio
n de
th
roug
h th
e st
atem
ent
of c
hang
es m
net
ass
ets
thos
e th
at
the
reti
rem
ent
fund
up
on i
nitia
l re
cogn
itio
n de
sign
ates
as
avai
labl
e fo
rsal
e~ o
r
thos
e fo
r w
hich
he
ho
lder
m
ay
not
reco
ver
subs
tant
iall
y al
i o
f it
s in
itial
in
vest
men
t o
ther
th
an b~
caus
e o
f cr
edit
dct
erio
rali
on
whi
ch
shal
l be
cla
ssif
ied
as a
vail
able
til
r sa
le
in a
poo
l o
f as
sets
thai
me
not
loan
s O
r re
ceiv
able
s (f
or
Ii
mut
ual
fund
or
a si
mll
ar f
und)
is
Hot
a
10lln
or
ssio
ns o
r m
Isst
atem
ents
it
ems
are
mat
eria
l if
thev
in
flue
nce
the
econ
omic
dec
isio
ns o
f us~rs
takc
ll O
il th
e st
alem
enls
r-
vfat
eria
jily
depe
nds
on t
he s
ize
and
natu
re o
flh
e
omiS
Sion
or
mis
stat
emen
t ju
dged
in
the
surr
ound
ing
circ
llm
sian
ces
TI1
C si
ze
Of
natu
re o
f th
e it
em
or a
com
bina
tion
of
both
co
uld
be
thc
dete
llllin
il1g
falt
or
Use
rs ti
re a
ssll
med
to
Ilav
e a
rcas
onab
le k
now
ledg
e of
bus
ines
s an
d C
CO
IlO
llH
C
acti
vili
es a
nd a
ccou
ntin
g an
d a
will
ingn
ess
to
the
info
rmat
ion
with
rc
ason
able
dil
igen
ce
The
refo
re
the
aos
essm
ent
to t
ake
mto
acc
mul
l ho
w u
sers
wit
h SlH
1l
attr
ibll
tes
coul
d re
ason
ably
be
expe
cted
to
be i
nflu
ence
d in
mak
ing
econ
omic
dec
isio
ns
50[ih
-C f
lnaI
K-i
afst
at-e
men
ts a
re re
fen-el
fto-
s-ec
iiO~
-Sf5
I3 a
nd
15G
of
alld
any
am
enol
uent
s to
tlte
se s
eetio
Is
per
son
te
nns
fund
or
all
aut
hori
sed
pers
on o
f Ih
e fim
d m
ust
ensu
re
complianc~ w
ith
$ecl
ion
13
A
Thi
s pe
rson
is
re
spon
sibl
e to
ens
ure
thaI
co
ntri
butl
uns
tow
ards
ret
ircm
ent
and
cert
ain
olhe
r co
ntri
buti
ons
to p
ensi
on
fund
s ar
e m
ade
timeo
usly
and
tha
t th
e ne
cess
ary
docm
Tlc
nlar
ioll
is fo
rwar
ded
to t
he p
erso
ns w
ho o
vers
ee c
ompl
ianc
e
The
aut
hori
sed
pers
on
HU
lst
be
auth
mis
ed
func
tion
in
term
s o
f se
clio
n 13
A a
nd
the
appo
intm
ent
ill w
ritin
g
i) a
com
pany
whi
ch
mus
t be
Has
as
its
prin
cipa
l o
hje
cilo
act
as
repr
esel
ltat
ive
of a
llY p
erso
n
rrop
erty
~
the
Has
ellt
cred
111
10 a
n ir
reo
cabl
e 3b
rrec
men
w
ith a
noth
er p
erso
n ill
tcn
ns
of
wbi
ch t
hai
othe
r pe
rsol
l ha
s lI
ncle
ltak
en
pay
aU e
XD
ense
s o
f an
d ll
lcid
enta
l to
its
fbn
natiO
I1 a
ctiv
ities
m
anag
emel
lt a
nd
tl1at-
s ca
nc~j
i~bl
e on
ly
leas
e U
pon
the
occu
rren
ce o
f so
me
rem
ote
cont
lflg
ency
Wit
h th
e pe
rJU
lssi
on o
f th
e le
ssor
If th
e le
ssee
ent
ers
into
a n
ew I
case
for
the
sam
e or
an
eqU
ival
enl
asse
w
ith
the
sam
e le
ssor
DI
the
less
ee o
f sl
lch
an
addi
rion
ai
amol
llli
thaL
Ht
o
fthe
lea
se
cont
inua
tion
ofI
lle
leas
e is
rea
so11
ably
cer
tain
N
rl=
iiin
lkC
dI-
ll1
eltgte
ins
uran
ce p
olic
ies
a~e
poli
cies
is
sued
by
the
Insm
aIlc
c de
part
men
t o
f th
e an
d ar
e th
e m
sure
r T
he p
o[ic
ies
have
a g
uara
ntee
at
mea
ns t
hat
reg
ardl
ess
of
the
mar
ket
the
fu
nd
wil
l be
pa
id a
min
imum
of
the
guar
antc
ed
amo
un
t T
he r
etum
011
the
se i
nves
tmen
ts
cons
ists
of
capi
tal
appr
ecia
tion
and
div
iden
ds
rent
als
(ln
d il
lter
est
rece
ived
T
his
inve
stm
ent
prod
uct
mig
ht h
ave
a vc
sted
and
llo
n~ve
sted
por
tioIL
ri
le
vesl
ed p
orti
on r
epre
sent
s th
e ac
ilial
am
oull
t de
clar
ed a
s be
ing
vest
ed
the
illsm
cr a
nd t
he n
on-v
este
d am
ount
is
the
diH
cren
ce b
etw
een
tota
l o
f in
sura
nce
poli
cy a
nd
the
vest
ed
pm1i
oIl
Th
e no
n-ve
sted
por
tion
norm
ally
ve
sts
over
a n
umbe
r o
f ye
ars
19
(j) ~ ~ (j) 6 m
JJ raquo Z
-f
jgt il m
ill JJ
C raquo JJ
m
N o o (D z w CO ill W
9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
that
est
abhs
l1es
~t1d
or ~nakes c
ontr
ibut
ions
to
a fu
nd
for
the
empl
ovee
s T
his
exte
nds
to e
x-em
ploy
ers
that
no
long
er m
ake
coul
d re
ason
ablY
be
ex
pecl
ed
to
have
be
en o
btai
ned
and
lake
n in
lo
acco
unt
in th
e pr
epar
alio
n an
d pr
esen
latio
n o
ftho
se f
inan
cial
sta
tem
ents
Such
err
ors
indu
de th
e ef
fect
s o
f mat
hem
atic
al m
ista
kes
mis
take
s in
app
lyin
g ac
coun
ting
polic
ies
ove
rsIg
htgt
or
mis
inte
rpre
tatio
ns o
f fac
ts a
nd f
raud
the
new
acc
ount
Ing
polic
y to
tra
nsac
tions
ot
her
even
ts a
lld
occu
rrin
g af
ter
the
date
as
at w
hich
the
pol
icy
is ch
ange
d a
nd
in t
he a
CCot
Ulli
ng e
stim
ate
in t
he
tile
chan
ge
2()
T11e
cos
t ofb
elle
fi(
impr
ovem
ents
for
exe
cutiv
es in
exc
ess
oflh
e co
st t
hat
wou
ld h
ave
appl
ied
had
the
exe
culiv
es e
njoy
ed t
he b
enef
its p
rovi
ded
to
othe
r m
elnb
ers
addi
tiona
l pe
nsIO
ns O
r de
ferr
ed p
ensI
Ons
or
to s
elec
ted
mem
bers
in
lieu
oft
lle
empl
oyer
s
cost
s o
f tho
se m
elnb
ers
afte
r re
tirem
ent
nle
cos
l to
rec
ogni
se p
rior
pens
iona
ble
sen
ice
for
sele
cted
mem
bers
or
for
mem
bers
LIa
nsfc
lTed
Int
o th
e fu
nd i
ii ex
cess
of a
ny a
mou
nt p
md
into
th
e fu
nd i
n re
spec
t o
fsH
ch p
rior
ser
vice
an
d
middotle
val
ue
cont
ribU
lioll
holid
ay
11jo
yed
by
he e
mpl
oyer
afte
r h
e
jo z p cl amp5
CO
Ci) 2
m
JJ
Z
s m
z -I
Ci) raquo N g
rn gt
m
OJ ~
~ g CO
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
rule
s an
d pr
actic
e o
f a
ftlnd
Fo
r-i~
ixat
~11
p-ur
poses
a f
eref
i-t--f
s Je
eo-ic
d --1
0
have
acc
11le
d 10
a m
embe
r w
ithin
six
m
onth
s af
ter
the
dale
of
exiti
ng a
re
tirem
ent
fund
or
fo
r de
ath
bene
fits
in
tcnn
s o
f G
N 3
5 s
ix m
onth
s af
ter
bull re
soiu
lion
dale
th
is d
oes
nOI
affe
ct I
he d
efin
ed p
erio
d or
the
date
upo
n w
hich
a
be
nefi
t be
com
es
all
lUld
ailll
ed
bene
fit
fDr
the
purp
oses
o
f th
ese
h-(
i~
~~i
iii
--i
Tr a
fund
is ad
min
iste
red
by a
n in
Sltfe
r an
d al
l th
e as
sets
of
the
fund~
are
inve
sted
in
polic
Ies
of in
sura
nce
and
if
the
from
reQ
uiril
1g a
n al
ldit
in l
cnns
of s
ectio
n to
a~
unde
rwri
tten
fund
s
Such
INV
ES
TM
EN
TS
Intr
od
uct
ion
oI
I he
fun
d cl
assi
fies
ils
inv
estm
ents
in
to t
he
follo
win
g ca
lego
ries
fi
nanc
ial
asse
ts a
t fa
ir va
luc
thro
ugh
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUId
s 10
fll1s
and
rec
clva
bles
an
d he
ld-t
o-m
atur
ity f
inan
cial
ass
ets
The
cla
ssif
icat
ion
depe
nds
on t
he p
Ul)
ose
for
whi
ch t
he
invc
llitm
ents
wer
e ac
quir
ed
The
lr
uste
es
dete
nnin
e th
e cl
assi
fica
tion
of
the
fund
s
inve
stm
ents
at
initi
al r
ecog
nitio
n an
d w
ith t
he e
xcep
lion
of t
hose
hel
d al
fai
r va
lue
thro
ugh
the
stat
emen
t o
f cha
nges
in n
et a
sset
s an
d flm
ds
re-e
valu
ale
this
at
eVCl
) re
port
ing
date
02
Purc
hase
s an
d sa
les
of
fina
ncia
l as
sets
are
rec
OhT
Jllse
d O
il t
rade
dat
e -
the
date
on
whi
ch t
he
reljr
emen
t fu
nd
com
mits
to
pu
rcha
se
or
sell
the
asse
t F
inan
cial
as
sets
ar
e in
itiaH
y cd
at
tair
val
ue p
lus
In
the
case
of
aU i
nan
cial
ass
ets
not
carr
ied
at
fair
valu
e th
e st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds
tra
nsac
tion
cost
s th
at a
re d
irec
tly
hie
to t
heir
acq
uisi
tion
Fina
ncia
l as
sets
car
ried
at
fair
valu
e th
roug
h th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
fund
s ar
e in
itial
ly r
ecog
nise
d at
fai
r va
llie
and
tra
nsac
tion
cost
s ar
e ex
pens
ed i
n th
e st
atem
ent
of c
hang
es in
net
ass
ets
and
ftm
ds
03
Fina
ncia
l as
sets
and
lia
bilit
ies
are
offs
el a
nd t
hc n
et a
mol
lnt
repo
ned
in I
he s
tate
men
t o
f ne
t as
sets
and
fU
lids
only
w
Ilen
ther
e is
a le
gally
en
()fc
eabl
e ri
ght
to o
ffse
t th
e n
amou
nts
and
ther
e is
an i
nten
tion
to s
ettle
on
a ne
t ba
sis
orl
O r
ealis
e th
e as
set
and
Iiab
illt)
sim
ultfl
lleo
Usiy
04
Fina
ncia
l ~ssets a
re d
erec
ogtll
sed
to r
ecei
ve c
ash
flow
s fr
om t
he 1
IIc
stm
ellts
ha
s ex
pire
d or
on
trad
e da
te
whe
n be
en
Iran
sHr
red
and
the
fUlld
ha
s al
so
tran
sfer
red
subs
tal1
liaily
all
risk
s an
d
05
Gai
ns o
r lo
sses
ari
sing
fro
m c
hang
es i
n th
e fa
ir va
lue
of
fill
anci
al a
sset
s at
fa
ir va
lue
thro
ugh
tile
sLat
emen
t o
f ch
ange
s in
net
ass
ets
and
flUld
s ar
e pr
esen
ted
in t
he s
tate
men
t o
f ch
ange
s in
net
ass
ets
and
fUlld
s in
the
per
iod
in w
hich
the
y ar
ise
06
Fina
llcia
l as
sets
are
des
igna
tcd
as f
air
vallI
e th
roug
h th
e st
atem
ent
of
chan
ges
in n
et a
sset
s fu
nds
lf th
ey a
lc m
anag
ed a
nd p
el to
rman
ce i
s t
alll
ated
OIl
a fa
Ir va
lue
basi
s I
Od t
he~
mee
t th
e re
leva
nt d
esig
nati
on c
rite
ria
(R
efer
to
defm
ition
of
fina
ncia
l as
seis
at
fair
valu
e th
e sl
atem
ent o
f cha
nges
in n
el a
sset
s an
d ft
mds
) i
nfi)
nn3l
ion
abou
t lhe~e
finaT
iClal
in
tem
ally
on
a fa
ir va
lue
baSI
S to
the
tm
5lcc
s o
f the
ftm
d A
sset
gt (
hat
ate
as a
re d
esig
nate
d up
on
initi
al
reco
gnili
oll
at
fair
valu
e th
roug
h th
e in
nct
ass
ets
and
Rec
ogni
tion
an
d m
easu
rem
ent
Kru
ger
Ran
ds
07
Kru
ger
Ran
ds a
re m
easu
red
~t f
nlr
valu
e lIs
ing
clos
in
pri
ce p
er a
reg
ulat
ed e
xcha
ngc
Loa
ns (
oth
er t
han
hou
sing
IQ
ans)
-In
an
s an
d rc
ech
able
s 0
8 L
oans
com
pris
e lo
ans
to i
ndiv
idua
ls c
Oln
pani
es
par1
icip
atin
g em
ploy
ers
and
othe
r lu
ans
09
L
oans
an
d re
ceiv
able
s ar
e no
n~de
riva
li
e fi
nanc
ial
asse
ts
with
fi
xed
or
deic
llni
llab
ie
l1en
ts t
hat
are
not
quot
ed i
n an
act
Ive
mar
ket
othe
r th
an t
hose
th
e tll
lld n
llend
s to
in
the
ShO
l1
tem
l or
tha
t It
has
desi
gnat
ed a
s at
fa
ir va
lue
the
stat
emen
t o
f ch
ange
s in
net
ass
ets
and
fund
s L
oans
va
lue
Deb
entu
res
10
D
eben
ture
s co
mpr
ise
inve
Sim
el1l
S in
lis
ted
and
unlis
ted
debe
ntur
es
(j) ~ ~ (j) 6
m
JJ
raquo Z
-1
jgt
11
m
CO
JJ ~ JJ
m
JJ g CO z p W CO
W
CO (J
f
22
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
en z p W ~ (X
l
(j) ~ m
J) z s m
Z
-l
(j) lei 9
m
m
OJ
J) sect ~ I) o o CO
nle
dehe
lJlu
rr
II
T
he f
alf
valu
e o
f lis
ted
debe
mur
es t
rade
d on
act
ive
mar
kels
is
base
d on
reg
ulat
ed
quol
ed r
ulin
g c
losi
ng p
rices
at
the
clos
e al
l th
e la
st t
radi
ng d
ay o
n or
st
atem
ent
of n
et a
sset
s an
d fu
nds
date
(ih
Mr
r u
th
elll
llrt
s
12
Unl
iste
d de
bent
ures
are
fi
nanc
ial
aise
ts w
ith
fixed
or
det
enni
nabl
e pa
ymen
ts a
ud
fixed
m
atur
ilY
Fan
valu
e is
est
imat
ed u
sing
pri
cin~
mod
els
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
isco
unte
d ca
sh f
low
ana
lvsi
s or
rec
ent
alll
lS
leng
th m
arke
t tr
ansa
ctio
ns
in r
espe
ct o
f Ihe
unl
iste
d de
bent
ure
1 go
vem
men
t or
pro
vinc
ial
adm
inis
trat
ioll
loc
al
auth
oriti
es
DltH
ttcin
atin
l
01 ho
ldin
g co
mpa
nies
and
cor
pora
te b
onds
Is
led
hil
a
nd
hom
l
1-1
The
rai
r va
lue
ofii
sted
bill
s an
d bo
nds
trad
ed a
ll aC
live
mar
kets
j
base
d on
reg
ulat
ed
quot
ed r
ulin
g cl
osin
g pr
ices
at
the
clos
e al
l the
las
t tr
adm
g da
y on
or
asse
ts a
nd f
unds
dal
e
IS
band
s an
d bi
lls t
bat
tem
l to
mat
urit
y o
f
l6
rent
al y
ield
s or
cap
ital
appl
ccla
tion
that
is
not
occu
pied
by
Invc
stm
cllt
prop
ctiic
s co
mpr
ise
inve
Slm
ellS
in
indu
stri
al p
rope
lile
s an
d ho
spita
ls
ilive
Hm
en
17
Inve
stm
ent
prop
erlie
s (Ir
e re
flec
ted
at v
alua
tion
011
the
basi
s o
f ope
n-m
arke
t fa
ir va
lue
at t
he
stat
emen
t o
f ne
t as
sets
and
fun
ds d
ale
I f
the
opel
Hna
rkcf
val
uatio
n in
fonl
latio
n cm
mot
be
relia
bly
dete
nnin
ed
the
fund
IIs
es a
ltcm
ativ
e va
luat
ion
met
hods
sm
h a
s dl
scO
lUlte
d ca
sh
flow
pro
ject
ions
or
rece
nt p
rice
s 01
1 ac
tive
mar
kets
for
lfa
llSac
tiolis
of
a si
mila
r na
ture
T
he
fair
valu
es a
rc t
he e
stim
ated
am
ount
s fo
r w
hich
a p
rope
rty
coul
d be
exc
hang
ed o
n th
e da
te
of
valu
atio
n be
twee
n a
wil
ling
buy
er a
nd l
I w
illin
g se
ller
ill a
n an
ns
leng
th t
rans
actio
n
18
The
ope
fHna
rket
fai
r ya
lue
IS d
eter
min
ed a
nnua
lly b
y in
depe
nden
t pr
ofes
slol
lal
valu
ator
s
19
Cha
nges
in
fair
valu
e ar
e re
cord
ed i
n th
e st
atem
ent
of n
et c
hang
es il
l ass
ets
and
rund
s by
the
fund
Equ
itie
s 20
E
quity
in
stnu
nenl
s co
nsis
t o
f se
cond
ary
hSlil
lg a
ll th
e JS
E
fa
arc
liste
d on
mor
e th
an o
ne s
(Ock
an
d th
e ot
hers
as
sec
ont
requ
irem
ents
app
lica
ble
ta
few
er r
equi
rem
ents
)
21
Illst
rwllC
l1ts
des
igna
ted
as f
aJr
valu
e th
e st
atem
ent
of
net
chan
ges
in a
sset
s th
e fu
nd a
re i
nitia
lly n
cog
nise
d at
va
lue
on t
rade
dat
e
22
Equ
ity i
nstr
umen
ts a
re s
ubse
quen
tly m
easu
red
at f
air
valu
e an
d th
e fa
ir va
llie
adju
stm
ents
ar
e re
togn
iscd
in
the
stat
emen
t o
f net
cha
nges
ill
asse
ts a
nd f
unds
T
he f
air
valu
e o
f in
stnu
llen
ts w
ith s
tand
ard
ten
llS
and
con
ditio
ns a
nd t
rade
d 01
1 ac
tive
liqui
d m
arke
rs i
s
24
mli
ng c
losi
ng p
rice
s at
the
clo
se o
f bu
sine
ss 0
11 t
he l
asl
stat
emen
t o
f nel
ass
ets
and
fund
s da
te
on r
egul
ated
tra
ding
day
on
13
is
not
ava
ilab
le j
e
lor
unlis
ted
inst
rum
ents
th
e fa
ir v
alue
is
mod
els
or
by
annr
opri
atc
valu
atio
n te
chni
ques
suc
h as
an
alys
is o
r re
cent
ann
s
mar
kct
tran
sact
ions
in
resp
ect
of
lhe
Ref
erel
lce
can
also
be
mad
e to
In
tem
ato
nal
Priv
ate
Equ
ity
for
priv
ate
equi
ty i
nves
Lm
ents
Pre
fere
nce
shar
es
24
The
ral
f va
lue
of
shar
es c
lass
ifie
d as
fai
r va
lue
throu~h
the
stat
emen
t o
f ne
t ch
ange
s in
ass
ets
fund
s by
the
fun
d is
calc
ulat
ed ~s
show
il be
low
25
valu
e o
f hS
led
pref
eren
ce s
hare
s tr
aded
01
1 ac
tive
regu
late
d ex
chan
ge q
uote
d ru
ling
dos
ing
pric
es a
t th
e cl
osc
day
011
ar b
efor
e th
e st
atem
ent
of l
Iet a
sset
s al
ld f
unds
dat
e
middot
lare
s
16
pref
erel
lce
shar
es
the
fair
vaill
e is
dete
lluill
ed b
y tc
chni
ques
suc
h as
dis
coun
ted
cash
flo
w a
naly
sis
or r
ecel
l[
lran
sact
lolls
in r
espe
ct o
fprc
fere
nce
shar
es
27
A m
arke
t th
at b
esl
28
The
valu
e is
det
ellll
ined
as
set o
ut b
elow
mar
kets
is
ba
sed
on
on t
he l
ast
trad
ing
29
retr
ospe
ctiv
c co
ntnb
ullo
n w
ith i
nsur
ers
arc
valu
ed o
n th
e ha
s1s
of
the
poli
cyho
lder
s
asse
ts
(ie
ac
cum
ulat
ion
at
the
actu
al
invc
stm
ent
rctU
nl
achi
eved
on
gros
s pr
emiu
ms)
30
valu
e is
equ
al t
o th
e m
arke
t va
lue
of t
he
are
valu
ed a
t th
e m
arke
t va
lue
of t
he
asse
ts f
or
11
Igtm
ool
O
IWS
po
liC
ies
The
fun
d va
llie
is e
qual
to
the
tota
l va
lue
of
cont
ribu
tions
rec
eive
d pl
us b
onus
es d
ecla
red
less
exp
ense
s ch
arge
d to
the
mcm
ber
with
a m
inim
um
valu
e o
f ze
ro
Bon
uses
inc
lude
ve
sted
an
d no
nmiddot v
este
d bo
nuse
s ta
til
e ex
lent
th
at
it is
not
exp
eete
d tit
at
ther
e w
ill
be
vari
abili
ty i
n th
e va
ltte
of
non-
vest
ed b
onus
es
At
the
end
of
each
yea
r a
fin
al
rate
J5
calc
ulat
ed a
nd d
ecla
red
Thi
s ra
te d
oes
not
nece
ssar
i1y
refl
ect
the
inve
stm
ent
retu
rn
as a
por
tion
of
the
inve
stm
ent
retu
m c
an b
e he
ld i
n a
Bon
us S
moo
thin
g A
ccol
lnt
by
the
unde
nvri
ter
whi
ch c
an b
e us
ed i
n fu
ture
per
iods
T
he f
und
valu
e do
es n
ot i
ncl
ud
e t
he
Bon
us S
moo
thin
g A
ccou
nt
32
Pens
ione
r an
nuity
pol
iCie
s pu
rcha
sed
in I
he n
ame
of t
he f
und
with
the
ins
urer
are
dis
clos
ed
as ~
n as
set
of
the
firnd
an
d in
clud
ed
unde
r in
vest
men
ts
The
cor
resp
ondi
ng
liabi
lity
is i
nclu
ded
unde
r fu
nds
and
rese
rves
T
hese
pol
icie
s ar
e va
lued
fi
nanc
ial
soun
dnes
s va
luat
IOn
as c
ertif
ied
by t
he i
usur
er
33
laM
elli
lid p
olic
e
Fund
val
ue
an a
ccum
ulat
ed v
alue
as
cert
ifie
d bv
lhe
und
envr
iter
of
the
whj
ch i
s as
the
ope
ning
bal
ance
pill
S co
ntri
blti
ons
less
fe
es p
hiS
an
25
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
40
(est
imat
ed)
irl
eslm
cnt
ICH
lnl
t
the
end
of
cach
mon
th t
he i
nter
im i
lne
jtm
cnt
retu
rn
upda
ted
to r
efle
ct t
he a
ctua
l in
vesf
mcn
l re
turn
3middot1
are
SHlll
laI
the
Sta
ble
fund
pol
icIe
s III
l1a
lure
ho
wev
er
they
hav
e be
en
at S
unc
nder
Val
ue a
s ce
rtif
ied
the
unde
rwri
ter
of
the
polic
y S
urre
nder
Val
ue
the
amou
nl a
mem
ber
wou
ld r
ece[
YC
in
cash
on
eX
itin
g f
rom
the
Hm
o In
adv
ance
15
Fund
val
ue
dete
rmin
ed u
sing
rhe
fin
anci
al s
ound
ness
val
ualio
n m
etho
d as
cer
liii
ed b
y th
e in
sure
r
16
xed
ho
ml [
lolicI~
The
mat
urity
val
Des
of
thes
e pr
oduc
ts a
re f
ixed
Fu
nd v
alue
i-
calc
ulnt
ed a
s Ih
e di
scow
lted
mat
urit
y va
lue
dete
nnin
ed a
s fh
e ex
pect
ed p
rese
nt v
alue
ofl
he
futu
re
fiom
the
pol
icy
usin
g an
app
ropr
iate
dis
coun
t ra
e
7
elt
lmd
IIId
ex h
om
lPO
liC
hS
Ille
mat
urity
val
ues
of
thes
e pr
oduc
ts a
re f
IXed
11
Ie p
rodu
ct c
onta
lllS
a sm
ooth
ed b
onus
to
It
Le
ther
e is
a gu
aran
teed
min
Imum
mat
urity
val
ue
hm
d v
alue
is
calc
ulat
ed a
s ct
ed
disc
ount
ed
mat
urity
va
lue
taki
ng i
nto
acco
unl
the
valu
e T
he e
xpec
ted
lllal
l1lit
y va
lue
is th
e ex
pect
ed p
rese
nt
poli~y u
sillg
an
appr
opri
ate
disc
ount
ral
e
38
Secu
red
o
itUf
S
The
se
II1v
cstm
cnts
ha
ve
a fi
xed
letu
tl1
for
thc
life
the
111e
und
erw
rite
r de
clar
es
the
by t
he m
emlJ
er
19
(irm
rfh
fgt
res
rre
r tJ
ou
ts
The
se p
oliC
ies
com
pris
e a
com
bllla
tiol1
o
f m
arkE
t-li
nked
an
d sm
ooth
ed p
rodu
ct
Fund
VlI
llle
ii ca
lcul
ated
as
llll
it p
rice
mul
tipl
ied
bv t
he
ofuH
its
final
bon
us r
ates
are
ear
ned
as a
dditi
onal
ba
sis
Fu
nd
valu
e is
calc
ulat
ed
(IS
un
it al
loca
tions
to
poli
cies
are
acc
ount
ed t
or m
Col
lect
ive
inve
stm
ent s
chem
es
how
ever
It
is un
ltis
ed
rhe
calc
ulat
ed O
ll a
III
the
num
ber
of
llnits
th
e al
loca
lion
occu
rs
AI
in
vest
men
ts i
n co
llec
tive
inv
estm
enl
sche
mes
are
I
itial
lv r
ecog
nise
d at
fa
ir va
lue
ne~
tr
ansa
chon
cos
ts t
hat
are
dire
ctly
atH
ibut
ablc
to
Ihe inv~s(ment~
lnve
stm
ents
in
coli
ecti
ve
inve
stm
elll
sche
mes
are
SU
bseq
uent
ly
mea
sure
d at
fa
ir
valu
e
whi
ch i
s th
e qu
oted
un
it a5
der
ived
bv
the
coll
ecti
ve i
nves
tmen
t sc
hem
e ad
min
istr
ator
with
ref
eren
ce t
o th
e
Der
ivat
ive
mad
iet i
nst
rum
ents
4
2
Del
ivat
ive
mar
ket
mst
nlln
ents
co
nsis
t o
f op
tions
eq
uity
in
dex-
link
ed
mSl
nune
nlS
fu
ture
sfo
rwar
ds
SA
FE
Xf
orei
gn
curr
ency
sw
aps
and
mte
reSI
rat
e sw
aps
43
Der
ivat
ives
are
ini
tial
ly r
ecog
nise
d at
fai
f va
lue
on th
e da
te o
n w
hich
a d
eliv
attv
e CO
tltTa
cl i
s en
tere
d in
to a
nd a
re s
ubse
clJe
ntlv
re-
me(j
~tlr
ed a
t th
eir
fair
valu
e
Fair
val
ues
are
obta
ined
m
arke
t pr
ices
in
act
ve m
arke
ts
inc
incl
udin
g di
scou
nttd
cas
h flo
w
deri
vati
ves
are
carr
ied
as a
sset
s w
hell
fair
va
llie
is
nega
tive
T
he
fund
do
es
not
clas
sify
any
26
44
he
beS
l ev
iden
ce o
f th
e fa
ir n
llue
ofa
der
ivlI
tive
at i
nilla
l re
copound
Ilili
on i
s til
e tr
ansa
ctio
n (i
e
the
fair
valu
e o
f th
e co
nsid
erat
ion
give
n or
rec
eive
d) u
nles
s th
e fa
ir va
lue
of
that
m
enl
ii e
vide
nced
by
com
pari
son
witl
o
llie
ob
serv
able
CU
lTcn
t m
arke
t lr
ansa
ctio
ns
the
sam
e in
slm
men
t w
itho
ut m
odif
icat
ion
or r
epac
kaj
incl
or
base
d on
a v
alua
tion
tech
niqu
e w
hose
In
clud
e on
ly d
ata
from
obs
erva
ble
45
are
nd
ued
lIsi
ng o
plio
n pr
icill
g m
odel
s
Fll
ittr
eS l
iwg
an
s
46
T
he f
air
valu
e o
f he
ld o
r li
abil
itle
s he
ld
)~HU[S
47
Swap
s ar
e va
lued
fi
om a
ree
ula
ted
el
l as
t~
cal
cula
te
amou
nts
The
net
ca
ku
late
he
fair
I
rate
s lIs
ed
to
dete
nntn
e va
lues
of
the
fixed
leg
fin
d va
riab
le l
eg o
f th
e sw
ap a
re o
ffse
t to
o
f th
e sw
ap
lrad
ed d
eriv
ativ
es i
s ba
sed
on q
uote
d an
d cu
rren
t ol
lel
pnce
s fO
f as
sets
to
be
the
swap
zer
o eu
ne
e ra
te c
ash
low
s a
s th
e fl
oatin
g ilH
eres
ra
te
middot18
equi
ties
and
co
mpr
ise
loan
s l
nves
llll
cms
in l
isie
d an
d un
liste
d
41
R
efer
to
the
rele
vant
pol
icie
s in
res
pect
of
each
ins
trum
ent
for
the
mea
sure
men
t cr
ihr
ia t
o be
app
lied
Oth
er i
nves
tmen
ts -
held
at
lair
val
ue
50
Tile
mea
sure
men
t cr
iteri
a v
ith r
espe
ct t
o iII
ves
lmen
ts 1
11 he
dge
fund
s
need
(0
be c
onsi
dere
d on
a c
ase-
by-c
ase
basi
s as
the
arr
ange
mcn
ts a
nd
ddIe
r an
d th
us
can
have
a
mat
eria
l im
pact
un
th
e ac
cOlm
ling
11ca
trnen
L
mea
sure
lnen
t cr
iter
ion
for
inve
stm
ems
in h~d
ge f
unds
has
bee
ll se
l ou
t be
low
gc
uel1
c
1middotle
dge
fund
s 5
1
i-led
ge f
llnd
llV
estm
ellts
are
as
sets
and
fun
ds b
v th
e fu
nd
as f
air
valu
e on
tra
de d
ate
1i
led
I led
ge
fund
in
vest
men
ts
are
subs
eque
ntly
rn
easU
IOO
at
n
ised
in
the
stat
emen
t o
f ne
t in
vest
men
ts t
rade
d on
act
ive
clos
ing
pric
es a
t th
e cl
ose
asse
ts a
nd f
unds
dat
e
ntH
a [tiC
an
d th
e flt
lir
valu
e in
(Is
seis
and
fu
nds
T
he f
air
mar
kets
is
base
d re
gula
ted
011
the
last
lla
ding
day
011
OJ
lfl1h
xJed
w
here
mn
tlO
r (
lmd
) lia
s n
o n
glu
fa t
he
53
Hed
ge
flmd
lIl
estm
ents
ar
e su
bseq
uent
ly
mea
sure
d ad
just
mem
s ar
e re
cogn
ised
in
the
star
emen
t o
fuet
cll
th
e fm
anci
al a
sset
ow
ned
by t
he n
tnd
is m
easu
red
in
r il
l ih
e to
tal
fair
val
ue o
f th
e he
dge
und
The
fai
r va
llie
is
or b
y ap
plyi
ng a
ppro
pria
te v
alua
tion
tech
niqu
es s
uch
as d
Isco
unte
d an
alys
is o
r re
cent
an
ns
len
gth
mar
ket
tran
sact
ions
in
lesp
ect
of
the
hedj
e f
und
inst
illm
ents
(lnl
ivte
d w
here
inn~slor
(tim
d) h
as a
rig
ht 1
o rh
e
54
Imiddotled
ge
fund
in
vest
men
ts
are
subs
eque
ntly
m
easu
red
adju
stm
ents
are
rec
or
nise
d in
the
sta
tem
ent
of
net
has
the
righ
t to
the
und
tTly
ing
insl
rum
cnts
a
lool~H1rougn
inst
rum
ents
are
sep
arat
ely
mea
sure
d an
d di
sclo
sed
The
fai
r va
lue
is es
timat
ed
Iln
des
by
iJP
plyi
ng a
ppm
pria
le v
alua
tioll
techHique~
)uth
as
disc
ount
ed
27
(f) jl i (f) 6
m
II raquo Z
_-i
jgt
m
tIl
II
C raquo II
m
N o g z 9 Ul
~
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
held
at
call
wilh
ban
ks
and
olite
r sh
ort-
cash
flo
w a
naly
sis
or r
ecen
t an
ns
leng
th m
arke
t Ir
ansa
ctio
1s
in r
eip
ect
of
tbe
hedg
e fu
nd
inst
nlm
enls
Str
uct
ure
d p
rod
ucts
55
In
vest
men
ts i
n st
ruct
ured
pro
duct
s sh
ould
be
valu
ed a
t th
e t-
TO
SS lo
tal
fair
val
ue o
f aU
the
un
derl
ying
in
snu
nent
s in
dude
d in
th
e SU
llct
nre
and
or
arra
ngem
ent
If
ther
e ar
e il1
stnu
nent
s w
ithin
the
Sln
tclu
red
prod
uct
that
req
uire
dif
iere
nt t
real
men
t th
ese
may
nee
d to
be
Ire
ated
sep
arat
ely
Pre
sent
atio
n R
nd d
iscl
osur
e S
tate
men
t of
net
asse
ts a
nd f
unds
5
6 in
vest
men
ts a
re i
nclu
ded
unde
r non~currcllt a
sset
s
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
57
The
no
te
for
inve
stm
ents
is
In
the
fonn
o
f al
l in
vest
men
t su
mm
ar)
T
he
inve
stm
ent
excl
udes
cas
h at
ba
nk a
nd
dire
ct
hous
ioll
loan
s a
s th
ese
item
s ar
e di
sclo
sed
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds T
he
note
inc
lude
s in
foH
natio
ll on
he
o
f the
pro
perl
y
58
The
alJ
ocat
ion
betw
een
loca
l an
d fo
reig
n as
sets
mus
t be
gh
en
Vhe
ther
the
inv
estlT
lent
fS
mea
sure
d at
am
orti
sed
cost
or
fair
val
ue a
nd h
ow it
is
cate
gori
sed
are
also
dis
clos
ed
59
The
inv
estm
ent
sum
mar
y ca
tego
rise
s eq
uitie
s il
llO
Equ
ities
with
pri
mar
y lis
ting
on t
he l
SE
El
ulhe
s w
ith s
econ
dary
li5
ting
on t
hc J
SE
Fore
ibrll
Ibr
ed e
qmtie
s
Unl
islc
d eq
uiti
es
GO
The
lin
e ite
ms
reia
ting
to
insu
ranc
e po
licie
s an
d co
llec
live
inv
estm
ent
sche
mes
mus
t in
clud
e th
e lo
tals
of
thes
e in
vest
men
t po
lici
es s
plil
hetw
een
loca
l an
d fo
reig
ll as
sets
lo
ok-t
hrou
gh p
rinc
iple
doe
s H
ot ap
ply
to t
bese
fin
e if
ems
on t
he i
nves
lmcn
t su
mm
ary
6 i
A
reco
llci
iiat
ion
of
the
open
ing
bala
nce
to t
he c
losi
ng b
alan
ce o
f in
vest
men
t di
sclo
sed
in t
he n
otes
T
he l
ine
item
for
tra
nsfe
r to
fro
m o
wne
r-oc
cupi
ed
whe
n th
e na
ture
of
the
use
of
thc
prop
erty
has
cha
nged
fro
nl a
n pr
oper
ty
f)ia
nt a
nd e
quIp
men
t an
d vi
ce v
ersa
CA
SH
Cas
h an
d de
posi
ts
Cas
h an
d de
posi
ts c
ompr
ise
cash
ill
hand
tc
nn h
ighl
y liq
uid
inve
stm
ents
with
de
posi
ts a
re m
easu
red
at f
air
valu
e
Craquo z p W ~ CP
Ggt 2
m
II
Z s m
z Ggt ~ 9
JTl
m
tD
II ~ ~ IIgt ~
28
29
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
HO
USI
NG
LO
AN
FA
CIL
ITIE
S
Intr
od
uct
ion
O
lIn
acc
orda
nce
with
sec
tion
J9( -
)) o
f the
PF
and
if th
e ru
le
orlh
e rc
tirem
enl
fund
allO
a
fl
lnd
may
gra
nl n
loan
to
a m
emb
er o
r fu
m is
h a
guar
anle
e in
fav
our
of a
ban
k in
res
pect
of a
lo
an p
rant
ed o
f be
gra
nted
to
a m
embe
r o
f the
fun
d fo
r ho
usin
g ro
an p
urpo
ses
I he
hou
sing
Joa
n O
J
lU
lran
tec
shou
ld b
e g
rant
ed
bene
fil
or i
mm
ovab
le p
rope
ny I
hat
belo
ngs
eHile
r to
se
curi
ty s
uch
as t
he m
embe
rs
Ihe
mem
ber
or h
is o
r F
or t
he p
lim
ose
of
tllls
01
Th
e ra
te o
f in
tere
st c
llal
ged
on
dir
ect
tlm
u ho
usll
Ig l
oans
may
not
he
less
th
e ra
te o
f in
tere
st p
resc
ribe
d by
reg
ulat
ion
unle
ss s
peci
fic
exem
plio
n is
gran
ted
04
Hou
sing
loa
ns
to m
embe
rs
plus
the
int
eres
t ac
cmcd
ar
e re
deem
able
ove
r a
perio
d ll
ot e
xcee
ding
ye
ars
in
equa
l m
onlh
ly o
r w
eekl
y in
stal
men
ts
If
l1e
peno
d ex
tend
s be
yond
the
non
nal
reti
rem
ent
dare
of
the
pani
cula
r m
embe
r th
e ou
tsta
ndin
g ba
lanc
e o
f the
lo
an m
ay 1
10
t ex
ceed
one
-thi
rd o
flhe
tota
l va
llie
oftt
le b
enef
it du
e 10
the
mem
ber
at
date
Rec
ogni
tion
an
d m
easu
rem
ent
05
Hou
sing
loan
s ar
e m
easu
red
at f
alf
valu
e
06
loan
s ar
c Je
reco
glli
sed
whe
n th
e to
rec
eive
cas
h lo
ws
from
the
mem
ber
or b
een
tran
sfer
red
and
the
fund
al
so t
rans
ferr
ed s
ubst
anlia
lly a
ll ri
sks
and
revmiddot
Hrd
s o
f ow
ners
hip
07
Not
e th
at
dire
ct
loan
s ar
e tr
eate
d in
(c
rllls
of pararaph~
08 l
md
09 o
f ril
e ch
aple
r on
m
vest
men
ts
Pre
sent
atio
n an
d d
iscl
osur
e S
lato
men
t of
nct
asso
ls a
nd f
unds
08
lo
an f
acili
ties
(onl
y th
e di
rect
fun
d o
all
pan)
alC
dis
do
cd a
s a
s11
plc
Ime
Item
un
der non~currenl
asse
lS i
n th
e st
atem
ent
l as
sets
and
fhn
ds
I he
det
ails
of
tile
mov
elne
nt o
n di
rect
hO
llsin
g lo
ans
are
disc
lose
d th
e h0
1l5H
ll
IOaH
Hlc
ililie
s no
te
Sta
tem
ent
of
chan
ges
in
net
ass
ets
and
fu
nd
s 09
In
tere
st o
n ho
usin
g lo
ans
is d
iscl
osed
und
er n
et i
nves
tmen
t in
com
c in
the
sta
tem
enl
of
chan
ges
ill n
et a
sset
s an
d fu
nds
Am
oLlu
ts d
efau
Hed
on
hous
ing
loan
s oy
aCliv
c m
embc
ls o
f th
e fll
nd a
re d
iscl
osed
as
bene
fits
in t
he S
lale
men
t o
f cila
nge
s in
net
ass
ets
and
fund
s
JO
inte
re
t ca
pila
lised
Oil
is d
iscl
osed
in
colu
mns
T
hese
The
fo
llOW
ing
ad
ditio
nal
disc
losu
re
(5 re
quir
ed
resp
ect
of
hous
mg
toan
gu
aran
tees
gr
ante
d to
fin
ancl
al i
nstit
utio
ns
Nam
e of
the
finan
cial
ins
titut
ion
Val
ue o
f the
gua
rant
ee a
nd t
he g
uara
ntee
fac
ility
Exp
iryl
rcne
wal
dal
e o
f the
gua
rant
ee
Nllm
ber
ofgl
1ara
llie
cs
and
Tot
al p
erce
ntag
e o
f the
ben
efit
that
may
be
encu
mbe
red
for
this
sc
hem
e or
arr
ange
men
t w
ith t
he r
etir
emen
t fu
nd a
tHI
tile
]0
RE
SER
VE
S
Intr
oduc
tion
0
I
Cat
egor
ies
of r
eser
ves
are
defi
ned
ill t
he P
FA a
ndo
r th
e ap
prov
ed n
les
of r
ire
men
t ij
k
A
mO
llng
are
all
ocat
ed t
o th
ese
rese
rves
as
desc
ribe
d in
the
PF
A a
nd
ort
hc
nile
s o
fth
c fu
nd
Rig
hts
and
entit
lem
ents
10
the
rese
rves
of a
ret
irem
ent
fund
art
de
fine
d in
lh
e PF
8l
ldO
l
Ihe
nile
s o
f the
flU
ld
Rec
ogni
tion
an
d m
easu
rem
ent
02
Res
ene
acc
ount
s am
ount
s of
des
igl1
ated
illc
omc
and
c-
pens
cs a
nd a
re
reco
gnis
ed il
l the
~H
ch in
cum
e m
d e
pe
nscs
acc
rue
to t
he lc
tlfcm
Cn
fu
nd
Ire
sell
tati
oll
aud
dis
clos
ure
S
tate
men
t o
f n
ct a
sset
s an
d f
unds
03
T
he
tota
l o
rall
the
fun
ds
rese
rves
is
disc
lose
d un
der
the
rund
s an
d li
abil
itie
s se
ctio
n in
the
sl
atem
ellt
of n
el a
sset
s an
d lim
ds
Thi
s tO
lal
of
rese
rves
sho
uld
com
pris
e al
l th
e re
sel v
es
as
requ
ired
by
the
PF
A a
nd a
ccol
llll
loda
ted
in t
he r
ule
i o
f th
e ru
nd
and
duly
ad
jusl
ed
for
ral
lsac
tions
affe
Cl1
fl e
ach
rese
rve
aCC
oUllt
Sta
tem
ent
or
chan
ges
in n
et a
sset
s an
d f
unds
04
R
eser
ve a
ccou
nl
mov
emen
ts a
re r
efle
cted
in
Ih
e st
atem
ent
of
fu
nds
unde
r th
e ap
prop
riat
e re
serv
e co
lum
B
with
lhe
cor
rcsp
ondi
llH
rcs~rves
in n
et a~scts an
d Ile
nt t
o
hich
ap
plie
s T
his
lola
l sh
ould
agr
ee w
illl
Ihe
gros
s lo
tal
of a
li
asse
ts a
nd f
tlnds
in(
srm
el1f
fe
urn
allo
ca
ted
re
sn
a
CL
ow
lf
()
)
Thi
s am
oullt
rep
ree
nts
the
inve
stm
ent
retu
rn
that
is
allo
cate
d fa
th
e IO
lal
of
the
rese
rve
acco
unts
as
pe
r th
e de
dica
ted
rcW
m
earn
ed
011
the
inve
stm
ents
whi
ch r
epre
sent
s ~uch
rese
rve
acco
unts
T
his
amou
nt
is re
flec
ted
as
inv
C$
tmen
t re
turn
al
loca
ted
rese
rve
acco
unts
Tr(J
n~e
r he
twee
l1 r
eS
IJT
( (
cco
wlf
s
Th
is a
mou
nt r
epre
seni
s th
e tr
ansf
er b
etw
een
part
icul
ar r
eSC
Ive
acco
ull
s an
d IS
o
ftel
l
resu
lt o
f ac
cmm
tlng
curr
ectio
lls 0
1 ac
tuar
ial
pron
osal
s
fhes
c am
ount
s ar
e re
flec
ted
as
middotfra
nste
rs b
etw
een
rese
rve
aCcO
lmts
in
a se
para
te
Not
es t
o th
e fi
nanc
ial
stat
emen
ts
07
lJet
ails
o
f ai
l tn
msa
clio
lls
duri
ng
the
and
or t
he r
ules
of
the
fund
or
as
per
advi
ce f
rom
the
act
Har
yva
lual
or t
o th
e re
tirem
ent
fund
and
app
rove
d by
the
Boa
rd
cate
gori
es o
f re
serv
es a
re d
iscl
osed
in
the
note
s T
hese
tra
llsac
llOllS
so
urce
for
allo
catio
ns t
o an
d frO
B) t
he v
ario
lls r
eser
ves
whi
ch a
re p
resc
ribe
d
08
Som
e o
f th
e fu
nd s
rc
selv
e ac
coun
ts
wou
ld
be a
ffec
ted
by
the
surp
lus
appo
rtio
nmen
t sc
hem
e T
his
will
be
pa
r1ic
ular
iy
rele
vant
whe
re s
urpl
us
was
pr
evio
usly
ret
aine
d in
a
gene
ral
rese
rve
and
UP0
l ap
prov
al o
f the
sur
plus
app
ortio
nmen
t sc
hem
e t
he s
urpl
us w
ill b
e tr
ansf
erre
d fr
om t
his
acco
unt
in a
ppro
pria
te p
IOpo
nion
s to
the
mem
ber
and
or e
n su
rplu
s aC
COtm
L M
ovem
ents
in
rese
rves
sho
uld
be d
isd
ose
d a
s re
quir
ed b
y th
e PF
A
Ihe
rule
s o
f Ihe
fun
d
99
T
he a
lloca
tion
of
inve
stm
ent
refil
m t
o ea
ch r
eser
ve a
ccou
nt s
houl
d be
rep
rese
nted
by
the
inve
slm
enl
ret1
1m e
arne
d fT
om t
he d
edic
ated
und
erly
ing
inve
stm
ents
or
as a
lloca
ted
by l
he
fuud
in
lenu
s o
f Ih
e w
lcs
whe
re t
he u
nder
lyin
g
eSl
men
ts a
re n
ot a
lloca
led
dire
ctlv
to
rese
rves
In
com
e re
ceiv
ed a
nd e
xpen
ditu
re i
ncur
red
whi
ch i
s de
scri
bed
by t
he P
FA
Ihe
mle
s o
f lite
fU
lld S
llOlil
d be
aiio
cale
d ap
prop
rial
ely
10 e
ach
rese
rve
acco
llnt
3 t
(f) ~ ~ (f) 6
m
lJ
raquo Z
---I
m
to
lJ
C raquo lJ
m
f) o f5 z 9 w CO
W
CO
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
SURP
LUS
In tr
odu
clio
n 01
T
he P
ensi
on F
unds
Sec
ond
Am
endm
ent
Act
20
01
reCO
h1lis
ed t
ile e
ntitl
emem
of
mom
bets
an
d fo
nner
mem
bers
of
retir
emen
t fu
nds
to s
urpl
uses
in
retir
emen
t fu
nds
with
in a
def
ined
T
he s
urpl
us c
alcu
latio
ns a
re d
epen
dent
on
the
first
sta
tuto
ry v
alua
tion
of
the
fund
Ig
the
ena
ctm
ent
of
the
legi
slat
ion
and
guid
ance
was
pro
vide
d by
the
Reg
istr
ar t
o re
tirem
enl
fund
s i
u or
der
10 p
erfo
nn t
he c
alcu
latio
ns
An
y a5
det
erm
ined
by
the
valu
ator
whi
ch a
rise
s af
ter
the
surp
lus
apP
0l1i
onm
ent
date
m
ust
w
ith
in t
erm
s or
the
rule
s o
f th
e ru
nd
If t
he r
ules
are
sile
nt t
hen
(he
Act
vi
ll pr
evai
l
Rec
ogni
tion
an
d m
easu
rem
ent
02
Surp
lus
apPO
Iiion
mer
its a
re r
ecog
mse
d on
the
dat
e w
hen
the
surp
lus
aDPo
rtiol
llnen
t sc
hem
e is
appr
oved
uy
the
Reg
istr
r
as c
onta
ined
in
Ihe
Titt
en a
ppro
val
rega
rd
03
is m
easu
red
at t
he v
alue
s co
ntai
ned
in t
he s
urpl
us a
ppoI
1iom
nent
sch
eme
by I
he R
egis
trar
on
the
surp
lus
appo
rtio
nmen
t da
te o
f the
fun
d T
hese
am
ount
s ar
e fo
r in
vest
men
t re
turn
or
late
pay
men
t in
tere
sl u
ntil
date
of a
ppro
val
of t
he s
chem
e as
gui
ded
by t
he P
FA
and
lor
the
rule
s o
f the
nm
d
Pre
sen
tati
on
an
d d
iscl
usu
re
Sta
tem
ent o
f net
ass
ets
and
fund
s 0
4 am
ount
s on
sur
plus
app
ortio
nmen
t da
te i
nclu
de a
ny h
isto
rica
l su
rplu
s sc
hem
e t
he lo
ng-t
enll
is re
cogl
llscd
in
the
stat
emen
t o
f ne
t as
sets
and
fun
ds a
s a
nOll-
Cllr
rent
as
Iet
The
cur
rent
por
tion
(a~y
am
Ql1
nl d
ue (
0 th
e fu
nd
wil)
lin a
yea
r) is
dis
clos
ed u
nder
CU
lTen
t ass
ets
appo
rtio
nmen
t sc
hem
e is
als
o co
nSId
ered
an
The
se a
mow
lts o
f su
rplu
s im
prop
erly
ulil
ised
sho
uld
be
05
06
T
he m
embe
r su
rplu
s ac
cOlm
t co
ntai
ns s
urpl
us a
lloca
ted
to c
urre
nt a
nd f
Olll
lcr
mem
bers
of
the
relir
emel
1l f
und
Thi
s ac
coun
t is
gov
erne
d by
the
PF
A a
nd i
s fo
nned
in
acco
rdan
ce w
ith
the
PFA
and
or
the
mle
s o
f th
e fu
nd
Onc
e th
e il
lmln
s an
nnrti
OI1
l11e
r ap
prov
ed
the
amot
ultS
of
surp
lus
assi
gned
to
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
felT
ed t
o th
e m
embe
r di
sclo
sed
as a
sep
arat
e lin
e ite
m u
nder
the
mem
bers
fll
nds
aCCQ
ullt
line
item
for
de
fine
d co
ntri
butio
n fu
nds
and
the
fund
s an
d su
rplu
s ac
coun
t lin
e fo
r de
fine
d be
nefi
t lu
nds
07
acco
unt
cont
ains
sur
plus
alio
cate
d to
the
em
ploy
er
Thi
s ac
coun
t is
an
d is
form
ed i
n ac
cord
ance
with
the
PFA
and
lor
the
ndes
of
the
i ap
port
ionm
ent
sche
me
has
been
app
rove
d t
he a
mou
nts
of
surp
lus
assi
gned
to
the
empl
oyer
on
the
surp
lus
appo
rtio
nmen
t da
te a
re t
rans
ferr
ed t
o th
e m
embe
r su
rplu
s ac
coun
t T
he e
mpl
oyer
sur
plus
acc
ount
is
disc
lose
d un
der no
n~cu
rren
t lia
bilit
ies
as
the
peri
od w
ithin
whi
ch t
he e
mpl
oyer
sur
plus
acc
olm
t m
ay b
e ut
ilise
d ca
nnot
be
dete
nnin
ed
sUl]l
lus
appo
rtlo
nmel
ll da
te
08
If
fonn
er m
embe
rs o
r pe
nsio
ners
to
who
m s
urpl
us b
enef
its b
ecom
e du
e on
snr
plus
app
rova
l da
te c
anno
t be
tra
ced
the
se c
redi
tolS
for
sur
plus
ben
efits
can
be
adde
d to
the
ual
ance
of t
ile
uncl
aim
ed
bene
fits
un
der
cun
ent
liabi
litie
s
ThlS
tr
eatm
ent
may
be
ad
ople
d if
Ih
e rc
cmm
ition
of
unpa
id b
enef
its
as u
ncla
imed
ben
efits
is
in a
ccor
danc
e th
e m
les
of
the
fund
pr
actic
e ad
opte
d by
Ihe
till1
d
32
09
A
ny e
xpen
ses
rela
ted
[0 [h
e su
rplu
s ap
port
ionm
ent
sche
me
for
exa
mpl
e le
gal
expe
nses
su
rplu
s be
nefi
t ad
min
istr
atio
n ex
pens
es a
nd t
raci
ng c
osts
w
hich
are
pay
able
ar
the
end
of
the
repo
rtin
g pe
riod
are
dis
clos
ed a
s pa
n o
facc
ount
s pa
yabl
e un
der
curr
ent
liabi
litie
s un
less
a
rese
rve
acco
unt
has
been
cre
ated
for
fhe
se e
xpen
ses
in t
he r
ules
of t
he f
und
in
whi
ch c
ase
they
are
dis
clos
ed a
s se
t ou
t in
the
cha
pter
on
rese
rves
acco
unt
may
be
appl
ied
tow
ards
a l
imite
d H
umbe
r o
f IIs
es
The
se i
nclu
de t
he e
nhan
cem
ent
of
bene
fits
tu
exis
ting
mem
bers
co
ntri
butio
n ho
liday
s
h
ere
the
empl
oyer
su
rplu
s ac
coun
t is
used
co
ntri
butio
n ho
liday
th
e am
ourH
s tr
ansf
erre
d fr
om t
he e
mpl
oyer
sur
plus
acc
ount
mus
t be
di
sclo
sed
in
the
stat
emen
t o
f ch
ange
s to
ne
l as
sets
an
d fu
nds
The
ut
ilisa
lion
of
the
10
surp
lus
aCC
Olm
sh
ould
be
de
bite
d to
re
serv
es
and
cred
ited
to
mem
l)tT
s
5ur
pJus
mf
Jrop
fJ
~
lluli
wd
12
T
he s
urpl
us a
ppor
tionm
ent
sche
lne
dete
nnin
es w
heth
er t
he r
etir
emcn
t fim
d su
rplu
s w
as
utili
sed
and
is d
ue a
nd p
ayab
le t
o th
e ltm
d up
on a
ppro
val
of
the
sche
me
Thi
s re
paym
ent
is re
gard
ed a
s in
com
e to
the
flU
Id a
nd i
s ap
prop
riat
ely
to
the
rele
vaJl
t su
rplu
s ac
coun
ts
per
the
appr
oved
su
rplu
s
II1
VtS
lme
nl
retu
rn a
lloc
ated
13
T
his
line
item
s re
late
s to
the
ill
vestl
ne-Il
t re
tUnl
tha
i is
~li
ocat
ed t
o th
e su
rplu
s he
nefi
ts
to
fonn
er
mem
bers
and
pe
nsio
ners
w
h1ch
ha
ve n
ot
been
m
oved
to
un
clai
med
Imf
Sllllt
fII
II1
IUII
1 al
loca
ted
surp
lus
(lC
O
ltt1
ls
14
Thi
s lin
e ite
m
repr
esen
ts t
he
inve
stm
ent
relu
m
that
is
allo
cate
d to
Ihe
mem
ber
slIr
plus
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
cco
un
t
flHf
tfm
enl
retu
rn a
lloca
fed
su
rplu
s fr
an1
ler
10
(JO
Wl 1
11tpound
I 15
T
his
Iille
ite
m r
epre
sent
s th
e in
vest
men
t re
tum
tha
t is
to t
he t
rans
fers
of s
urpl
us to
th
e ot
her
acco
tults
appr
oves
he
sur
plus
app
orti
onm
enl
sche
me
sur
plus
is
allo
cate
d to
the
ac
coun
t an
d th
e em
ploy
er s
urpl
us a
ccou
nt
Surp
lus
appo
rtio
nmen
t to
the
ac
coun
t is
refl
ecte
d as
a s
urpl
us a
ppO
Itiof
lmen
t exp
ense
16
Tra
l14c
rs
hif
wcc
n
resc
rvc
acco
unts
a
nd
It
Implt~r~r
ltu
rpfll
s ac
cou
fil
mfr
a)i
md
al
loca
liol
l 17
T
his
line
Item
re
pres
ents
t1
ansf
ers
betw
een
rese
rve
acco
unts
and
th
e em
ploy
er s
urpl
us
acco
unt
Tra
nyfe
ls
helt
tcen
re
Selll
i
iccm
mlo
am
i IIU
m
emb
er
surp
lus
Wn
mm
il
1lra
tim
d a
lloca
tio
n
IR
T
his
line
item
rep
rese
nts
tran
sfer
s be
twee
n th
e re
serv
e ac
coun
ts a
nd t
he m
embe
r SU
f1J
us
acco
unt
surp
lus
Ol
(()U
JU
tin-
hem~
fll
1I
1O
fr
IIl
J1l
S
10
cu
rre
nl
mem
her
19
allo
cate
d to
cur
rent
mem
bers
ITo
m t
lte m
embe
r ac
coun
t to
ac
coun
ts (
defi
ned
cont
ribu
tion
fund
s) o
r ac
cum
ulat
ed
(def
ined
ben
efil
fund
s)
I) o Z
9 w
CO
W
CO
G) ~ m
II
Z s m
z -i
G) ~ ~ -i
m
Jgt m
OJ
II ~ ~ ro
o g
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
acc(J
UlllS
bC
llt~
fl
nha
1ce
men
l
io j
(Jrm
a
tf(
II
ha
s
70
T
his
lille
ite
m
repr
esen
ts
bcw
rfifs
hic
h al
loca
ted
from
the
mem
bcr
accO
IlllL
Sur
plus
AIIO
Lt1
11O
I11
frol
ll 11
1(
xw
plllx
a~counlsjt)J h
ene
if e
nt
on
oI
JII
HS
to
jJt
H5
lOn
cn
il1
l1Y
4im
d
ll1
o(
(J
t)JJ
I lin
e ite
m
whi
ch i
s al
loca
ted
to p
ensi
oner
s fr
um t
he m
embe
r su
rplu
s ac
coun
t su
rplu
s to
ind
ivid
ual
pens
ione
rs
h(IJ~ff
cl1h
aml
lJlL
IlfS
10
wu
o
l1l1
ed
hem
il
s
whi
ch i
s a
lma
ted
to l
mda
iHH
d h
enef
its f
rom
the
llle
mU
CI
to i
ndiv
idua
lunc
1[1i
med
ben
efits
21
513
lral
lsfe
rs
inlo
th
e (L
lIld
is
rela
tes
to
spec
ific
de
fine
d an
d is
then
mov
ed r
rom
the
th
e ac
cotm
ts f
or b
elle
fit
enha
ncem
ents
to
CU
Ilen
t m
embe
r fu
nd c
redi
ts a
re e
nhan
ced
with
the
se v
alue
s
(I(
~ w
pills
aC
CU
Il1
1S
br tran~en
to
Ofh
erJu
ml~
24
ione
d to
mem
bers
who
hav
e pr
cvlO
tlsly
tra
nsfe
rred
out
of
[he
Hom
(h
e m
embe
r sn
ruill
s ac
coun
t to
th
e s
umlu
s tr
ansf
er
a se
ctio
n fo
r se
ctio
n tr
ansf
ers
15
If p
aJ1
ur th
e su
rplu
s IS
ap
port
Ione
d to
an
empl
oyer
su
rplu
s is
mov
ed f
rom
the
em
ploy
er s
urpl
us a
ccou
nt t
o tr
ansf
er p
aym
elH
s lil
le
item
(T
he H
ate
to t
hat
line
item
inc
lude
s a
sect
ion
for
secl
lon
Imns
fers
om
of t
he r
und
Ad
ml
1l
Vln
lW
I G
Sp
ellt
S
26
Any
adm
illis
trar
iol
exp
ense
s re
late
d to
lhe
ap
POIli
onm
eJ1l
exe
rcis
e is
incl
uded
in
adm
illi
stra
tion
exp
ense
s bu
t th
en a
lloc
ated
co
ntin
genc
y re
serv
es c
real
ed
fDr
this
pu
rpos
e
Not
e 1
0 th
e fi
nanc
ial
stat
emen
ts
AC
LO
llHl
middot r
eC
lI
W)h
e
itl
l re
spec
t to
SU
ll)]u
s th
is n
Ole
may
co
ntai
Il
for
csam
plc
the
cur
relH
pO
l1io
Jl o
f th
e su
rplu
s im
prop
erly
util
ised
rec
eiva
ble
28
o
curr
ent
mem
bers
in
(e
nns
of
file
line
item
in
the
ben
efits
not
e
durin
g
repo
r1in
g pe
riod
29
T
he b
enef
its n
ote
also
(o
lHai
ns a
sub
-sec
tion
for
ben
efit
s 111
ter
ms
of s
urpl
us a
ppor
tion
men
t E
nhan
cem
cilts
to
pens
ione
rs a
nd e
nhan
cem
ellts
to f
onne
r m
embe
rs a
re
A r
econ
cili
atio
n o
f tl1
e su
rplu
s be
nefi
ts f
rom
the
beg
inni
ng a
nil
e pe
riod
is
prov
ided
as
fol
low
S
At
the
begi
nnin
g o
f Ih
e
fOlm
er m
embe
rs a
t th
e
nel
asse
ts a
nd l
iabi
litie
s
~urp
lus
allo
cate
d th
e am
ount
rec
ogni
sed
as a
n ex
pens
e du
ring
the
th
e st
atem
ent
of
chan
ges
ill
ner
asse
ts a
nd
fhnd
s
The
am
mul
l sm
pJus
app
m1i
olll1
lellt
sch
eme
that
has
bee
n ap
prov
ed b
y th
e R
egis
trar
3cl
el
um a
lloca
ted
the
net
inve
stm
ent
relu
m a
lloc
ated
to
bcne
fits
in
tenu
s o
f su
rplu
s ap
P0I1
lom
nent
Paym
ents
th
e ac
tual
ail
loun
ts p
aid
duri
ng t
he r
epor
tillJ
pe
riod
to
he
dedu
cter
l fr
om
prec
edin
g am
ount
s a
lld
At
the
end
of
the
peri
od
the
enha
ncem
ents
to
and
ellh
ance
mel
l1s
10 f
onne
T m
embe
rs a
t lh
e eu
d o
f the
rep
ortU
1g p
erio
d
in t
he s
late
mcn
t o
f ne
t as
sets
and
ftm
ds u
nder
cur
renl
liab
ilit
ies
rIn
ca
ime
d h
elle
ftrs
30
A
ny a
lloc
atio
n ~f
surp
lus
mad
e to
und
alln
ed b
enef
it m
embe
Is w
ill b
e se
para
tely
dis
clos
ed
in t
his
note
Su
rplu
s al
loca
ted
to f
onne
r m
embe
rs o
r pe
nsio
ners
who
can
BO
I be
tra
ced
111
be
inc
lude
d in
the
unc
laim
ed b
elle
fits
Ac(mllll~
para
ble
rhis
not
e Ill
ay c
onta
in s
urpl
us a
ppor
tion
mcn
t ex
pens
es p
ayab
le a
t th
e en
d o
f th
e re
port
ing
peri
od
4d
mim
sfra
llOn
explm(~
31
Surp
lus
app0
l110
I1n1
ellt
expe
nses
fo
r ex
ampl
e va
luat
ors
fe
es
fonn
er
mem
ber
lega
l le
es a
nd t
raci
ng C
OS
IS
are
indu
ded
1I1
Ihe
adm
Ults
trat
lon
expe
nses
to d
iscl
ose
thes
e as
a s
epar
ate
line
item
in
ord
er f
m t
hese
exp
ense
s to
fo
r al
loca
lioll
agai
nst
the
appr
opri
ate
cont
inge
ncy
rese
rve
fra
1S
Ot
IIO
IIS
n
The
tr
ansa
ctio
ns a
nd b
alan
ces
lIta)
be
lel
ated
par
ty t
ralls
actJ
0I1S
and
sho
uld
be
olsd
osed
acc
ordi
ngly
SurV
llls
impr
oper
ly 1
ltllis
ed
Surp
lus
impr
oper
ly u
tilis
ed r
ecei
vabl
e
Em
ploy
er s
urpl
us a
ccou
llt
and
tmpJ
oyer
sur
plus
apP
or1i
omnc
llt
~middotUfj)IIIS
011(
re
sern
a
ccou
nts
Jt
T
he s
urpl
us a
ccow
tts
and
rese
rves
are
t
umui
ned
in o
ne H
ote
ea
ch a
ccou
nt i
s ex
plai
ned
indi
vldu
aJly
be
low
T
he t
otal
col
ulH
n o
f h
c co
mbi
ned
rese
rves
and
su
rplu
s ac
coun
ts
IS in
clud
ed i
n th
e st
atem
ent
of c
hang
es i
n ne
t as
sets
alld
fun
ds
on a
li[1e~by-ll11e
basi
s
AIt
mlw
r I
1trp
lllx
((
CO
lO
rite
not
e f
xmire
s a
deta
iled
mov
emen
t an
alys
is f
or t
he r
epoI
1ing
per
iod
wilh
det
ails
of e
ach
in t
he m
embe
r su
rplu
s ac
coun
t
36
T
he n
ote
incl
udes
det
alle
d di
sclo
sure
of a
ll tr
ansf
ers
into
the
em
ploy
er s
urpl
us a
ccou
nt
Gnd
the
appl
icat
ion
ther
eof d
urin
g th
en r
epor
tint
per
iod
IInp
rope
r~
ltu
lrse
d r
ecef
lohi
r
37
asse
t no
te r
equi
res
a de
taile
d re
conc
ilia
tion
of
the
amO
IUlts
eSl
abJi
shed
as
to t
he f
und
the
ret
um a
lloca
ted
on
unpa
id d
ebt
and
any
amou
nts
rece
ived
or
tra
nsle
rred
fro
m t
he b
alan
ce o
f th
e su
rplu
s ac
coun
t fo
r th
e re
porti
llt
peIl
od
The
am
olln
t sp
lil
bel
een
tIlt
po
rtio
n w
lthin
one
yea
r jc
urre
llt a
sset
s) a
nd t
he
rem
aind
er (
non-
curr
cnt
asse
ts)
33
Det
ails
of
the
empl
oyer
( s
from
whi
ch
impl
Ope
rly
utili
sed
is du
e t
he
invo
lved
an
d th
e or
igin
0 f
the
impr
oper
ly u
tiliz
ed lt
such
as
a co
ntnt
mtlO
H
are
disc
lose
d
35
(f) ~ ~ (f) 6
m
~ z -i ~
m
l) JJ
C
)shy JJ m
Il o o (0 z cu
(Xl
UJ
(Xl
I) 9
