1. Where the Retail Investor AIF is a Money Market Fund it must have a primary investment objective of maintaining the principal of the fund and aim to provide a return in line with money market rates.

2. Where the Retail Investor AIF is a Money Market Fund it shall (in accordance with paragraph 3) limit investments to high quality money market instruments, as determined by the Retail Investor AIF, and deposits with credit institutions.

3. To determine "high quality", the following factors must at least be taken into account:

(a) the credit quality of the instrument, (a money market instrument may not be considered to be of high quality unless it has been awarded one of the two highest available shortterm credit ratings by each recognised credit rating agency that has rated the instrument, or, if the instrument is not rated, it is of an equivalent quality as determined by the Retail Investor AIF). Credit quality must be monitored on an on-going basis;

(b) the nature of the asset class represented by the instrument;

(c) the operational and counterparty risk, in the case of structured financial instruments; and

(d) the liquidity profile.