in relation to—
| a) | the assets of a fund, means any income (received or accrued) and capital gains and losses (realised or unrealised) earned on the assets of the fund, net of expenses and tax charges, associated with the acquisition, holding or disposal of assets; or |
| b) | any portion of the assets of a fund if the assets are separately identifiable, means any income (received or accrued) and capital gains and losses (realised or unrealised) earned on those assets, net of expenses and tax charges associated with the acquisition, holding or disposal of assets; or |
| c) | the assets of a fund, to the extent that those assets consist of long-term policies which are "fund member policies" as defined in Part 5 of the Regulations under the Insurance Act, 1998 (Act No. 52 of means the "growth rate" (as defined in those Regulations) applicable to those policies, as deter- mined in accordance with those Regulations, |
which in any such case may be positive, negative or nil:
Provided that the board may use a reasonable approximation, made in such manner as may be prescribed, to allocate a fund return if there are sound administrative reasons why an exact allocation cannot be effected.
[Definition amended by section 1(l) of Act No. 45 of 2013]