QUESTION FOUR (25 Marks) Read the extract below and answer the questions that follow: JPMorgan Multi Asset Trust changes name and dividend policy JPMorgan Multi Asset Trust is being rebranded to JPMorgan Multi-Asset Growth & Income and will enforce a progressive distribution policy linked to inflation as the managers seek to make the trust more attractive. The 80m investment trust, which has just celebrated its third anniversary, currently trades on a discount of 11.8%. According to QuotedData, the managers are dropping the policy of having the dividend paid from revenue generated by the portfolio. The distribution policy will now be linked with inflation, meaning investors can expect a bigger return. Based on current levels of CPI, the target for the financial year ending on February 2022 would be 4.1p. The trust is currently offering 4p per share. Required: Discuss in detail how the following factors will affect JPMorgans dividend policy: 4.1 Legal Constraints in South Africa (5) 4.2 Growth Prospects (5) 4.3 Taxation in South Africa (5) 4.4 The Clientele Effect (5) 4.5 Agency Considerations (5)