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The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa, subject to a maximum equity exposure of 10% of the portfolio's net asset value. Investments to be acquired for the portfolio may include equity securities, property securities, property related securities, interest bearing securities, nonequity securities, money market instruments, preference shares and assets in liquid form. The portfolio may from time to time invest in listed and unlisted financial instruments. The manager may only include the following unlisted financial instruments: forward currency, interest rate and exchange rate swap transactions.
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