The composition of the portfolio shall reflect the investment structure of a retirement fund and shall comply with prudential guidelines. Investments to be included in the portfolio will, apart from assets in liquid form, consist of participatory interests and other forms of participation of local and global collective investment schemes, or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective. The underlying portfolios may invest in, amongst others, equity securities, property securities, non-equity securities, interest bearing securities, money market instruments, preference shares, listed and unlisted financial instruments, bonds and other interest bearing instruments and securities.