Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. The portfolio will consist of a mix of collective investment scheme portfolios investing in equity, bond and property markets and money market instruments. The portfolio will be managed by JBL Asset Management (Pty) Ltd. The portfolio will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time. The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. For the purpose of this portfolio, the Manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit. The portfolio will consist of a mix of collective investment scheme portfolios investing in equity (maximum 100%), bonds, and property markets and money market instruments. The portfolio will aim to maximise the total return for investors by actively investing across different asset classes locally with an unlimited exposure to foreign assets (maximum 100%). Investors in this fund should have a minimum investment horizon of 5 years or longer. The fund may invest in listed and unlisted financial instruments (derivatives). The fund is not compliant with Regulation 28 of the Pension Funds Act, 1956.