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In order to achieve this investment objective the portfolio will invest its assets in South African markets at all times and will be permitted to invest in a flexible mix of debt securities, including but not limited to money market instruments, bonds, fixed deposits, listed debentures, and other high yielding securities, financial instruments (derivatives) as well as any other non-equity securities which may be approved by the Authority from time to time and which are consistent with the investment policy of the portfolio, to the maximum levels permitted by the Act, and the Regulations thereto, as amended from time to time.
The maximum average weighted duration of the portfolio is 200 (two hundred) days and the maximum outstanding tenor for any one instrument included in the portfolio is 36 (thirty-six) months. The portfolio may be fully invested in any of the above-mentioned asset classes at any particular time, while complying with the stated duration and tenor limitations. The portfolio will comply with regulations governing retirement funding.

The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes registered in the Republic of South Africa. The inclusion of participatory interests or any other form of participation in a portfolio will be limited by the statutory limitations placed on the inclusion of participatory interests in a portfolio, as may be amended from time to time.
Nothing in this supplemental deed and the deed contained shall preclude the manager from varying the ratio of securities and assets in liquid form in terms of changing economic factors or market conditions and from retaining cash or placing cash on deposit in terms of the deed; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio consists of securities and assets in liquid form of the aggregate value required from time to time by the Act.
The trustee shall ensure that the investment policy set out in this supplemental deed is carried out; provided that nothing in this supplemental deed and the deed contained shall preclude the manager from purchasing securities and assets in liquid form and from retaining cash in the portfolio or placing cash on deposit in terms of the deed.
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 the portfolio has been closed, open the portfolio again to new investors on a date determined by the manager.
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