Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interest 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. Apart from cash and assets in liquid form, the portfolio will invest in participatory interests of underlying portfolios that provide exposure to equities across all economic groups and industry sectors of the JSE Securities Exchange South Africa as well as across the range of large, mid and smaller cap shares and may invest in derivatives, subject to prevailing regulations. The portfolio will comply with regulations governing pension funds.The portfolio will consist of a mix of collective investment portfolios investing in equity, property, bond and money market instruments. The exposure to equities will not exceed 20% of the portfolio. This portfolio is part of a range of risk profiled, multi managed fund of funds portfolios and the SMMI house view tactical asset allocation given specific market conditions will be applied uniformly to the range of portfolios. Therefore, should the house view be bullish on equities, the tactical allocation to equities will increase across all 5 funds in line with their respective maximum equity exposure limitations, whilst equity exposures will decrease uniformly across all 5 funds should the house view be bearish on equities. Given the application of the SMMI house view exposure approach it is highly unlikely that these portfolios will ever have similar effective equity exposures.The Manager will be permitted to invest on behalf of the Sanlam Multi Managed Conservative Fund of Funds in offshore investments as legislation permits.