This is an actively managed, flexible income portfolio that effectively makes asset allocation decisions across high yielding asset classes, such as assets in liquid form (including, but not limited to deposits and money market instruments), bonds (Government, corporate, inflation-linked and/or convertible bonds), preference shares, property and other interest bearing securities. The portfolio may include listed financial instruments, in support of achieving the portfolio's objectives, as well as unlisted forward currency, interest rate and exchange rate swap transactions, for the purposes of efficient portfolio management. The portfolio may include foreign securities, as permitted by legislation. The Manager may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes, as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the Manager and the Trustee, of sufficient standard to provide investor protection at least equivalent to that in South Africa.