Domestic and Foreign Equity, Protected Equity, Fixed Interest Instruments, Listed Property, Participatory Interests in other Collective Investment Schemes and Liquid Assets.

- The effective equity exposure (including foreign equities but excluding listed property shares) will always be below 75%.- The Portfolio will not exceed listed property exposure of 25%.- The Portfolio will not exceed a combined equity and property exposure of 90%.- The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes.- The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes.- No more than 25% may be invested offshore (with additional 5% Africa).