The Momentum International Income Fund is a specialist global income portfolio with the objective to provide investors with a high level of income. In order to achieve this, the securities normally to be included in the portfolio will comprise a combination of global bonds, interest bearing securities, including loan stock, preference shares, semigilts debentures, debenture bonds and notes, money market instruments, other non-equity securities in line with the investment objective and assets in liquid form. Interest bearing instruments in a currency other than the Republic of South Africa, may only be included in this portfolio, if they comply with a credit rating of investment grade by the credit rating agencies approved by the Registrar, provided further that if the grading of an instrument differs between the rating agencies, the lower grading will apply. The manager may from time to time also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes which are consistent with the portfolio’s investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participation in portfolios of these schemes will be included only where the regulatory environment is of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may from time to time invest in financial instruments in order to achieve the portfolio’s investment objective. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions.