The Discretionary Portfolio holds investments which equal to 30% of all funds received from Identity Malta by the Fund. The NDSF has given an investment, management, custody and administration mandate to the Central Bank of Malta to manage this portfolio on a discretionary basis. The Central Bank of Malta is required to hold or invest the assets of the Fund as set out in the mandate given to it by the Fund, which includes the strategic asset allocation and tactical ranges of the investments together with the broad risk parameters of the portfolio. The Discretionary Portfolio will include solely investments in high quality financial instruments. The overall objective of the discretionary portfolio is the preservation of capital and the re-investment of investment returns over the long term.