means any trust fund consisting of cash or other assets which are administered and controlled by a person acting in a fiduciary capacity, where such person is appointed under a deed of trust or by agreement or under the will of a deceased person, and includes a portfolio of a collective investment scheme and a portfolio of a hedge fund collective investment scheme;
[Definition substituted by section 1(1)(k) of the Taxation Laws Amendment Act 42 of 2024, Notice No. 5736, GG51826, dated 24 December 2024]