diff --git a/pallets/runtime/common/src/runtime.rs b/pallets/runtime/common/src/runtime.rs
index 7808e6fbc..85c2c9f1b 100644
--- a/pallets/runtime/common/src/runtime.rs
+++ b/pallets/runtime/common/src/runtime.rs
@@ -482,6 +482,7 @@ macro_rules! misc_pallet_impls {
             type MaxNumberOfNFTsPerLeg = MaxNumberOfNFTsPerLeg;
             type MaxNumberOfNFTs = MaxNumberOfNFTs;
             type MaxNumberOfOffChainAssets = MaxNumberOfOffChainAssets;
+            type MaxNumberOfPortfolios = MaxNumberOfPortfolios;
             type MaxNumberOfVenueSigners = MaxNumberOfVenueSigners;
             type MaxInstructionMediators = MaxInstructionMediators;
         }
diff --git a/pallets/runtime/develop/src/runtime.rs b/pallets/runtime/develop/src/runtime.rs
index c3e9c73c7..4dd10e269 100644
--- a/pallets/runtime/develop/src/runtime.rs
+++ b/pallets/runtime/develop/src/runtime.rs
@@ -93,6 +93,7 @@ parameter_types! {
     pub const MaxNumberOfFungibleAssets: u32 = 10;
     pub const MaxNumberOfNFTsPerLeg: u32 = 10;
     pub const MaxNumberOfNFTs: u32 = 100;
+    pub const MaxNumberOfPortfolios: u32 = (10 + 100) * 2;
     pub const MaxNumberOfVenueSigners: u32 = 50;
     pub const MaxInstructionMediators: u32 = 4;
 
diff --git a/pallets/runtime/mainnet/src/runtime.rs b/pallets/runtime/mainnet/src/runtime.rs
index c76350970..7eec8d5d2 100644
--- a/pallets/runtime/mainnet/src/runtime.rs
+++ b/pallets/runtime/mainnet/src/runtime.rs
@@ -89,6 +89,7 @@ parameter_types! {
     pub const MaxNumberOfFungibleAssets: u32 = 10;
     pub const MaxNumberOfNFTsPerLeg: u32 = 10;
     pub const MaxNumberOfNFTs: u32 = 100;
+    pub const MaxNumberOfPortfolios: u32 = (10 + 100) * 2;
     pub const MaxNumberOfVenueSigners: u32 = 50;
     pub const MaxInstructionMediators: u32 = 4;
 
diff --git a/pallets/runtime/testnet/src/runtime.rs b/pallets/runtime/testnet/src/runtime.rs
index 70aeafe02..d67fe26a0 100644
--- a/pallets/runtime/testnet/src/runtime.rs
+++ b/pallets/runtime/testnet/src/runtime.rs
@@ -92,6 +92,7 @@ parameter_types! {
     pub const MaxNumberOfFungibleAssets: u32 = 10;
     pub const MaxNumberOfNFTsPerLeg: u32 = 10;
     pub const MaxNumberOfNFTs: u32 = 100;
+    pub const MaxNumberOfPortfolios: u32 = (10 + 100) * 2;
     pub const MaxNumberOfVenueSigners: u32 = 50;
     pub const MaxInstructionMediators: u32 = 4;
 
diff --git a/pallets/runtime/tests/src/asset_pallet/base_transfer.rs b/pallets/runtime/tests/src/asset_pallet/base_transfer.rs
index d5386fe13..274172c89 100644
--- a/pallets/runtime/tests/src/asset_pallet/base_transfer.rs
+++ b/pallets/runtime/tests/src/asset_pallet/base_transfer.rs
@@ -11,7 +11,7 @@ use polymesh_primitives::{
 };
 
 use super::setup::{create_and_issue_sample_asset, create_and_issue_sample_nft, ISSUE_AMOUNT};
-use crate::storage::User;
+use crate::storage::{default_portfolio_btreeset, User};
 use crate::{ExtBuilder, TestStorage};
 
 type Asset = pallet_asset::Module<TestStorage>;
@@ -229,7 +229,7 @@ fn base_transfer_locked_asset() {
                 asset_id,
                 amount: ISSUE_AMOUNT,
             }],
-            vec![alice_default_portfolio],
+            default_portfolio_btreeset(alice.did),
             None,
         ));
         let mut weight_meter = WeightMeter::max_limit_no_minimum();
diff --git a/pallets/runtime/tests/src/asset_pallet/controller_transfer.rs b/pallets/runtime/tests/src/asset_pallet/controller_transfer.rs
index a7dd0ecc3..ec5642569 100644
--- a/pallets/runtime/tests/src/asset_pallet/controller_transfer.rs
+++ b/pallets/runtime/tests/src/asset_pallet/controller_transfer.rs
@@ -8,7 +8,7 @@ use polymesh_primitives::settlement::{
 use polymesh_primitives::{AuthorizationData, PortfolioId, PortfolioKind, Signatory};
 
 use super::setup::{create_and_issue_sample_asset, ISSUE_AMOUNT};
-use crate::storage::User;
+use crate::storage::{default_portfolio_btreeset, User};
 use crate::{ExtBuilder, TestStorage};
 
 type Asset = pallet_asset::Module<TestStorage>;
@@ -71,7 +71,7 @@ fn controller_transfer_locked_asset() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             InstructionId(0),
-            vec![alice_default_portfolio]
+            default_portfolio_btreeset(alice.did),
         ),);
 
         // Controller transfer should fail since the tokens are locked
diff --git a/pallets/runtime/tests/src/asset_test.rs b/pallets/runtime/tests/src/asset_test.rs
index 726050efb..ac6f9fe97 100644
--- a/pallets/runtime/tests/src/asset_test.rs
+++ b/pallets/runtime/tests/src/asset_test.rs
@@ -56,8 +56,8 @@ use crate::asset_pallet::setup::{
 use crate::ext_builder::ExtBuilder;
 use crate::nft::create_nft_collection;
 use crate::storage::{
-    add_secondary_key, add_secondary_key_with_perms, register_keyring_account, root, Checkpoint,
-    TestStorage, User,
+    add_secondary_key, add_secondary_key_with_perms, default_portfolio_btreeset,
+    register_keyring_account, root, Checkpoint, TestStorage, User,
 };
 
 type BaseError = pallet_base::Error<TestStorage>;
@@ -1954,7 +1954,7 @@ fn controller_transfer_locked_asset() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             InstructionId(0),
-            vec![alice_default_portfolio]
+            default_portfolio_btreeset(alice.did),
         ),);
 
         // Controller transfer should fail since the tokens are locked
diff --git a/pallets/runtime/tests/src/nft.rs b/pallets/runtime/tests/src/nft.rs
index ca6531dae..be96ee3c9 100644
--- a/pallets/runtime/tests/src/nft.rs
+++ b/pallets/runtime/tests/src/nft.rs
@@ -26,7 +26,7 @@ use sp_keyring::AccountKeyring;
 use super::asset_test::{get_asset_details, set_timestamp};
 use crate::asset_pallet::setup::{create_and_issue_sample_asset, create_and_issue_sample_nft};
 use crate::ext_builder::ExtBuilder;
-use crate::storage::{TestStorage, User};
+use crate::storage::{default_portfolio_btreeset, TestStorage, User};
 
 type Asset = pallet_asset::Module<TestStorage>;
 type ComplianceManager = pallet_compliance_manager::Module<TestStorage>;
@@ -1179,7 +1179,7 @@ fn redeem_locked_nft() {
             None,
             None,
             legs,
-            vec![PortfolioId::default_portfolio(alice.did)],
+            default_portfolio_btreeset(alice.did),
             None,
         ));
 
@@ -1221,7 +1221,7 @@ fn reject_instruction_with_locked_asset() {
             None,
             None,
             legs,
-            vec![PortfolioId::default_portfolio(alice.did)],
+            default_portfolio_btreeset(alice.did),
             None,
         ));
 
diff --git a/pallets/runtime/tests/src/portfolio.rs b/pallets/runtime/tests/src/portfolio.rs
index db3661765..d8d1d56d8 100644
--- a/pallets/runtime/tests/src/portfolio.rs
+++ b/pallets/runtime/tests/src/portfolio.rs
@@ -22,7 +22,7 @@ use sp_keyring::AccountKeyring;
 use super::asset_pallet::setup::{create_and_issue_sample_asset, ISSUE_AMOUNT};
 use super::asset_test::max_len_bytes;
 use super::nft::{create_nft_collection, mint_nft};
-use super::storage::{EventTest, System, TestStorage, User};
+use super::storage::{user_portfolio_btreeset, EventTest, System, TestStorage, User};
 use super::ExtBuilder;
 
 type Asset = pallet_asset::Module<TestStorage>;
@@ -683,7 +683,7 @@ fn delete_portfolio_with_locked_nfts() {
             None,
             None,
             legs,
-            vec![PortfolioId::user_portfolio(alice.did, PortfolioNumber(1))],
+            user_portfolio_btreeset(alice.did, PortfolioNumber(1)),
             Some(Memo::default()),
         ));
 
diff --git a/pallets/runtime/tests/src/settlement_pallet/execute_instruction.rs b/pallets/runtime/tests/src/settlement_pallet/execute_instruction.rs
index 145c4b062..58cf3bf5c 100644
--- a/pallets/runtime/tests/src/settlement_pallet/execute_instruction.rs
+++ b/pallets/runtime/tests/src/settlement_pallet/execute_instruction.rs
@@ -16,7 +16,7 @@ use polymesh_primitives::PortfolioId;
 
 use super::setup::create_and_issue_sample_asset_with_venue;
 use crate::asset_pallet::setup::create_and_issue_sample_asset;
-use crate::storage::User;
+use crate::storage::{default_portfolio_btreeset, User};
 use crate::{next_block, ExtBuilder, TestStorage};
 
 type Settlement = pallet_settlement::Module<TestStorage>;
@@ -50,12 +50,12 @@ fn execute_instruction_storage_pruning() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             instruction_id,
-            vec![alice_default_portfolio]
+            default_portfolio_btreeset(alice.did),
         ));
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            vec![bob_default_portfolio]
+            default_portfolio_btreeset(bob.did),
         ));
         next_block();
 
@@ -144,12 +144,12 @@ fn execute_instruction_storage_rollback() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             instruction_id,
-            vec![alice_default_portfolio]
+            default_portfolio_btreeset(alice.did),
         ));
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            vec![bob_default_portfolio]
+            default_portfolio_btreeset(bob.did),
         ));
         // Removes asset_id2 balance to force an error
         BalanceOf::insert(asset_id2, alice.did, 0);
diff --git a/pallets/runtime/tests/src/settlement_test.rs b/pallets/runtime/tests/src/settlement_test.rs
index f7cc44ce5..954750745 100644
--- a/pallets/runtime/tests/src/settlement_test.rs
+++ b/pallets/runtime/tests/src/settlement_test.rs
@@ -5,8 +5,8 @@ use std::ops::Deref;
 use codec::Encode;
 use frame_support::dispatch::DispatchErrorWithPostInfo;
 use frame_support::{
-    assert_err_ignore_postinfo, assert_noop, assert_ok, assert_storage_noop,
-    IterableStorageDoubleMap, StorageDoubleMap, StorageMap,
+    assert_err_ignore_postinfo, assert_noop, assert_ok, assert_storage_noop, traits::TryCollect,
+    BoundedBTreeSet, IterableStorageDoubleMap, StorageDoubleMap, StorageMap,
 };
 use rand::{prelude::*, thread_rng};
 use sp_runtime::{AccountId32, AnySignature};
@@ -45,7 +45,8 @@ use super::asset_test::max_len_bytes;
 use super::nft::{create_nft_collection, mint_nft};
 use super::settlement_pallet::setup::create_and_issue_sample_asset_with_venue;
 use super::storage::{
-    default_portfolio_vec, make_account_with_balance, user_portfolio_vec, TestStorage, User,
+    default_portfolio_btreeset, make_account_with_balance, user_portfolio_btreeset,
+    vec_to_btreeset, TestStorage, User,
 };
 use super::{next_block, ExtBuilder};
 
@@ -78,7 +79,7 @@ macro_rules! assert_affirm_instruction {
         assert_ok!(Settlement::affirm_instruction(
             $signer,
             $instruction_id,
-            default_portfolio_vec($did),
+            default_portfolio_btreeset($did),
         ));
     };
 }
@@ -356,11 +357,11 @@ fn create_and_affirm_instruction() {
         // If affirmation fails, the instruction should be rolled back.
         // i.e. this tx should be a no-op.
         assert_noop!(
-            add_and_affirm_tx(user_portfolio_vec(alice.did, 1u64.into())),
+            add_and_affirm_tx(user_portfolio_btreeset(alice.did, 1u64.into())),
             Error::UnexpectedAffirmationStatus
         );
 
-        assert_ok!(add_and_affirm_tx(default_portfolio_vec(alice.did)));
+        assert_ok!(add_and_affirm_tx(default_portfolio_btreeset(alice.did)));
 
         alice.assert_all_balances_unchanged();
         bob.assert_all_balances_unchanged();
@@ -412,7 +413,7 @@ fn overdraft_failure() {
             Settlement::affirm_instruction(
                 alice.origin(),
                 instruction_id,
-                default_portfolio_vec(alice.did),
+                default_portfolio_btreeset(alice.did),
             ),
             PortfolioError::InsufficientPortfolioBalance
         );
@@ -509,7 +510,7 @@ fn token_swap() {
         assert_ok!(Settlement::withdraw_affirmation(
             alice.origin(),
             instruction_id,
-            default_portfolio_vec(alice.did),
+            default_portfolio_btreeset(alice.did),
         ));
 
         assert_affirms_pending(instruction_id, 2);
@@ -684,7 +685,7 @@ fn failed_execution() {
         assert_ok!(ComplianceManager::add_compliance_requirement(
             bob.origin(),
             asset_id2,
-            Vec::new(),
+            Default::default(),
             vec![Condition {
                 condition_type: ConditionType::IsPresent(Claim::Jurisdiction(
                     CountryCode::BR,
@@ -882,7 +883,7 @@ fn venue_filtering() {
             None,
             None,
             legs.clone(),
-            default_portfolio_vec(alice.did),
+            default_portfolio_btreeset(alice.did),
             None,
         ));
 
@@ -1017,7 +1018,7 @@ fn basic_fuzzing() {
                     assert_ok!(Settlement::withdraw_affirmation(
                         user.origin(),
                         instruction_id,
-                        default_portfolio_vec(user.did),
+                        default_portfolio_btreeset(user.did),
                     ));
                 }
             }
@@ -1060,7 +1061,7 @@ fn basic_fuzzing() {
             assert_ok!(Settlement::withdraw_affirmation(
                 users[failed_user].origin(),
                 instruction_id,
-                default_portfolio_vec(users[failed_user].did),
+                default_portfolio_btreeset(users[failed_user].did),
             ));
             locked_assets.retain(|(did, _), _| *did != users[failed_user].did);
         }
@@ -1210,7 +1211,7 @@ fn claim_multiple_receipts_during_authorization() {
                         None
                     ),
                 ],
-                Vec::new(),
+                Default::default(),
             ),
             Error::DuplicateReceiptUid
         );
@@ -1236,7 +1237,7 @@ fn claim_multiple_receipts_during_authorization() {
                     None
                 ),
             ],
-            Vec::new(),
+            Default::default(),
         ));
 
         assert_affirms_pending(id, 0);
@@ -1492,7 +1493,7 @@ fn cross_portfolio_settlement() {
             Settlement::affirm_instruction(
                 bob.origin(),
                 instruction_id,
-                default_portfolio_vec(bob.did),
+                default_portfolio_btreeset(bob.did),
             ),
             Error::UnexpectedAffirmationStatus
         );
@@ -1502,7 +1503,7 @@ fn cross_portfolio_settlement() {
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            user_portfolio_vec(bob.did, num),
+            user_portfolio_btreeset(bob.did, num),
         ));
 
         // Instruction should've settled
@@ -1581,10 +1582,10 @@ fn multiple_portfolio_settlement() {
             Settlement::withdraw_affirmation(
                 alice.origin(),
                 instruction_id,
-                vec![
+                vec_to_btreeset(vec![
                     PortfolioId::default_portfolio(alice.did),
                     PortfolioId::user_portfolio(alice.did, alice_num)
-                ],
+                ]),
             ),
             Error::UnexpectedAffirmationStatus
         );
@@ -1594,7 +1595,7 @@ fn multiple_portfolio_settlement() {
             Settlement::affirm_instruction(
                 alice.origin(),
                 instruction_id,
-                user_portfolio_vec(alice.did, alice_num),
+                user_portfolio_btreeset(alice.did, alice_num),
             ),
             PortfolioError::InsufficientPortfolioBalance
         );
@@ -1614,7 +1615,7 @@ fn multiple_portfolio_settlement() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             instruction_id,
-            user_portfolio_vec(alice.did, alice_num),
+            user_portfolio_btreeset(alice.did, alice_num),
         ));
         alice.assert_all_balances_unchanged();
         bob.assert_all_balances_unchanged();
@@ -1629,16 +1630,19 @@ fn multiple_portfolio_settlement() {
         );
 
         // Bob approves the instruction with both of his portfolios in a single transaction
-        let portfolios_vec = vec![
+        let portfolios_set: BoundedBTreeSet<_, _> = [
             PortfolioId::default_portfolio(bob.did),
             PortfolioId::user_portfolio(bob.did, bob_num),
-        ];
+        ]
+        .into_iter()
+        .try_collect()
+        .expect("Two portfolios isn't too many");
 
         next_block();
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            portfolios_vec,
+            portfolios_set,
         ));
 
         // Instruction should've settled
@@ -1726,15 +1730,18 @@ fn multiple_custodian_settlement() {
         assert_locked_assets(&asset_id, &alice, 0);
 
         // Alice approves the instruction from both of her portfolios
-        let portfolios_vec = vec![
+        let portfolios_set: BoundedBTreeSet<_, _> = [
             PortfolioId::default_portfolio(alice.did),
             PortfolioId::user_portfolio(alice.did, alice_num),
-        ];
+        ]
+        .into_iter()
+        .try_collect()
+        .expect("Two portfolios isn't too many");
         set_current_block_number(10);
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             instruction_id,
-            portfolios_vec.clone(),
+            portfolios_set.clone(),
         ));
         alice.assert_all_balances_unchanged();
         bob.assert_all_balances_unchanged();
@@ -1758,10 +1765,13 @@ fn multiple_custodian_settlement() {
         assert_ok!(Portfolio::accept_portfolio_custody(bob.origin(), auth_id2));
 
         // Bob fails to approve the instruction with both of his portfolios since he doesn't have custody for the second one
-        let portfolios_bob = vec![
+        let portfolios_bob: BoundedBTreeSet<_, _> = [
             PortfolioId::default_portfolio(bob.did),
             PortfolioId::user_portfolio(bob.did, bob_num),
-        ];
+        ]
+        .into_iter()
+        .try_collect()
+        .expect("Two portfolios isn't too many");
         assert_noop!(
             Settlement::affirm_instruction(bob.origin(), instruction_id, portfolios_bob),
             PortfolioError::UnauthorizedCustodian
@@ -1774,7 +1784,7 @@ fn multiple_custodian_settlement() {
         // Alice fails to deny the instruction from both her portfolios since she doesn't have the custody
         next_block();
         assert_noop!(
-            Settlement::withdraw_affirmation(alice.origin(), instruction_id, portfolios_vec,),
+            Settlement::withdraw_affirmation(alice.origin(), instruction_id, portfolios_set,),
             PortfolioError::UnauthorizedCustodian
         );
 
@@ -1782,15 +1792,18 @@ fn multiple_custodian_settlement() {
         assert_ok!(Settlement::withdraw_affirmation(
             alice.origin(),
             instruction_id,
-            default_portfolio_vec(alice.did),
+            default_portfolio_btreeset(alice.did),
         ));
         assert_locked_assets(&asset_id, &alice, 0);
 
         // Alice can authorize instruction from remaining portfolios since she has the custody
-        let portfolios_final = vec![
+        let portfolios_final: BoundedBTreeSet<_, _> = [
             PortfolioId::default_portfolio(alice.did),
             PortfolioId::user_portfolio(bob.did, bob_num),
-        ];
+        ]
+        .into_iter()
+        .try_collect()
+        .expect("Two portfolios isn't too many");
         next_block();
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
@@ -1951,7 +1964,7 @@ fn reject_failed_instruction() {
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            default_portfolio_vec(bob.did),
+            default_portfolio_btreeset(bob.did),
         ));
 
         // Resume compliance to cause transfer failure.
@@ -1967,7 +1980,7 @@ fn reject_failed_instruction() {
         assert_ok!(ComplianceManager::add_compliance_requirement(
             alice.origin(),
             asset_id,
-            Vec::new(),
+            Default::default(),
             vec![Condition {
                 condition_type: ConditionType::IsPresent(Claim::Jurisdiction(
                     CountryCode::BR,
@@ -2302,7 +2315,7 @@ fn create_instruction(
             asset_id,
             amount
         }],
-        default_portfolio_vec(alice.did),
+        default_portfolio_btreeset(alice.did),
         None,
     ));
     instruction_id
@@ -2691,7 +2704,7 @@ fn add_and_affirm_nft_instruction() {
             None,
             None,
             legs,
-            default_portfolio_vec(alice.did),
+            default_portfolio_btreeset(alice.did),
             Some(Memo::default()),
         ));
 
@@ -2716,7 +2729,7 @@ fn add_and_affirm_nft_instruction() {
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             instruction_id,
-            default_portfolio_vec(bob.did),
+            default_portfolio_btreeset(bob.did),
         ));
         next_block();
         assert_eq!(NumberOfNFTs::get(asset_id, alice.did), 0);
@@ -2800,7 +2813,7 @@ fn add_and_affirm_nft_not_owned() {
                 None,
                 None,
                 legs,
-                default_portfolio_vec(alice.did),
+                default_portfolio_btreeset(alice.did),
                 Some(Memo::default()),
             ),
             PortfolioError::NFTNotFoundInPortfolio
@@ -2868,7 +2881,7 @@ fn add_same_nft_different_legs() {
                 None,
                 None,
                 legs,
-                default_portfolio_vec(alice.did),
+                default_portfolio_btreeset(alice.did),
                 Some(Memo::default()),
             ),
             PortfolioError::NFTAlreadyLocked
@@ -2942,7 +2955,7 @@ fn add_and_affirm_with_receipts_nfts() {
                         .into(),
                     None
                 )],
-                Vec::new(),
+                Default::default(),
             ),
             Error::ReceiptForInvalidLegType
         );
@@ -3045,7 +3058,7 @@ fn add_and_execute_offchain_instruction() {
             alice.origin(),
             id,
             receipts_details,
-            Vec::new(),
+            Default::default(),
         ),);
         next_block();
 
@@ -3090,7 +3103,6 @@ fn affirm_offchain_asset_without_receipt() {
             VenueType::Other,
         )
         .unwrap();
-        let alice_portfolio = PortfolioId::default_portfolio(alice.did);
 
         let legs: Vec<Leg> = vec![Leg::OffChain {
             sender_identity: alice.did,
@@ -3111,7 +3123,7 @@ fn affirm_offchain_asset_without_receipt() {
             Settlement::affirm_instruction(
                 alice.origin(),
                 InstructionId(0),
-                vec![alice_portfolio],
+                default_portfolio_btreeset(alice.did),
             ),
             Error::UnexpectedAffirmationStatus
         );
@@ -3471,13 +3483,13 @@ fn manually_execute_failed_instruction() {
             None,
             None,
             legs.clone(),
-            vec![alice_default_portfolio],
+            default_portfolio_btreeset(alice.did),
             instruction_memo.clone(),
         ));
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             InstructionId(0),
-            vec![bob_default_portfolio],
+            default_portfolio_btreeset(bob.did),
         ));
         assert_ok!(Asset::freeze(alice.origin(), asset_id));
         next_block();
@@ -3549,7 +3561,7 @@ fn affirm_with_receipts_cost() {
                 alice.origin(),
                 id,
                 receipts_details,
-                Vec::new(),
+                Default::default(),
                 Some(affirmation_count)
             ),
             Error::NumberOfOffChainTransfersUnderestimated
@@ -3602,7 +3614,7 @@ fn affirm_instruction_cost() {
             Settlement::affirm_instruction_with_count(
                 alice.origin(),
                 InstructionId(0),
-                vec![alice_user_porfolio, alice_default_portfolio],
+                vec_to_btreeset(vec![alice_user_porfolio, alice_default_portfolio]),
                 Some(affirmation_count)
             ),
             Error::NumberOfFungibleTransfersUnderestimated
@@ -3613,7 +3625,7 @@ fn affirm_instruction_cost() {
             Settlement::affirm_instruction_with_count(
                 bob.origin(),
                 InstructionId(0),
-                vec![bob_user_porfolio, bob_default_portfolio],
+                vec_to_btreeset(vec![bob_user_porfolio, bob_default_portfolio]),
                 Some(affirmation_count)
             ),
             Error::NumberOfFungibleTransfersUnderestimated
@@ -3653,7 +3665,7 @@ fn withdraw_affirmation_cost() {
         assert_ok!(Settlement::affirm_instruction_with_count(
             alice.origin(),
             InstructionId(0),
-            vec![alice_default_portfolio],
+            default_portfolio_btreeset(alice.did),
             Some(affirmation_count)
         ),);
         let affirmation_count =
@@ -3662,7 +3674,7 @@ fn withdraw_affirmation_cost() {
             Settlement::withdraw_affirmation_with_count(
                 alice.origin(),
                 InstructionId(0),
-                vec![alice_default_portfolio],
+                default_portfolio_btreeset(alice.did),
                 Some(affirmation_count)
             ),
             Error::NumberOfFungibleTransfersUnderestimated
@@ -3686,7 +3698,12 @@ fn reject_instruction_cost() {
             AssetType::NonFungible(NonFungibleType::Derivative),
             NFTCollectionKeys::default(),
         );
-        mint_nft(alice.clone(), asset_id2, Vec::new(), PortfolioKind::Default);
+        mint_nft(
+            alice.clone(),
+            asset_id2,
+            Default::default(),
+            PortfolioKind::Default,
+        );
 
         let legs: Vec<Leg> = vec![
             Leg::Fungible {
@@ -4018,12 +4035,12 @@ fn expired_affirmation_execution() {
         assert_ok!(Settlement::affirm_instruction(
             alice.origin(),
             InstructionId(0),
-            vec![alice_default_portfolio]
+            default_portfolio_btreeset(alice.did),
         ),);
         assert_ok!(Settlement::affirm_instruction(
             bob.origin(),
             InstructionId(0),
-            vec![bob_default_portfolio]
+            default_portfolio_btreeset(bob.did),
         ),);
         assert_ok!(Settlement::affirm_instruction_as_mediator(
             charlie.origin(),
diff --git a/pallets/runtime/tests/src/storage.rs b/pallets/runtime/tests/src/storage.rs
index 8e1924662..27cca73de 100644
--- a/pallets/runtime/tests/src/storage.rs
+++ b/pallets/runtime/tests/src/storage.rs
@@ -6,14 +6,17 @@ use std::convert::From;
 
 use codec::Encode;
 use frame_support::dispatch::{DispatchInfo, DispatchResult, Weight};
-use frame_support::traits::{Currency, Imbalance, KeyOwnerProofSystem, OnInitialize, OnUnbalanced};
+use frame_support::traits::{
+    Currency, Imbalance, KeyOwnerProofSystem, OnInitialize, OnUnbalanced, TryCollect,
+};
 use frame_support::weights::{
     RuntimeDbWeight, WeightToFeeCoefficient, WeightToFeeCoefficients, WeightToFeePolynomial,
 };
-use frame_support::{assert_ok, parameter_types, StorageDoubleMap};
+use frame_support::{assert_ok, parameter_types, BoundedBTreeSet, StorageDoubleMap};
 use smallvec::smallvec;
 use sp_core::crypto::{key_types, Pair as PairTrait};
 use sp_core::sr25519::Pair;
+use sp_core::Get;
 use sp_core::H256;
 use sp_keyring::AccountKeyring;
 use sp_runtime::curve::PiecewiseLinear;
@@ -28,8 +31,6 @@ use sp_runtime::transaction_validity::{
 };
 use sp_runtime::{create_runtime_str, AnySignature, KeyTypeId, Perbill, Permill};
 use sp_staking::{EraIndex, SessionIndex};
-use sp_std::collections::btree_set::BTreeSet;
-use sp_std::iter;
 use sp_version::RuntimeVersion;
 
 use frame_system::{EnsureRoot, RawOrigin};
@@ -235,6 +236,7 @@ parameter_types! {
     pub const MaxNumberOfFungibleMoves: u32 = 10;
     pub const MaxNumberOfNFTsMoves: u32 = 100;
     pub const MaxNumberOfOffChainAssets: u32 = 10;
+    pub const MaxNumberOfPortfolios: u32 = (10 + 100) * 2;
     pub const MaxNumberOfVenueSigners: u32 = 50;
     pub const MaxInstructionMediators: u32 = 4;
     pub const MaxAssetMediators: u32 = 4;
@@ -892,8 +894,20 @@ pub fn get_last_auth_id(signatory: &Signatory<AccountId>) -> u64 {
 }
 
 /// Returns a btreeset that contains default portfolio for the identity.
-pub fn default_portfolio_btreeset(did: IdentityId) -> BTreeSet<PortfolioId> {
-    iter::once(PortfolioId::default_portfolio(did)).collect::<BTreeSet<_>>()
+pub fn default_portfolio_btreeset(
+    did: IdentityId,
+) -> BoundedBTreeSet<PortfolioId, MaxNumberOfPortfolios> {
+    [PortfolioId::default_portfolio(did)]
+        .into_iter()
+        .try_collect()
+        .expect("One portfolio shouldn't be too much")
+}
+
+/// Returns a Bounded btreeset from an unbounded Vec.
+pub fn vec_to_btreeset<T: Ord, S: Get<u32>>(vec: Vec<T>) -> BoundedBTreeSet<T, S> {
+    vec.into_iter()
+        .try_collect()
+        .expect("Vec has too many items")
 }
 
 /// Returns a vector that contains default portfolio for the identity.
@@ -902,8 +916,14 @@ pub fn default_portfolio_vec(did: IdentityId) -> Vec<PortfolioId> {
 }
 
 /// Returns a btreeset that contains a portfolio for the identity.
-pub fn user_portfolio_btreeset(did: IdentityId, num: PortfolioNumber) -> BTreeSet<PortfolioId> {
-    iter::once(PortfolioId::user_portfolio(did, num)).collect::<BTreeSet<_>>()
+pub fn user_portfolio_btreeset(
+    did: IdentityId,
+    num: PortfolioNumber,
+) -> BoundedBTreeSet<PortfolioId, MaxNumberOfPortfolios> {
+    [PortfolioId::user_portfolio(did, num)]
+        .into_iter()
+        .try_collect()
+        .expect("One portfolio shouldn't be too much")
 }
 
 /// Returns a vector that contains a portfolio for the identity.
diff --git a/pallets/settlement/src/benchmarking.rs b/pallets/settlement/src/benchmarking.rs
index d97dcfeb7..7c944db4e 100644
--- a/pallets/settlement/src/benchmarking.rs
+++ b/pallets/settlement/src/benchmarking.rs
@@ -14,7 +14,7 @@
 // along with this program. If not, see <http://www.gnu.org/licenses/>.
 
 pub use frame_benchmarking::{account, benchmarks};
-use frame_support::traits::Get;
+use frame_support::traits::{Get, TryCollect};
 use frame_system::RawOrigin;
 use scale_info::prelude::format;
 use sp_core::sr25519::Signature;
@@ -60,12 +60,30 @@ pub struct Parameters<T: Config> {
     pub asset_mediators: Vec<User<T>>,
 }
 
+impl<T: Config> Parameters<T> {
+    pub fn sdr_portfolios(&self) -> BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios> {
+        self.portfolios
+            .sdr_portfolios
+            .clone()
+            .into_iter()
+            .try_collect()
+            .expect("shouldn't be too many")
+    }
+
+    pub fn rcv_portfolios(&self) -> BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios> {
+        self.portfolios
+            .rcv_portfolios
+            .clone()
+            .into_iter()
+            .try_collect()
+            .expect("shouldn't be too many")
+    }
+}
+
 #[derive(Default)]
 pub struct Portfolios {
     pub sdr_portfolios: Vec<PortfolioId>,
-    pub sdr_receipt_portfolios: Vec<PortfolioId>,
     pub rcv_portfolios: Vec<PortfolioId>,
-    pub rcv_receipt_portfolios: Vec<PortfolioId>,
 }
 
 fn creator<T: Config + TestUtilsFn<AccountIdOf<T>>>() -> User<T> {
@@ -231,11 +249,7 @@ where
             )
         })
         .collect();
-    let sdr_portfolios = [
-        parameters.portfolios.sdr_portfolios.clone(),
-        parameters.portfolios.sdr_receipt_portfolios.clone(),
-    ]
-    .concat();
+    let sdr_portfolios = parameters.sdr_portfolios();
     Module::<T>::affirm_with_receipts(
         sender.origin.clone().into(),
         InstructionId(1),
@@ -243,11 +257,7 @@ where
         sdr_portfolios,
     )
     .unwrap();
-    let rcv_portfolios = [
-        parameters.portfolios.rcv_portfolios.clone(),
-        parameters.portfolios.rcv_receipt_portfolios.clone(),
-    ]
-    .concat();
+    let rcv_portfolios = parameters.rcv_portfolios();
     Module::<T>::affirm_with_receipts(
         receiver.origin.clone().into(),
         InstructionId(1),
@@ -434,6 +444,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account()]);
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, o, false, false);
+        let portfolios = parameters.sdr_portfolios();
         Module::<T>::add_instruction(
             alice.origin.clone().into(),
             Some(venue_id),
@@ -456,8 +467,6 @@ benchmarks! {
                 )
             })
             .collect();
-        let portfolios =
-            [parameters.portfolios.sdr_portfolios, parameters.portfolios.sdr_receipt_portfolios].concat();
     }: _(alice.origin, InstructionId(1), receipt_details, portfolios)
 
     execute_manual_instruction {
@@ -504,7 +513,8 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account()]);
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, o, false, false);
-    }: _(alice.origin, Some(venue_id), settlement_type, None, None, parameters.legs, parameters.portfolios.sdr_portfolios, memo)
+        let portfolios = parameters.sdr_portfolios();
+    }: _(alice.origin, Some(venue_id), settlement_type, None, None, parameters.legs, portfolios, memo)
 
     affirm_instruction {
         // Number of fungible and non-fungible assets in the portfolios
@@ -517,6 +527,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account()]);
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, T::MaxNumberOfOffChainAssets::get(), false, false);
+        let portfolios = parameters.sdr_portfolios();
         Module::<T>::add_instruction(
             alice.origin.clone().into(),
             Some(venue_id),
@@ -526,7 +537,7 @@ benchmarks! {
             parameters.legs,
             memo,
         ).unwrap();
-    }: _(alice.origin, InstructionId(1), parameters.portfolios.sdr_portfolios)
+    }: _(alice.origin, InstructionId(1), portfolios)
 
     withdraw_affirmation {
         // Number of fungible, non-fungible and offchain LEGS in the portfolios
@@ -542,8 +553,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account(), bob.account()]);
 
         let parameters = setup_execute_instruction::<T>(&alice, &bob, settlement_type, venue_id, f, n, o, m, false, false);
-        let portfolios =
-            [parameters.portfolios.sdr_portfolios, parameters.portfolios.sdr_receipt_portfolios].concat();
+        let portfolios = parameters.sdr_portfolios();
     }: _(alice.origin, InstructionId(1),  portfolios)
 
     reject_instruction {
@@ -560,8 +570,6 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account(), bob.account()]);
 
         let parameters = setup_execute_instruction::<T>(&alice, &bob, settlement_type, venue_id, f, n, o, m, false, false);
-        let portfolios =
-            [parameters.portfolios.sdr_portfolios.clone(), parameters.portfolios.sdr_receipt_portfolios].concat();
     }: _(alice.origin, InstructionId(1), parameters.portfolios.sdr_portfolios[0])
 
     execute_instruction_paused {
@@ -611,6 +619,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account()]);
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, o, false, false);
+        let portfolios = parameters.rcv_portfolios();
         Module::<T>::add_instruction(
             alice.origin.clone().into(),
             Some(venue_id),
@@ -633,8 +642,6 @@ benchmarks! {
                 )
             })
             .collect();
-        let portfolios =
-            [parameters.portfolios.rcv_portfolios, parameters.portfolios.rcv_receipt_portfolios].concat();
     }: affirm_with_receipts(bob.origin, InstructionId(1), receipt_details, portfolios)
 
     affirm_instruction_rcv {
@@ -648,6 +655,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account()]);
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, T::MaxNumberOfOffChainAssets::get(), false, false);
+        let portfolios = parameters.rcv_portfolios();
         Module::<T>::add_instruction(
             alice.origin.clone().into(),
             Some(venue_id),
@@ -657,7 +665,7 @@ benchmarks! {
             parameters.legs,
             memo,
         ).unwrap();
-    }: affirm_instruction(bob.origin, InstructionId(1), parameters.portfolios.rcv_portfolios)
+    }: affirm_instruction(bob.origin, InstructionId(1), portfolios)
 
     withdraw_affirmation_rcv {
         // Number of fungible, non-fungible and offchain LEGS in the portfolios
@@ -673,8 +681,7 @@ benchmarks! {
         let venue_id = create_venue_::<T>(alice.did(), vec![alice.account(), bob.account()]);
 
         let parameters = setup_execute_instruction::<T>(&alice, &bob, settlement_type, venue_id, f, n, o, m, false, false);
-        let portfolios =
-            [parameters.portfolios.rcv_portfolios, parameters.portfolios.rcv_receipt_portfolios].concat();
+        let portfolios = parameters.rcv_portfolios();
     }: withdraw_affirmation(bob.origin, InstructionId(1),  portfolios)
 
     add_instruction_with_mediators {
@@ -709,7 +716,8 @@ benchmarks! {
         let mediators: BTreeSet<IdentityId> = (0..m).map(|i| IdentityId::from(i as u128)).collect();
 
         let parameters = setup_legs::<T>(&alice, &bob, f, n, o, false, false);
-    }: _(alice.origin, Some(venue_id), settlement_type, None, None, parameters.legs, parameters.portfolios.sdr_portfolios, memo, mediators.try_into().unwrap())
+        let portfolios = parameters.sdr_portfolios();
+    }: _(alice.origin, Some(venue_id), settlement_type, None, None, parameters.legs, portfolios, memo, mediators.try_into().unwrap())
 
     affirm_instruction_as_mediator {
         let bob = UserBuilder::<T>::default().generate_did().build("Bob");
diff --git a/pallets/settlement/src/lib.rs b/pallets/settlement/src/lib.rs
index ded062b57..75678e127 100644
--- a/pallets/settlement/src/lib.rs
+++ b/pallets/settlement/src/lib.rs
@@ -135,6 +135,9 @@ pub trait Config:
     /// Maximum number of off-chain assets that can be transferred in a instruction.
     type MaxNumberOfOffChainAssets: Get<u32>;
 
+    /// Maximum number of portfolios.
+    type MaxNumberOfPortfolios: Get<u32>;
+
     /// Maximum number of venue signers.
     type MaxNumberOfVenueSigners: Get<u32>;
 
@@ -257,11 +260,10 @@ decl_storage! {
         /// Signers allowed by the venue. (venue_id, signer) -> bool
         VenueSigners get(fn venue_signers):
             double_map hasher(twox_64_concat) VenueId, hasher(twox_64_concat) T::AccountId => bool;
-        /// Array of venues created by an identity. Only needed for the UI. IdentityId -> Vec<venue_id>
         /// Venues create by an identity.
         /// Only needed for the UI.
         ///
-        /// identity -> venue_id ()
+        /// identity -> venue_id -> ()
         pub UserVenues get(fn user_venues):
             double_map hasher(twox_64_concat) IdentityId, hasher(twox_64_concat) VenueId => ();
         /// Details about an instruction. instruction_id -> instruction_details
@@ -319,6 +321,7 @@ decl_module! {
         const MaxNumberOfFungibleAssets: u32 = T::MaxNumberOfFungibleAssets::get();
         const MaxNumberOfNFTsPerLeg: u32 = T::MaxNumberOfNFTsPerLeg::get();
         const MaxNumberOfNFTs: u32 = T::MaxNumberOfNFTs::get();
+        const MaxNumberOfPortfolios: u32 = T::MaxNumberOfPortfolios::get();
         const MaxNumberOfVenueSigners: u32 = T::MaxNumberOfVenueSigners::get();
 
         fn deposit_event() = default;
@@ -408,13 +411,13 @@ decl_module! {
             origin,
             id: InstructionId,
             receipt_details: Vec<ReceiptDetails<T::AccountId, T::OffChainSignature>>,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
         ) -> DispatchResultWithPostInfo {
             Self::affirm_with_receipts_and_maybe_schedule_instruction(
                 origin,
                 id,
                 receipt_details,
-                portfolios,
+                portfolios.into_inner(),
                 None
             )
         }
@@ -573,11 +576,10 @@ decl_module! {
             trade_date: Option<T::Moment>,
             value_date: Option<T::Moment>,
             legs: Vec<Leg>,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
             instruction_memo: Option<Memo>,
         ) {
             let did = Identity::<T>::ensure_perms(origin.clone())?;
-            let portfolios_set = portfolios.into_iter().collect::<BTreeSet<_>>();
             let instruction_id = Self::base_add_instruction(
                 did,
                 venue_id,
@@ -591,7 +593,7 @@ decl_module! {
             Self::affirm_and_maybe_schedule_instruction(
                 origin,
                 instruction_id,
-                portfolios_set.into_iter(),
+                portfolios.into_inner(),
                 None
             )
             .map_err(|e| e.error)?;
@@ -606,11 +608,11 @@ decl_module! {
         /// # Permissions
         /// * Portfolio
         #[weight = <T as Config>::WeightInfo::affirm_instruction_input(None, portfolios.len() as u32)]
-        pub fn affirm_instruction(origin, id: InstructionId, portfolios: Vec<PortfolioId>) -> DispatchResultWithPostInfo {
+        pub fn affirm_instruction(origin, id: InstructionId, portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>) -> DispatchResultWithPostInfo {
             Self::affirm_and_maybe_schedule_instruction(
                 origin,
                 id,
-                portfolios.into_iter(),
+                portfolios.into_inner(),
                 None
             )
         }
@@ -624,8 +626,8 @@ decl_module! {
         /// # Permissions
         /// * Portfolio
         #[weight = <T as Config>::WeightInfo::withdraw_affirmation_input(None, portfolios.len() as u32)]
-        pub fn withdraw_affirmation(origin, id: InstructionId, portfolios: Vec<PortfolioId>) -> DispatchResultWithPostInfo {
-            Self::base_withdraw_affirmation(origin, id, portfolios, None)
+        pub fn withdraw_affirmation(origin, id: InstructionId, portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>) -> DispatchResultWithPostInfo {
+            Self::base_withdraw_affirmation(origin, id, portfolios.into_inner(), None)
         }
 
         /// Rejects an existing instruction.
@@ -673,14 +675,14 @@ decl_module! {
             origin,
             id: InstructionId,
             receipt_details: Vec<ReceiptDetails<T::AccountId, T::OffChainSignature>>,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
             number_of_assets: Option<AffirmationCount>
         ) {
             Self::affirm_with_receipts_and_maybe_schedule_instruction(
                 origin,
                 id,
                 receipt_details,
-                portfolios,
+                portfolios.into_inner(),
                 number_of_assets
             )
             .map_err(|e| e.error)?;
@@ -701,13 +703,13 @@ decl_module! {
         pub fn affirm_instruction_with_count(
             origin,
             id: InstructionId,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
             number_of_assets: Option<AffirmationCount>
         ) {
             Self::affirm_and_maybe_schedule_instruction(
                 origin,
                 id,
-                portfolios.into_iter(),
+                portfolios.into_inner(),
                 number_of_assets
             )
             .map_err(|e| e.error)?;
@@ -750,10 +752,10 @@ decl_module! {
         pub fn withdraw_affirmation_with_count(
             origin,
             id: InstructionId,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
             number_of_assets: Option<AffirmationCount>
         ) {
-            Self::base_withdraw_affirmation(origin, id, portfolios, number_of_assets)
+            Self::base_withdraw_affirmation(origin, id, portfolios.into_inner(), number_of_assets)
                 .map_err(|e| e.error)?;
         }
 
@@ -813,7 +815,7 @@ decl_module! {
             trade_date: Option<T::Moment>,
             value_date: Option<T::Moment>,
             legs: Vec<Leg>,
-            portfolios: Vec<PortfolioId>,
+            portfolios: BoundedBTreeSet<PortfolioId, T::MaxNumberOfPortfolios>,
             instruction_memo: Option<Memo>,
             mediators: BoundedBTreeSet<IdentityId, T::MaxInstructionMediators>,
         ) {
@@ -828,11 +830,10 @@ decl_module! {
                 instruction_memo,
                 Some(mediators)
             )?;
-            let portfolios_set = portfolios.into_iter().collect::<BTreeSet<_>>();
             Self::affirm_and_maybe_schedule_instruction(
                 origin,
                 instruction_id,
-                portfolios_set.into_iter(),
+                portfolios.into_inner(),
                 None
             )
             .map_err(|e| e.error)?;
@@ -1133,11 +1134,10 @@ impl<T: Config> Module<T> {
     fn unsafe_withdraw_instruction_affirmation(
         did: IdentityId,
         id: InstructionId,
-        portfolios: Vec<PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         secondary_key: Option<&SecondaryKey<T::AccountId>>,
         affirmation_count: Option<AffirmationCount>,
     ) -> Result<FilteredLegs, DispatchError> {
-        let portfolios = portfolios.into_iter().collect::<BTreeSet<_>>();
         // checks custodianship of portfolios and affirmation status
         Self::ensure_portfolios_and_affirmation_status(
             id,
@@ -1605,7 +1605,7 @@ impl<T: Config> Module<T> {
         origin: <T as frame_system::Config>::RuntimeOrigin,
         instruction_id: InstructionId,
         receipts_details: Vec<ReceiptDetails<T::AccountId, T::OffChainSignature>>,
-        portfolios: Vec<PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         affirmation_count: Option<AffirmationCount>,
     ) -> Result<FilteredLegs, DispatchError> {
         ensure!(
@@ -1615,12 +1615,11 @@ impl<T: Config> Module<T> {
 
         let (did, secondary_key, instruction_details) =
             Self::ensure_origin_perm_and_instruction_validity(origin, instruction_id, false)?;
-        let portfolios_set = portfolios.into_iter().collect::<BTreeSet<_>>();
 
         // Verify portfolio custodianship and check if it is a counter party with a pending affirmation.
         Self::ensure_portfolios_and_affirmation_status(
             instruction_id,
-            &portfolios_set,
+            &portfolios,
             did,
             secondary_key.as_ref(),
             &[AffirmationStatus::Pending],
@@ -1633,7 +1632,7 @@ impl<T: Config> Module<T> {
         )?;
 
         // Lock tokens for all legs that are not of type [`Leg::OffChain`]
-        let filtered_legs = Self::filtered_legs(instruction_id, &portfolios_set);
+        let filtered_legs = Self::filtered_legs(instruction_id, &portfolios);
         // If the fee was estimated in advance, the input values must be at least equal to the actual values
         if let Some(affirmation_count) = affirmation_count {
             Self::ensure_valid_affirmation_count(&filtered_legs, &affirmation_count)?
@@ -1645,7 +1644,7 @@ impl<T: Config> Module<T> {
 
         // Casting is safe since `Self::ensure_portfolios_and_affirmation_status` is called
         let affirms_pending = InstructionAffirmsPending::get(instruction_id)
-            .saturating_sub(portfolios_set.len() as u64)
+            .saturating_sub(portfolios.len() as u64)
             .saturating_sub(receipts_details.len() as u64);
         InstructionAffirmsPending::insert(instruction_id, affirms_pending);
 
@@ -1675,7 +1674,7 @@ impl<T: Config> Module<T> {
             ));
         }
 
-        for portfolio in portfolios_set {
+        for portfolio in portfolios {
             UserAffirmations::insert(portfolio, instruction_id, AffirmationStatus::Affirmed);
             AffirmsReceived::insert(instruction_id, portfolio, AffirmationStatus::Affirmed);
             Self::deposit_event(RawEvent::InstructionAffirmed(
@@ -1691,13 +1690,12 @@ impl<T: Config> Module<T> {
     pub fn base_affirm_instruction(
         origin: <T as frame_system::Config>::RuntimeOrigin,
         id: InstructionId,
-        portfolios: impl Iterator<Item = PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         affirmation_count: Option<AffirmationCount>,
     ) -> Result<FilteredLegs, DispatchError> {
         let (did, sk, _) = Self::ensure_origin_perm_and_instruction_validity(origin, id, false)?;
-        let portfolios_set = portfolios.collect::<BTreeSet<_>>();
         // Provide affirmation to the instruction
-        Self::unsafe_affirm_instruction(did, id, portfolios_set, sk.as_ref(), affirmation_count)
+        Self::unsafe_affirm_instruction(did, id, portfolios, sk.as_ref(), affirmation_count)
     }
 
     /// Affirms all legs from the instruction of the given `id`, where `portfolios` are a counter party.
@@ -1708,7 +1706,7 @@ impl<T: Config> Module<T> {
         origin: <T as frame_system::Config>::RuntimeOrigin,
         id: InstructionId,
         receipt_details: Vec<ReceiptDetails<T::AccountId, T::OffChainSignature>>,
-        portfolios: Vec<PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         affirmation_count: Option<AffirmationCount>,
     ) -> DispatchResultWithPostInfo {
         let filtered_legs = Self::base_affirm_with_receipts(
@@ -1742,7 +1740,7 @@ impl<T: Config> Module<T> {
     pub fn affirm_and_maybe_schedule_instruction(
         origin: <T as frame_system::Config>::RuntimeOrigin,
         id: InstructionId,
-        portfolios: impl Iterator<Item = PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         affirmation_count: Option<AffirmationCount>,
     ) -> DispatchResultWithPostInfo {
         let filtered_legs =
@@ -1770,7 +1768,7 @@ impl<T: Config> Module<T> {
         origin: <T as frame_system::Config>::RuntimeOrigin,
         id: InstructionId,
         receipt: Option<ReceiptDetails<T::AccountId, T::OffChainSignature>>,
-        portfolios: Vec<PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         caller_did: IdentityId,
         weight_meter: &mut WeightMeter,
     ) -> DispatchResult {
@@ -1778,7 +1776,7 @@ impl<T: Config> Module<T> {
             Some(receipt) => {
                 Self::base_affirm_with_receipts(origin, id, vec![receipt], portfolios, None)?
             }
-            None => Self::base_affirm_instruction(origin, id, portfolios.into_iter(), None)?,
+            None => Self::base_affirm_instruction(origin, id, portfolios, None)?,
         };
         Self::execute_settle_on_affirmation_instruction(
             id,
@@ -1831,10 +1829,10 @@ impl<T: Config> Module<T> {
     }
 
     /// Returns [`FilteredLegs`] where the orginal set is all legs in the instruction of the given
-    /// `id` and the subset of legs are all legs where the sender is in the given `portfolio_set`.
-    fn filtered_legs(id: InstructionId, portfolio_set: &BTreeSet<PortfolioId>) -> FilteredLegs {
+    /// `id` and the subset of legs are all legs where the sender is in the given `portfolio`.
+    fn filtered_legs(id: InstructionId, portfolio: &BTreeSet<PortfolioId>) -> FilteredLegs {
         let instruction_legs: Vec<(LegId, Leg)> = InstructionLegs::iter_prefix(&id).collect();
-        FilteredLegs::filter_sender(instruction_legs, portfolio_set)
+        FilteredLegs::filter_sender(instruction_legs, portfolio)
     }
 
     fn get_instruction_asset_count(id: &InstructionId) -> AssetCount {
@@ -2333,7 +2331,7 @@ impl<T: Config> Module<T> {
     fn base_withdraw_affirmation(
         origin: T::RuntimeOrigin,
         id: InstructionId,
-        portfolios: Vec<PortfolioId>,
+        portfolios: BTreeSet<PortfolioId>,
         affirmation_count: Option<AffirmationCount>,
     ) -> DispatchResultWithPostInfo {
         let (did, secondary_key, details) =
@@ -2547,7 +2545,6 @@ impl<T: Config> Module<T> {
     pub fn get_actual_weight(call: &Call<T>) -> Option<Weight> {
         match call {
             Call::affirm_instruction { id, portfolios } => {
-                let portfolios = portfolios.into_iter().cloned().collect::<BTreeSet<_>>();
                 let filtered_legs = Self::filtered_legs(*id, &portfolios);
                 Some(Self::affirm_instruction_actual_weight(
                     *filtered_legs.sender_asset_count(),
@@ -2555,7 +2552,6 @@ impl<T: Config> Module<T> {
                 ))
             }
             Call::affirm_with_receipts { id, portfolios, .. } => {
-                let portfolios = portfolios.into_iter().cloned().collect::<BTreeSet<_>>();
                 let filtered_legs = Self::filtered_legs(*id, &portfolios);
                 Some(Self::affirm_with_receipts_actual_weight(
                     *filtered_legs.sender_asset_count(),
@@ -2564,7 +2560,6 @@ impl<T: Config> Module<T> {
                 ))
             }
             Call::withdraw_affirmation { id, portfolios } => {
-                let portfolios = portfolios.into_iter().cloned().collect::<BTreeSet<_>>();
                 let filtered_legs = Self::filtered_legs(*id, &portfolios);
                 Some(Self::withdraw_affirmation_actual_weight(
                     *filtered_legs.sender_asset_count(),
diff --git a/pallets/sto/src/lib.rs b/pallets/sto/src/lib.rs
index 452b3d059..a6751b5cd 100644
--- a/pallets/sto/src/lib.rs
+++ b/pallets/sto/src/lib.rs
@@ -506,7 +506,7 @@ decl_module! {
                     None
                 )?;
 
-                let portfolios = vec![investment_portfolio, funding_portfolio];
+                let portfolios = [investment_portfolio, funding_portfolio].iter().copied().collect::<BTreeSet<_>>();
                 Settlement::<T>::affirm_and_execute_instruction(
                     origin,
                     instruction_id,