Equity Securities Portfolio Sector Diversification. (i) The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (A) at least equal to the Benchmark Sector Weight minus 8% thereof, and (B) not greater than the Benchmark Sector Weight plus 8% thereof; PROVIDED, HOWEVER, that a Sector may have a weighting that is less than the minimum required weighting to the extent that the minimum required weighting exceeds 25%. For the avoidance of doubt, nothing in this SECTION 3.04(C)(I) shall alter the requirements in SECTION 3.04(D) or SECTION 3.04(E). (ii) The Market Value of Equity Securities (other than exchange-traded funds) that are not classified by the Sector Classification System or the Adviser shall not in the aggregate exceed 2% of the Market Value of the Equity Securities Portfolio. The aggregate Market Value of (x) Equity Securities that are not classified by the Sector Classification System or the Adviser, and all exchange-traded funds (collectively, "UNCLASSIFIED EQUITY Securities"), other than exchange-traded funds based solely on the Equity Benchmark, and (y) Nonconforming Equity Securities shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. If exchange-traded funds are Sector- specific rather than based on broad market indices, each such Sector- specific exchange-traded fund shall be classified as belonging to the Sector on which it is based. (iii) If the Adviser classifies an Equity Security that is not classified by the Sector Classification System, the Adviser shall determine the applicable Sector reasonably, in good faith and in accordance with industry standards. To the extent that an Equity Security is classified by the Adviser (as reflected in a Weekly Report or otherwise), the Adviser will, if requested by the Insurer, consult with the Insurer with respect to such classification and, if the Insurer does not concur with the Adviser's classification, the classification shall be revised to a mutually acceptable classification. (iv) Exchange-traded funds based solely on the Equity Benchmark shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by SECTION 3.04(C). (v) For the avoidance of doubt, to the extent the Equity Portfolio is invested in Master Fund shares, this test shall be applied as if the Fund's assets and liabilities included a pro rata portion of the assets and liabilities of such Master Funds.

Equity Securities Portfolio Sector Diversification. The weighting of each Sector within the Equity Securities Portfolio shall be a percentage that is (i) at least equal to the lesser of (x) the Benchmark Sector Weight minus 2% or (y) 75% of the Benchmark Sector Weight, and (ii) not greater than the greater of (x) the Benchmark Sector Weight plus 2% or (y) 125% of the Benchmark Sector Weight. The Market Value of Equity Securities that are not classified by the Sector Classification System and all exchange traded funds (other than SPDRs) (collectively, "Unclassified Equity Securities") shall not in the aggregate exceed 7% of the Market Value of the Equity Securities Portfolio. SPDRs shall not be required to be assigned to a Sector and shall be disregarded for purposes of the tests required by this Section 3.05(c).

Related to Equity Securities Portfolio Sector Diversification

IRANIAN ENERGY SECTOR DIVESTMENT In accordance with Section 2879-c of the Public Authorities Law, by signing this contract, each person and each person signing on behalf of any other party certifies, and in the case of a joint bid or partnership each party thereto certifies as to its own organization, under penalty of perjury, that to the best of its knowledge and belief that each person is not on the list created pursuant to paragraph (b) of subdivision 3 of Section 165-a of the State Finance Law (See xxxxx://xxx.xx.xxx/iran-divestment-act-2012).
Portfolio Valuation and Diversification Etc Risk Factor Ratings;
Investment Portfolio All investment securities held by Seller or its Subsidiaries, as reflected in the consolidated balance sheets of Seller included in the Seller Financial Statements, are carried in accordance with GAAP, specifically including but not limited to, FAS 115.
Portfolio Transactions The Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Portfolio and is directed to use its best efforts to obtain the best available prices and most favorable executions, except as prescribed herein. It is understood that the Manager will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or to the Portfolio, or be in breach of any obligation owing to the Fund or to the Portfolio under this Agreement, or otherwise, solely by reason of its having caused the Portfolio to pay a member of a securities exchange, a broker, or a dealer a commission for effecting a securities transaction for the Portfolio in excess of the amount of commission another member of an exchange, broker, or dealer would have charged if the Manager determines in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker, or dealer, viewed in terms of that particular transaction or the Manager’s overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion. The Manager will promptly communicate to the officers and directors of the Fund such information relating to transactions for the Portfolio as they may reasonably request.
Portfolio Securities Portfolio securities of the Issuer may be bought or sold by or through Distributors, and Distributors may participate directly or indirectly in brokerage commissions or "spreads" for transactions in portfolio securities of the Issuer.
Fund/SERV Transactions If the parties choose to use the National Securities Clearing Corporation’s Mutual Fund Settlement, Entry and Registration Verification (“Fund/SERV”) or any other NSCC service, the following provisions shall apply: The Company and the Fund or its designee will each be bound by the rules of the National Securities Clearing Corporation (“NSCC”) and the terms of any NSCC agreement filed by it or its designee with the NSCC. Without limiting the generality of the following provisions of this section, the Company and the Fund or its designee will each perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV, the Mutual Fund Profile Service, the Networking Matrix Level utilized and any other relevant NSCC service or system (collectively, the “NSCC Systems”). Any information transmitted through the NSCC Systems by any party or its designee to the other or its designee and pursuant to this Agreement will be accurate, complete, and in the format prescribed by the NSCC. Each party or its designee will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the NSCC Systems and to limit the access to, and the inputting of data into, the NSCC Systems to persons specifically authorized by such party. On each day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC (“Business Day”), the Company shall aggregate and calculate the net purchase and redemption orders for each Account received by the Company by the close of the New York Stock Exchange (generally, 4:00 p.m. Eastern Time) (the “Close of Trading”) on the Business Day. The Company shall communicate to the Fund or its designee for that Business Day, by Fund/SERV, the net aggregate purchase or redemption orders (if any) for each Account received by the Close of Trading on such Business Day (the “Trade Date”) no later than 7:00 a.m. Eastern Time (or such other time as may be agreed by the parties from time to time) (the “Fund/SERV Transactions Deadline”) on the Business Day following the Trade Date. All such aggregated orders communicated to the Fund or its designee by the Fund/SERV Transactions Deadline on the Business Day following the Trade Date shall be treated by the Fund or its designee as if received prior to the Close of Trading on the Trade Date. All orders received by the Company after the Close of Trading on a Business Day shall not be aggregated with Orders received by the Company prior to the Close of Trading on such Business Day and shall be communicated to BRIL or its designee as part of an aggregated order no sooner than after the FUND/SERV Transactions Deadline or such other time as may be agreed by the parties from time to time) the following Business Day. Cash settlement shall be transmitted pursuant to the normal NSCC settlement process. In the case of delayed settlement, the Fund or its designee shall make arrangements for the settlement of redemptions by wire no later than the time permitted for settlement of redemption orders by the 1940 Act. Unless otherwise informed in writing, such redemption wires should be sent to an account specified by the Company and agreed to by Fund Parties.
Fund Transactions The Advisor is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Fund. With respect to brokerage selection, the Advisor shall seek to obtain the best overall execution for fund transactions, which is a combination of price, quality of execution and other factors. The Advisor may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who provide the Advisor with brokerage, research, analysis, advice and similar services, and the Advisor may pay to these brokers and dealers, in return for such services, a higher commission or spread than may be charged by other brokers and dealers, provided that the Advisor determines in good faith that such commission is reasonable in terms either of that particular transaction or of the overall responsibility of the Advisor to the Fund and its other clients and that the total commission paid by the Fund will be reasonable in relation to the benefits to the Fund and its other clients over the long-term. The Advisor will promptly communicate to the officers and the trustees of the Trust such information relating to portfolio transactions as they may reasonably request.
Freedom to Trade in Company Securities The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity.
Portfolio The portfolio is due by the end of the 12th week.
SECURITIES SYSTEMS The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.

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