Common use of For Global Balanced Portfolios Clause in Contracts

For Global Balanced Portfolios. If the sum of the raw desired allocation weights (ignoring short-term fixed income) is less than 100%, then these weights form the basis of the desired portfolio. If the sum of the raw desired allocation weights is greater than 100%, each asset class will be proportionally scaled down so that the modified weights add up to 100% (and short-term fixed income is given a weight of 0%). The desired allocation of an individual asset class can be at most doubled relative to the baseline weights (subject to the no-leverage constraint) or set at zero, depending on the attractiveness of each asset category based on the valuation and momentum measures. The raw desired allocation weights will be normalized such that the sum of desired target weights in global equity markets always equals 100%. The desired allocation of an individual asset class can be at most doubled relative to the Baseline weights (subject to the no-leverage constraint) or set at zero, depending on the relative attractiveness of each asset category based on the valuation and momentum measures. There are six possible Baseline Portfolios, and each account subject to this agreement will be associated with one Baseline Portfolio which you have selected. The current allocation for the Global Balanced (Taxable) Baseline Portfolio can be found here. The current allocation for the Global Balanced (Non-Taxable) Baseline Portfolio can be found here. The current allocation for the Global Balanced (US/UK) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (Taxable) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (Non-Taxable) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (US/UK) Baseline Portfolio can be found here. Based upon the evaluation process described above, each account is rebalanced using low cost mutual funds, ETFs, ETNs or similar instruments and cash equivalents to try to match the desired allocation weights as closely as possible, which is subject to considerations described below. Although the Investment Program is executed largely on a rules-based process, you should expect circumstances, which are difficult to foresee and describe fully in advance, when we will judge it is beneficial to you to use our discretion in a departure from our rules-based investment process. The most common example of such a deviation is during portfolio rebalancing, where investment decisions may be subject to restrictions or costs associated with mutual fund redemptions, liquidity or deviation from net asset value in the ETFs or general tax considerations. Tax considerations and transactions costs can produce a significant difference between the desired asset allocation and the actual asset allocation of your Assets.

For Global Balanced Portfolios. If the sum of the raw desired allocation weights (ignoring short-term fixed income) is less than 100%, then these weights form the basis of the desired portfolio. If the sum of the raw desired allocation weights is greater than 100%, each asset class will be proportionally scaled down so that the modified weights add up to 100% (and short-term fixed income is given a weight of 0%). The desired allocation of an individual asset class can be at most doubled relative to the baseline weights (subject to the no-leverage constraint) or set at zero, depending on the attractiveness of each asset category based on the valuation and momentum measures. The raw desired allocation weights will be normalized such that the sum of desired target weights in global equity markets always equals 100%. The desired allocation of an individual asset class can be at most doubled relative to the Baseline weights (subject to the no-leverage constraint) or set at zero, depending on the relative attractiveness of each asset category based on the valuation and momentum measures. There are six possible Baseline Portfolios, and each account subject to this agreement will be associated with one Baseline Portfolio which you have selected. The current allocation for the Global Balanced (Taxable) Baseline Portfolio can be found here. The current allocation for the Global Balanced (Non-Taxable) Baseline Portfolio can be found here. The current allocation for the Global Balanced (US/UK) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (Taxable) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (Non-Taxable) Baseline Portfolio can be found here. The current allocation for the Global All-Equity (US/UK) Baseline Portfolio can be found here. Based upon the evaluation process described above, each account is rebalanced using low cost mutual funds, ETFs, ETNs or similar instruments and cash equivalents to try to match the desired allocation weights as closely as possible, which is subject to considerations described below. Although the Investment Program is executed largely on a rules-based process, you should expect circumstances, which are difficult to foresee and describe fully in advance, when we will judge it is beneficial to you to use our discretion in a departure from our rules-based investment process. The most common example of such a deviation is during portfolio rebalancing, where investment decisions may be subject to restrictions or costs associated with mutual fund redemptions, liquidity or deviation from net asset value in the ETFs or general tax considerations. Tax As well, tax considerations and transactions costs can produce a significant difference between the desired asset allocation and the actual asset allocation of your Assets.

For Global Balanced Portfolios. If the sum of the raw desired allocation weights (ignoring short-term fixed income) is less than 100%, then these weights form the basis of the desired portfolio. If the sum of the raw desired allocation weights is greater than 100%, each asset class will be proportionally scaled down so that the modified weights add up to 100% (and short-term fixed income is given a weight of 0%). The desired allocation of an individual asset class can be at most doubled relative to the baseline weights (subject to the no-leverage constraint) or set at zero, depending on the attractiveness of each asset category based on the valuation and momentum measures. The raw desired allocation weights will be normalized such that the sum of desired target weights in global equity markets always equals 100%. The desired allocation of an individual asset class can be at most doubled relative to the Baseline weights (subject to the no-leverage constraint) or set at zero, depending on the relative attractiveness of each asset category based on the valuation and momentum measures. There are six possible Baseline Portfolios, and each account subject to this agreement will be associated with one Baseline Portfolio which you have selected. The current allocation for the Global Balanced (Taxable) Baseline Portfolio can be found here. The current allocation for the Global Balanced (Non-Taxable) Baseline Portfolio can be found herexxxx.xxxx. The current allocation for the Global Balanced (US/UK) Baseline Portfolio can be found herexxxx.xxxx. The current allocation for the Global All-Equity (Taxable) Baseline Portfolio can be found herexxxx.xxxx. The current allocation for the Global All-Equity (Non-Taxable) Baseline Portfolio can be found herexxxx.xxxx. The current allocation for the Global All-Equity (US/UK) Baseline Portfolio can be found herexxxx.xxxx. Based upon the evaluation process described above, each account is rebalanced using low cost mutual funds, ETFs, ETNs or similar instruments and cash equivalents to try to match the desired allocation weights as closely as possible, which is subject to considerations described below. Although the Investment Program is executed largely on a rules-based process, you should expect circumstances, which are difficult to foresee and describe fully in advance, when we will judge it is beneficial to you to use our discretion in a departure from our rules-based investment process. The most common example of such a deviation is during portfolio rebalancing, where investment decisions may be subject to restrictions or costs associated with mutual fund redemptions, liquidity or deviation from net asset value in the ETFs or general tax considerations. Tax considerations and transactions costs can produce a significant difference between the desired asset allocation and the actual asset allocation of your Assets.. _______________________________________________