Common use of Portfolio Characteristics Clause in Contracts

Portfolio Characteristics. All purchases, other then Cash & Cash Equivalents, must be the equities of companies who fall in the defined universe of Small Cap Value stocks. Established positions may be held even if they no longer fit the definitions. However, no purchases may be made in these non-conforming stocks, other than the reinvestment of dividends. The Cash & Cash Equivalents may not exceed 20.0% of the portfolio unless approved by the adviser. Any one equity position may not exceed 50% of the sub-adviser's portfolio nor be less than 2% of the sub-adviser's portfolio. No purchases may be made into equities, which already represent in excess of 30% of the sub-adviser's portfolio.

Portfolio Characteristics. All purchases, other then Cash & Cash Equivalents, must be the equities of companies who fall in the defined universe of Small Cap Value Growth stocks. Established positions may be held even if they no longer fit the definitions. However, no purchases may be made in these non-conforming stocks, other than the reinvestment of dividends. The Cash & Cash Equivalents may not exceed 20.0% of the portfolio unless approved by the adviser. Any one equity position may not exceed 50% of the sub-adviser's portfolio nor be less than 2% of the sub-adviser's portfolio. No purchases may be made into equities, equities which already represent in excess of 30% of the sub-adviser's portfolio.