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% of the 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% of the portfolio.