The portfolio should contain a minimum of 6 and a maximum of 15 securities. International investing is an option.
Liquidity is a limiting factor to achieving a favorable return on invested assets.
Sufficient access to the invested assets is required to allow for portfolio revision. The fund is not subject to federal or state taxation, and the tax situation should be considered when investing in investment vehicles. Alternatively, tax induced risk return characteristics which favor non-taxable investors should be taken advantage of within the constraints of the fund. Furthermore, the tax constraints of purchasing and selling of securities placed on individual investors, although studied and understood, play no significant role in the fund. A college-restricted fund has a time horizon which can be quite long.