1.   At current Nikkei levels, analysts believe most banks already have implicit losses on these equity portfolios.

2.   Among general equity portfolios, the four funds with the biggest stakes in Japan specialize in technology, telecommunications or utilities.

3.   As a highly specialized fund, Taverners would be suitable as a complement to a more general equity portfolio.

4.   At one time, mutual funds were the most sensible, cost-effective way to build a diversified equity portfolio.

5.   Banks and other financial companies had relied on the underlying value of their equity portfolios to help them write off the debt.

6.   Banks and other financial companies have relied on the underlying value of their equity portfolios to help them write off the debt.

7.   All French banks have been benefiting from buoyant financial markets, which have been boosting capital gains on their equity portfolios, as well as commissions from clients.

8.   By allocating some of an equity portfolio to international stocks, the argument goes, you can reduce risk sharply without having to forfeit returns over the long term.

9.   Capital of Japanese banks have depleted in recent years because of massive write-off of bad loans and a plunge in the value of equity portfolios.

10.   Concerns about how investors with bulging equity portfolios will react to a steep or prolonged downturn in stock prices have plagued Wall Street for several years.