Answer: Investment Constraints.

## Explanation In an Investment Policy Statement (IPS), the **Investment Constraints** section specifically addresses the client's liquidity needs, which include requirements for withdrawing funds from the portfolio. This section covers: 1. **Liquidity constraints** - Regular cash flow needs, emergency funds, and planned withdrawals 2. **Time horizon** - When funds will be needed 3. **Tax considerations** - Tax implications of withdrawals 4. **Legal and regulatory constraints** - Any restrictions on fund access 5. **Unique circumstances** - Special withdrawal requirements The **Statement of Purpose** typically outlines the overall objectives and goals of the portfolio, while the **Statement of Duties and Responsibilities** defines the roles of various parties involved in managing the portfolio. Therefore, withdrawal requirements are most appropriately addressed in the Investment Constraints section of an IPS.

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