Common use of Duties Relating to the Funds Clause in Contracts

Duties Relating to the Funds. Subject to the supervision of the Board of Directors of VF, VIA shall manage the investment operations of the VF and the Funds and the composition of each Fund's portfolio in accordance with its investment objectives, policies and restrictions set forth in the current prospectus and statement of additional information for VF and such additional guidelines as may be established from time to time by VF. In performing such services, VIA shall use its best informed judgment, and shall have the following responsibilities: (a) VIA shall supervise and direct each Fund's investments and shall have the discretion to determine from time to time what investments, securities, commodities or financial futures contracts or options thereon ("futures") will be purchased, retained, sold or lent by a Fund and what portion of its assets will be invested or held uninvested as cash; (b) Subject to the receipt of such approvals of the Board of Directors of VF and the shareholders of the VF Funds as may be required by law, VIA may discharge its responsibilities to VF and the Funds through the appointment of one or more subadvisers ("Subadvisers") as provided in Section 2.03 below to which it may delegate the responsibilities granted to it herein; (c) Subject to the limits set forth below, VIA may place orders, pursuant to its determinations as to what securities or other instruments should be purchased or sold on behalf of a Fund, with or through such persons, brokers, dealers or futures commissions merchants as it may select; VIA may delegate this authority to Subadvisers duly appointed by it and approved by the Board of Directors of VF; (d) VIA shall furnish VF's Board of Directors such periodic and special reports as the Board may request, including reports on the nature and quality of services provided by Subadvisers. VIA shall provide such information as the Board of Directors may request and such information as shall be reasonably necessary to evaluate the terms of any investment advisory contract; (e) VIA may cause each Fund to keep such portion of its assets in cash or cash balances as VIA, from time to time, may deem to be in the best interest of such Fund without liability for interest thereon; (f) VIA shall maintain, and cause Subadvisers to maintain, books and records with respect to its and their services to the Funds in accordance with good practice, applicable federal and state securities laws, and such instructions as may be provided to it by VF from time to time; (g) VIA shall provide, or cause the Subadvisers to provide, to each custodian of the assets of, and accountant or bookkeeper for, each Fund, in a timely fashion all requisite information relating to transactions concerning the assets of VF. (h) VIA may, and may authorize Subadvisers to, unless specifically instructed to the contrary by the Board of Directors of VF, vote upon all general or specific proxies relative to stocks, bonds, or other securities held in a Fund, give general or specific powers of attorney with or without power of substitution; exercise any conversion privileges, subscription rights, or other options, and make any payments incidental thereto; oppose, or consent to, or participate in, any corporate reorganization or other changes affecting corporate securities, participate in any class action lawsuit the subject of which is a security (or issuer of a security) held by a Fund, and delegate discretionary powers, and pay any assessments or charges in connection therewith; and generally exercise any of the powers of an owner with respect to stocks, bonds, securities or other property held as part of VF property; (i) For those Funds that are established and operated for the purpose of investing in one or more other VF Funds, VIA shall furnish to such Funds advice with respect to an appropriate allocation of assets to achieve the stated investment objective of each such Fund, shall monitor the performance of such Funds to reassess the appropriateness of those allocations, and shall periodically rebalance the assets in such Funds to conform to those allocations.

Duties Relating to the Funds. Subject to the supervision of the Board of Directors of VF, VIA shall manage the investment operations of the VF and the Funds and the composition of each Fund's portfolio portfolios in accordance with its investment objectives, policies and restrictions set forth in the current prospectus and statement of additional information for VF and such additional guidelines as may be established from time to time by VF. In performing such services, VIA shall use its best informed judgment, and shall have the following responsibilities: (a) VIA shall supervise and direct each Fund's investments and shall have the discretion to determine from time to time what investments, securities, commodities or financial futures contracts or options thereon ("futures") will be purchased, retained, sold or lent by a Fund and what portion of its assets will be invested or held uninvested as cash; (b) Subject to the receipt of such approvals of the Board of Directors of VF and the shareholders of the VF its Funds as may be required by law, VIA may discharge its responsibilities to VF and the its Funds through the appointment of one or more subadvisers ("Subadvisers") as provided in Section 2.03 below to which it may delegate the responsibilities granted to it herein; (c) Subject to the limits set forth below, VIA may place orders, pursuant to its determinations as to what securities or other instruments should be purchased or sold on behalf of a Fund, with or through such persons, brokers, dealers or futures commissions merchants as it may select; VIA may delegate this authority to Subadvisers duly appointed by it and approved by the Board of Directors of VF; (d) VIA shall furnish VF's Board of Directors such periodic and special reports as the Board may request, including reports on the nature and quality of services provided by Subadvisers. VIA shall provide such information as the Board of Directors may request and such information as shall be reasonably necessary to evaluate the terms of any investment advisory contract; (e) VIA may cause each Fund to keep such portion of its assets in cash or cash balances as VIA, from time to time, may deem to be in the best interest of such Fund without liability for interest thereon; (f) VIA shall maintain, and cause Subadvisers to maintain, books and records with respect to its and their services to the Funds in accordance with good practice, applicable federal and state securities laws, and such instructions as may be provided to it by VF from time to time; (g) VIA shall provide, or cause the Subadvisers to provide, to each custodian of the assets of, and accountant or bookkeeper for, each Fund, in a timely fashion all requisite information relating to transactions concerning the assets of VF. (h) VIA may, and may authorize Subadvisers to, unless specifically instructed to the contrary by the Board of Directors of VF, vote upon all general or specific proxies relative to stocks, bonds, or other securities held in a Fund, give general or specific powers of attorney with or without power of substitution; exercise any conversion privileges, subscription rights, or other options, and make any payments incidental thereto; oppose, or consent to, or participate in, any corporate reorganization or other changes affecting corporate securities, participate in any class action lawsuit the subject of which is a security (or issuer of a security) held by a Fund, and delegate discretionary powers, and pay any assessments or charges in connection therewith; and generally exercise any of the powers of an owner with respect to stocks, bonds, securities or other property held as part of VF property; (i) For those Funds that are established and operated for the purpose of investing in one or more other VF Funds, VIA shall furnish to such Funds advice with respect to an appropriate allocation of assets to achieve the stated investment objective of each such Fund, shall monitor the performance of such Funds to reassess the appropriateness of those allocations, and shall periodically rebalance the assets in such Funds to conform to those allocations.sold

Duties Relating to the Funds. Subject to the supervision of the Board of Directors of VF, VIA shall manage the investment operations of the VF and the Funds and the composition of each FundVF's portfolio portfolios in accordance with its the investment objectives, policies and restrictions set forth in the current prospectus and statement of additional information for VF and such additional guidelines as may be established from time to time by VF. In performing such services, VIA shall use its best informed judgment, and shall have the following responsibilities: (a) VIA shall supervise and direct each FundVF's investments and shall have the discretion to determine from time to time what investments, securities, commodities or financial futures contracts or options thereon ("futures") will be purchased, retained, sold or lent by a Fund the VF and what portion of its the assets will be invested or held uninvested as cash; (b) Subject to For purposes of managing the receipt of such approvals of the Board of Directors of VF and the shareholders of the VF Funds as may be required by lawFunds, VIA may discharge its responsibilities to VF and the Funds through the appointment of one or more subadvisers ("Subadvisers") as provided in Section 2.03 below to which it may delegate the responsibilities granted to it herein; (c) Subject to the limits set forth below, VIA may place orders, pursuant to its determinations as to what securities or other instruments should be purchased or sold on behalf of a FundVF, with or through such persons, brokers, dealers or futures commissions merchants as it may select; VIA may delegate this authority to Subadvisers duly appointed by it and approved by the Board of Directors of VFit; (d) VIA shall furnish VF's Board of Directors such periodic and special reports as the Board may request, including reports on the nature and quality of services provided by Subadvisers. VIA shall provide such information as the Board of Directors may request and such information as shall be reasonably necessary to evaluate the terms of any investment advisory contract; (e) VIA may cause each Fund VF to keep such portion of its VF assets in cash or cash balances as VIA, from time to time, may deem to be in the best interest of such Fund VF without liability for interest thereon; (fe) VIA shall maintain, or cause custodians and cause Subadvisers to maintain, books and records with respect to its and their services to the Funds securities transactions executed for each portfolio of VF in accordance with good practice, applicable federal and state securities laws, and such instructions as may be provided to it by VF from time to time; (g) VIA shall provide, or cause the Subadvisers to provide, to each custodian of the assets of, and accountant or bookkeeper for, each Fund, of VF in a timely fashion all requisite information relating to transactions concerning the assets of VF. (h) VIA may, and may authorize Subadvisers to, unless specifically instructed to the contrary by the Board of Directors of VF, vote upon all general or specific proxies relative to stocks, bonds, or other securities held in a FundVF, give general or specific powers of attorney with or without power of substitution; exercise any conversion privileges, subscription rights, or other options, and make any payments incidental thereto; oppose, or consent to, or participate in, any corporate reorganization or other changes affecting corporate securities, participate in any class action lawsuit the subject of which is a security (or issuer of a security) held by a FundVF, and delegate discretionary powers, and pay any assessments or charges in connection therewith; and generally exercise any of the powers of an owner with respect to stocks, bonds, securities or other property held as part of VF property; (i) For those Funds that are established and operated for the purpose of investing in one or more other VF Funds, VIA shall furnish to such Funds advice with respect to an appropriate allocation of assets to achieve the stated investment objective of each such Fund, shall monitor the performance of such Funds to reassess the appropriateness of those allocations, and shall periodically rebalance the assets in such Funds to conform to those allocations.

Duties Relating to the Funds. Subject to the supervision of the Board of Directors of VF, VIA shall manage the investment operations of the VF and the Funds and the composition of each Fund's portfolio ’s portfolios in accordance with its investment objectives, policies and restrictions set forth in the current prospectus and statement of additional information for VF and such additional guidelines as may be established from time to time by VF. In performing such services, VIA shall use its best informed judgment, and shall have the following responsibilities: (a) VIA shall supervise and direct each Fund's ’s investments and shall have the discretion to determine from time to time what investments, securities, commodities or financial futures contracts or options thereon ("“futures"”) will be purchased, retained, sold or lent by a Fund and what portion of its assets will be invested or held uninvested as cash; (b) Subject to the receipt of such approvals of the Board of Directors of VF and the shareholders of the VF its Funds as may be required by law, VIA may discharge its responsibilities to VF and the its Funds through the appointment of one or more subadvisers ("“Subadvisers"”) as provided in Section 2.03 below to which it may delegate the responsibilities granted to it herein; (c) Subject to the limits set forth below, VIA may place orders, pursuant to its determinations as to what securities or other instruments should be purchased or sold on behalf of a Fund, with or through such persons, brokers, dealers or futures commissions merchants as it may select; VIA may delegate this authority to Subadvisers duly appointed by it and approved by the Board of Directors of VFit; (d) VIA shall furnish VF's Board of Directors such periodic and special reports as the Board may request, including reports on the nature and quality of services provided by Subadvisers. VIA shall provide such information as the Board of Directors may request and such information as shall be reasonably necessary to evaluate the terms of any investment advisory contract; (e) VIA may cause each Fund to keep such portion of its assets in cash or cash balances as VIA, from time to time, may deem to be in the best interest of such Fund without liability for interest thereon; (f) VIA shall maintain, and cause Subadvisers to maintain, books and records with respect to its and their services to the Funds in accordance with good practice, applicable federal and state securities laws, and such instructions as may be provided to it by VF from time to time; (g) VIA shall provide, or cause the Subadvisers to provide, to each custodian of the assets of, and accountant or bookkeeper for, each Fund, in a timely fashion all requisite information relating to transactions concerning the assets of VF. (h) VIA may, and may authorize Subadvisers to, unless specifically instructed to the contrary by the Board of Directors of VF, vote upon all general or specific proxies relative to stocks, bonds, or other securities held in a Fund, give general or specific powers of attorney with or without power of substitution; exercise any conversion privileges, subscription rights, or other options, and make any payments incidental thereto; oppose, or consent to, or participate in, any corporate reorganization or other changes affecting corporate securities, participate in any class action lawsuit the subject of which is a security (or issuer of a security) held by a Fund, and delegate discretionary powers, and pay any assessments or charges in connection therewith; and generally exercise any of the powers of an owner with respect to stocks, bonds, securities or other property held as part of VF property; (i) For those Funds that are established and operated for the purpose of investing in one or more other VF Funds, VIA shall furnish to such Funds advice with respect to an appropriate allocation of assets to achieve the stated investment objective of each such Fund, shall monitor the performance of such Funds to reassess the appropriateness of those allocations, and shall periodically rebalance the assets in such Funds to conform to those allocations.