Fundamental Policies. The Borrower will not (a) make or maintain any investment other than as permitted by the ICA and the Fundamental Policies or (b) amend or otherwise modify the Fundamental Policies.
Fundamental Policies. The Sub-Advisor must comply with the following Investment Guidelines:
A. Not more than five percent (5%) of the value of the Investment Assets placed with the Sub-Advisor will be invested in securities of any one issuer, except obligations of the United States Government and instrumentalities thereof.
B. Not more than ten percent (10%) of the voting securities of any one issuer will be acquired.
C. Not more than twenty-five (25%) of the value of the Investment Assets placed with the Sub-Advisor will be invested in any one industry.
D. No borrowings will be made.
E. The Sub-Advisor will ensure that the Fund does not act as an underwriter of securities of other issuers.
F. Investment in real estate will be limited to shares of real estate investment trusts investing in equity real estate, up to seven percent (7.0%) of Investment Assets placed with the Sub-Advisor. Investment in private placements and other illiquid assets will not be made.
G. No purchase of commodities or commodity contracts will be effected.
H. The Fund will not engage in the purchase or sale of puts, calls or other options or in writing such options.
I. Loans will not be made except through the acquisition of publicly traded bonds, debentures or other evidences of indebtedness of a type customarily purchased by institutional investors.
J. Investment will not be made in the securities of a company for the purpose of exercising management or control.
K. Investment in securities of other investment companies will not be made except for money market funds. Up to ten percent (10%) of Investment Assets placed with the Sub-Advisor may be invested in money market funds, provided that not more than three percent (3%) of the total outstanding voting stock of any one investment company may be held.
L. Although the Fund does not intend to engage to a large extent in short-term trading, the Sub-Advisor may make investments for the purpose of seeking short-term capital appreciation.
M. Investments in repurchase agreements will be limited to the top thirty-five (35) U.S. banks, by deposits, that are rated at least "B/C" by Keefe, Bruyette, Woods, a national bank rating agency or a xxxxxrable rating from a similar bank rating service. Additionally, there must be an appropriate amount of excess collateralization depending upon the length of the agreement, to protect against downward market fluctuation and the Fund must take delivery of the collateral. The market value of the securities held as collateral w...
Fundamental Policies. Investment Objective:
Fundamental Policies. Attached hereto as Exhibit A is a list of the individual investment restrictions of each respective Series of the Trust which shall be "fundamental policies" of that Series. Each Sub-Trust's "fundamental policies" may not be changed without approval by a "majority vote of the outstanding voting securities" of such Series as that term is defined in the Investment Company Act of 1940.
Fundamental Policies. The Borrower will not (a) make or maintain any investment other than as permitted by (i) the Fundamental Policies, in each case (A) for more than 10 Business Days after the date the Borrower has knowledge of the making or maintaining of any such non-permitted Investments or (B) if the making or maintaining at any time of any such non-permitted Investment is with respect to Investments constituting (individually or in the aggregate) 2.5% or more of Total Net Assets, for more than 10 Business Days after the date of the making or maintaining of any such non-permitted Investment and (ii) the ICA or (b) amend or otherwise modify the Fundamental Policies.
Fundamental Policies. (i) Any breach by PMF of any of the Fundamental Policies if such breach would reasonably be expected to have a Material Adverse Effect and such failure shall not be rectified or cured to Lender’s satisfaction within thirty (30) days after notice thereof by Lender to Borrower; provided, however, that if PMF has commenced its actions to cure such breach to Lender’s satisfaction and is diligently prosecuting the cure to completion, Lender shall not declare an Event of Default hereunder unless it determines, in its reasonable discretion, that the failure to cure within such thirty (30) day period shall cause a Material Adverse Effect or (ii) within 90 days after the Closing Date, the board of directors (or similar governing body) of the PMF does not have a sufficient number of directors appointed by Borrower that have the voting power, collectively, to prevent any amendment or modification to the Fundamental Policies;
