Common use of Fundamental Policies Clause in Contracts

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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.

Fundamental Policies. The Investment Sub-Advisor Adviser must comply with the following Investment Guidelines: A. Not more than five percent (5%) % of the value of the Investment Assets placed with the Investment Sub-Advisor Adviser 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 Investment Sub-Advisor Adviser will be invested in any one industry. D. No borrowings will be made. E. The Investment Sub-Advisor Adviser 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 Investment Sub-AdvisorAdviser. 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 Investment Sub-Advisor Adviser 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 Investment Sub-Advisor Adviser 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) 35 U.S. banks, by deposits, that are rated at least "B/C" by Keefe, Bruyette, WoodsWxxxx, a national bank rating agency or a xxxxxrable comparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-short- term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) % of the Investment Assets placed with the Investment Sub-Advisor Adviser will be invested in foreign issuers. In addition, not more than twenty percent (20%) % of the Investment Assets placed with the Investment Sub-Advisor Adviser will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the AdvisorClient.

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 natxxxxx bank rating agency or a xxxxxrable comparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.

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 xxmparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.

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 xxxxxnal bank rating agency or a xxxxxrable comparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.

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 xxxparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.

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 x xxtional bank rating agency or a xxxxxrable comparable 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 will be valued daily. In the event the market value of the collateral falls below the repurchase price, the bank issuing the repurchase agreement will be required to provide additional collateral sufficient to cover the repurchase price. N. Short sales of securities will not be made. O. Purchases will not be made on margin, except for such short-term credits necessary for the clearance of transactions. P. Investments in high-yield or non-investment grade bonds will not be made. Q. Investments in the equity securities of foreign corporations will be limited to American Depositary Receipts ("ADRs"), other depositary receipts and ordinary shares which are denominated in U.S. dollars and publicly traded in the United States. Not more than thirty-five percent (35%) of the Investment Assets placed with the Sub-Advisor will be invested in foreign issuers. In addition, not more than twenty percent (20%) of the Investment Assets placed with the Sub-Advisor will be invested in issuers from any one foreign country. ADRs or other depositary receipts must be issued by the Bank of New York, Morgan Guaranty or Citibank. Depositary receipts issued by other institutions must be approved in advance by the Advisor.