Common use of Investment Objective Clause in Contracts

Investment Objective. The objective of the Sub-Adviser Assets, established in support of the objectives of the total Fund, is capital appreciation over the long term. Under normal market conditions, the Sub-Adviser will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in the securities of small capitalization companies. If the Small Cap Value Fund changes this investment policy, it will notify its Adviser at least 60 days in advance of the change, which will promptly notify the Sub-Adviser. The Fund considers small capitalization companies to be U.S. companies whose market capitalization is $2 billion or smaller at the time of purchase. The Sub-Adviser's investment in equity securities may include common and preferred stocks. The Sub-Adviser may also invest up to 15% of its assets in American Depositary Receipts ("ADRs"). ADRs are equity securities traded on U.S. exchanges, including NASDAQ, that are generally issued by banks or trust companies to evidence ownership of foreign equity securities. All Sub-Adviser purchases for the Fund must be made in the equities of companies that have market capitalization of $2 billion or less. In addition, the Sub-Adviser has been hired to manage the money in a manner consistent with investing in value stocks. The Fund will seek to remain in the Small Cap Value portion of the Morningstar Style Box. To do so, the Adviser may require the Sub-Advisers to reduce their portfolios' exposure to stocks that fail to be defined by Morningstar as "value stocks". In addition, the Adviser may require the Sub-Advisers to reduce their portfolios' exposure to stocks that exceed $2 billion market capitalization.

Investment Objective. The objective of the Sub-Adviser Assets, established in support of the objectives of the total Fund, is capital appreciation over the long term. Under normal market conditions, the Sub-Adviser will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in the securities of small capitalization companies. If the Small Cap Value Growth Fund changes this investment policy, it will notify its Adviser at least 60 days in advance of the change, which will promptly notify the Sub-Adviser. The Fund considers small capitalization companies to be U.S. companies whose market capitalization is $2 billion or smaller at the time of purchase. The Sub-Adviser's investment in equity securities may include common and preferred stocks. The Sub-Adviser may also invest up to 15% of its assets in American Depositary Receipts ("ADRs"). ADRs are equity securities traded on U.S. exchanges, including NASDAQ, that are generally issued by banks or trust companies to evidence ownership of foreign equity securities. All Sub-Adviser purchases for the Fund must be made in the equities of companies that have market capitalization of $2 billion or less. In addition, the Sub-Adviser has been hired to manage the money in a manner consistent with investing in value growth stocks. The Fund will seek to remain in the Small Cap Value Growth portion of the Morningstar Style Box. To do so, the Adviser may require the Sub-Advisers to reduce their portfolios' exposure to stocks that fail to be defined by Morningstar as "value growth stocks". In addition, the Adviser may require the Sub-Advisers to reduce their portfolios' exposure to stocks that exceed $2 billion market capitalization.