Common use of Limitations on Investment Clause in Contracts

Limitations on Investment. The Trust shall not: ------------------------- (a) Invest in securities other than those described in the Trust's then current prospectus as appropriate for the series of shares for which such securities are being purchased, except that the Trust may make temporary investments for any series of shares in notes issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, and any such items subject to short-term repurchase agreements. (b) Purchase securities of any issuer (except the United States Government, its agencies and instrumentalities and any security guaranteed thereby) if as a result more than 5% of the total assets of any series of shares (based on their current value at the time of investment) would be invested in the securities of such issuer. (c) Invest in companies for the purpose of exercising control. (d) Purchase any securities which would cause more than 25% of the total assets of any series of shares, based on current value at the time of such purchase, to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in (i) banks, and (ii) obligations issued or guaranteed by the United States Government, its agencies and instrumentalities. Neither business credit, personal credit and industrial credit finance companies as a group nor utility companies as a group are considered a single industry for purposes of this limitation. (e) Purchase or sell real estate, commodities or commodities contracts. However, subject to the permitted investments of any series of shares, the Trust may purchase obligations issued by companies which invest in real estate, commodities or commodities contracts." (f) Purchase securities on margin, make short sales of securities or maintain a short position, except that the Trust may obtain short-term credits as necessary for the clearance of security transactions. (g) Borrow money in any series of shares except for temporary or emergency purposes of that series, and then only in an amount not exceeding 10% of the value of the total assets of that series of shares. The Trust will repay all borrowings in a particular series of shares before making additional investments for that series. (h) Make loans, except that any series of shares may purchase or hold debt instruments in accordance with its investment objective and policies, and may enter into repurchase agreements; provided that repurchase agreements maturing in more than seven days are not to exceed 10% of the total assets of any series of shares. (i) Pledge, mortgage or hypothecate the assets of any series of shares except to secure temporary borrowings permitted by (g) above in aggregate amounts not to exceed 10% of the total assets of that series at the time of the incurrence of such loan, taken at market value. (j) Act as an underwriter of securities of other issuers, except as it may be deemed an underwriter in selling shares of any series. (k) Purchase securities of other investment companies except as permitted by the Investment Company Act of 1940 and the rules and regulations thereunder, and in any event may not purchase securities of other open-end investment companies. (l) Issue senior securities (as defined in the Investment Company Act of 1940), except as permitted by (g) above or by rule, regulation or order of the Securities and Exchange Commission. (m) Purchase or retain securities of an issuer if, to the knowledge of the Trust, an officer, trustee, partner or director of the Trust or of any investment advisor of the Trust owns beneficially more than 1/2 of 1% of the shares or securities of such issuer and all such officers, trustees, partners and directors owning more than 1/2 of 1% of such shares or securities together own more than 5% of such shares or securities. (n) Purchase securities of any company which has (with predecessors) a record of less than three years' continuing operations, if as a result more than 5% of the total assets of any series of shares (taken at current value) would be invested in such securities. (o) Purchase puts, calls, straddles, spreads or combinations thereof. (p) Invest in interests in oil, gas or other mineral exploration or development programs. (q) Invest in securities or other instruments (except for repurchase agreements) with legal or contractual restrictions on resale or for which no readily available market exists.

Limitations on Investment. The Trust shall Each series of shares may not: -------------------------: (a) Invest in securities other than those described in the Trust's then current prospectus as appropriate for the series of shares for which such securities are being purchased, except that the Trust may make temporary investments for any series of shares in notes issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, and any such items subject to short-term repurchase agreements. (b) Purchase securities of any issuer (except the United States Government, its agencies and or instrumentalities and any security guaranteed thereby) if as a result more than 5% of the total assets of any series of shares (based on their current value at the time of investment) would be invested in the securities of such issuer. (c) Invest in companies for the purpose of exercising control. (d) Purchase any securities which would cause more than 25% of the total assets of any the series of shares, based on current value at the time of such purchase, to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does shall not apply to investments in (i) banks, and (ii) municipal obligations or to obligations issued or guaranteed by the United States Government, its agencies and or instrumentalities. Neither business credit, personal credit and industrial credit finance companies as a group nor utility companies as a group are considered a single industry for purposes of this limitation. (e) Purchase or sell real estate, commodities or commodities contracts. However, subject to the permitted investments of any series of shares, the Trust shares may purchase obligations issued by companies which invest in municipal obligations or other obligations secured by real estate, commodities estate or commodities contractsinterests therein." (f) Purchase securities on margin, make short sales of securities or maintain a short position, except that the Trust may obtain short-term credits as necessary for the clearance of security transactions. (g) Borrow money in any series of shares except for temporary or emergency purposes of that series, and then only in an amount not exceeding 10% of the value of the total assets of that series of shares. The Trust will repay all borrowings in a particular series of shares before making additional investments for that series. (h) Make loans, except that any series of shares may purchase or hold debt instruments in accordance with its investment objective and policies, and may enter into repurchase agreements; provided that repurchase agreements maturing in more than seven 7 days are may not to exceed 10% of the total assets of any series of shares. (i) Pledge, mortgage or hypothecate the assets of any series of shares except to secure temporary borrowings permitted by (g) above in aggregate amounts not to exceed 10% of the total net assets of that series series, at the time of the incurrence of such loan, taken at market current value. (j) Act as an underwriter of securities of other issuers, except as it may be deemed an underwriter in selling shares of any seriesa portfolio security. (k) Purchase securities of other investment companies except as permitted by the Investment Company Act of 1940 and the rules and regulations thereunder, and in any event may not purchase securities of other open-end investment companies. (l) Issue senior securities (as defined in the Investment investment Company Act of 1940), except as permitted by (gby(g) above or by rule, regulation or order of the Securities and Exchange Commission. (m) Purchase or retain securities of an issuer if, to the knowledge of the Trust, an officer, trustee, partner or director of the Trust or of any investment advisor of the Trust owns beneficially more than 1/2 of 1% of the shares or securities of such issuer and all such officers, trustees, partners and directors owning more than 1/2 of 1% of such shares or securities together own more than 5% of such shares or securities. (n) Purchase securities of any company issuer which has (with predecessors) a record of less than three years' continuing operations, except (i) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, or (ii) municipal obligations which are rated by at least two nationally recognized municipal bond rating services, if as a result more than 5% of the total assets of any series of shares (taken at current value) would be invested in such securities. (o) Purchase puts, calls, straddles, spreads or combinations thereof. (p) Invest in interests in oil, gas or other mineral exploration or development programs. (qp) Invest in securities or other instruments (except for repurchase agreements) with legal or contractual restrictions on resale or for which no readily available market exists. (q) Purchase puts, calls, straddles, spreads or combinations thereof, except that the Trust may purchase puts as permitted by its investment objective and policies.

Limitations on Investment. The Trust shall Each series of shares may not: --------------------------------------------------- (a) Invest in securities other than those described in the Trust's then current prospectus as appropriate for the series of shares for which such securities are being purchased, except that the Trust may make temporary investments for any series of shares in notes issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, and any such items subject to short-term repurchase agreements. (b) Purchase securities of any issuer (except the United States Government, its agencies and or instrumentalities and any security guaranteed thereby) if as a result more than 5% of the total assets of any series of shares (based on their current value at the time of investment) would be invested in the securities of such issuer. (c) Invest in companies for the purpose of exercising control. (d) Purchase any securities which would cause more than 25% of the total assets of any the series of shares, based on current value at the time of such purchase, to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does shall not apply to investments in (i) banks, and (ii) municipal obligations or to obligations issued or guaranteed by the United States Government, its agencies and or instrumentalities. Neither business credit, personal credit and industrial credit finance companies as a group nor utility companies as a group are considered a single industry for purposes of this limitation. (e) Purchase or sell real estate, commodities or commodities contracts. However, subject to the permitted investments of any series of shares, the Trust shares may purchase obligations issued by companies which invest in municipal obligations or other obligations secured by real estate, commodities estate or commodities contractsinterests therein." (f) Purchase securities on margin, make short sales of securities or maintain a short position, except that the Trust may obtain short-short- term credits as necessary for the clearance of security transactions. (g) Borrow money in any series of shares except for temporary or emergency purposes of that series, and then only in an amount not exceeding 10% of the value of the total assets of that series of shares. The Trust will repay all borrowings in a particular series of shares before making additional investments for that series. (h) Make loans, except that any series of shares may purchase or hold debt instruments in accordance with its investment objective and policies, and may enter into repurchase agreements; provided that repurchase agreements maturing in more than seven 7 days are may not to exceed 10% of the total assets of any series of shares. (i) Pledge, mortgage or hypothecate the assets of any series of shares except to secure temporary borrowings permitted by (g) above in aggregate amounts not to exceed 10% of the total net assets of that series series, at the time of the incurrence of such loan, taken at market current value. (j) Act as an underwriter of securities of other issuers, except as it may be deemed an underwriter in selling shares of any seriesa portfolio security. (k) Purchase securities of other investment companies except as permitted by the Investment Company Act of 1940 and the rules and regulations thereunder, and in any event may not purchase securities of other open-end investment companies. (l) Issue senior securities (as defined in the Investment Company Act of 1940), except as permitted by (g) above or by rule, regulation or order of the Securities and Exchange Commission. (m) Purchase or retain securities of an issuer if, to the knowledge of the Trust, an officer, trustee, partner or director of the Trust or of any investment advisor of the Trust owns beneficially more than 1/2 of 1% of the shares or securities of such issuer and all such officers, trustees, partners and directors owning more than 1/2 of 1% of such shares or securities together own more than 5% of such shares or securities. (n) Purchase securities of any company issuer which has (with predecessors) a record of less than three years' continuing operations, except (i) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, or (ii) municipal obligations which are rated by at least two nationally recognized municipal bond rating services, if as a result more than 5% of the total assets of any series of shares (taken at current value) would be invested in such securities. (o) Purchase puts, calls, straddles, spreads or combinations thereof. (p) Invest in interests in oil, gas or other mineral exploration or development programs. (qp) Invest in securities or other instruments (except for repurchase agreements) with legal or contractual restrictions on resale or for which no readily available market exists. (q) Purchase puts, calls, straddles, spreads or combinations thereof, except that the Trust may purchase puts as permitted by its investment objective and policies.