Prior to obtaining shareholder approval on March 28,
2000, to change the Corporation's subclassification under
Section 5 (b) (1) of the Investment Company Act of 1940 from
a diversified investment company to a non-diversified
investment company, the Corporation's statement of
investment policies provided, in part, as follows:
"(2) Percentages of assets or voting securities of any
one issuer which may be acquired. The Corporation's
policy is to invest such percentage of its assets in
the voting and non-voting securities of any one issuer
as its directors may from time to time approve,
provided that the Corporation will not make any
investment if as a result thereof less that 75% of the
value of the Corporation's assets would not be
invested in cash, cash items, government securities,
securities of other investment companies, and other
securities, which for the purpose of this calculation
are limited in respect of any one issuer to not more
that 5% of the value of the Corporation's total assets
and to not more than 10% of such issuer's outstanding
voting securities."
In accordance with the approval by its shareholders to
change the Corporation's subclassification to that of a non-
diversified investment company, the above-stated investment
policy has been amended to provide as follows:
"(2) Percentages of assets or voting securities of any
one issuer which may be acquired. The Corporation's
policy is to invest such percentage of its assets in
the voting and non-voting securities of any one issuer
as its directors may from time to time approve,
provided that the Corporation will not make any
investment if as a result thereof less than 75% of the
value of the Corporation's assets would be invested in
cash, cash items, government securities, securities of
other investment companies, and other securities,
which for the purpose of this calculation are limited
in respect of any one issuer to not more than 10% of
such issuer's outstanding voting securities."
