<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>4
<FILENAME>LGIPolicyChange.txt
<DESCRIPTION>LGI POLICY CHANGE
<TEXT>
On August 17, 2016, the Board approved a change to the
Fund's investment strategy. The change, which relates to the
Global Equity Portfolio, was implemented on or around
September 1, 2016 (the "Effective Date").

As of the Effective Date, the Fund's Global Equity Portfolio
invests in a portfolio of approximately 60 to 80 US and
non-US equity securities ("Global Equity Investments"),
including American Depository Receipts ("ADRs"). The
Fund generally invests in securities of companies with market
capitalizations greater than $2 billion and may invest in
emerging markets. The Fund's net asset value, which is
expressed in US dollars, may be negatively affected by the
strengthening of the US dollar versus the currencies in
which Global Equity Investments are denominated. The
Fund may, but is not required to, engage in currency hedging
transactions with respect to Global Equity Investments
denominated in non-US currencies to hedge the Fund's
exposure to such currencies' fluctuations in exchange rates
with the US dollar.

Emerging market countries can generally have economic
structures that are less diverse and mature, and political
systems that are less stable, than those of developed
countries. The economies of countries with emerging markets
may be based predominantly on only a few industries, may
be highly vulnerable to changes in local or global trade
conditions, and may suffer from extreme debt burdens or
volatile inflation rates. The securities markets of emerging
market countries have historically been extremely volatile.
These market conditions may continue or worsen.
Investments in these countries may be subject to political,
economic, legal, market and currency risks. The risks may
include less protection of property rights and uncertain
political and economic policies, the imposition of capital
controls and/or foreign investment limitations by a country,
nationalization of businesses and the imposition of sanctions
by other countries, such as the US. Significant devaluation
of emerging market currencies against the US dollar
may occur subsequent to acquisition of investments
denominated in emerging market currencies.

In engaging in currency hedging transactions, the
Investment Manager may not be able to accurately predict
movements in currency exchange rates, and there may be
imperfect correlations between movements in exchange
rates that could cause the Fund to incur significant losses.
Currency investments could be adversely affected by
delays in, or a refusal to grant, repatriation of funds or
conversion of emerging market currencies. Over-the-counter
forward currency contracts and other over-the-counter
derivatives transactions are subject to the risk of default by
the counterparty and can be illiquid. Derivatives transactions
incur costs, either explicitly or implicitly, which
reduce return. Use of derivatives transactions, even when
entered into for hedging purposes, may cause the Fund to
experience losses greater than if the Fund had not engaged
in such transactions.

Sector and country selection is an outgrowth of the
Investment Manager's stock selection process. In managing
Global Equity Investments according to the Investment
Manager's bottom-up (securities-based) approach to security
selection, the portfolio management team focuses on
finding undervalued equities across all sectors and countries
and does not set target exposures at the sector or
country level.

Consideration is given to sector and industry commitments
as part of the Investment Manager's risk-monitoring mechanism,
and the portfolio management team draws upon the
expertise of the Investment Manager's Global Risk
Management team. While there are no strict sector or
country limits, sector and country weights are monitored
using the MSCI All Country World Index (the "MSCI ACW
Index") as a guide.

As part of the change to the Fund's investment strategy, the
Fund's benchmark index has been changed from the MSCI
World Index to the MSCI ACW Index.

Also in connection with the change the Fund's investment
strategy, the fair value of non-US securities may be
determined with the assistance of an independent pricing
service using correlations between the movement of prices of
such securities and indices of US securities and other
appropriate indicators, such as closing market prices of
relevant ADRs or futures contracts.

</TEXT>
</DOCUMENT>
