Common use of EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT Clause in Contracts

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall be effective on December 15, 2003. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, by the vote of the holders of a majority of the outstanding voting securities of such Series, and (b) by a majority of the directors who are not interested persons of Securities or of the Fund cast in person at a meeting called for the purpose of voting on such approval provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by Securities, upon sixty (60) days written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (60) days written notice to Securities. This Agreement shall automatically terminate in the event of its assignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. (a) This Agreement shall be effective as to the Capital Appreciation Portfolio, High Yield Portfolio, Asset Allocation Portfolio and Government Total Return Portfolio and each Class thereof on December 15November 14, 2003. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less1994. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, Class by the vote of the holders of a majority of the outstanding voting securities of such SeriesClass, and (b) by a majority of the directors who are not interested persons of Securities Investors or of the Fund Fund, cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series Classes approves this Agreement, this Agreement shall continue in effect with respect to such approving Series Class whether or not the shareholders of any other Series Class of the Fund approve this Agreement. (b) This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesInvestors, upon sixty (60) days days' written notice to the other party. This Agreement may be terminated with respect to a particular Series Class at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such SeriesClass, upon sixty (60) days days' written notice to SecuritiesInvestors. (c) This Agreement shall automatically terminate in the event of its assignment."

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This The effective date of this Agreement shall be effective on December 15January 31, 20031992. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series Portfolio or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, Portfolio by the vote of the holders of a majority of the outstanding voting securities of such SeriesPortfolio, and (b) by a majority of the directors who are not interested persons of Securities Advisers or of the Fund cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series Portfolios approves this Agreement, this Agreement shall continue in effect with respect to such approving Series Portfolio whether or not the shareholders of any other Series Portfolio of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesAdvisers, upon sixty (60) days days' written notice to the other party. This Agreement may be terminated with respect to a particular Series Portfolio at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such SeriesPortfolio, upon sixty (60) days days' written notice to SecuritiesAdvisers. Any such termination may be made effective with respect to both the investment advisory and management services provided for in this Agreement or with respect to either of such kinds of services. This Agreement shall automatically terminate in the event of its assignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This The effective date of this Agreement shall be effective on December 15May 1, 20031996. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, Series by the vote of the holders of a majority of the outstanding voting securities of such Series, and (b) by a majority of the directors who are not interested persons of Securities Investors or of the Fund cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesInvestors, upon sixty (60) days days' written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (60) days days' written notice to SecuritiesInvestors. This Agreement shall automatically terminate in the event of its assignmentassignment as defined by the provisions of the Investment Company Act of 1940.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This The effective date of this Agreement shall be effective on December 15April __, 20032001. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, Series by the vote of the holders of a majority of the outstanding voting securities of such Series, and (b) by a majority of the directors who are not interested persons of Securities Investors or of the Fund cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesInvestors, upon sixty (60) days days' written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (60) days days' written notice to SecuritiesInvestors. This Agreement shall automatically terminate in the event of its assignmentassignment as defined by the provisions of the Investment Company Act of 1940.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This The effective date of this Agreement shall be effective on December 15March 1, 20031998. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series the Portfolio or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, the Portfolio by the vote of the holders of a majority of the outstanding voting securities of such Seriesthe Portfolio, and (b) by a majority of the directors who are not interested persons of Securities Advisers or of the Fund cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series Portfolio approves this Agreement, this Agreement shall continue in effect with respect to such approving Series Portfolio whether or not the shareholders of any other Series Portfolios of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesAdvisers, upon sixty (60) days days' written notice to the other party. This Agreement may be terminated with respect to a particular Series the Portfolio at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Seriesthe Portfolio, upon sixty (60) days days' written notice to SecuritiesAdvisers. This Any such termination may be made effective with respect to both the investment advisory and management services provided for in this Agreement shall automatically terminate in the event or with respect to either of its assignment.such kinds of

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall be effective on December 15, 2003. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long for an initial two year term from the date of its execution as such indicated above and thereafter shall continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by (a) by the Board of Directors of the Fund, or with respect to a particular Series, by the vote of the holders of a majority of the outstanding voting securities Fund's Board of such Series, and (b) by a majority of the directors Trustees who are not parties to the Agreement or interested persons (as defined in the Investment Company Act of Securities or of 1940, as amended and the Fund rules, regulations and releases relating thereto), cast in person at a meeting called for the purpose of voting on such approval provided that, if and (b) either (i) the vote of a majority of the outstanding voting securities of any the Fund or (ii) the vote of a majority of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders Fund's Board of any other Series of the Fund approve this AgreementTrustees. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors Trustees of the Fund or by the vote of the holders of a majority of the outstanding voting securities shares of the Fund, or by Securities, upon sixty (60) days written notice to the other partyAdviser. This The Adviser may terminate this Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty on ninety (6090) days written notice to Securitiesthe Fund. This Agreement shall automatically terminate in the event of its assignmentassignment as defined in the Investment Company Act of 1940 and the rules thereunder. This Agreement shall automatically terminate upon completion of the dissolution, liquidation and winding up of the Fund. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding shares of the Fund shall mean the vote of 67% or more of such shares if the holders of more than 50% of such shares are present in person or by proxy or the vote of more than 50% of such shares, whichever is less.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This Agreement shall be effective on December 15April 1, 20031994. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or with respect to a particular Series, by the vote of the holders of a majority of the outstanding voting securities of such Series, and (b) by a majority of the directors who are not interested persons of Securities or of the Fund cast in person at a meeting called for the purpose of voting on such approval provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by Securities, upon sixty (60) days written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (60) days written notice to Securities. This Agreement shall automatically terminate in the event of its assignment.

EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT. This The effective date of this Agreement shall be effective on December 15March 3, 20032000. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities of a Series or the Fund shall mean the vote of 67% or more of such securities if the holders of more than 50% of such securities are present in person or by proxy or the vote of more than 50% of such securities, whichever is less. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect only so long as such continuance is specifically approved at least annually (a) by the Board of Directors of the Fund, or or, with respect to a particular Series, by the vote of the holders of a majority of the outstanding voting securities of such Series, and (b) by a majority of the directors who are not interested persons of Securities Advisers or of the Fund cast in person at a meeting called for the purpose of voting on such approval approval; provided that, if a majority of the outstanding voting securities of any of the Series approves this Agreement, this Agreement shall continue remain in effect with respect to such approving Series whether or not the shareholders of any other Series of the Fund approve this Agreement. This Agreement may be terminated at any time without the payment of any penalty by the vote of the Board of Directors of the Fund or by the vote of the holders of a majority of the outstanding voting securities of the Fund, or by SecuritiesAdvisers, upon sixty (60) days written notice to the other party. This Agreement may be terminated with respect to a particular Series at any time without the payment of any penalty by the vote of the holders of a majority of the outstanding voting securities of such Series, upon sixty (60) days days' written notice to SecuritiesAdvisers. Any termination may be made effective with respect to both the investment advisory and management services provided for in this Agreement or with respect to either of such kinds of services. This Agreement shall automatically terminate in the event of its assignment.