Common use of Appointment as Adviser Clause in Contracts

Appointment as Adviser. The Trust being duly authorized hereby appoints and employs Kobrick-HFS Funds, Inc. ("Adviser") as discretionary portfolio manager, on the terms and conditions set forth herein, of the Funds.

Appointment as Adviser. The Trust being duly authorized hereby appoints and employs Kobrick-HFS Kobrick Funds, Inc. LLC ("Adviser") as discretionary portfolio manager, on the terms and conditions set forth herein, of the Funds.

Appointment as Adviser. The Trust being duly authorized hereby appoints and employs Kobrick-HFS FundsHFS, Inc. ("Adviser") as discretionary portfolio manager, on the terms and conditions set forth herein, of the Funds.