Common use of Authority of the Adviser Clause in Contracts

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholdersmembers, officers, directors officers or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the CompanyFund, but without compensation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company Fund to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, Incorporation or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company Fund of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the CompanyFund, but without compensation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company Fund to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company Fund of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholdersmembers, officers, directors officers or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more limited partners of the Adviser or one or more shareholders, officers, directors or employees of the general partner of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles Limited Partnership Agreement or Certificate of IncorporationLimited Partnership, as either document may be amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholdersstockholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the CompanyFund, but without compensation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company Fund to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, Incorporation or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company Fund of its responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio portfolios of the FundFunds, and, subject to such policies as the Board of Directors of the Company (the "Board") may determine, direct the purchase and sale of investment securities in the day to day management of the FundFunds. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund Funds in any way or otherwise be deemed an agent of the Company or the FundFunds. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing contained herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of the Company of its responsibility for and control of the affairs of the FundFunds.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, Fund and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the CompanyFund, but without compensation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company Fund to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company Fund of its their responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, International Equity Fund and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the International Equity Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the International Equity Fund in any way or otherwise be deemed an agent of the Company or the International Equity Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the International Equity Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, Small Cap Equity Fund and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Small Cap Equity Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Small Cap Equity Fund in any way or otherwise be deemed an agent of the Company or the Small Cap Equity Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the Small Cap Equity Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, Large Cap Equity Fund and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Large Cap Equity Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Large Cap Equity Fund in any way or otherwise be deemed an agent of the Company or the Large Cap Equity Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the Large Cap Equity Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more limited partners of the Adviser or one or more shareholders, officers, directors or employees of the general partner of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of IncorporationIncorporation or Bylaws, as either document may be amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage ------------------------ the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of IncorporationIncorporation or Bylaws, as either document may be amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Mid-Cap Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Mid-Cap Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Mid-Cap Fund in any way or otherwise be deemed an agent of the Company or the Mid-Cap Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Mid-Cap Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, The Primary Income Fund and, subject to such policies as the Board board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day management of the The Primary Income Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, Incorporation or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Xxxxxxxx Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Xxxxxxxx Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company Fund may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholdersstockholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the CompanyFund, but without compensation compen- sation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company Fund to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, Incorporation or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company Fund of its responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholdersmembers, officers, directors officers or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Technology Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Technology Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Technology Fund in any way or otherwise be deemed an agent of the Company or the Technology Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Technology Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Xxxxxxxx Money Market Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Xxxxxxxx Money Market Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, Incorporation or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Micro-Cap Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Micro-Cap Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Micro-Cap Fund in any way or otherwise be deemed an agent of the Company or the Micro-Cap Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Micro-Cap Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Emerging Growth Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Emerging Growth Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Emerging Growth Fund in any way or otherwise be deemed an agent of the Company or the Emerging Growth Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Emerging Growth Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholdersstockholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated or supplemented from time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of the Company of its responsibility for and control of the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Xxxxxxxx U.S. Government Bond Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Xxxxxxxx U.S. Government Bond Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Xxxxxxxx Opportunity Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day management of the Xxxxxxxx Opportunity Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the FundCompany. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the FundCompany.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Fund. The Adviser also shall oversee all administrative and similar services provided to the Fund by third parties. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the Company. Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation, as amended, restated Incorporation or supplemented from time to time, By-Laws or any applicable statute or regulation, or to relieve or deprive the Board of Directors directors of the Company of its their responsibility for for, and control of of, the affairs of the Fund.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board board of Directors directors of the Company may determine, direct the purchase and sale of investment securities in the day to day-to-day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company or the Fund in any way or otherwise be deemed an agent of the Company or the Fund. However, one or more shareholders, officers, directors or employees of the Adviser may serve as directors and/or officers of the Company, but without compensation or reimbursement of expenses for such services from the CompanyFund. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to its the Company's Articles of Incorporation, as amended, restated amended or supplemented from time to timesupplemented, or any applicable statute or regulation, or to relieve or deprive the Board board of Directors directors of the Company of its responsibility for and control of the affairs of the Fund.