Common use of EMPLOYMENT OF SMC, LLC Clause in Contracts

EMPLOYMENT OF SMC, LLC. The Fund hereby employs SMC, LLC to (a) act as investment adviser to the Fund with respect to the investment of its assets and to supervise and arrange the purchase of securities for the Fund and the sales of securities held in the portfolio of the Fund, subject always to the supervision of the Board of Directors of the Fund (or a duly appointed committee thereof), during the period and upon and subject to the terms and conditions described herein; (b) provide the Fund with general administrative, fund accounting, transfer agency, and dividend disbursing services described and set forth in Schedule A attached hereto and made a part of this Agreement by reference; and (c) arrange for, and monitor, the provision to the Fund of all other services required by the Fund, including but not limited to services of independent accountants, legal counsel, custodial services and printing. SMC, LLC may, in accordance with all applicable legal requirements, engage the services of other persons or entities, regardless of any affiliation with SMC, LLC, to provide services to the Fund under this Agreement. SMC, LLC shall bear the expense of providing such other services to the Equity and Global Series. Asset Allocation Series, Social Awareness Series and Value Series shall bear the expense of such other services and all other expenses of the Series. SMC, LLC agrees to maintain sufficient trained personnel and equipment and supplies to perform its responsibilities under this Agreement and in conformity with the current Prospectus of the Fund and such other reasonable standards of performance as the Fund may from time to time specify and shall use reasonable care in selecting and monitoring the performance of third parties, who perform services for the Fund. SMC, LLC shall not guarantee the performance of such persons. Paragraphs 2(a) and (b) shall be deleted in their entirety and the following paragraphs shall be inserted in lieu thereof: (a) EXPENSES OF SMC, LLC. SMC, LLC shall pay all expenses in connection with the performance of its services under this Agreement, including with respect to the Equity and Global Series, all fees and charges of third parties providing services to the Fund, whether or not such expenses are billed to SMC, LLC or the Fund, except as provided otherwise herein.

EMPLOYMENT OF SMC, LLC. The Fund hereby employs SMC, LLC to (a) act as investment adviser to the Fund with respect to the investment of its assets and to supervise and arrange for the purchase of securities for of the Fund and the sales of securities held in the portfolio of the Fund, subject always to the supervision of the Board of Directors of the Fund (or a duly appointed committee thereof), during the period and upon and subject to the terms and conditions described herein; (b) provide the Fund with general administrative, fund accounting, transfer agency, and dividend disbursing services described and set forth in Schedule A attached hereto and made a part of this Agreement by reference; and (c) arrange for, and monitor, the provision to the Fund of all other services required by the Fund, including but not limited to services of independent accountants, legal counsel, custodial services and printing. SMC, LLC may, in accordance with all applicable legal requirements, engage the services of other persons or entities, regardless of any affiliation with SMC, LLC, to provide services to the Fund under this Agreement. SMC, LLC shall bear the expense of providing such other services to the Equity and Global Series. Asset Allocation Series, Social Awareness Series, Value Series and Value Small Company Series shall bear the expense of such other services and all other expenses of the Series. SMC, LLC agrees to maintain sufficient trained personnel and equipment and supplies to perform its responsibilities under this Agreement and in conformity with the current Prospectus of the Fund and such other reasonable standards of performance as the Fund may from time to time specify and shall use reasonable care in selecting and monitoring the performance of third parties, who perform services for the Fund. SMC, LLC shall not guarantee the performance of such persons. Paragraphs 2(a) and (b) shall be deleted in their entirety and the following paragraphs shall be inserted in lieu thereof: (a) EXPENSES OF SMC, LLC. SMC, LLC shall pay all expenses in connection with the performance of its services under this Agreement, including with respect to the Equity and Global Series, all fees and charges of third parties providing services to the Fund, whether or not such expenses are billed to SMC, LLC or the Fund, except as provided otherwise herein.