Common use of Investment Management Authority Clause in Contracts

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees, will provide a continuous investment program for such Series' portfolio and determine the composition of the assets of such Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for a Series, when these transactions should be executed, and what portion of the assets of a Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a Series. To the extent permitted by the investment policies of a Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees, will provide a continuous investment program for such each Series' portfolio and determine the composition of the assets of such each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, offered to the public, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees’s Board, will provide a continuous investment program for such the Series' ’ portfolio and determine the composition of the assets of such the Series' ’ portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' ’ assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, offered to the public, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts contracts, or derivative instruments, on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a the Series' ’ investment objective or objectives, policies, and restrictions as stated in the Trust's ’s Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "“SEC"”), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees’s Board, will provide a continuous investment program for such the Series' ’ portfolio and determine the composition of the assets of such the Series' ’ portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' ’ assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, offered to the public, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts contracts, or derivative instruments, on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a the Series' ’ investment objective or objectives, policies, and restrictions as stated in the Trust's ’s Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of TrusteesBoard, will provide a continuous investment program for such the Series' portfolio and determine the composition of the assets of such the Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, offered to the public, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts contracts, or derivative instruments, on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a the Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees’s Board, will provide a continuous investment program for such the Series' ’ portfolio and determine the composition of the assets of such the Series' ’ portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' ’ assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, offered to the public, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts on behalf of the Series. The Manager will provide the services under this Agreement in accordance with a the Series' ’ investment objective or objectives, policies, and restrictions as stated in the Trust's ’s Registration Statement filed with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore:

Investment Management Authority. In the event the Manager wishes to render investment management services directly to a Series, then with respect to any such Series, the Manager, subject to the supervision of the Trust's Board of Trustees, will provide a continuous investment program for such the Series' portfolio and determine the composition of the assets of such the Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of a the Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for a the Series, when these transactions should be executed, and what portion of the assets of a the Series should be held in the various securities and other investments in which it may invest, and the Manager is hereby authorized to execute and perform such services on behalf of a the Series. To the extent permitted by the investment policies of a the Series, the Manager shall make decisions for the Series as to foreign currency matters and make determinations as to, and execute and perform, foreign currency exchange contracts on behalf of the such Series. The Manager will provide the services under this Agreement in accordance with a each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed with the Securities and Exchange Commission (the "SEC"), as amended. Furthermore: