Common use of Investment Management Clause in Contracts

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Advisor shall manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "1940 Act") and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the Portfolio, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the Portfolio. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Advisor shall manage all or a portion of the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations provided in the Portfolio's Fund’s Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio Fund by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio Fund under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio Fund with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the PortfolioFund, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the PortfolioFund. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's ’s Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Advisor shall manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in the Portfolio's ’s Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the Portfolio, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the Portfolio. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's ’s Board of Trustees.

Investment Management. If and to the extent requested by the Sub-–Advisor, the UK Sub-–Advisor shall manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in the Portfolio's ’s Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio by notice to the UK Sub-–Advisor. With respect to the portion of the investments of the Portfolio under its management, the UK Sub-–Advisor is authorized to make investment decisions on behalf of the Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-–dealers as the UK Sub-–Advisor may select. The UK Sub-–Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-–Advisor, to provide additional investment management services to the Portfolio, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the Portfolio. All investment management and any other activities of the UK Sub-–Advisor shall at all times be subject to the control and direction of the Sub-–Advisor, the Advisor and the Trust's ’s Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Sub- Advisor shall manage all or a portion of the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations provided in the Portfolio's Fund’s Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio Fund by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio Fund under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio Fund with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the PortfolioFund, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the PortfolioFund. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's ’s Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Sub- Advisor shall manage all or a portion of the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations provided in the Portfolio's Fund’s Prospectus or other governing gov- erning instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio Fund by notice to the UK Sub-AdvisorAdvi- sor. With respect to the portion of the investments of the Portfolio Fund under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio Fund with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the PortfolioFund, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money or lending securities on behalf of the PortfolioFund. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's ’s Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Sub­ Advisor shall manage all or a portion of the investments of the Portfolio in accordance with the investment objective, policies and limitations provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "1940 Act") and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment invest­ ment management services to the Portfolio, including but not limited to services such as managing man­ aging foreign currency investments, purchasing and selling or writing futures and options contractscon­ tracts, borrowing money or lending securities on behalf of the Portfolio. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's Board of Trustees.

Investment Management. If and to the extent requested by the Sub-Advisor, the UK Sub-Advisor shall manage all or a portion of the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations provided in the Portfolio's Fund’s Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 (the "“1940 Act"”) and rules thereunder, as amended from time to time, and such other limitations as the Trust or the Advisor may impose with respect to the Portfolio Fund by notice to the UK Sub-Advisor. With respect to the portion of the investments of the Portfolio Fund under its management, the UK Sub-Advisor is authorized to make investment decisions on behalf of the Portfolio Fund with regard to any stock, bond, other security or investment instrument, and to place orders for the purchase and sale of such securities through such broker-dealers as the UK Sub-Advisor may select. The UK Sub-Advisor may also be authorized, but only to the extent such duties are delegated in writing by the Sub-Advisor, to provide additional investment management services to the PortfolioFund, including but not limited to services such as managing foreign currency investments, purchasing and selling or writing futures and options contracts, borrowing money money, or lending securities on behalf of the PortfolioFund. All investment management and any other activities of the UK Sub-Advisor shall at all times be subject to the control and direction of the Sub-Advisor, the Advisor and the Trust's ’s Board of Trustees.