Common use of Portfolio Management Duties and Authority Clause in Contracts

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series to order deposits and the investment of cash and purchases and sales of securities for the Series' account and in the name of the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 hereof. The Portfolio Manager will provide the services under this Agreement in accordance with 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" or "Commission"), as from time to time amended (the "Registration Statement"), and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of the Registration Statement shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's ’s Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' ’ portfolio and determine the composition of the assets of each Series' ’ portfolio, including determination of the purchase, retention, or sale of the securities, cashcash (except as described below), and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' ’ assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series portfolio to order deposits and the investment of cash (except as described below) and purchases and sales of securities for the Series' ’ account and in the name of the Trust, with the understanding that the Portfolio Manager will not act as custodian of any assets of any Series, and that the custodian of each Series will invest all surplus cash of the Series each day in money market funds or overnight repurchase accounts to be monitored by the custodian and the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 16 hereof. The To the extent permitted by the investment policies of each Series, the Portfolio Manager will provide shall make decisions for the services under this Agreement in accordance with each Series' investment objective or objectives, policies, Series as to foreign currency matters and restrictions make determinations as stated in to and execute and perform foreign currency exchange contracts on behalf of the Trust's registration statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), Series and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of The Portfolio Manager will provide the services under this Agreement in accordance with 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 from time to time amended (the “Registration Statement”), copies of which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine determine, in its discretion, the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series to order deposits and the investment of cash and purchases and sales of securities for the Series' account and in the name of the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 16 hereof. To the extent permitted by the investment policies of each Series, the Portfolio 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 and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. The Portfolio Manager will provide the services under this Agreement in accordance with each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's registration statement Registration Statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection copies of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of the Registration Statement which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series (?) to order deposits and the investment of cash and purchases and sales of securities for the Series' account and in the name of the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 hereof. To the extent permitted by the investment policies of each Series, the Portfolio 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 and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. The Portfolio Manager will provide the services under this Agreement in accordance with each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's registration statement Registration Statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection copies of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of the Registration Statement which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cashcash (except as described below), and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series portfolio to order deposits and the investment of cash (except as described below) and purchases and sales of securities for the Series' account and in the name of the Trust, with the understanding that the Portfolio Manager will not act as custodian of any assets of any Series, and that the custodian of each Series will invest all surplus cash of the Series each day in money market funds or overnight repurchase accounts to be monitored by the custodian and the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 16 hereof. The To the extent permitted by the investment policies of each Series, the Portfolio Manager will provide shall make decisions for the services under this Agreement in accordance with each Series' investment objective or objectives, policies, Series as to foreign currency matters and restrictions make determinations as stated in to and execute and perform foreign currency exchange contracts on behalf of the Trust's registration statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), Series and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of The Portfolio Manager will provide the services under this Agreement in accordance with 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 from time to time amended (the "Registration Statement"), copies of which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series portfolio to order deposits and the investment of cash and purchases and sales of securities for the Series' Series account and risk and in the name of the Trust. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 hereof. The To the extent permitted by the investment policies of the Series, the Portfolio Manager will provide shall make decisions for the services under this Agreement in accordance with each Series' investment objective or objectives, policies, Series as to foreign currency matters and restrictions make determinations as stated in to and execute and perform foreign currency exchange contracts on behalf of the Trust's registration statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), Series and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of The Portfolio Manager will provide the services under this Agreement in accordance with the 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 from time to time amended (the "Registration Statement"), copies of which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series portfolio to order deposits and the investment of cash and purchases and sales of securities for the Series' account and in the name of the Trust, with the understanding that the Portfolio Manager will not act as custodian of any assets of any Series. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 hereof. The To the extent permitted by the investment policies of each Series, the Portfolio Manager will provide shall make decisions for the services under this Agreement in accordance with each Series' investment objective or objectives, policies, Series as to foreign currency matters and restrictions make determinations as stated in to and execute and perform foreign currency exchange contracts on behalf of the Trust's registration statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), Series and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of The Portfolio Manager will provide the services under this Agreement in accordance with each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed with the Securities and Exchange Commission ("SEC"), as from time to time amended (the "Registration Statement"), copies of which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows:

Portfolio Management Duties and Authority. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Portfolio Manager will provide a continuous investment program for each Series' portfolio and determine the composition of the assets of each Series' portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Portfolio Manager will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of each Series' assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Series, when these transactions should be executed, and what portion of the assets of each Series should be held in the various securities and other investments in which it may invest, and the Portfolio Manager is hereby authorized to execute and perform such services and transactions on behalf of each Series. In accordance with the forgoing duties, the Portfolio Manager is hereby authorized to act as agent for the Series portfolio to order deposits and the investment of cash and purchases and sales of securities for the Series' account and in the name of the Trust, with the understanding that the Portfolio Manager will not act as custodian of any assets of any Series. This authorization shall be a continuing one and shall remain in full force and effect until this Agreement is terminated in accordance with the provisions of Section 15 16 hereof. The To the extent permitted by the investment policies of each Series, the Portfolio Manager will provide shall make decisions for the services under this Agreement in accordance with each Series' investment objective or objectives, policies, Series as to foreign currency matters and restrictions make determinations as stated in to and execute and perform foreign currency exchange contracts on behalf of the Trust's registration statement filed with the Securities and Exchange Commission (the "SEC" or "Commission"), as from time to time amended (the "Registration Statement"), Series and shall have the authority to act in such capacity as the Portfolio Manager deems necessary or desirable in order to carry out its duties hereunder for the protection of the Series so long as not expressly prohibited by the terms of this Agreement, the 1940 Act or other securities laws or regulations. Copies of The Portfolio Manager will provide the services under this Agreement in accordance with each Series' investment objective or objectives, policies, and restrictions as stated in the Trust's Registration Statement filed with the Securities and Exchange Commission ("SEC"), as from time to time amended (the "Registration Statement"), copies of which shall be sent to the Portfolio Manager by the Manager prior to the commencement of this Agreement and promptly upon filing any such amendment with the SEC. The Portfolio Manager further agrees as follows: