Common use of Retention of the Manager Clause in Contracts

Retention of the Manager. The Trust hereby retains the Manager to act as the Manager and Unitholder Servicing Agent of the Portfolios and to furnish the Portfolios with the management, administrative, transfer agent and unitholder servicing services as set forth below. The Manager hereby accepts such employment to perform the duties set forth below. The Manager shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Trust in any way and shall not be deemed an agent of the Trust. All of the Manager's duties shall be subject always to the objectives, policies and restrictions contained in the Trust's current registration statement under the 1940 Act, to the Trust's Declaration of Trust and By-Laws, to the provisions of the 1940 Act, and to any other guidelines that may be established by the Trust's Trustees. The Manager shall calculate the daily net asset value of the Portfolios in accordance with the procedures prescribed in the Trust's Registration Statement and such other procedures as may be established by the Trustees of the Trust.

Retention of the Manager. The Trust hereby retains the Manager to act as the Manager and Unitholder Servicing Agent of the Portfolios and to furnish the Portfolios with the management, administrative, transfer agent and unitholder servicing services as set forth below. The Manager hereby accepts such employment to perform the duties set forth below. The Manager shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Trust in any way and shall not be deemed an agent of the Trust. All of the Manager's duties shall be subject always to the objectivesobjective, policies and restrictions contained in the Trust's current registration statement under the 1940 Act, to the Trust's Declaration of Trust and By-Laws, to the provisions of the 1940 Act, and to any other guidelines that may be established by the Trust's Trustees. The Manager shall calculate the daily net asset value of the Portfolios in accordance with the procedures prescribed in the Trust's Registration Statement and such other procedures as may be established by the Trustees of the Trust.

Retention of the Manager. The Trust hereby retains the ------------------------ Manager to act as the Manager and Unitholder Servicing Agent of the Portfolios and to furnish the Portfolios with the management, administrative, transfer agent and unitholder servicing services as set forth below. The Manager hereby accepts such employment to perform the duties set forth below. The Manager shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Trust in any way and shall not be deemed an agent of the Trust. All of the Manager's duties shall be subject always to the objectives, policies and restrictions contained in the Trust's current registration statement under the 1940 Act, to the Trust's Declaration of Trust and By-Laws, to the provisions of the 1940 Act, and to any other guidelines that may be established by the Trust's Trustees. The Manager shall calculate the daily net asset value of the Portfolios in accordance with the procedures prescribed in the Trust's Registration Statement and such other procedures as may be established by the Trustees of the Trust.