Common use of Services as Investment Manager Clause in Contracts

Services as Investment Manager. Subject to the supervision and direction of the Board, the Manager will: (a) manage the Fund's holdings in accordance with the Fund's investment objective and policies as stated in the Charter and the Registration Statement; (b) assist in supervising all aspects of the Fund's operations; (c) supply the Fund with office facilities (which may be in SSB Citi's own offices), statistical and research data, data processing services, clerical, accounting and bookkeeping services, including, but not limited to, the calculation of (i) the net asset value of shares of the Fund, (ii) applicable contingent deferred sales charges and similar fees and charges and (iii) distribution fees, internal auditing and legal services, internal executive and administrative services, and stationery and office supplies; and (d) prepare reports to shareholders of the Fund, tax returns and reports to and filings with the SEC and state blue sky authorities. The Manager is hereby authorized to retain third parties and to delegate some or all of its duties and obligations under this paragraph 2 to such persons provided that such persons shall remain under the general supervision of the Manager.