Common use of SERVICES TO BE RENDERED BY MANAGER TO THE TRUST Clause in Contracts

SERVICES TO BE RENDERED BY MANAGER TO THE TRUST. (a) Subject always to the control of the Trustees of the Trust, the Manager will, at its expense, furnish continuously an investment program for the Fund, will make investment decisions on behalf of the Fund and will, subject to the provisions of paragraph (c), place all orders for the purchase and sale of its portfolio securities. Subject always to the control of the Trustees of the Fund, the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust, the By-laws of the Trust and the Fund's stated investment objectives, policies and restrictions as set forth in its Registration Statement on Form N-1A, File No. 33-57732 and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine. (b) The Manager, at its expense, will furnish all necessary office space and equipment, bookkeeping and clerical services (excluding securities accounting and transfer agency services) required for it to perform its duties hereunder and will pay all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with the Manager. (c) In the selection of brokers, dealers, futures commissions merchants or any other sources of portfolio (d) Subject to the provisions of the Agreement and Declaration of Trust of the Trust and the Investment Company Act (e) The Manager shall not be obligated to pay any expenses of or for the Trust or of or for the Fund not expressly assumed by the Manager pursuant to this Section other than as provided in Section 3.

SERVICES TO BE RENDERED BY MANAGER TO THE TRUST. (a) Subject always to the control of the Trustees of the Trust, the Manager will, at its expense, furnish continuously an investment program for the Fund, will make investment decisions on behalf of the Fund and will, subject to the provisions of paragraph (c), place all orders for the purchase and sale of its portfolio securities. Subject always to the control of the Trustees of the Fund, the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust, the By-laws of the Trust and the Fund's stated investment objectives, policies and restrictions as set forth in its Registration Statement on Form N-1A, File No. 33-57732 and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine. (b) The Manager, at its expense, will furnish all necessary office space and equipment, bookkeeping and clerical services (excluding securities accounting and transfer agency services) required for it to perform its duties hereunder and will pay all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with the Manager. (c) In the selection of brokers, dealers, futures commissions merchants or any other sources of portfolioportfolio investments for the Fund (hereafter, "brokers or dealers") and (d) Subject to the provisions of the Agreement and Declaration of Trust of the Trust and the Investment Company ActAct of 1940, the Manager, at its expense, may select and contract (e) The Manager shall not be obligated to pay any expenses of or for the Trust or of or for the Fund not expressly assumed by the Manager pursuant to this Section other than as provided in Section 3.

SERVICES TO BE RENDERED BY MANAGER TO THE TRUST. (a) Subject always to the control of the Trustees of the Trust, the Manager will, at its expense, furnish continuously an investment program for the Fund, will make investment decisions on behalf of the Fund and will, subject to the provisions of paragraph (c), place all orders for the purchase and sale of its portfolio securities. Subject always to the control of the Trustees of the Fund, the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust, the By-laws of the Trust and the Fund's stated investment objectives, policies and restrictions as set forth in its Registration Statement on Form N-1A, File No. 33-57732 and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine. (b) The Manager, at its expense, will furnish all necessary office space and equipment, bookkeeping and clerical services (excluding securities accounting and transfer agency services) required for it to perform its duties hereunder and will pay all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with the Manager. (c) In the selection of brokers, dealers, futures commissions merchants or any other sources of portfolioportfolio investments for the Fund (hereafter, "brokers or dealers") and the placing of orders for the purchaser and sale of portfolio investments for the Fund, the Manager shall seek to obtain the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund's best interests at all times, shall consider all factors it deems relevant, including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Trust to pay, on behalf of the Fund, a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager's overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercised investment discretion. The Trust hereby agrees with the Manager and with any Sub-Adviser selected by the Manager as provided in Section 1(d) that any entity or person associated with the Manager or such Sub-Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(2)(iv). (d) Subject to the provisions of the Agreement and Declaration of Trust of the Trust and the Investment Company ActAct of 1940, the Manager, at its expense, may select and contract (e) The Manager shall not be obligated to pay any expenses of or for the Trust or of or for the Fund not expressly assumed by the Manager pursuant to this Section other than as provided in Section 3.

SERVICES TO BE RENDERED BY MANAGER TO THE TRUST. (a) Subject always to the control of the Trustees of the Trust, the Manager will, at its expense, furnish continuously an investment program for the Fund, will make investment decisions on behalf of the Fund and will, subject to the provisions of paragraph (c), place all orders for the purchase and sale of its portfolio securities. Subject always to the control of the Trustees of the Fund, the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust, the By-laws of the Trust and the Fund's stated investment objectives, policies and restrictions as set forth in its Registration Statement on Form N-1A, File No. 33-57732 and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine. (b) The Manager, at its expense, will furnish all necessary office space and equipment, bookkeeping and clerical services (excluding securities accounting and transfer agency services) required for it to perform its duties hereunder and will pay all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with the Manager. (c) In the selection of brokers, dealers, futures commissions merchants or any other sources of portfolio (d) Subject to the provisions of the Agreement and Declaration of Trust of the Trust and the Investment Company Act (e) The Manager shall not be obligated to pay any expenses of or for the Trust or of or for the Fund not expressly assumed by the Manager pursuant to this Section other than as provided in Section 3.

SERVICES TO BE RENDERED BY MANAGER TO THE TRUST. (a) Subject always to the control of the Trustees of the Trust, the Manager will, at its expense, furnish continuously an investment program for the Fund, will make investment decisions on behalf of the Fund and will, subject to the provisions of paragraph (c), place all orders for the purchase and sale of its portfolio securities. Subject always to the control of the Trustees of the Fund, the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust, the By-laws of the Trust and the Fund's stated investment objectives, policies and restrictions as set forth in its Registration Statement on Form N-1A, File No. 33-57732 and will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine. (b) The Manager, at its expense, will furnish all necessary office space and equipment, bookkeeping and clerical services (excluding securities accounting and transfer agency services) required for it to perform its duties hereunder and will pay all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with the Manager. (c) In the selection of brokers, dealers, futures commissions merchants or any other sources of portfolio investments for the Fund (hereafter, "brokers or dealers") and the placing of orders for the purchaser and sale of portfolio (d) Subject to the provisions of the Agreement and Declaration of Trust of the Trust and the Investment Company Act (e) The Manager shall not be obligated to pay any expenses of or for the Trust or of or for the Fund not expressly assumed by the Manager pursuant to this Section other than as provided in Section 3.