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

SERVICES TO BE RENDERED BY THE. SUBADVISORY CONSULTANT TO THE PORTFOLIO Subject always to the direction and control of the Trustees of the Trust and SBAM, SBAM Limited will manage the investments and determine the composition of the assets of the Delegated Portion in accordance with the investment objectives, policies and restrictions contained in the Trust's prospectus and statement of additional information in so far as they relate to the Portfolio (both as amended from time to time) and in compliance with the provisions of the Investment Company Act of 1940, as amended (the "Investment Company Act") and the rules promulgated thereunder and, so far as permitted thereby, is hereby authorized to borrow money and to effect transactions on or off any exchange on behalf of the Portfolio.

SERVICES TO BE RENDERED BY THE. SUBADVISORY CONSULTANT TO THE PORTFOLIO Subject always to the direction and control of the Trustees of the Trust Fund and SBAM, SBAM Limited will manage the investments and determine the composition of the assets of the Delegated Portion Assets in accordance with the investment objectives, policies and restrictions contained in the TrustFund's currently effective prospectus and statement Statement of additional information Additional Information in so far as they relate to the Portfolio (both as amended from time to time) and in compliance with the provisions of the Investment Company Act of 1940, as amended (the "Investment Company Act") and the rules promulgated thereunder and, so far as permitted thereby, is hereby authorized to borrow money and to effect transactions on or off any exchange on behalf of the Portfolio.

SERVICES TO BE RENDERED BY THE. SUBADVISORY CONSULTANT TO THE PORTFOLIO Subject always to the direction and control of the Trustees of the Trust Fund and SBAM, SBAM Limited will manage the investments and determine the composition of the assets of the Delegated Portion in accordance with the investment objectives, policies and restrictions contained in the TrustFund's prospectus and statement of additional information in so far as they relate to the Portfolio (both as amended from time to time) and in compliance with the provisions of the Investment Company Act of 1940, as amended (the "Investment Company Act") and the rules promulgated thereunder and, so far as permitted thereby, is hereby authorized to borrow money and to effect transactions on or off any exchange on behalf of the Portfolio.