Common use of Sub-Investment Adviser Services Clause in Contracts

Sub-Investment Adviser Services. (a) JCC shall, subject to the control of the Trustees of the Fund and to the supervision of Investment Manager, have exclusive authority to manage the investment and reinvestment of the assets of the Portfolios, including cash, provided that such management is in accordance with the Fund's declaration of trust and in its registration statements under the Investment Company Act of 1940 (the "1940 Act"), Investment Manager acknowledges that JCC has authority to trade every day the market is open. JCC makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Portfolios or that the Portfolios will perform comparably with any standard or index, including other clients of JCC, whether public or private.

Sub-Investment Adviser Services. (a) JCC JCM shall, subject to the control of the Trustees of the Fund and to the supervision of Investment Manager, have exclusive authority to manage the investment and reinvestment of the assets of the Portfolios, including cash, provided that such management is in accordance with the Fund's declaration of trust and in its registration statements under the Investment Company Act of 1940 (the "1940 Act"), Investment Manager acknowledges that JCC JCM has authority to trade every day the market is open. JCC JCM makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Portfolios or that the Portfolios will perform comparably with any standard or index, including other clients of JCCJCM, whether public or private.

Sub-Investment Adviser Services. (a) JCC shall, subject to the control of the Trustees of the Fund and to the supervision of Investment Manager, have exclusive authority to manage the investment and reinvestment of the assets of the PortfoliosPortfolio, including cash, provided that such management is in accordance with the Fund's declaration of trust and in its registration statements under the Investment Company Act of 1940 (the "1940 Act"), Investment Manager acknowledges that JCC has authority to trade every day the market is open. JCC makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Portfolios Portfolio or that the Portfolios Portfolio will perform comparably with any standard or index, including other clients of JCC, whether public or private.