Common use of Discretionary Investment Management Clause in Contracts

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the Adviser, manage all or a portion of the investments of the Trust in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the Trust, including but not limited to managing the Trust's cash and cash equivalents and lending securities on behalf of the Trust. In selecting brokers or dealers to execute trades for the Trust, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's ’s Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the AdviserAdvisor, each Sub-Adviser Advisor shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the AdviserAdvisor, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser Advisor may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(sAdvisor(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser Advisor is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser Advisor may select; and (iii) upon the request of the AdviserAdvisor, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser Advisor will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser Advisor shall at all times be subject to the control and direction of the Adviser Advisor and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each the Sub-Adviser shall, subject to the supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's ’s Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(s) Adviser and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each the Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each the Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each the Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trusteach Fund's Board of Trustees Trustees/Directors (the "Board") and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trustsuch Fund's Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, manage all or a portion of the investments of the Trust in accordance with the investment objectives, policies and limitations provided in the Trust's ’s Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the Trust, including but not limited to managing the Trust's ’s cash and cash equivalents and lending securities on behalf of the Trust. In selecting brokers or dealers to execute trades for the Trust, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Fund’s Board of Trustees (the "“Board"”) and the Adviser, manage all or a portion of the investments of the Trust Fund in accordance with the investment objectives, policies and limitations provided in the Trust's Fund’s Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust Fund by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFund, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the Adviser, manage all or a portion of the investments of the Trust in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust under its management, each Sub-Sub- Adviser is authorized to: (i) make investment decisions on behalf of the Trust with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the Trust, including but not limited to managing the Trust's cash and cash equivalents and lending securities on behalf of the Trust. In selecting brokers or dealers to execute trades for the Trust, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the TrustFund's Board of Trustees (the "Board") and the Adviser, manage all or a portion of the investments of the Trust Fund in accordance with the investment objectives, policies and limitations provided in the TrustFund's Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust Fund by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFund, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the TrustFund's Board of Trustees Managing General Partners (the "Board") and the Adviser, manage all or a portion of the investments of the Trust Fund in accordance with the investment objectives, policies and limitations provided in the TrustFund's Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust Fund by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFund, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Fund’s Board of Trustees Managing General Partners (the "“Board"”) and the Adviser, manage all or a portion of the investments of the Trust Fund in accordance with the investment objectives, policies and limitations provided in the Trust's Fund’s Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust Fund by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFund, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's ’s Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Sub- Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the TrustFund's Board of Trustees Directors (the "Board") and the Adviser, manage all or a portion of the investments of the Trust Fund in accordance with the investment objectives, policies and limitations provided in the TrustFund's Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust Fund by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFund, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's each Fund’s Board of Trustees Trustees/Directors (the "“Board"”) and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's such Fund’s Registration Statement and such other limitations as the Trust Fund or the Adviser may impose with respect to the Trust by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the Trust's Fund’s cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by ----------------------------------- the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the Adviser, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser may select; and (iii) upon the request of the Adviser, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser shall at all times be subject to the control and direction of the Adviser and the Board.

Discretionary Investment Management. If and to the extent requested by the AdviserAdvisor, each Sub-Adviser Advisor shall, subject to the supervision of the Trust's Board of Trustees (the "Board") and the AdviserAdvisor, manage all or a portion of the investments of one or more of the Trust Funds in accordance with the investment objectives, policies and limitations provided in the Trust's Registration Statement and such other limitations as the Trust or the Adviser Advisor may impose with respect to the Trust such Fund(s) by notice to the applicable Sub-Adviser(sAdvisor(s) and otherwise in accordance with paragraph 5 below. With respect to the portion of the investments of the Trust a Fund under its management, each Sub-Adviser Advisor is authorized to: (i) make investment decisions on behalf of the Trust Fund with regard to any stock, bond, other security or investment instrument, including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub-Adviser Advisor may select; and (iii) upon the request of the AdviserAdvisor, provide additional investment management services to the TrustFund, including but not limited to managing the TrustFund's cash and cash equivalents and lending securities on behalf of the TrustFund. In selecting brokers or dealers to execute trades for the TrustFunds, each Sub-Adviser Advisor will comply with its written policies and procedures regarding brokerage and trading, which policies and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser Sub- Advisor shall at all times be subject to the control and direction of the Adviser Advisor and the Board.