Investment Analysis and Implementation. In carrying out its obligations under Section 1 hereof, the Advisor shall:
Investment Analysis and Implementation. In carrying out its obligations under paragraph 2 hereof, the Manager shall:
Investment Analysis and Implementation. In carrying out its obligation under paragraph 2 hereof, the Sub-Adviser shall:
Investment Analysis and Implementation. In carrying out its obligation under paragraph 2 hereof, the Sub-Adviser shall: (a) determine which issuers and securities shall be represented in the Series' portfolio and regularly report thereon to the Fund's Board of Directors and the Adviser; (b) formulate and implement continuing programs for the purchase and sale of the securities of such issuers and regularly report thereon to the Fund's Board of Directors and the Adviser; (c) continuously review the Series' security holdings and the investment program and the investment policies of the Series; and (d) take, on behalf of the Series, all actions which appear necessary to carry into effect such purchase and sale programs, including the placement of orders for the purchase and sale of securities for the Series.
Investment Analysis and Implementation. In carrying out its obligations under Section 1 hereof, PowerShares shall:
Investment Analysis and Implementation. In carrying out its obligation under paragraph 2 hereof, the Sub-Adviser shall provide the following services with respect to the Global High Yield Series:
Investment Analysis and Implementation. In carrying out its obligations under Section 1 hereof, the Advisor shall: supervise all aspects of the operations of the Funds; obtain and evaluate pertinent information about significant developments and economic, statistical and financial data, domestic, foreign or otherwise, whether affecting the economy generally or the Funds, and whether concerning the individual issuers whose securities are included in the assets of the Funds or the activities in which such issuers engage, or with respect to securities which the Advisor considers desirable for inclusion in the Funds' assets; determine which issuers and securities shall be represented in the Funds' investment portfolios and regularly report thereon to the Board of Trustees; formulate and implement continuing programs for the purchases and sales of the securities of such issuers and regularly report thereon to the Board of Trustees; and take, on behalf of the Trust and the Funds, all actions which appear to the Trust and the Funds necessary to carry into effect such purchase and sale programs and supervisory functions as aforesaid, including but not limited to the placing of orders for the purchase and sale of securities for the Funds.
Investment Analysis and Implementation. In carrying out its obligations under Section 1 hereof, ICM shall:
Investment Analysis and Implementation. In carrying out its obligations under Section 1 hereof, the Advisor shall act at all times (i) on a basis that is fair and reasonable to the Fund, (ii) honestly and in good faith with a view to the best interests of the Fund and, (iii) in connection therewith, exercise the degree of care, diligence and skill that a reasonably prudent portfolio manager would exercise in the circumstances. Without limiting its general powers but subject to the terms and conditions hereof, the Advisor is hereby authorized and empowered in its sole discretion as follows:
Investment Analysis and Implementation. In carrying out its obligation under paragraph 2 hereof, the Adviser shall: (a) determine which issuers and securities shall be represented in the Series' portfolio and regularly report thereon to the Fund's Board of Directors; (b) formulate and implement continuing programs for the purchase and sale of the securities of such issuers and regularly report thereon to the Fund's Board of Directors; (c) continuously review the Series' security holdings and the investment program and the investment policies of the Series; and (d) take, on behalf of the Series, all actions which appear necessary to carry into effect such purchase and sale programs, including the placement of orders for the purchase and sale of securities for the Series. 4. Broker-Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the Series, broker/dealer selection, and negotiation of brokerage commission rates. The Adviser's primary consideration in effecting a security transaction will be execution at the most favorable price. In selecting a broker/dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker/dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker/dealer to the investment performance of the Series on a continuing basis. Accordingly, the price to the Series in any transaction may be less favorable than that available from another broker/dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered. Subject to such policies as the Board of Directors may determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused a Series to pay a broker 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 Adviser 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 Adviser's overall responsibilities with respect to the Series and to its other clients as to which it exercises investment discretion (as that term is ...
