Common use of INVESTMENT MANAGEMENT AND OTHER SERVICES Clause in Contracts

INVESTMENT MANAGEMENT AND OTHER SERVICES. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as investment advisers and/or managers of the Trust and to provide such investment advice and/or management as the Trustees may from time to time consider appropriate (the "Adviser"). Any such contract may authorize the Adviser to determine from time to time what securities shall be acquired, held or disposed of by the Trust and what portion of assets of the Trust shall be held uninvested and to take, on behalf of the Trust, actions which the Adviser deems necessary to implement the investment policies of the Trust, including the placement of all orders for the purchase, sale or loan of portfolio securities for the Trust's account with brokers or dealers or others selected by the Adviser and the giving of instructions to the custodian of the Trust's assets as to deliveries of securities and payments of cash for the account of the Trust. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Adviser may enter into an agreement to retain at its own expense any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to provide the Trust investment advice and/or management and any person or persons so retained may be granted all authority which has been granted to the Adviser under the contract which the Adviser entered into pursuant to the preceding paragraph. Without limiting the generality of the powers of the Trustees, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as principal underwriter for the Shares.

INVESTMENT MANAGEMENT AND OTHER SERVICES. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as investment advisers and/or managers of the Trust and to provide such investment advice and/or management as the Trustees may from time to time consider appropriate (the "Adviser"). Any such contract may authorize the Adviser adviser to determine from time to time what securities shall be acquired, held or disposed of by the Trust and what portion of assets of the Trust shall be held uninvested and to take, on behalf of the Trust, actions which the Adviser deems necessary to implement the investment policies of the Trust, including the placement of all orders for the purchase, sale or loan of portfolio securities for the Trust's account with brokers or dealers or others selected by the Adviser adviser and the giving of instructions to the custodian of the Trust's assets as to deliveries of securities and payments of cash for the account of the Trust. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Adviser may enter into an agreement Agreement to retain at its own expense any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to provide the Trust trust investment advice and/or management and any person or persons so retained may be granted all authority which has been granted to the Adviser adviser under the contract which the Adviser adviser entered into pursuant to the preceding paragraph. Without limiting the generality of the powers of the Trustees, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as principal underwriter for the Shares.

INVESTMENT MANAGEMENT AND OTHER SERVICES. Without limiting the generality of the powers of the Trustees, subject The Trustees shall ---------------------------------------- not in any way be bound or limited by any present or future law or custom in regard to applicable law, the investments by trustees. The Trustees from time to time may enter into a written contract or contracts with any person or persons, including any firm, corporation, trust or association in which any Trustee, Trustee or Shareholder or officer of the Trust may be interested, to act as investment advisers manager and/or managers advisor of the Trust and to provide such investment management and/or advice and/or management as the Trustees may from time to time may consider appropriate (necessary for the "Adviser"). Any such contract may authorize proper management of the Adviser assets of the Trust, including, without limitation, authority to determine from time to time what securities investments shall be acquiredpurchased, held held, sold or disposed of by the Trust exchanged and what portion portion, if any, of the assets of the Trust shall be held uninvested and to takemake changes in the Trust's investments. Any such contract shall be subject to the requirements of the 1940 Act with respect to its continuance in effect, on behalf its termination, and the method of authorization and approval of such contract, or any amendment thereto or renewal thereof. Any Trustee or any organization with which any Trustee may be associated also may act as broker for the Trust in making purchases and sales of securities for or to the Trust for its investment portfolio, and may charge and receive from the Trust the usual and customary commission for such service. Any organization with which a Trustee may be associated in acting as broker for the Trust shall be responsible only for the proper execution of transactions in accordance with the instructions of the Trust and shall be subject to no further liability of any sort whatever. The Trustees may also at any time and from time to time contract with any party to appoint it exclusive or non-exclusive principal underwriter or distributor for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the By-Laws or applicable law, including the 1940 Act. Any such contract shall be subject to the requirements of the 1940 Act with respect to its continuance in effect, its termination and the method of authorization and approval of such contract, or any amendment thereto or renewal thereof. Any investment manager or advisor of the Trust, actions which the Adviser deems necessary to implement the investment policies or any affiliate thereof, may also be a principal underwriter or distributor or placement agent for or in respect of the Trustsale of Shares by separate contract, including the or may be a person controlled by or affiliated with any Trustee or any principal underwriter, distributor or placement of all orders for the purchaseagent, sale or loan of portfolio securities for the Trust's account with brokers or dealers or others selected by the Adviser and the giving of instructions to the custodian of the Trust's assets as to deliveries of securities and payments of cash for the account of the Trust. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Adviser may enter into an agreement to retain at its own expense any a person or persons, including any firm, corporation, trust or association in which any TrusteeTrustee or any principal underwriter, Shareholder distributor or officer placement agent is interested financially, subject only to applicable provisions of the Trust may be interestedlaw. Nothing herein contained shall operate to prevent any investment manager or advisor, to provide the Trust investment advice and/or management and any person or persons so retained may be granted all authority which has been granted to the Adviser under the contract which the Adviser entered into pursuant to the preceding paragraph. Without limiting the generality of the powers of the Trustees, the Trustees may enter into who also acts as such a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as principal underwriter or distributor or placement agent, from also receiving compensation for the Sharesservices in such capacity or capacities.

INVESTMENT MANAGEMENT AND OTHER SERVICES. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as investment advisers and/or managers of the Trust and to provide such investment advice and/or management as the Trustees may from time to time lime consider appropriate (the "Adviser"). Any such contract may authorize the Adviser to determine from time to time what securities shall be acquired, held or disposed of by the Trust and what portion of assets of the Trust shall be held uninvested and to take, on behalf of the Trust, actions which the Adviser deems necessary to implement the investment policies of the Trust, including the placement of all orders for the purchase, sale or loan of portfolio securities for the Trust's account with brokers or dealers or others selected by the Adviser and the giving of instructions to the custodian of the Trust's assets as to deliveries of securities and payments of cash for the account of the Trust. Without limiting the generality of the powers of the Trustees, subject to applicable law, the Adviser may enter into an agreement to retain at its own expense any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to provide the Trust investment advice and/or management and any person or persons so retained may be granted all authority which has been granted to the Adviser under the contract which the Adviser entered into pursuant to the preceding paragraph. Without limiting the generality of the powers of the Trustees, the Trustees may enter into a contract with any person or persons, including any firm, corporation, trust or association in which any Trustee, Shareholder or officer of the Trust may be interested, to act as principal underwriter for the Shares.