Common use of Portfolio Management Clause in Contracts

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each Fund’s policies as set out in the Prospectus of the Fund or as adopted by the Board and disclosed to the Manager. The Manager will determine what portion of each Fund's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund Portfolio and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each FundPortfolio’s policies as set out in the Prospectus of the Fund Portfolio or as adopted by the Board and disclosed to the Manager. The Manager will determine what portion of each FundPortfolio's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund Portfolio will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each Fund’s policies as set out in the Prospectus of the Fund or as adopted by the Board of Directors and disclosed to the Manager. The Manager will determine what portion of each Fund's ’s portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund Portfolio and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each FundPortfolio’s policies as set out in the Prospectus of the Fund Portfolio or as adopted by the Board and disclosed to the Manager. The Manager will determine what portion of each Fund's portfolio Portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund Portfolio will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each Fund’s policies as set out in the Prospectus Registration Statement of the each Fund or as adopted by the respective Board and disclosed to the Manager. The Manager will determine what portion of each Fund's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund Portfolio and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s 's determinations and all in accordance with each Fund’s Portfolio's policies as set out in the Prospectus of the Fund Portfolio or as adopted by the Board of Directors and disclosed to the Manager. The Manager will determine what portion of each FundPortfolio's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund Portfolio will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s 's investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund Portfolio and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each FundPortfolio’s policies as set out in the Prospectus of the Fund Portfolio or as adopted by the Board of Directors and disclosed to the Manager. The Manager will determine what portion of each FundPortfolio's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund Portfolio will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each the Fund and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s determinations and all in accordance with each the Fund’s policies as set out in the Prospectus of the Fund or as adopted by the Board and disclosed to the Manager. The Manager will determine what portion of each the Fund's ’s portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each The Fund will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s investment advisory clients.

Portfolio Management. The Manager will determine the securities and other instruments to be purchased, sold or entered into by each Fund and place orders with broker-dealers, foreign currency dealers, futures commission merchants or others pursuant to the Manager’s 's determinations and all in accordance with each Fund’s 's policies as set out in the Prospectus of the Fund or as adopted by the Board and disclosed to the Manager. The Manager will determine what portion of each Fund's portfolio will be invested in securities and other assets and what portion, if any, should be held uninvested in cash or cash equivalents. Each Fund will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to the Manager’s 's investment advisory clients.