Common use of Services of Sub-Adviser Clause in Contracts

Services of Sub-Adviser. Subject to the oversight and supervision of the Adviser and the Trust's Board of Trustees, the Sub-Adviser will provide a continuous investment program for all of the assets of the Master Portfolios, or for such portion of the assets of the Master Portfolios as the Adviser may determine from time to time, including investment research and management with respect to all securities and investments, and except for such cash balances of the Master Portfolios as may, from time to time, be managed by the Adviser. Subject to the terms of this Agreement, the Sub-Adviser will determine from time to time what securities and other investments will be purchased, retained or sold by the Master Portfolios. The Sub-Adviser will provide the services rendered by it under this Agreement in accordance with the investment criteria and policies established from time to time for the Master Portfolios by the Adviser, the Master Portfolios' investment objectives, policies and restrictions as stated in the Prospectus(es) and Statement(s) of Additional Information for the Master Portfolios, the operating policies and procedures of the Master Portfolios, and resolutions of the Master Portfolios' Board of Trustees (in each such case, to the extent such items are delivered in writing to the Sub-Adviser). The Sub-Adviser shall not be responsible for the administrative affairs of the Trust including, but not limited to, portfolio accounting and pricing of the Trust's shares. The Sub-Adviser further agrees that it will:

Services of Sub-Adviser. Subject to the oversight and supervision of the Adviser and the Trust's Board of Trustees, the Sub-Adviser will provide a continuous investment program for all of the assets of the Master Portfolios, or for such portion of the assets of the Master Portfolios as the Adviser may determine from time to time, including investment research and management with respect to all securities and investments, and except for such cash balances of the Master Portfolios as may, from time to time, be managed by the Adviser. Subject to the terms of this Agreement, the Sub-Adviser will determine from time to time what securities and other investments will be purchased, retained or sold by the Master Portfolios. The Sub-Adviser will provide the services rendered by it under this Agreement in accordance with the investment criteria and policies established from time to time for the Master Portfolios by the Adviser, the Master Portfolios' investment objectives, policies and restrictions as stated in the Prospectus(es) and Statement(s) of Additional Information for the Master Portfolios, the operating policies and procedures of the Master Portfolios, and resolutions of the Master Portfolios' Board of Trustees (in each such case, to the extent such items are delivered in writing to the Sub-Adviser). The Sub-Adviser shall not be responsible for the administrative affairs of the Trust including, but not limited to, portfolio accounting and pricing of the Trust's sharesTrustees. The Sub-Adviser further agrees that it will:

Services of Sub-Adviser. Subject to the oversight and supervision of the Adviser and the Trust's Board of Trustees, the Sub-Adviser will provide a continuous investment program for all of the assets of the Master Portfolios, or for such portion of the assets of the Master Portfolios as the Adviser may determine from time to time, including investment research and management with respect to all securities and investments, and except for such cash balances of the Master Portfolios as may, from time to time, be managed by the Adviser. Subject to the terms of this Agreement, the Sub-Adviser will determine from time to time what securities and other investments will be purchased, retained or sold by the Master Portfolios. The Sub-Adviser will provide the services rendered by it under this Agreement in accordance with the investment criteria and policies established from time to time for the Master Portfolios by the Adviser, the Master Portfolios' investment objectives, policies and restrictions as stated in the Prospectus(es) and Statement(s) of Additional Information for the Master Portfolios, the operating policies and procedures of the Master Portfolios, and resolutions of the Master Portfolios' Board of Trustees (in each such case, to the extent such items are delivered in writing to the Sub-Adviser). The Sub-Adviser shall not be responsible for the administrative affairs of the Trust including, but not limited to, portfolio accounting and pricing of the Trust's shares. The Sub-Adviser further agrees that it will:Trustees.