EXHIBIT 4(c)
INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO MANAGER AGREEMENT
-------------------------------
Agreement, made this 12th day of October, 1995, among The Palladian Trust
(the "Trust"), a Massachusetts business trust; Palladian Advisors, Inc. (the
"Manager"), a Delaware corporation; and Bee & Associates Incorporated (the
"Portfolio Manager"), a Colorado corporation.
WHEREAS, the Trust is a diversified, open-end management investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act"); and
WHEREAS, the Manager and the Portfolio Manager are both registered as
investment advisers under the Investment Advisers Act of 1940; and
WHEREAS, the Trust is authorized to issue shares of beneficial interest in
separate portfolios with each such portfolio representing interests in a
separate portfolio of securities and other assets; and
WHEREAS, the Manager has entered into a management agreement with the Trust,
pursuant to which the Manager will provide, among other services, advice with
respect to the selection and monitoring of portfolio managers to handle the
day-to-day investment management of certain portfolios; and
WHEREAS, the Trust and the Manager desire to retain the Portfolio Manager to
provide investment advisory services to the International Growth Portfolio of
the Trust (the "Portfolio"), and the Portfolio Manager is willing to render
such services.
Therefore, the parties agree as follows:
1. APPOINTMENT. The Trust hereby appoints the Portfolio Manager to provide
investment advisory services with respect to the Portfolio for the period and
on the terms set forth in this Agreement, subject to the direction of the
Board of Trustees of the Trust (the "Board of Trustees"). The Portfolio
Manager accepts such appointment and agrees to render the services described
herein for the compensation provided in paragraph 13.
2. SERVICES OF THE PORTFOLIO MANAGER.
(a) Subject to the supervision of the Board of Trustees, the Portfolio
Manager will provide day-to-day investment management of the Portfolio. The
Portfolio Manager will provide investment research and conduct a continuous
program of evaluation, investment, sales, and reinvestment of the Portfolio's
assets by determining the securities and other investments that shall be
purchased, entered into, sold, closed, or exchanged for the Portfolio, when
these transactions should be executed, and what portion of the assets of the
Portfolio should be held in the various securities and other investments in
which it may invest. The Portfolio Manager is
hereby authorized to execute and perform such services on behalf of the
Portfolio. To the extent permitted by the investment policies of the
Portfolio, the Portfolio Manager shall make decisions for the Portfolio as to
foreign currency matters and make determinations as to, and execute and
perform, foreign currency exchange contracts on behalf of the Portfolio. The
Portfolio Manager will provide the services under this Agreement in
accordance with the Portfolio's investment objective or objectives, policies,
and restrictions as stated in the Trust's registration statement under the
Securities Act of 1933 and the 1940 Act as filed with the Securities and
Exchange Commission ("SEC") and amended from time to time (the "Registration
Statement").
(b) The Portfolio Manager will use reasonable efforts to manage the
Portfolio so that it will (1) qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code, (2) comply with the
diversification requirements of Section 817(h) of the Internal Revenue Code
and regulations issued thereunder, and (3) comply with any other rules and
regulations pertaining to investment vehicles underlying variable annuity or
variable life insurance policies. In managing the Portfolio in accordance
with these requirements, the Portfolio Manager shall be entitled to receive
and act upon advice of counsel to the Trust or counsel to the Manager.
(c) On occasions when the Portfolio Manager deems the purchase or sale of a
security to be in the best interest of the Portfolio as well as any other
investment advisory clients, the Portfolio Manager may, to the extent
permitted by applicable laws and regulations, including, but not limited to
Section 17(d) of the 1940 Act, but shall not be obligated to, aggregate the
securities to be so sold or purchased with those of its other clients where
such aggregation is not inconsistent with the policies set forth in the
Registration Statement. In such event, allocation of the securities so
purchased or sold, as well as the expenses incurred in the transaction, will
be made by the Portfolio Manager in a manner that is fair and equitable in
the judgment of the Portfolio Manager in the exercise of its fiduciary
obligations to the Trust and to such other clients.
(d) In connection with the purchase and sale of securities for the
Portfolio, the Portfolio Manager will arrange for the transmission to the
custodian for the Trust on a daily basis, such confirmation, trade tickets,
and other documents and information as may be reasonably necessary to enable
the custodian to perform its administrative and recordkeeping
responsibilities with respect to the Portfolio. With respect to portfolio
securities to be purchased or sold through the Depository Trust Company, the
Portfolio Manager will arrange for the automatic transmission of the
confirmation of such trades to the Trust's custodian. The Portfolio Manager
will provide to the Manager copies of the documents and information sent to
the custodian and the Depository Trust Company as requested by the Manager.
(e) The Portfolio Manager will assist the custodian or recordkeeping agent
for the Trust in determining, consistent with the procedures and policies
stated in the Registration Statement, the value of any portfolio securities
or other assets of the Portfolio for which the custodian or recordkeeping
agent seeks assistance or review from the Portfolio Manager. The Portfolio
Manager will monitor on a daily basis the determination by the custodian or
recordkeeping agent for the Trust the value of portfolio securities and other
assets of the Portfolio and the determination of net asset value of the
Portfolio.
2
(f) The Portfolio Manager shall regularly report to the Board of Trustees on
the investment program for the Portfolio, and will furnish the Board of
Trustees such periodic and special reports as the Board may reasonably
request.
(g) The Portfolio Manager shall make its officers and employees available to
the Board of Trustees, officers of the Trust, and officers of the Manager for
consultation and discussions regarding the investment program for the
Portfolio.
3. BROKER-DEALER SELECTION. The Portfolio Manager is responsible for
decisions to buy and sell securities and other investments for the Portfolio,
broker-dealer selection, and negotiation of brokerage commission rates. The
Portfolio Manager's primary consideration in effecting a security transaction
will be to obtain the best execution for the Portfolio, taking into account
the factors specified in the Registration Statement. Subject to the
Registration Statement and such policies as the Board of Trustees may
determine and consistent with Section 28(e) of the Securities Exchange Act of
1934, the Portfolio Manager 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 the Portfolio to pay a broker-dealer for
effecting a portfolio investment transaction in excess of the amount of
commission another broker-dealer would have charged for effecting that
transaction, if the Portfolio Manager 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-dealer, viewed in terms of
either that particular transaction or the Portfolio Manager's overall
responsibilities with respect to the Portfolio and to its other clients as to
which it exercises investment discretion.
4. EMPLOYEES. In rendering the services required under this Agreement, the
Portfolio Manager may, from time to time, employ such person or persons as it
believes necessary to assist it in carrying out its obligations under this
Agreement. The Portfolio Manager shall be responsible for making reasonable
inquiries and for reasonably ensuring that no employee of the Portfolio
Manager:
(a) has been convicted, in the last ten (10) years, of any felony or
misdemeanor arising out of conduct involving embezzlement, fraudulent
conversion, or misappropriation of funds or securities, or involving
violations of Sections 1341, 1342, or 1343 of ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code; or
(b) has been found by any state regulatory authority, within the last ten
(10) years, to have violated or to have acknowledged violation of any
provision of any state insurance law involving fraud, deceit, or knowing
misrepresentation; or
(c) has been found by any federal or state regulatory authorities, within
the last ten (10) years, to have violated or to have acknowledged violation
of any provisions of federal or state securities laws involving fraud,
deceit, or knowing misrepresentation; or
3
(d) is ineligible by reason of Section 9 of the 1940 Act to serve as an
employee of an investment adviser to an investment company.
5. CONFORMITY WITH APPLICABLE LAW. The Portfolio Manager, in the
performance of its duties and obligations under this Agreement, shall act in
conformity with the Registration Statement and with the instructions and
directions of the Board of Trustees and will conform to, and comply with, the
requirements of the 1940 Act and all other applicable federal and state laws
and regulations.
6. EXCLUSIVITY. The services of the Portfolio Manager under this Agreement
are deemed exclusive with respect to managing a registered investment company
(or portfolio thereof) (1) which serves as the underlying investment vehicle
for variable life insurance policies and/or variable annuity contracts and
(2) which pays its adviser(s) fees based on investment performance
("performance-based fees"). As long as this Agreement is in effect, neither
the Portfolio Manager nor its affiliates may serve as an investment adviser
to or investment manager of a registered investment company (or portfolio
thereof) (1) which serves as the underlying investment vehicle for variable
life insurance policies and/or variable annuity contracts and (2) which pays
performance-based fees to some or all of its advisers. The services of the
Portfolio Manager under this Agreement are also deemed exclusive with respect
to managing a registered investment company (or portfolio thereof) (1) which
serves as the underlying investment vehicle for variable life insurance
policies and/or variable annuity contracts and (2) shares of which are
purchased by one or more of its advisers. As long as this Agreement is in
effect, neither the Portfolio Manager nor its affiliates may serve as an
investment adviser to or investment manager of a registered investment
company (or portfolio thereof) (1) which serves as the underlying investment
vehicle for variable life insurance policies and/or variable annuity
contracts and (2) shares of which are purchased by one or more of its
advisers. Notwithstanding the foregoing exclusivity, nothing in this
Agreement shall prevent the Portfolio Manager (or its affiliates) from
engaging in the following activities, provided that the Portfolio Manager's
services to the Portfolio are not impaired thereby: (1) serving as investment
adviser to or investment manager of a registered investment company (or
portfolio thereof) which does not serve as the underlying investment vehicle
for variable life insurance policies and/or variable annuity contracts; or
(2) serving as investment adviser to or investment manager of a registered
investment company (or portfolio thereof) which does not pay any of its
advisers a performance-based fee and shares of which are not purchased by one
or more of its advisers, whether or not it serves as the underlying
investment vehicle for variable life insurance policies and/or variable
annuity contracts.
7. DOCUMENTS. The Trust has delivered copies of each of the following
documents to the Portfolio Manager and will deliver to it all future
amendments and supplements thereto, if any:
(a) the Trust's Declaration of Trust and its by-laws;
(b) the Registration Statement; and
4
(c) the prospectus and statement of additional information of the Trust as
currently in effect and as amended and supplemented from time to time.
8. RECORDS. The Portfolio Manager agrees to maintain and to preserve
records relating to the Trust as required by the 1940 Act. The Portfolio
Manager further agrees that all records which it maintains for the Trust are
the property of the Trust and it will promptly surrender any of such records
upon request.
9. DISCLOSURE BY PORTFOLIO MANAGER. The Portfolio Manager will not
disclose or use any records or information obtained pursuant to this
Agreement (excluding investment research and investment advice) in any manner
whatsoever except as required to carry out its duties as investment adviser
or in the ordinary course of business in connection with placing orders for
the purchase and sale of securities, and will keep confidential any
information obtained pursuant to this Agreement, and disclose such
information only if the Board of Trustees has authorized such disclosure, or
if such disclosure is expressly required by applicable federal or state law
or regulations or regulatory authorities having the requisite authority.
10. DISCLOSURE ABOUT PORTFOLIO MANAGER. The Portfolio Manager has reviewed
pre-effective amendment number 1 to the Trust's registration statement and
represents and warrants that, with respect to the disclosure relating to the
Portfolio Manager, such pre-effective amendment contains, as of the date
hereof, no untrue statement of any material fact and does not omit any
statement of a material fact which was required to be stated therein or
necessary to make the statements contained therein not misleading. The
Portfolio Manager further represents and warrants that it is a duly
registered investment adviser under the Investment Advisers Act of 1940 and a
duly registered investment adviser in all states in which the Portfolio
Manager is required to be registered.
11. COMPLIANCE. The Portfolio Manager agrees that it shall immediately
notify the Manager and the Trust in the event that:
(a) the SEC has censured the Portfolio Manager; placed limitations upon its
activities, functions or operations; suspended or revoked its registration as
an investment adviser; or commenced proceedings or an investigation that may
result in any of these actions; or
(b) the Portfolio Manager has a reasonable basis for believing that the
Portfolio has ceased to qualify or might not qualify as a regulated
investment company under Subchapter M of the Internal Revenue Code; or
(c) the Portfolio Manager has a reasonable basis for believing that the
Portfolio has ceased to comply or might not comply with the diversification
provisions of Section 817(h) of the Internal Revenue Code or the regulations
thereunder; or
5
(d) the Portfolio Manager has become aware of a material fact that is not
contained in the Registration Statement or prospectus for the Trust, or any
amendment or supplement thereto, or that any statement contained therein that
has become untrue or misleading in any material respect.
12. EXPENSES. During the term of this Agreement, the Portfolio Manager will
pay all expenses incurred by it in connection with its activities under this
Agreement, including all rent and other expenses involved in providing office
space and equipment required by the Portfolio Manager and the salaries and
expenses of all personnel of the Portfolio Manager. The Portfolio Manager
further agrees to pay all salaries, fees and expenses of any officer or
trustee of the Trust who is an officer, director or employee of the Portfolio
Manager or any of its affiliates. Nothing in this Agreement shall require
the Portfolio Manager to bear the following expenses:
(a) Fees of the Manager and the Portfolio Advisor;
(b) Charges for audits by the Trust's independent public accountants;
(c) Charges of the Trust's transfer agent, registrar, and/or dividend
disbursing agent;
(d) Charges of the Trust's custodian and/or accountant;
(e) Costs of obtaining quotations for calculating the value of each
Portfolio's net assets;
(f) Costs of maintaining the Trust's tax records;
(g) Salaries and other compensation of any of the Trust's executive officers
and employees, if any, who are not officers, directors, or employees of the
Portfolio Manager or any of its affiliates;
(h) Taxes levied against the Trust;
(i) Brokerage fees and commissions in connection with the purchase and sale
of portfolio securities for the Trust;
(j) Costs, including the interest expense, of borrowing by the Trust;
(k) Costs and/or fees incident to meetings of the Trust's shareholders, the
preparation and mailings of prospectuses, reports, proxy statements and other
communications by the Trust to its shareholders, the filing of reports with
regulatory bodies, the maintenance of the Trust's existence, and the
registration of shares with federal and state securities or insurance
authorities;
(l) The Trust's legal fees, including the legal fees related to the
registration and continued qualification of the Trust's shares for sale;
6
(m) Costs of printing stock certificates representing shares of the Trust;
(n) Trustees' fees and expenses of Trustees who are not officers, directors,
or employees of the Portfolio Manager or any affiliates;
(o) Trust's pro rata portion of the fidelity bond required by Section 17(g)
of the 1940 Act, or other insurance premiums;
(p) Membership dues for any association of which the Trust is a member;
(q) Extraordinary expenses of the Trust as may arise, including expenses
incurred in connection with litigation, proceedings, other claims against the
Trust (unless the Portfolio Manager is responsible for such expenses under
paragraph 14 of this Agreement), and the legal obligations of the Trust to
indemnify its trustees, officers, employees, shareholders, distributors, and
agents with respect to such claims; and
(r) Organizational and offering expenses of the Trust and, if applicable,
reimbursement (with interest) of underwriting discounts and commissions.
13. COMPENSATION.
(a) For the services provided and the expenses borne by the Portfolio
Manager pursuant to this Agreement, the Trust will pay the Portfolio Manager
80% of the Initial Monthly Advisory Fee or the Monthly Advisory Fee, as those
terms are defined in this paragraph, whichever is applicable.
(b) For the period beginning with the day on which the Portfolio commences
investment operations and ending with the last day of the twelfth full
calendar month thereafter, the Portfolio will pay at the end of each month,
an advisory fee calculated at an annual rate of 0.80% of the Portfolio's
average daily net assets (the "Initial Monthly Advisory Fee").
(c) For the period beginning with the first day of the thirteenth full
calendar month after which the Portfolio commences operations and continuing
through the remainder of the term of this Agreement, the Portfolio will pay
at the end of each month, an advisory fee (the "Monthly Advisory Fee"). The
Monthly Advisory Fee equals the Basic Fee (as defined in paragraph 13(d)
below) plus the Incentive Fee (as defined in paragraph 13(e) below) and
adjusted, if so required, by paragraph 13(h) below.
(d) The Basic Fee equals one-twelfth of 2% multiplied by the Portfolio's
average daily net assets for the previous 12 months (including the month for
which the fee is being calculated).
7
(e) The Incentive Fee equals: (i) one-twelfth of the Annual Incentive Fee
set forth in the chart below based on the difference between the Performance
of the Portfolio and the Performance of the Benchmark, as those terms are
defined in paragraphs 13(f) and 13(g) below; (ii) multiplied by the
Portfolio's average daily net assets for the previous 12 months (including
the month for which the fee is being calculated).
--------------------------------------------------------------------------
Annual
Percentage Point Difference Between Performance of the Incentive
Portfolio and Performance of the Benchmark Fee (%)
--------------------------------------------------------------------------
+7.5 or greater 2.0%
--------------------------------------------------------------------------
+6.0 or greater, but less than +7.5 1.5
--------------------------------------------------------------------------
+4.5 or greater, but less than +6.0 1.0
--------------------------------------------------------------------------
+3.0 or greater, but less than +4.5 0.5
--------------------------------------------------------------------------
+1.5 or greater, but less than +3.0 0.0
--------------------------------------------------------------------------
0.0 or greater, but less than +1.5 -0.5
--------------------------------------------------------------------------
-1.5 or greater, but less than 0.0 -1.0
--------------------------------------------------------------------------
-3.0 or greater, but less than -1.5 -1.5
--------------------------------------------------------------------------
Less than -3.0 -2.0
--------------------------------------------------------------------------
(f) The Performance of the Portfolio will be calculated by first determining
the change in the Portfolio's net asset value per share during the previous
twelve months (including the month for which the fee is being computed)
assuming the reinvestment of distributions during that period, and then
expressing this amount as a percentage of the net asset value per share at
the beginning of the period. Net asset value per share is calculated by
dividing the value of the securities held by the Portfolio plus any cash or
other assets minus all liabilities including accrued advisory fees and the
other expenses, by the total number of shares outstanding at the time. The
Performance of the Portfolios shall be calculated in accordance with SEC
rules.
(g) The Performance of the Benchmark will be calculated by first determining
the change in the level of the Benchmark during the previous twelve months
(including the month for which the fee is being computed) plus the value of
any cash dividends or distributions made by the companies whose securities
comprise the Benchmark accumulated to the end of the period, and then
expressing this amount as a percentage of the Benchmark at the beginning of
the period. The Performance of the Benchmark shall be calculated in
accordance with SEC rules. The
8
Benchmark is ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital International Europe, Australia, and the
Far East Index. If the Benchmark ceases to be published, changes in any
material respect or otherwise becomes impracticable to use for purposes of
the Incentive Fee, the Monthly Advisory Fee will equal the Basic Fee (with no
incentive adjustment) until such time as the Board of Trustees approves a
substitute Benchmark.
(h) Notwithstanding paragraphs 13(a)-13(g) above, if the Performance of a
Portfolio (minus payment of all expenses, including the Basic Fee and any
Incentive Fee) is negative and does not exceed the Performance of the
Benchmark by six percentage points, then the Monthly Advisory Fee will equal
zero. Notwithstanding paragraphs 13(a)-13(g) above, if the Performance of a
Portfolio (minus payment of all expenses, including the Basic Fee and any
Incentive Fee) is negative, exceeds the Performance of the Benchmark by six
percentage points, but does not exceed the Performance of the Benchmark by
twelve percentage points, then the Monthly Advisory Fee will not be greater
than one-twelfth of 1% of the Portfolio's average daily net assets for the
previous 12 months (including the month for which the fee is being
calculated). Notwithstanding paragraphs 13(a)-13(g) above, if the
Performance of a Portfolio (minus payment of all expenses, including the
Basic Fee and any Incentive Fee) is negative and exceeds the Performance of
the Benchmark by twelve percentage points, then the Monthly Advisory Fee will
not be greater than one-twelfth of 2% of the Portfolio's average daily net
assets for the previous 12 months (including the month for which the fee is
being calculated).
14. LIABILITY AND INDEMNIFICATION. The Portfolio Manager, the Manager and
the Trust each may rely on information reasonably believed by it to be
accurate and reliable. The Portfolio Manager shall not be liable to the
Trust or its shareholders for any loss suffered by the Trust as the result of
any negligent act or error of judgment of the Portfolio Manager in connection
with the matters to which this Agreement relates, except a loss resulting
from a breach by the Portfolio Manager of its fiduciary duty with respect to
the receipt of compensation for services (in which case any award of damages
shall be limited to the period and the amount set forth in Section 36(b)(3)
of the ▇▇▇▇ ▇▇▇) or loss resulting from willful misfeasance, bad faith or
gross negligence on its part in the performance of its duties or from
reckless disregard by it of its obligations and duties under this Agreement.
The Trust shall indemnify the Portfolio Manager and hold it harmless from all
cost, damage and expense, including reasonable expenses for legal counsel,
incurred by the Portfolio Manager resulting from actions for which it is
relieved of responsibility by this paragraph. The Portfolio Manager shall
indemnify the Trust and hold it harmless from all cost, damage and expense,
including reasonable expenses for legal counsel, incurred by the Trust
resulting from (i) a breach by the Portfolio Manager of its fiduciary duty
with respect to compensation for services paid by the Trust (in which case
any award of damages shall be limited to the period and the amount set forth
in Section 36(b)(3) of the 1940 Act); (ii) willful misfeasance, bad faith or
gross negligence by the Portfolio Manager in the performance of its duties
under this Agreement; or (iii) reckless disregard by the Portfolio Manager of
its obligations and duties under this Agreement.
9
15. CONTINUATION AND TERMINATION. This Agreement shall take effect on the
date first written above, and shall continue in effect, unless sooner
terminated as provided herein, for two years from such date and shall
continue from year to year thereafter so long as such continuance is
specifically approved at least annually (i) by the vote of a majority of the
Board of Trustees; or (ii) by vote of a majority of the outstanding voting
shares of the Portfolio; provided, further, in either event that continuance
is also approved by the vote of a majority of the Board of Trustees who are
not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇
▇▇▇) of the Trust, the Manager or the Portfolio Manager cast in person at a
meeting called for the purpose of voting on such approval. This Agreement
may be terminated (i) by the Trust at any time, without the payment of any
penalty, by vote of a majority of the entire Board of Trustees or by a vote
of a majority of the outstanding voting shares of the Portfolio, on sixty
(60) days' written notice to the Manager and the Portfolio Manager, (ii) by
the Manager at any time, without the payment of any penalty, on ninety (90)
days' written notice to the Trust and the Portfolio Manager, or (iii) by the
Portfolio Manager at any time, without the payment of any penalty, on ninety
(90) days' written notice to the Trust and the Manager. This Agreement will
automatically and immediately terminate in the event of its "assignment" (as
defined in the 1940 Act).
16. INDEPENDENT CONTRACTOR. The Portfolio Manager shall for all purposes
herein be deemed to be an independent contractor and shall, unless otherwise
expressly provided herein or authorized by the Board of Trustees from time to
time, have no authority to act for or represent the Trust in any way or
otherwise be deemed its agent.
17. USE OF NAME. It is understood that the words "Palladian" and "Fulcrum
Fund," any derivative thereof and any design associated with those words
(collectively, the "Words and Designs") are the valuable property of the
Manager, and that the Portfolio Manager shall have the right to use the Words
and Designs only with the approval of the Manager. Upon termination of this
Agreement, the Portfolio Manager shall promptly discontinue all use of the
Words and Designs.
18. SALES LITERATURE. The Manager agrees to furnish to the Portfolio
Manager all sales literature which refers to the Portfolio Manager prior to
use thereof and not to use such sales literature if the Portfolio Manager
reasonably objects in writing five business days (or such other time as may
be mutually agreed) after receipt thereof. Sales literature may be furnished
to the Portfolio Manager by first class mail, overnight delivery service,
facsimile transmission equipment, or hand delivery.
19. NOTICE. Notices of any kind to be given to the Trust shall be in
writing and shall be duly given if sent by first class mail or delivered to
the Trust at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such
other address or to such individual as shall be specified by the Trust (with
proper notice to the Manager and the Portfolio Manager). Notices of any kind
to be given to the Manager shall be in writing and shall be duly given if
sent by first class mail or delivered to ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇ or at such other address or to such
10
individual as shall be specified by the Manager (with proper notice to the
Trust and the Portfolio Manager). Notices of any kind to be given to the
Portfolio Manager shall be in writing and shall be duly given if sent by
first class mail or delivered to Bee & Associates Incorporated, ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or at such other address or to
such individual as shall be specified by the Portfolio Manager (with proper
notice to the Trust and the Manager).
20. OBLIGATION. A copy of the Trust's Agreement and Declaration of Trust is
on file with the Secretary of the Commonwealth of Massachusetts. Notice is
hereby given that this Agreement has been executed on behalf of the Trust by
a trustee of the Trust in his or her capacity as trustee and not
individually. The obligations of this Agreement shall only be binding upon
the assets and property of the Trust and shall not be binding upon any
trustee, officer, or shareholder of the Trust individually.
21. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original.
22. APPLICABLE LAW. This Agreement shall be governed by the laws of
California, provided that nothing herein shall be construed in a manner
inconsistent with the 1940 Act, the Investment Advisers Act of 1940, or any
rules or order of the SEC thereunder.
23. SEVERABILITY. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of
this Agreement shall not be affected thereby and, to this extent, the
provisions of this Agreement shall be deemed to be severable.
24. CAPTIONS. The captions of this Agreement are included for convenience
only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect.
11
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below on the day and year first above
written.
The Palladian Trust
/s/ ▇▇▇▇ ▇. ▇▇▇▇ By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------ --------------------------------
Witness H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
President
Palladian Advisors, Inc.
/s/ ▇▇▇▇ ▇. ▇▇▇▇ By: /s/ H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------ --------------------------------
Witness H. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
President
Bee & Associates Incorporated
/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇. Bee
------------------------ --------------------------------
Witness ▇▇▇▇▇ ▇. Bee
President
12
