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Elkobtan serves as the investment adviser to each Fund and, in this capacity, shall (i) acquire and assess any information regarding the economy, industries, business, securities markets, and securities that it deems necessary or beneficial in fulfilling its obligations under this agreement, (ii) develop a continuous investment program for each Fund that is consistent with its investment objective(s), policies, and restrictions, and (iii) periodically determine the securities that each Fund will purchase, sell, retain, or lend, and execute those decisions, including the selection of entities with or through which such purchases, sales, or loans are to be executed. Elkobtan will place orders in accordance with its investment determinations either directly with the issuer or with a broker or dealer. If the orders are placed with a broker or dealer, Elkobtan will (a) endeavor to obtain the best price and execution of the orders and (b) may, at its discretion, purchase and sell portfolio securities from and to brokers who provide us with research, analysis, advice, and similar services. Elkobtan will pay these brokers a higher commission than may be charged by other brokers. In addition, Elkobtan is required to fulfill its obligations with regard to the investments of each fund in accordance with the investment objectives, policies, and restrictions outlined in the prospectus and statement of additional information of the respective fund, as well as any additional restrictions that the trust may impose by written notice to the adviser.