Common use of Portfolio Administration Clause in Contracts

Portfolio Administration. Subject to the direction and control of the Board of Trustees of the Fund and to the extent not otherwise the responsibility of, or provided by, the Fund or other supply agents of the Fund, MBIA-MISC shall provide the following administrative services: a. Supply; (1) office facilities (which may be in MBIA-MISC's or its affiliates' own offices); (2) non-investment related statistical and research data; (3) executive and administrative services; (4) stationery and office supplies at Fund expense; and (5) corporate secretarial services, such as the preparation and distribution of materials at Fund expense for meetings of the Board of Trustees or shareholders. b. Prepare and file, if necessary, reports to shareholders of the Fund and reports with the SEC, including, but not limited to, preliminary and definitive proxy materials, registration statements and post-effective amendments to the Fund's registration statement, annual and semi-annual reports on Form N-SAR and Form N-CSR; c. Monitor the Fund's compliance with the investment restrictions and limitations necessary for the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") or any successor statute; d. Monitor sales of the Fund's shares and ensure that such shares are properly registered as required by the SEC; e. Prepare and distribute to appropriate parties notices announcing the declaration of dividends and other distributions to shareholders; f. Prepare financial statements and footnotes and other financial information with such frequency and in such format as required to be included in reports to shareholders and the SEC; g. Review sales literature and file such with regulatory authorities, as necessary; h. Provide personnel to serve as officers of the Fund if so elected by the Board of Trustees.