Investment Management Agreement (2007)Full Document 

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                            INDUSTRY LEADERS FUND

AGREEMENT made this 25th day of October, 2006 between Claremont Investment
Partners LLC ("Claremont" or the "Adviser") and Industry Leaders Fund, a
Delaware business trust (the "Trust").

WHEREAS, the Trust is an investment company registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), which currently offers one
series including three separate classes of shares. (A list of the Trust's
current series and classes is attached hereto as Exhibit A.); and

WHEREAS, the Trust desires to retain the Adviser to act as its investment
manager for each series of the Trust authorized now or in the future subject to
the terms and conditions of this Management Agreement (this "Agreement");

NOW THEREFORE, in consideration of the promised and covenants set forth herein
and intending to be legally bound hereby, it is agreed between the parties as

SECTION 1. Investment Management Services.

The Adviser shall use its staff and other facilities to conduct and maintain a
continuous review of each series' portfolio of securities and investments, and
shall advise and assist each series of the Trust with respect to the selection,
acquisition, holding and disposal of securities and investments. In so doing,
the Adviser shall be guided by the investment objectives and policies of each
series delineated and limited in documents filed with the U.S. Securities and
Exchange Commission (the "Commission"), by policies adopted by the Board of
Trustees of the Trust (the "Board") and by the provisions of the 1940 Act and
the rules thereunder, so that at all times the Trust shall be in compliance with
its policies and the provisions of the 1940 Act. The Trust agrees to supply the
Adviser with copies of all such documents and to notify the Adviser of any
changes in its investment objectives, policies and restrictions.

In rendering services to the Trust pursuant to this Agreement, the Adviser may
employ, retain or otherwise avail itself of the services or facilities of other
persons or organizations for the purpose of providing the Adviser and/or the
Trust with such statistical and other factual information, such advice regarding
economic factors and trends, such advice as to occasional transactions in
specific securities, or such other information, advice or assistance as the
Adviser may deem necessary, appropriate or convenient for the discharge of its
obligations under this Agreement or otherwise helpful to the Trust or in the
discharge of its overall responsibilities with respect to the other accounts for
which the Adviser or the Adviser's affiliates serve as investment manager.

The Adviser and any person performing executive, administrative or trading
functions for the Trust, whose services were made available to the Trust by the
Adviser, are specifically authorized to allocate brokerage and principal
business to firms that provide such services or facilities or to cause the Trust
to pay a member of a securities exchange or any other securities broker or
dealer an amount of commission for effecting a securities transaction in excess
of the amount of commission another member of an exchange or broker or dealer
would have charged for effecting that transaction if the Adviser or such person
determines in good faith that such amount of commission is reasonable in
relation to the value of the brokerage and research services (as such services
are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended

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