Common use of Delegation of duties to sub-advisers Clause in Contracts

Delegation of duties to sub-advisers. Subject to the approval of the Trust’s Board of Trustees (including a majority of the Trustees who are not “interested persons” of the Fund as defined in the Investment Company Act), the Manager may delegate to one or more sub-investment advisers (“Sub-Advisers”) any of its duties enumerated in Section 2(a) hereof. The Manager agrees that, with respect to a delegation of its duties to one or more Sub-Advisers, it will: (1) oversee the investment decisions of each of the Sub-Advisers and conduct ongoing performance reviews; (2) review and monitor the portfolio trading by the Sub-Advisers, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (3) oversee the Sub-Advisers’ compliance with prospectus limitations and other relevant investment restrictions; (4) coordinate communications with any Sub-Advisors; and (5) if deemed necessary, recommend to the Fund’s Board of Trustees changing one or more Sub-Advisers.

Delegation of duties to sub-advisers. Subject to the approval of the Trust’s Board of Trustees (including a majority of the Trustees who are not “interested persons” of the Fund as defined in the Investment Company Act), the Manager may delegate to one or more sub-investment advisers (“Sub-Advisers”) any of its duties enumerated in Section 2(a) hereof. The Manager agrees that, with respect to a delegation of its duties to one or more Sub-Advisers, it will: (1) oversee the investment decisions of each of the Sub-Advisers and conduct ongoing performance reviews; (2) review and monitor the portfolio trading by the Sub-Advisers, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (3) oversee the Sub-Advisers’ compliance with prospectus limitations and other relevant investment restrictions; (4) coordinate communications with any Sub-AdvisorsAdvisers; and (5) if deemed necessary, recommend to the Fund’s Board of Trustees changing one or more Sub-Advisers.

Delegation of duties to sub-advisers. Subject to the approval of the TrustFund’s Board of Trustees (including a majority of the Trustees who are not “interested persons” of the Fund as defined in the Investment Company 1940 Act), the Investment Manager may delegate to one or more sub-investment advisers (“Sub-Advisers”) any of its duties enumerated in Section Sections 2(a) and 2(b) hereof. The Investment Manager agrees that, with respect to a delegation of its duties to one or more Sub-Advisers, it will: (1) oversee the investment decisions of each of the Sub-Advisers and conduct ongoing performance reviews; (2) review and monitor the portfolio trading by the Sub-Advisers, including without limitation, trade allocation policies and procedures, best execution and the use of soft-soft dollars; (3) oversee the Sub-Advisers’ compliance with prospectus limitations and other relevant investment restrictions; (4) coordinate communications with any each of the Sub-AdvisorsAdvisers; and (5) if deemed necessary, recommend to the Fund’s Board of Trustees changing one or more Sub-Advisers.

Delegation of duties to sub-advisers. Subject to the approval of the Trust’s Board of Trustees (including a majority of the Trustees who are not “interested persons” of the Fund as defined in the Investment Company Act)) and applicable laws and regulations, the Manager may delegate to one or more sub-investment advisers (“Sub-Advisers”) any of its duties enumerated in Section 2(a) hereof. The Manager agrees that, with respect to a delegation of its duties to one or more Sub-Advisers, it will: (1) oversee the investment decisions of each of the Sub-Advisers and conduct ongoing performance reviews; (2) review and monitor the portfolio trading by the Sub-Advisers, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (3) oversee the Sub-Advisers’ compliance with prospectus limitations and other relevant investment restrictions; (4) coordinate communications with any Sub-AdvisorsAdvisers; and (5) if deemed necessary, recommend to the Fund’s Board of Trustees changing one or more Sub-Advisers.