Common use of Sub-Advisers Clause in Contracts

Sub-Advisers. Subject to the direction of the Trustees and the terms of this Contract, Adviser may select and contract with Subadvisers to manage the investments and determine the composition of the assets of the Funds; provided, that any contract with a Subadviser (a “Subadvisory Agreement”) shall be in compliance with and approved as required by the 1940 Act. Subject always to the direction and control of the Trustees, Adviser will monitor compliance of each Subadviser with the investment objectives and related investment policies, as set forth in the applicable Registration Statement of any Fund or Funds under the management of such Subadviser, and review and report to the Trustees on the performance of such Subadviser. In the event a Subadviser is employed, Adviser retains the authority to immediately assume responsibility for any functions delegated to a Subadviser.

Sub-Advisers. Subject to the direction of the Trustees and the terms of this Contract, Adviser may select and contract with Subadvisers to manage the investments and determine the composition of the assets of the Funds; provided, that any contract with a Subadviser (a “"Subadvisory Agreement”") shall be in compliance with and approved as required by the 1940 Act. Subject always to the direction and control of the Trustees, Adviser will monitor compliance of each Subadviser with the investment objectives and related investment policies, as set forth in the applicable Registration Statement of any Fund or Funds under the management of such Subadviser, and review and report to the Trustees on the performance of such Subadviser. In the event a Subadviser is employed, Adviser retains the authority to immediately assume responsibility for any functions delegated to a Subadviser.

Sub-Advisers. Subject to the direction of the Trustees and the terms of this Contract, Adviser the Advisor may select and contract with Subadvisers Subadvisors to manage the investments and determine the composition of the assets of the Funds; provided, that any contract with a Subadviser Subadvisor (a “Subadvisory Agreement”) shall be in compliance with and approved as required by the 1940 Act. Subject always to the direction and control of the Trustees, Adviser the Advisor will monitor compliance of each Subadviser Subadvisor with the investment objectives and related investment policies, as set forth in the applicable Registration Statement of any Fund or Funds under the management of such SubadviserSubadvisor, and review and report to the Trustees on the performance of such SubadviserSubadvisor. In the event a Subadviser Subadvisor is employedretained, Adviser the Advisor retains the authority to immediately assume responsibility for any functions delegated to a SubadviserSubadvisor.