Common use of Sub-Advisory Agreements Clause in Contracts

Sub-Advisory Agreements. The Adviser may enter into sub-advisory ----------------------- agreements with persons ("Sub-Advisers") pursuant to which the Adviser delegates any or all of its functions hereunder to one or more Sub-Advisers provided that a majority of the Trust's Board of Trustees, that are not interested persons of the Trust or the Adviser; approve the agreement and provided further, that a majority of the outstanding voting shares of the Fund must also approve the agreement. The Adviser shall pay all compensation of any such Sub-Advisers and will have the right to terminate the services of any Sub-Adviser at any time on no more than 60 days' notice, subject to the approval of the Board of Trustees, and thereupon shall at such time assume the responsibilities if such Sub-Adviser unless and until a successor Sub-Adviser is selected.

Sub-Advisory Agreements. The Adviser may enter into sub-advisory ----------------------- agreements with persons person ("Sub“sub-Advisers"”) pursuant to which the Adviser delegates any or all of its functions hereunder to one or more Sub-Advisers provided that a majority of the Trust's ’s Board of Trustees, that are not interested persons of the Trust or the Adviser; , approve the agreement and provided further, that a majority of the outstanding voting shares of the Fund must also approve the agreement. The Adviser shall pay all compensation of any such Sub-Advisers and will have the right to terminate the services of any Sub-Adviser at any time on no more than 60 days' ’ notice, subject to the approval of the Board of Trustees, and thereupon shall at such time assume the responsibilities if such Sub-Adviser unless and until a successor Sub-Adviser is selected.

Sub-Advisory Agreements. The Adviser may enter into sub-advisory ----------------------- ------------------------ agreements with persons ("Sub-Advisers") pursuant to which the Adviser delegates any or all of its functions hereunder to one or more Sub-Advisers provided that a majority of the Trust's Board of Trustees, that are not interested persons of the Trust or the Adviser; approve the agreement and provided further, that a majority of the outstanding voting shares of the Fund must also approve the agreement. The Adviser shall pay all compensation of any such Sub-Advisers and will have the right to terminate the services of any Sub-Adviser at any time on no more than 60 days' notice, subject to the approval of the Board of Trustees, and thereupon shall at such time assume the responsibilities if such Sub-Adviser unless and until a successor Sub-Adviser is selected.