Common use of The Subadviser's Services Clause in Contracts

The Subadviser's Services. (a) The Subadviser shall, to the extent reasonably required in the conduct of the business of the Portfolio and upon request by the Portfolio or the Manager, (i) identify, analyze and make investment recommendations regarding real estate industry companies, including the real estate properties and other permissible investments of the Portfolio, (ii) analyze market conditions affecting the real estate industry generally and specific geographical and securities markets in which the Portfolio may invest or is invested, (iii) continuously review and analyze the investments in the Portfolio's portfolio, and (iv) furnish to the Manager and the Portfolio advisory reports based on such analysis. The Subadviser shall use its best efforts in the preparation of such reports and will endeavor to consult the persons and sources believed by it to have information available with respect to the contents of such reports. The Subadviser shall use its best efforts to ensure that any recommendations it makes to the Manager regarding the purchase and sale of portfolio securities are in compliance with the provisions of the Trust's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions (including, without limitation, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company) of the Portfolio, as each of the same shall be from time to time in effect as set forth in the Portfolio's Prospectus and Statement of Additional Information, or any investment guidelines or other instructions received in writing from the Manager, and subject, further, to such policies and instructions as the Manager may from time to time establish and deliver to the Subadviser. Notwithstanding the foregoing, pursuant to the terms of the Management Contract, the Manager is solely responsible for the day-to-day management of the Portfolio's investment portfolio and for ensuring that the Portfolio's investments comply with the Trust's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions of the Portfolio. (b) The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Portfolio, except as otherwise provided herein or as may be necessary for the Subadviser to supply to the Manager, the Portfolio or its Trustees the information required to be supplied under this Agreement. (c) The Subadviser shall maintain separate books and detailed records of all matters pertaining to the Portfolio (the "Portfolio's Books and Records"). The Portfolio's Books and Records shall be available to the Manager at any time upon request and shall be available for telecopying without delay to the Manager during any day that the Portfolio is open for business. (d) The Subadviser shall also ensure that its Access Persons (as defined in the Trust's Code of Ethics) comply in all respects with the Trust's Code of Ethics, as in effect from time to time. (e) The Subadviser shall inform the Manager and the Trust's Trustees on a current basis of changes in investment strategy or tactics or in key personnel. The Subadviser will make its officers and employees available to meet with the Trust's Trustees at least annually on due notice to review the investments of the Portfolio in light of current and prospective economic and market conditions. (f) From time to time as the Manager or the Trustees of the Trust may reasonably request, the Subadviser shall furnish to the Manager and to each of the Trust's Trustees reports on securities held by the Portfolio, all in such detail as the Manager or the Trustees may reasonably request. (g) It shall be the duty of the Subadviser to furnish to the Trustees of the Trust such information as may reasonably be necessary in order for the Trustees to evaluate this Agreement or any proposed amendments thereto for the purposes of casting a vote pursuant to Section 8 hereof.

The Subadviser's Services. (a) The Subadviser shall, to the extent reasonably required in the conduct of the business of the Portfolio Fund and upon request by the Portfolio Fund or the Manager, (i) identify, analyze and make investment recommendations regarding real estate industry companies, including the real estate properties and other permissible investments of the PortfolioFund, (ii) analyze market conditions affecting the real estate industry generally and specific geographical and securities markets in which the Portfolio Fund may invest or is invested, (iii) continuously review and analyze the investments in the PortfolioFund's portfolio, and (iv) furnish to the Manager and the Portfolio Fund advisory reports based on such analysis. The Subadviser shall use its best efforts in the preparation of such reports and will endeavor to consult the persons and sources believed by it to have information available with respect to the contents of such reports. The Subadviser shall use its best efforts to ensure that any recommendations it makes to the Manager regarding the purchase and sale of portfolio securities are in compliance with the provisions of the TrustFund's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions (including, without limitation, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company) of the PortfolioFund, as each of the same shall be from time to time in effect as set forth in the PortfolioFund's Prospectus and Statement of Additional Information, or any investment guidelines or other instructions received in writing from the Manager, and subject, further, to such policies and instructions as the Manager may from time to time establish and deliver to the Subadviser. Notwithstanding the foregoing, pursuant to the terms of the Management Contract, the Manager is solely responsible for the day-to-day management of the PortfolioFund's investment portfolio and for ensuring that the PortfolioFund's investments comply with the TrustFund's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions of the PortfolioFund. (b) The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the PortfolioFund, except as otherwise provided herein or as may be necessary for the Subadviser to supply to the Manager, the Portfolio Fund or its Trustees the information required to be supplied under this Agreement. (c) The Subadviser shall maintain separate books and detailed records of all matters pertaining to the Portfolio Fund (the "PortfolioFund's Books and Records"). The PortfolioFund's Books and Records shall be available to the Manager at any time upon request and shall be available for telecopying without delay to the Manager during any day that the Portfolio Fund is open for business. (d) The Subadviser shall also ensure that its Access Persons (as defined in the TrustFund's Code of Ethics) comply in all respects with the TrustFund's Code of Ethics, as in effect from time to time. (e) The Subadviser shall inform the Manager and the TrustFund's Trustees on a current basis of changes in investment strategy or tactics or in key personnel. The Subadviser will make its officers and employees available to meet with the TrustFund's Trustees at least annually on due notice to review the investments of the Portfolio Fund in light of current and prospective economic and market conditions. (f) From time to time as the Manager or the Trustees of the Trust Fund may reasonably request, the Subadviser shall furnish to the Manager and to each of the TrustFund's Trustees reports on securities held by the PortfolioFund, all in such detail as the Manager or the Trustees may reasonably request. (g) It shall be the duty of the Subadviser to furnish to the Trustees of the Trust Fund such information as may reasonably be necessary in order for the Trustees to evaluate this Agreement or any proposed amendments thereto for the purposes of casting a vote pursuant to Section 8 hereof.

The Subadviser's Services. (a) The Subadviser shall, to the extent reasonably required in the conduct of the business of the Portfolio Fund and upon request by the Portfolio Fund or the Manager, (i) identify, analyze and make investment recommendations regarding real estate industry companies, including the real estate properties and other permissible investments of the PortfolioFund, (ii) analyze market conditions affecting the real estate industry generally and specific geographical and securities markets in which the Portfolio Fund may invest or is invested, (iii) continuously review and analyze the investments in the PortfolioFund's portfolio, and (iv) furnish to the Manager and the Portfolio Fund advisory reports based on such analysis. The Subadviser shall use its best efforts in the preparation of such reports and will endeavor to consult the persons and sources believed by it to have information available with respect to the contents of such reports. The Subadviser shall use its best efforts to ensure that any recommendations it makes to the Manager regarding the purchase and sale of portfolio securities are in compliance with the provisions of the Trust's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions (including, without limitation, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company) of the PortfolioFund, as each of the same shall be from time to time in effect as set forth in the PortfolioFund's Prospectus and Statement of Additional Information, or any investment guidelines or other instructions received in writing from the Manager, and subject, further, to such policies and instructions as the Manager may from time to time establish and deliver to the Subadviser. Notwithstanding the foregoing, pursuant to the terms of the Management Contract, the Manager is solely responsible for the day-to-day management of the PortfolioFund's investment portfolio and for ensuring that the PortfolioFund's investments comply with the Trust's Declaration of Trust and By-laws and the 1940 Act, and with the investment objectives, policies and restrictions of the PortfolioFund. (b) The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the PortfolioFund, except as otherwise provided herein or as may be necessary for the Subadviser to supply to the Manager, the Portfolio Fund or its Trustees the information required to be supplied under this Agreement. (c) The Subadviser shall maintain separate books and detailed records of all matters pertaining to the Portfolio Fund (the "PortfolioFund's Books and Records"). The PortfolioFund's Books and Records shall be available to the Manager at any time upon request and shall be available for telecopying without delay to the Manager during any day that the Portfolio Fund is open for business. (d) The Subadviser shall also ensure that its Access Persons (as defined in the Trust's Code of Ethics) comply in all respects with the Trust's Code of Ethics, as in effect from time to time. (e) The Subadviser shall inform the Manager and the Trust's Trustees on a current basis of changes in investment strategy or tactics or in key personnel. The Subadviser will make its officers and employees available to meet with the Trust's Trustees at least annually on due notice to review the investments of the Portfolio Fund in light of current and prospective economic and market conditions. (f) From time to time as the Manager or the Trustees of the Trust may reasonably request, the Subadviser shall furnish to the Manager and to each of the Trust's Trustees reports on securities held by the PortfolioFund, all in such detail as the Manager or the Trustees may reasonably request. (g) It shall be the duty of the Subadviser to furnish to the Trustees of the Trust such information as may reasonably be necessary in order for the Trustees to evaluate this Agreement or any proposed amendments thereto for the purposes of casting a vote pursuant to Section 8 hereof.