Common use of Duties of the Subadvisor Clause in Contracts

Duties of the Subadvisor. (a) Subject to the control and supervision of the Board and the Advisor, the Subadvisor, at its own expense, will make decisions with respect to purchases and sales of securities and other investment assets by the Fund with respect to all or a portion of the Fund's assets allocated to the Subadvisor by the Advisor for investment management purposes. The Subadvisor shall effect purchases and sales of securities and other investment assets in behalf of the Fund consistent with the Fund's investment objective, policies and restrictions. To carry out such decisions, the Subadvisor is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Trust, to place orders and issue instructions with respect to those transactions of the Fund. In all purchases, sales and other transactions in securities and other investments for the Fund, the Subadvisor is authorized to exercise full discretion and act for the Trust in the same manner and with the same force and effect as the Trust might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions, including voting of proxies with respect to securities owned by the Fund. The Subadvisor is also responsible for monitoring significant events that could affect the value of securities held in that portion of the Fund's portfolio it manages and recommending fair value pricing for affected securities in a manner consistent with the Trust's Portfolio Securities Valuation Procedures. Consistent with Section 28(e) of the Securities and Exchange Act of 1934, as amended, the Subadvisor may allocate brokerage on behalf of the Funds to broker-dealers who provide research services. The Subadvisor may aggregate sales and purchase orders of the assets of the Fund with similar orders being made simultaneously for other accounts advised by the Subadvisor or its affiliates. Whenever the Subadvisor simultaneously places orders to purchase or sell the same asset on behalf of the Fund and one or more other accounts advised by the Subadvisor, the Subadvisor will allocate the order as to price and amount among all such accounts in a manner believed to be equitable over time to each account.