Common use of Employment of the Sub-adviser Clause in Contracts

Employment of the Sub-adviser. The Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the Fund, subject to the control and direction of the Adviser and the Fund's Board of Trustees, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser or the Fund in any way. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement (the "Registration Statement"), and the Fund's Declaration of Trust and Bylaws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) days before it is expected to become effective and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Adviser adopted from time to time by the Fund's Board of Trustees and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Adviser will not make any changes to procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-Adviser, to such changes. Notwithstanding anything to the contrary in this paragraph, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Adviser's management of a portion of the Fund's assets. The Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.

Employment of the Sub-adviser. The Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the Fund, subject to the control and direction of the Adviser and the Fund's Board of Trustees, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser or the Fund in any way. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement (the "Registration Statement"), and the Fund's Declaration of Trust and Bylaws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) 60 days before it is expected to become effective and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Adviser adopted from time to time by the Fund's Board of Trustees and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Adviser will not make any changes to procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-Adviser, to such changes. Notwithstanding anything to the contrary in this paragraph, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Adviser's management of a portion of the Fund's assets. The Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.

Employment of the Sub-adviser. The Investment Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the FundPortfolio, subject to the control and direction of the Adviser and the Fund's Board of TrusteesDirectors, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser Investment Adviser, the Portfolio or the Fund in any way. The Sub-Adviser may execute account documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with its management of the assets of the Portfolio, provided the Sub-Adviser receives the express agreement and consent of the Investment Adviser and/or the Fund's Board of Directors to execute such documentation, agreements, contracts and other documents, which consent shall not be unreasonably withheld. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Investment Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement Statement, as it relates to the Portfolio (the "Registration Statement"), and the Fund's Declaration Articles of Trust Incorporation and Bylaws By-Laws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Investment Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) days Portfolio before it is expected to they become effective and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Investment Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Adviser adopted from time to time by the Fund's Board of Trustees Directors and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Sub-Adviser will not make be bound to follow any changes to change in the investment policies, restrictions or procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-AdviserPortfolio or Fund, to however, until it has received written notice of any such changes. Notwithstanding anything to change from the contrary in this paragraph, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Investment Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Adviser's management of a portion of the Fund's assets. The Investment Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Investment Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.

Employment of the Sub-adviser. The Investment Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the FundPortfolio, subject to the control and direction of the Adviser and the Fund's Board of TrusteesDirectors, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser Investment Adviser, the Portfolio or the Fund in any way. Subject to the supervision and control by the Investment Adviser and/or the Fund's Board of Directors, the Sub-Adviser may execute account documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with its management of the assets of the Portfolio. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Investment Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement Statement, as it relates to the Portfolio (the "Registration Statement"), and the Fund's Declaration Articles of Trust Incorporation and Bylaws By-Laws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Investment Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) days Portfolio before it is expected to they become effective and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Investment Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Sub- Adviser adopted from time to time by the Fund's Board of Trustees Directors and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Sub-Adviser will not make be bound to follow any changes to change in the investment policies, restrictions or procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-AdviserPortfolio or Fund, to however, until it has received written notice of any such changes. Notwithstanding anything to change from the contrary in this paragraph, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Investment Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Adviser's management of a portion of the Fund's assets. The Investment Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Investment Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.

Employment of the Sub-adviser. The Investment Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the FundPortfolio, subject to the control and direction of the Adviser and the Fund's Board of TrusteesDirectors, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser Investment Adviser, the Portfolio or the Fund in any way. Subject to the supervision and control by the Investment Adviser and/or the Fund's Board of Directors, the Sub-Adviser may execute account documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with its management of the assets of the Portfolio. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Investment Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement Statement, as it relates to the Portfolio (the "Registration Statement"), and the Fund's Declaration Articles of Trust Incorporation and Bylaws By-Laws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Investment Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) days Portfolio before it is expected to they become effective and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Investment Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Adviser adopted from time to time by the Fund's Board of Trustees Directors and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Sub-Adviser will not make be bound to follow any changes to change in the investment policies, restrictions or procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-AdviserPortfolio or Fund, to however, until it has received written notice of any such changes. Notwithstanding anything to change from the contrary in this paragraph, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Investment Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Adviser's management of a portion of the Fund's assets. The Investment Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Investment Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.

Employment of the Sub-adviser. The Investment Adviser hereby employs the Sub-Adviser to manage the investment and reinvestment of a portion of the assets of the FundPortfolio, subject to the control and direction of the Adviser and the Fund's Board of TrusteesDirectors, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Adviser Investment Adviser, the Portfolio or the Fund in any way. The Sub-Adviser may execute account documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with its management of the assets of the Portfolio, provided the Sub-Adviser receives the express agreement and consent of the Investment Adviser and/or the Fund's Board of Directors to execute such documentation, agreements, contracts and other documents. In such respect, and only for this limited purpose, the Sub-Adviser shall act as the Investment Adviser's and the Fund's agent and attorney-in-fact. Copies of the Fund's Registration Statement Statement, as it relates to the Portfolio (the "Registration Statement"), and the Fund's Declaration Articles of Trust Incorporation and Bylaws By-Laws (collectively, the "Charter Documents"), each as currently in effect, have been delivered to the Sub-Adviser. The Investment Adviser agrees, on an ongoing basis, to notify the Sub-Adviser of each change in the fundamental and non-fundamental investment policies and restrictions of the Fund no less than sixty (60) days before it is expected to become effective Portfolio and to provide to the Sub-Adviser as promptly as practicable copies of all amendments and supplements to the Registration Statement before filing with the Securities and Exchange Commission ("SEC") and amendments to the Charter Documents. The Investment Adviser will promptly provide the Sub-Adviser with any procedures applicable to the Sub-Sub- Adviser adopted from time to time by the Fund's Board of Trustees Directors and agrees to promptly provide the Sub-Adviser copies of all amendments thereto. The Sub-Adviser will not make be bound to follow any changes to change in the investment policies, restrictions or procedures impacting the Sub-Adviser or the assets it is responsible for managing, without prior consultation with, and consent of the Sub-AdviserPortfolio or Fund, to such changes. Notwithstanding anything to the contrary in this paragraphhowever, any change that is required by law or initiated by the Trustees shall not require prior consultation or consent of the Sub-Adviser but the Adviser shall use its best efforts to give the Sub-Adviser as much advance until it has received written notice as possible. The Adviser shall provide the Sub-Adviser with a list of all the broker affiliates of the Adviser. The Adviser shall be responsible for keeping the list of its broker affiliates current and promptly notifying the Sub-Adviser of any additions, deletions or modifications. The Adviser shall provide such change from the Sub-Adviser with copies of the Fund's policies and procedures applicable to the Sub-Investment Adviser's management of a portion of the Fund's assets. The Adviser shall timely furnish the Sub-Adviser with such additional information as may be reasonably necessary for or requested by the Sub-Adviser to perform its responsibilities pursuant to this Agreement. The Adviser shall cooperate with the Sub-Adviser in setting up and maintaining brokerage accounts and other accounts the Sub-Adviser deems advisable to allow for the purchase or sale of various forms of securities pursuant to this Agreement.