Common use of Internal Reports Clause in Contracts

Internal Reports. The Adviser will advise the Trust's custodian on a prompt basis of each purchase and sale of a portfolio security specifying the name of the security purchased, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer. From time to time as the Trustees of the Trust may reasonably request, the Adviser will furnish or cause to be furnished to the Trust's officers and to each of its Trustees reports on portfolio transactions and reports on issues of securities held in the portfolio, all at such times (but not less frequently than once every twelve months or such shorter period as may from time to time be required by applicable law) and in such detail as the Trustees may reasonably request. For the purpose of such reports, the value of the securities held in the Portfolio will be calculated in accordance with the procedures described in the applicable Prospectus and Statement of Additional Information. The Adviser shall upon the request of the Trustees or the officers of the Trust, supply or cause to be supplied reports which compare the performance of the Portfolios with that of other mutual funds possessing similar investment objectives and policies. The Adviser will also inform the Trust's officers and Trustees promptly of changes in investment strategy or tactics and may from time to time contact those persons in order to discuss the investments of the Portfolios. The Adviser will make its officers and employees available to meet with the Trust's officers and Trustees on due notice to review the investments and investment program of a Portfolio in the light of current and prospective economic and market conditions. Except as otherwise provided by applicable law, the only restrictions on the amount of any one investment, or on proportion of the Portfolios which any one investment or any particular kinds of investment may contribute, are set forth in this Agreement and the applicable Prospectus and Statement of Additional Information, or as otherwise established from time to time by the Trustees.