Common use of Standards; Reports Clause in Contracts

Standards; Reports. In performing these supervisory and administrative services, the Adviser: (i) shall comply with the applicable provisions of the 1940 Act, with the applicable provisions of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), with all other applicable federal, state and foreign laws and regulations, with all applicable rules and regulations of securities exchanges on which the Fund’s shares may be listed for trading, if any, with any applicable procedures adopted by the Fund’s Board of Trustees, and, to the extent then currently applicable, with the provisions of the Fund’s registration statement filed on Form N-1A as supplemented or amended from time to time; (ii) will make available to the Fund, promptly upon request, any of the Fund’s books and records as are maintained under this Agreement, and will furnish to regulatory authorities having the requisite authority any such books and records and any information or reports in connection with the Adviser’s services under this Agreement that may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations; and (iii) will regularly report to the Fund’s Board of Trustees on the supervisory and administrative services provided under this Agreement and will furnish the Fund’s Board of Trustees with respect to the Fund such information as the Board of Trustees may reasonably require in connection with the annual approval of this Agreement and such other periodic and special reports as the Trustees or officers of the Fund may reasonably request. The Adviser shall also make its officers and employees available to the Board of Trustees and officers of the Trust for consultation and discussions regarding the supervision and administration of the Fund and services provided to the Fund under this Agreement.

Standards; Reports. In performing these supervisory and administrative services, the Adviser: (i) shall comply with the applicable provisions of the 1940 Act, with the applicable provisions of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), with all other applicable federal, state and foreign laws and regulations, with all applicable rules and regulations of securities exchanges on which the Fund’s shares may be listed for trading, if any, with any applicable procedures adopted by the Fund’s Board of Trustees, and, to the extent then currently applicable, with the provisions of the Fund’s registration statement filed on Form N-1A as supplemented or amended from time to time; (ii) will make available to the Fund, promptly upon request, any of the Fund’s books and records as are maintained under this Agreement, and will furnish to regulatory authorities having the requisite authority any such books and records and any information or reports in connection with the Adviser’s services under this Agreement that may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations; and (iii) will regularly report to the Fund’s Board of Trustees on the supervisory and administrative services provided under this Agreement and will furnish the Fund’s Board of Trustees with respect to the Fund such information as the Board of Trustees may reasonably require in connection with the annual approval of this Agreement and such other periodic and special reports as the Trustees or officers of the Fund may reasonably request. The Adviser shall also make its officers and employees available to the Board of Trustees and officers of the Trust for consultation and discussions regarding the supervision and administration of the Fund and services provided to the Fund under this Agreement. Should the Trust have occasion to request the Adviser or its affiliates to perform administrative or other additional services not herein contemplated or to request the Adviser or its affiliates to arrange for the services of others, the Adviser or its affiliates will act for the Trust on behalf of the Fund upon request to the best of its ability, with compensation for the services to be agreed upon with respect to each such occasion as it arises. No such agreement for additional services shall expand, reduce or otherwise alter the obligations of the Adviser, or the compensation that the Adviser is due, under this Agreement.