Common use of Sub-Adviser's Duties Clause in Contracts

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of all of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, thereto in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the each Fund and the composition of the portfolio of securities and investments (including cash) belonging to the each Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objective, policies and restrictions as stated in the FundTrust's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the each Fund and the composition of the portfolio of securities and investments (including cash) belonging to the a Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the each Fund’s investment objective, policies and restrictions as stated in the Fund's Funds’ then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the each Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations for that portion of the Fund and the composition of the portfolio of securities and investments (including cash) belonging Fund's assets that are assigned to the FundSub-Adviser by the Adviser (the "Sub-Advised Assets"), including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objectiveobjectives, policies and restrictions as stated in the Fund's then-current most recent Prospectus and Statement of Additional Information that have been provided to Sub-Adviser by Adviser (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Company and the composition of the portfolio of securities and investments (including cash) belonging to the FundCompany, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information or any similar offering documents of the Company (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (togethercollectively, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretionon a discretionary basis, manage assist in the management of the investment operations of the Fund and manage the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of for the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the FundSub-Advised Assets, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objectiveobjectives, policies and restrictions as stated in the Fund's then-current ’s most recent Prospectus and Statement of Additional Information that have been provided to the Sub-Adviser by the Adviser (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Subadvised Assets and the composition of all of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, thereto in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "Prospectus") “Registration Statement”), and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objectiveobjectives, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Portfolio and the composition of the portfolio of securities and investments (including cash) belonging to the Fundeach Portfolio, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s each Portfolio's investment objective, policies and restrictions as stated in the Fundeach Portfolio's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Allocated Portion of the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Funds’ investment objective, policies and restrictions as stated in the Fund's Funds’ then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the -------------------- Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Funds’ investment objective, policies and restrictions as stated in the Fund's Funds’ then-current Prospectus and Statement of Additional Information (togethercollectively, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of for the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the FundSub-Advised Assets, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objectiveobjectives, policies and restrictions as stated in the Fund's then-current most recent Prospectus and Statement of Additional Information that have been provided to Sub-Adviser by Adviser (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the each Fund’s investment objective, policies and restrictions as stated in the each Fund's then-’s then- current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (togethercollectively, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the --------------------- Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Portfolio and the composition of the portfolio of securities and investments (including cash) belonging to the FundPortfolio, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Portfolio's investment objective, policies and restrictions as stated in the FundPortfolio's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Trusts Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Funds investment objective, policies and restrictions as stated in the Fund's Funds then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-’s then- current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Portfolio and the composition of the portfolio of securities and investments (including cash) belonging to the FundPortfolio, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Portfolio's investment objective, policies and restrictions as stated in the FundPortfolio's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the each Fund’s investment objective, policies and restrictions as stated in the each Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Company and the composition of the portfolio of securities and investments (including cash) belonging to the FundCompany, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information or any similar offering documents of the Company (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Company and the composition of the portfolio of securities and investments (including cash) belonging to the FundCompany, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information or any similar offering documents of the Company (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund each Funds and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the each Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus"), within such guidelines and limitations as the Adviser and Sub-Adviser shall agree from time to time (the “Investment Strategy”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and make recommendations regarding the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto,, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Funds’ investment objective, policies and restrictions as stated in the Fund's Funds’ then-current Prospectus and Statement of Additional Information (togethercollectively, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of for the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the FundSub-Advised Assets, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objectiveobjectives, policies and restrictions as stated in the Fund's then-current most recent Prospectus and Statement of Additional Information that have been provided to the Sub-Adviser by the Adviser (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision and oversight of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, thereto in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment Page 1 of 7 operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the TrustFund's Board of Trustees Directors (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of -------------------- the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s 's investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Portfolios and the composition of the portfolio of securities and investments (including cash) belonging to the Fundeach Portfolio, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s each Portfolio's investment objective, policies and restrictions as stated in the Fundeach Portfolio's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of --------------------- the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Portfolio and the composition of the portfolio of securities and investments (including cash) belonging to the FundPortfolio, including the purchase, retention and disposition thereof and the execution of agreements relating theretothereof, in accordance with the Fund’s Portfolio's investment objective, policies and restrictions as stated in the FundPortfolio's then-current Prospectus and Statement of Additional Information (together, the "Prospectus") and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "“Board"”) and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund and the composition of the portfolio of securities and investments (including cash) belonging to the Fund, including shall be responsible for the purchase, retention and disposition thereof for the Fund, subject to the investment discretion and instructions of the Adviser; and the execution of agreements relating thereto, in accordance with the Fund’s investment objective, policies and restrictions as stated in the Fund's ’s then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings:

Sub-Adviser's Duties. Subject to the general supervision of the Trust's ’s Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations of the Fund Funds and the composition of the portfolio of securities and investments (including cash) belonging to the FundFunds, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund’s Funds’ investment objective, policies and restrictions as stated in the Fund's Funds’ then-current Prospectus and Statement of Additional Information (togethercollectively, the "“Prospectus"”) and subject to the following understandings: