Common use of Sub-Investment Advisers Clause in Contracts

Sub-Investment Advisers. The Adviser may employ one or more sub-investment advisers from time to time to perform such of the acts and services of the Adviser, including the selection of brokers or dealers to execute any Trust's portfolio security transactions, and upon those terms and conditions as may be agreed upon between the Adviser and the sub-investment adviser; provided, however, that any subadvisory agreement shall be subject to approval by the Trustees and by shareholders, if shareholder approval is then required by the 1940 Act, as now in effect or as hereafter amended, subject, however, to such exemption as may be granted by the Securities and Exchange Commission by any rule, regulation, order or interpretive position.