Common use of Sub-Investment Advisers Clause in Contracts

Sub-Investment Advisers. ▇▇▇▇▇ ▇▇▇▇▇ may employ one or more sub-investment advisers from time to time to perform such of the acts and services of ▇▇▇▇▇ ▇▇▇▇▇, including the selection of brokers or dealers to execute the Trust’s portfolio security transactions, and upon such terms and conditions as may be agreed upon under an agreement between ▇▇▇▇▇ ▇▇▇▇▇ and such investment adviser that is approved by the Trustees of the Trust, all as permitted by the Investment Company Act of 1940. Each such sub-investment adviser’s performance of its obligation under any such agreement shall be supervised by ▇▇▇▇▇ ▇▇▇▇▇. Further, ▇▇▇▇▇ ▇▇▇▇▇ may, with the approval of the Trustees of the Trust and without the vote of any Interests in the Trust, terminate any agreement with any sub-investment adviser and/or enter into an agreement with one or more other sub-investment advisers, all as permitted by the Investment Company Act of 1940 and the rules hereunder.

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 the Trust’s portfolio security transactions, and upon such terms and conditions as may be agreed upon under an agreement between ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and such investment adviser that is approved by the Trustees of the Trust, all as permitted by the Investment Company Act of 1940. Each such sub-investment adviser’s performance of its obligation under any such agreement shall be supervised by ▇▇▇▇▇ ▇▇▇▇▇the Adviser. Further, ▇▇▇▇▇ ▇▇▇▇▇ the Adviser may, with the approval of the Trustees of the Trust and without the vote of any Interests in the Trust, terminate any agreement with any sub-investment adviser and/or enter into an agreement with one or more other sub-investment advisers, all as permitted by the Investment Company Act of 1940 and the rules hereunderthereunder.