Common use of Supervision and Compliance Clause in Contracts

Supervision and Compliance. Notwithstanding any provision of this Agreement, the Adviser shall retain all rights and ultimate responsibilities to supervise, and, in its discretion, conduct investment advisory activities relating to the Trust. The activities of the Subadviser shall be subject at all times to the direction and control of the Board of Trustees of the Trust and the Adviser and shall comply with: (a) the Declaration of Trust and By-Laws of the Trust; (b) the Registration Statement of the Trust, as it may be amended from time to time, including the investment objectives and policies set forth therein; (d) the Investment Company Act and the regulations thereunder; (e) the Internal Revenue Code of 1986 and the regulations thereunder applicable to regulated investment companies; (f) any other applicable laws or regulations; and (g) such other limitations as the Adviser or the Board of Trustees of the Trust may adopt.

Supervision and Compliance. Notwithstanding any provision of this Agreement, the Adviser shall retain all rights and ultimate responsibilities to supervise, and, in its discretion, conduct investment advisory activities relating to the Trust. The activities of the Subadviser shall be subject at all times to the direction and control of the Board of Trustees of the Trust and the Adviser and shall comply with: (a) the [Trust Instrument] or [Declaration of Trust Trust] and By-Laws of the Trust; (b) the Registration Statement of the Trust, as it may be amended from time to time, including the investment objectives and policies set forth therein; (d) the Investment Company Act and the regulations thereunder; (e) the Internal Revenue Code of 1986 and the regulations thereunder applicable to regulated investment companies; (f) any other applicable laws or regulations; and (g) such other limitations as the Adviser or the Board of Trustees of the Trust may adopt.

Supervision and Compliance. Notwithstanding any provision of this Agreement, the Adviser shall retain all rights and ultimate responsibilities to supervise, and, in its discretion, conduct investment advisory activities relating to the Trust. The activities of the Subadviser shall be subject at all times to the direction and control of the Board of Trustees of the Trust and the Adviser and shall comply with: (a) the Declaration of Trust and By-Laws of the Trust; (b) the Registration Statement of the Trust, as it may be amended from time to time, including the investment objectives and policies set forth therein; (dc) the Investment Company Act and the regulations thereunder; (ed) the Internal Revenue Code of 1986 and the -2- regulations thereunder applicable to regulated investment companies; (fe) any other applicable laws or regulations; and (gf) such other limitations as the Adviser or the Board of Trustees of the Trust may adopt.

Supervision and Compliance. Notwithstanding any provision of this Agreement, the Adviser shall retain all rights and ultimate responsibilities to supervise, and, in its discretion, conduct investment advisory activities relating to the Trust. The activities of the Subadviser shall be subject at all times to the direction and control of the Board of Trustees of the Trust and the Adviser and shall comply with: (a) the Declaration of Trust and By-Laws of the Trust; (b) the Registration Statement of the Trust, as it may be amended from time to time, including the investment objectives and policies set forth therein; (dc) the Investment -2- Company Act and the regulations thereunder; (ed) the Internal Revenue Code of 1986 and the regulations thereunder applicable to regulated investment companies; (fe) any other applicable laws or regulations; and (gf) such other limitations as the Adviser or the Board of Trustees of the Trust may adopt.