Common use of Acknowledgements of Adviser Clause in Contracts

Acknowledgements of Adviser. Adviser acknowledges and agrees that: a) The assets of any Fund's account may be invested in futures contracts and consents to the Sub-Adviser's use of the alternate disclosure and recordkeeping standards under Commodity Futures Trading Commission Rule 4.7 with respect to such futures trading, which alternate standards are available to the Sub-Adviser on account of each Fund's ownership of securities of issuers not affiliated with the Funds and other investments with an aggregate market value of at least $2,000,000 and on account of the Trust's status as an investment company registered under the 1940 Act (not formed for the specific purpose of either investing in an exempt pool or opening an exempt account); b) It is excluded from the definition of a commodity pool operator under CFTC Rule 4.5, and in connection with such exemption has filed a notice of eligibility and will provide the Sub-Adviser with a copy of such notice of eligibility before the execution of this Agreement; c) The Adviser hereby acknowledges that not less than forty-eight (48) hours before the date it has executed this Agreement, it received from the Sub-Adviser a copy of Part II of Sub-Adviser's Form ADV, as required by Rule 204-(3) of the Investment Advisers Act of 1940, as amended ("the Advisers Act"); and d) The Adviser represents and warrants that: It is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers Act, and such registration is current, complete and in full compliance with all material applicable provision of the Advisers Act and the rules and regulations thereunder; that it has all requisite authority to enter into, execute, deliver and perform its obligations under this Agreement; and that its performance under this Agreement does not conflict with any law, regulation or order to which it is subject or the Trust's governance requirements.

Acknowledgements of Adviser. Adviser acknowledges and agrees that: a) The assets of any Fund's account may be invested in futures contracts and If the Sub-Adviser is registered as a Commodity Trading Advisor under the CEA, the Adviser consents to the Sub-Adviser's use of ’s compliance with the alternate alternative disclosure and recordkeeping standards available to exempt accounts under Commodity Futures Trading Commission CFTC Rule 4.7 with respect to such futures tradinga Fund’s trading in commodity interests, which alternate standards are available to provided that the Sub-Adviser has made all necessary filings to the extent required to be eligible to rely on account of each Fund's ownership of securities of issuers not affiliated such Rule. The Adviser will take reasonable steps to cooperate with the Funds Sub-Adviser in connection with establishing and other investments with an aggregate market value of at least $2,000,000 and on account of the Trust's status maintaining such exemption under Rule 4.7, including, upon request, confirming whether a Fund is a “qualified eligible person” as an investment company registered under the 1940 Act (not formed for the specific purpose of either investing defined in an exempt pool or opening an exempt account)Rule 4.7; b) It If the Adviser is excluded from the definition of a commodity pool operator under CFTC Rule 4.54.5 with respect to a Fund, and in connection with such exemption has filed a notice of eligibility and the Adviser will provide furnish the Sub-Adviser with a copy of such the notice of eligibility before the execution of this Agreement; filed pursuant to Rule 4.5 (c) The Adviser hereby acknowledges with respect to such exclusion, or, if more recent, the most recent annual notice affirming the basis of such eligibility that not less than forty-eight (48) hours before the date it has executed this Agreement, it received from the Sub-Adviser a copy of Part II of Sub-Adviser's Form ADV, as required by been filed pursuant to Rule 204-(3) of the Investment Advisers Act of 1940, as amended ("the Advisers Act"4.5(c)(5); and dc) The Adviser represents and warrants that: It is registered with the U.S. Securities and Exchange Commission SEC as an investment adviser under the Advisers Act, and such registration is current, complete and in full compliance with all material applicable provision of the Advisers Act and the rules and regulations thereunder; that it has all requisite authority to enter into, execute, deliver and perform its obligations under this Agreement; and that its performance under this Agreement does not conflict with any law, regulation or order to which it is subject or the Trust's ’s governance requirements.

Acknowledgements of Adviser. Adviser acknowledges and agrees that: (a) The assets of any Fund's account the Account may be invested in futures contracts and consents to the Sub-Adviser's use of the alternate disclosure and recordkeeping standards under Commodity Futures Trading Commission Rule 4.7 with respect to such futures trading, which alternate standards are available to the Sub-Adviser on account of each Fund's ownership of securities of issuers not affiliated with the Funds and other investments with an aggregate market value of at least $2,000,000 and on account of the Trust's status as an investment company registered under the 1940 Act (not formed for the specific purpose of either investing in an exempt pool or opening an exempt account); (b) It is excluded from the definition of a commodity pool operator under CFTC Rule 4.5, and in connection with such exemption has filed a notice of eligibility and will provide the Sub-Adviser with a copy of such notice of eligibility before the execution of this Agreement;; -------------------------------------------------------------------------------- PAGE 7 OF 10 (c) The Adviser hereby acknowledges that not less than forty-eight (48) hours before the date it has executed this Agreement, it received from the Sub-Adviser a copy of Part II of Sub-Adviser's Advisers Form ADV, as required by Rule 204-(3) of the Investment Advisers Act of 1940, as amended ("the Advisers Act")amended; and (d) The Adviser represents hereby acknowledges that the Trust is subject to, and warrants that: It is registered supervised for, compliance with anti-money laundering requirements consistent with standards set forth in the U.S. Securities and Exchange Commission as an investment adviser under the Advisers USA Patriot Act, and such registration is current, complete and in full compliance with all material other applicable provision of the Advisers Act and the rules and regulations thereunder; that it has all requisite authority to enter into, execute, deliver and perform its obligations under this Agreement; and that its performance under this Agreement does not conflict with any law, regulation or order to which it is subject or the Trust's governance anti-money laundering regulatory requirements.

Acknowledgements of Adviser. Adviser acknowledges and agrees that: (a) The assets of any Fund's account the Account may be invested in futures contracts and consents to the Sub-Adviser's ’s use of the alternate disclosure and recordkeeping standards under Commodity Futures Trading Commission Rule 4.7 with respect to such futures trading, which alternate standards are available to the Sub-Adviser on account of each Fund's ’s ownership of securities of issuers not affiliated with the Funds and other investments with an aggregate market value of at least $2,000,000 and on account of the Trust's ’s status as an investment company registered under the 1940 Act (not formed for the specific purpose of either investing in an exempt pool or opening an exempt account); (b) It is excluded from the definition of a commodity pool operator under CFTC Rule 4.5, and in connection with such exemption has filed a notice of eligibility and will provide the Sub-Adviser with a copy of such notice of eligibility before the execution of this Agreement; (c) The Adviser hereby acknowledges that not less than forty-eight (48) hours before the date it has executed this Agreement, it received from the Sub-Adviser a copy of Part II of Sub-Adviser's Advisers Form ADV, as required by Rule 204-(3) of the Investment Advisers Act of 1940, as amended ("the Advisers Act")amended; and (d) The Adviser represents hereby acknowledges that the Trust is subject to, and warrants that: It is registered supervised for, compliance with anti-money laundering requirements consistent with standards set forth in the U.S. Securities and Exchange Commission as an investment adviser under the Advisers USA Patriot Act, and such registration is current, complete and in full compliance with all material other applicable provision of the Advisers Act and the rules and regulations thereunder; that it has all requisite authority to enter into, execute, deliver and perform its obligations under this Agreement; and that its performance under this Agreement does not conflict with any law, regulation or order to which it is subject or the Trust's governance anti-money laundering regulatory requirements.