Common use of Activities of the Adviser Clause in Contracts

Activities of the Adviser. The services of the Adviser to the Trust hereunder are not to be deemed exclusive, and the Adviser shall be free to render similar services to others. It is understood that the Trustees and officers of the Trust are or may become interested in the Adviser as stockholders, officers or otherwise, and that stockholders and officers of the Adviser are or may become similarly interested in the Trust, and that the Adviser may become interested in the Trust as a shareholder or otherwise. The Adviser has supplied to the Trust copies of its Form ADV with all exhibits and attachments thereto and will hereafter supply to the Trust, promptly upon the preparation thereof, copies of all amendments or restatements of such document. The Adviser has also delivered to the Trust copies of its code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act (the "Code"). If in the opinion of counsel to the Trust, the code of ethics does not satisfy the requirements of Rule 17j-1, the Adviser will adopt a code of ethics that does. The Adviser shall promptly furnish the Trust with all amendments of or supplements to its code of ethics at least annually. On a quarterly basis, the Adviser shall report on compliance by the access persons of the Fund with its Code of Ethics to the Board of Trustees and upon the written request of the Trust, the Adviser shall permit the Trust, or their respective representatives to examine the reports required to be made to the Adviser by the access persons of the Fund under such code.

Activities of the Adviser. The services of the Adviser to the Trust hereunder are not to be deemed exclusive, and the Adviser shall be free to render similar services to othersothers and to engage in other activities, so long as the services rendered hereunder are not impaired. It is understood The Trust and the Manager understand that the Trustees Adviser now acts, will continue to act and officers may act in the future as investment adviser to fiduciary and other managed accounts and as investment adviser to other investment companies, and the Trust and the Manager have no objection to the Adviser so acting, provided that whenever the Portfolio and one or more other accounts or investment companies advised by the Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in accordance with a methodology believed to be equitable to each entity. The Adviser agrees to allocate similarly opportunities to sell securities. The Trust and Manager recognize that, in some cases, this procedure may limit the size of the position that may be acquired or sold for the Portfolio. In addition, the Trust are or may become interested and Manager understand that the persons employed by the Adviser to assist in the Adviser as stockholders, officers performance of the Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or otherwise, and that stockholders and officers restrict the right of the Adviser are or may become similarly interested in the Trust, and that any affiliate of the Adviser may become interested to engage in the Trust as a shareholder and devote time and attention to other business or otherwiseto render services of whatever kind or nature. The Adviser has supplied shall be subject to the Trust copies of its Form ADV with all exhibits and attachments thereto and will hereafter supply to the Trust, promptly upon the preparation thereof, copies of all amendments or restatements of such document. The Adviser has also delivered to the Trust copies of its a written code of ethics complying with adopted by it that conforms to the requirements of Rule 17j-1 under 17j-1(b) of the 1940 Act (the "Code"). If in the opinion of counsel Act, and shall not be subject to the Trust, the any other code of ethics does not satisfy ethics, including the requirements of Rule 17j-1, the Adviser will adopt a Manager's code of ethics that does. The Adviser shall promptly furnish the Trust with all amendments of or supplements to its code of ethics at least annually. On a quarterly basisethics, the Adviser shall report on compliance unless specifically adopted by the access persons of the Fund with its Code of Ethics to the Board of Trustees and upon the written request of the Trust, the Adviser shall permit the Trust, or their respective representatives to examine the reports required to be made to the Adviser by the access persons of the Fund under such codeAdviser.

Activities of the Adviser. The services of the Adviser to the Trust hereunder are not to be deemed exclusive, and the Adviser shall be free to render similar services to others. It is understood that the Trustees and officers of the Trust are or may become interested in the Adviser as stockholders, officers or otherwise, and that stockholders and officers of the Adviser are or may become similarly interested in the Trust, and that the Adviser may become interested in the Trust as a shareholder or otherwise. The Adviser has supplied to the Trust copies of its Form ADV with all exhibits and attachments thereto and will hereafter supply to the Trust, promptly upon the preparation thereof, copies of all amendments or restatements of such document. The Adviser has also delivered to the Trust copies of its code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act (the "Code")Act. If in the opinion of counsel to the Trust, the code of ethics does not satisfy the requirements of Rule 17j-1, the Adviser will adopt a code of ethics that does. The Adviser shall promptly furnish the Trust with all amendments of or supplements to its code Code of ethics Ethics at least annually. On a quarterly basis, the Adviser shall report on compliance by the access persons of the Fund with its Code of Ethics to the Board of Trustees and upon the written request of the Trust, the Adviser shall permit the Trust, or their respective representatives to examine the reports required to be made to the Adviser by the access persons of the Fund under such code.