Common use of Activities of the Investment Adviser Clause in Contracts

Activities of the Investment Adviser. The services of the Investment Adviser to the Trust and the Portfolio are not to be deemed to be exclusive, and the Investment Adviser and each affiliate is free to render services to others. It is understood that Trustees, officers, employees and shareholders of the Trust and the Portfolio are or may become interested in the Investment Adviser and its affiliates, as directors, officers, employees, partners and shareholders or otherwise, and that the Investment Adviser and directors, officers, employees, partners and shareholders of the Investment Adviser and its affiliates are or may become similarly interested in the Trust or the Portfolio as shareholders or otherwise.

Activities of the Investment Adviser. The services of the Investment Adviser to the Trust and the Portfolio are not to be deemed to be exclusive, and the Investment Adviser and each affiliate is being free to render services to others. It is understood that TrusteesTrustees of the Trust, officers, employees and shareholders of the Trust and the Portfolio Funds are or may become interested in the Investment Adviser and its affiliatesAdviser, as directors, officers, employees, partners employees and shareholders or otherwise, otherwise and that the Investment Adviser and directors, officers, employees, partners employees and shareholders of the Investment Adviser and its affiliates are or may become similarly interested in the Trust, and that the Investment Adviser may become interested in the Trust or the Portfolio as shareholders shareholder of a Fund or otherwise.