Common use of Covenants of the Adviser Clause in Contracts

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the PortfolioFund, except as permitted by the 1940 Act, will not take a long or short position in the shares of the Portfolio Fund except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Prospectus and Statement of Additional Information applicable to the Portfolio Fund relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, Underwriter as principals in making purchases or sales of securities or other property for the account of the PortfolioTrust, except as permitted by the Investment Company Act of 1940 Actand the Rules, Regulations or orders thereunder, will not take a long or short position in the shares of the Portfolio Trust except as permitted provided by the Declaration, Indenture of Trust and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio Indenture of Trust relative to the Adviser and its Directors officers and officersdirectors.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, distributor as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Actany Fund, will not take a long or short position in the shares of the Portfolio any Fund except as permitted provided by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust Fund or the Trust's principal underwriter or distributor, Underwriter as principals in making purchases or sales of securities or other property for the account of the PortfolioFund, except as permitted by the Investment Company Act of 1940 Actand the Rules, Regulations or orders thereunder, will not take a long or short position in the shares of the Portfolio Fund except as permitted provided by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors officers and officersdirectors.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust Account or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account Account of the Portfolio, except as permitted by the 1940 ActFund, will not take a long or short position in the shares of the Portfolio Account except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the PortfolioFund, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio Fund except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Prospectus and Statement of Additional Information applicable to the Portfolio Fund relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws ByLaws and the then-current thencurrent Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws ByLaws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust Portfolio or the TrustPortfolio's principal underwriter or distributor, exclusive placing agent as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio except as permitted by the Declaration, and will comply with all other provisions of the Portfolio's Declaration and By-Laws and the then-current Registration Statement applicable to of the Portfolio under the 1940 Act relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the PortfolioFund, except as permitted by the 1940 Act, will not take a long or short position in shares of the Portfolio Fund except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio Fund relative to the Adviser and its Directors Trustees and officers.

Covenants of the Adviser. The Adviser agrees that it will ------------------------------------- not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 ActFund, will not take a long or short position in the shares of the Portfolio Fund except as permitted provided by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or of sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 ActTrust, will not take a long or short position in shares the Shares of any of the Portfolio Series except as permitted provided by the Declaration, Declaration and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to Prospectus of the Portfolio Trust relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributorunderwriter, if any, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 ActFund, will not take a long or short position in the shares of the Portfolio Fund except as permitted by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to Prospectus of the Portfolio Fund relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust Fund or the Trust's principal underwriter or distributorUnderwriter, as principals in making purchases or sales of securities or other property for the account of the PortfolioFund, except as permitted by the Investment Company Act of 1940 Actand the Rules, Regulations or Orders thereunder, will not take a long or short position in the shares of the Portfolio Fund except as permitted provided by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 ActTrust, will not take a long or short position in shares the Shares of any series of the Portfolio Trust except as permitted provided by the Declaration, Declaration and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to Prospectus of the Portfolio Trust relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not ------------------------ deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, distributor as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 Actany Fund, will not take a long or short position in the shares of the Portfolio any Fund except as permitted provided by the Declaration, and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to the Portfolio relative to the Adviser and its Directors and officers.

Covenants of the Adviser. The Adviser agrees that it will not deal with itself, or with the Trustees of the Trust or the Trust's principal underwriter or distributor, as principals in making purchases or sales of securities or other property for the account of the Portfolio, except as permitted by the 1940 ActTrust, will not take a long or short position in shares the Shares of any of the Portfolio Series except as permitted provided by the Declaration, Declaration and will comply with all other provisions of the Declaration and By-Laws and the then-current Registration Statement applicable to Prospectus of the Portfolio Trust relative to the Adviser and its Directors and officers.