Common use of Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund Clause in Contracts

Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund. Subject to the succeeding provisions of this section and subject to the direction and control of the Board of Trustees of the Trust (the “Board”), the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Fund’s assets and, in connection therewith, have complete discretion in purchasing and selling securities and other assets for the Fund and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the Fund (including by causing the Fund to act and to be legally bound, or to refrain from acting, in the Fund’s capacity as member manager, managing member, manager, member, shareholder, partner or general partner (or similar capacity) of any limited liability company, limited partnership or other business entity); (ii) supervise the investment program of the Fund and the composition of its investment portfolio; and (iii) arrange, subject to the provisions of Section 4 hereof, for the purchase and sale of securities and other assets held in the investment portfolio of the Fund. In performing its duties under this Section 2, the Advisor may delegate some or all of its duties and obligations under this Agreement to one or more investment subadvisors. Such delegation may include but shall not be limited to delegating the voting of proxies relating to the Fund’s portfolio securities in accordance with the proxy voting policies and procedures of such investment subadvisor; provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Trust and approved in a manner consistent with the 1940 Act and provided, further, that no such delegation shall relieve the Advisor from its duties and obligations of supervision of the management of the Fund’s assets pursuant to this Agreement and to applicable law. As part of its duties hereunder, the Advisor shall monitor the performance of any commodity trading advisor engaged as a trading advisor to any direct or indirect wholly-owned subsidiary of the Fund and shall seek to achieve the Fund’s investment objective by allocating and re-allocating all or a portion (or none) of the Fund’s assets (directly or indirectly) among such subsidiaries. The Fund acknowledges that the Advisor makes no warranty that any investments made by the Advisor hereunder will not depreciate in value or at any time will not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Advisor.

Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund. Subject to the succeeding provisions of this section and subject to the direction and control of the Board of Trustees of the Trust (the “Board”), the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Fund’s assets and, in connection therewith, have complete discretion in purchasing and selling securities and other assets for the Fund and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the Fund (including by causing the Fund to act and to be legally bound, or to refrain from acting, in the Fund’s capacity as member manager, managing member, manager, member, shareholder, partner or general partner (or similar capacity) of any limited liability company, limited partnership or other business entity); (ii) supervise the investment program of the Fund and the composition of its investment portfolio; and (iii) arrange, subject to the provisions of Section 4 hereof, for the purchase and sale of securities and other assets held in the investment portfolio of the Fund. In performing its duties under this Section 2, the Advisor may delegate some or all of its duties and obligations under this Agreement to one or more investment subadvisors. Such delegation may include but shall not be limited to delegating the voting of proxies relating to the Fund’s portfolio securities in accordance with the proxy voting policies and procedures of such investment subadvisor; provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Trust and approved in a manner consistent with the 1940 Act and provided, further, that no such delegation shall relieve the Advisor from its duties and obligations of supervision of the management of the Fund’s assets pursuant to this Agreement and to applicable law. As part of its duties hereunder, the Advisor shall monitor the performance of any commodity trading advisor engaged as a trading advisor to any direct or indirect wholly-owned subsidiary of the Fund and shall seek to achieve the Fund’s investment objective by allocating and re-allocating all or a portion (or none) of the Fund’s assets (directly or indirectly) among such subsidiaries. The Fund Trust acknowledges that the Advisor makes no warranty that any investments made by the Advisor hereunder will not depreciate in value or at any time will not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Advisor.

Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund. (a) Subject to the succeeding provisions of this section and subject to the direction and control of the Trust’s Board of Trustees of the Trust (the “Board”), the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Fund’s assets and, in connection therewith, have complete discretion in purchasing and selling securities and other assets for the Fund and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the Fund (including by causing the Fund to act and to be legally bound, or to refrain from acting, in the Fund’s capacity as member manager, managing member, manager, member, shareholder, partner or general partner (or similar capacity) of any limited liability company, limited partnership or other business entity); (ii) supervise the investment program of the Fund and the composition of its investment portfolio; and (iii) arrange, subject to the provisions of Section 4 paragraph 3 hereof, for the purchase and sale of securities and other assets held in the investment portfolio of the Fund. ; (iv) keep the Board fully informed with regard to the Fund’s investment performance and investment mandate compliance; and (v) furnish the Board with such other documents and information as the Board may from time to time reasonably request. (b) In performing its duties under this Section 22 with respect to the Fund, the Advisor may choose to delegate some or all of its duties and obligations under this Agreement to one or more investment subadvisorssub-advisors. Such If the Advisor chooses to do so, such delegation may include but shall is not be limited to delegating the voting of proxies relating to the Fund’s portfolio securities in accordance with the proxy voting policies and procedures of such investment subadvisorsub-advisor; provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Trust Fund and approved in a manner consistent with the 1940 Act and provided, further, that no such delegation shall relieve the Advisor from its duties and obligations of management and supervision of the management of the Fund’s assets pursuant to this Agreement and to applicable law. As part If the Advisor delegates any of its duties hereunderand obligations under this Agreement with respect to the Fund to one or more investment sub-advisors, then subject to the requirements of the 1940 Act the Advisor shall have (i) overall supervisory responsibility for the general management and investment of the Fund’s assets; (ii) full discretion to select new or additional investment sub-advisors for the Fund; (iii) full discretion to enter into and materially modify existing sub-advisory agreements with investment sub-advisors; (iv) full discretion to terminate and replace any investment sub-advisor; and (v) full investment discretion to make all determinations with respect to the investment of the Fund’s assets not then managed by an investment sub-advisor. In connection with the Advisor’s responsibilities with respect to any sub-adviser to the Fund, the Advisor shall (x) assess the Fund’s investment focus and investment strategy for the sub-advised portfolio of the Fund; (y) perform diligence on and monitor the investment performance and adherence to compliance procedures of each investment sub-advisor providing services to the Fund; and (z) seek to implement decisions with respect to the allocation and reallocation of the Fund’s assets among one or more current or additional investment sub-advisors from time to time, as the Advisor deems appropriate, to enable the Fund to achieve its investment goals. In addition, the Advisor shall monitor compliance by each investment sub-advisor, if any, of the Fund with the investment objectives, policies and restrictions of the Fund, and review and periodically report to the Board of Trustees of the Fund on the performance of any commodity trading advisor engaged as a trading advisor to any direct or indirect whollyeach investment sub-owned subsidiary of the Fund and shall seek to achieve the Fund’s investment objective by allocating and re-allocating all or a portion (or none) of the Fund’s assets (directly or indirectly) among such subsidiaries. The Fund acknowledges that the Advisor makes no warranty that any investments made by the Advisor hereunder will not depreciate in value or at any time will not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Advisoradvisor.

Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund. (a) Subject to the succeeding provisions of this section and subject to the direction and control of the Trust’s Board of Trustees of the Trust (the “Board”)Trustees, the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Fund’s assets and, in connection therewith, have complete discretion in purchasing and selling securities and other assets for the each Fund and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the Fund (including by causing the Fund to act and to be legally bound, or to refrain from acting, in the Fund’s capacity as member manager, managing member, manager, member, shareholder, partner or general partner (or similar capacity) of any limited liability company, limited partnership or other business entity); (ii) supervise the investment program of the Fund and the composition of its investment portfolio; (iii) (iv) keep the Trust fully informed with regard to each Fund’s investment performance and investment mandate compliance; and (iiiv) arrange, subject furnish the Trust with such other documents and information as the Trust may from time to the provisions of Section 4 hereof, for the purchase and sale of securities and other assets held in the investment portfolio of the Fund. time reasonably request. (b) In performing its duties under this Section 22 with respect to a Fund, the Advisor may choose to delegate some or all of its duties and obligations under this Agreement to one or more investment subadvisorssub-advisors. Such If the Advisor chooses to do so, such delegation may include but shall is not be limited to delegating the voting of proxies relating to the Fund’s portfolio securities in accordance with the proxy voting policies and procedures of such investment subadvisorsub-advisor; provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Trust and approved in a manner consistent with the 1940 Act Act; and provided, further, that no such delegation shall relieve the Advisor from its duties and obligations of management and supervision of the management of the Fund’s assets pursuant to this Agreement and to applicable law. As part If the Advisor delegates any of its duties hereunderand obligations under this Agreement with respect to a Fund to one or more investment sub-advisors, then subject to the requirements of the 1940 Act the Advisor shall have (i) overall supervisory responsibility for the general management and investment of the Fund’s assets; (ii) full discretion to select new or additional investment sub-advisors for the Fund; (iii) full discretion to enter into and materially modify existing sub-advisory agreements with investment sub-advisors; (iv) full discretion to terminate and replace any investment sub-advisor; and (v) full investment discretion to make all determinations with respect to the investment of the Fund’s assets not then managed by an investment sub-advisor. In connection with the Advisor’s responsibilities with respect to any sub-advised Fund, the Advisor shall (x) assess the Fund’s investment focus and investment strategy for each sub-advised portfolio of the Fund; (y) perform diligence on and monitor the investment performance and adherence to compliance procedures of each investment sub-advisor providing services to the Fund; and (z) seek to implement decisions with respect to the allocation and reallocation of the Fund’s assets among one or more current or additional investment sub-advisors from time to time, as the Advisor deems appropriate, to enable the Fund to achieve its investment goals. In addition, the Advisor shall monitor compliance by each investment sub-advisor of a Fund with the investment objectives, policies and restrictions of the Fund, and review and periodically report to the Board of Trustees of the Trust on the performance of any commodity trading advisor engaged as a trading advisor to any direct or indirect whollyeach investment sub-owned subsidiary of the Fund and shall seek to achieve the Fund’s investment objective by allocating and re-allocating all or a portion (or none) of the Fund’s assets (directly or indirectly) among such subsidiaries. The Fund acknowledges that the Advisor makes no warranty that any investments made by the Advisor hereunder will not depreciate in value or at any time will not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Advisoradvisor.

Duties and Obligations of the Advisor with Respect to Investment of Assets of the Fund. (a) Subject to the succeeding provisions of this section and subject to the direction and control of the Trust’s Board of Trustees of the Trust (the “Board” or the “Trustees”), the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Fund’s assets and, in connection therewith, have complete discretion in purchasing and selling securities and other assets for the Fund and in voting, exercising consents and exercising all other rights appertaining pertaining to such securities and other assets assets, if any, on behalf of the Fund (including by causing the Fund to act and to be legally bound, or to refrain from acting, in the Fund’s capacity as member manager, managing member, manager, member, shareholder, partner or general partner (or similar capacity) of any limited liability company, limited partnership or other business entity); (ii) supervise the investment program of the Fund and the composition of its investment portfolio; and (iii) arrange, subject to the provisions of Section 4 paragraph 3 hereof, for the purchase and sale of securities and other assets held in the investment portfolio of the Fund. ; (iv) furnish to the Board and/or the officers of the Trust such reports and statements and other information relating to the Fund’s investment performance and investment mandate compliance as the Trustees or officers may reasonably request; and (v) furnish the Trust with such other documents and information as the Trustees or officers of the Trust may from time to time reasonably request. (b) In performing its duties under this Section 22 with respect to the Fund, the Advisor may choose to delegate some or all of its duties and obligations under this Agreement to one or more investment subadvisorssub-advisors. Such If the Advisor chooses to do so, such delegation may include but shall is not be limited to delegating the voting of proxies relating to the Fund’s portfolio securities in accordance with the proxy voting policies and procedures of such investment subadvisorsub-advisor; provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Trust and approved in a manner consistent with the 1940 Act Act; and provided, provided further, that no such delegation shall relieve the Advisor from its duties and obligations of management and supervision of the management of the Fund’s assets pursuant to this Agreement and to applicable law. As part If the Advisor delegates any of its duties hereunderand obligations under this Agreement with respect to the Fund to one or more investment sub-advisors, then subject to the requirements of the 1940 Act and the rules and regulations thereunder, prior approval of the Board and any exemptive relief provided by the Securities and Exchange Commission (the “SEC”), the Advisor shall monitor have (i) overall supervisory responsibility for the performance general management and investment of any commodity trading advisor engaged as a trading advisor to any direct or indirect wholly-owned subsidiary of the Fund and shall seek to achieve the Fund’s assets; (ii) full discretion to select new or additional investment objective sub-advisors for the Fund; (ii) full discretion to enter into and materially modify existing sub-advisory agreements with investment sub-advisors; (iii) full discretion to terminate and replace any investment sub-advisor; and (iv) full investment discretion to make all determinations with respect to the investment of the Fund’s assets not then managed by allocating and rean investment sub-allocating advisor. In connection with the Advisor’s responsibilities with respect to any Fund for which one more investment sub-advisors manages all or a portion (or none) of the Fund’s assets (directly or indirectly) among such subsidiaries. The Fund acknowledges that each a “sub-advised portion”), the Advisor makes no warranty that any investments made by shall (x) assess the Fund’s investment focus and investment strategy for each sub-advised portfolio of the Fund; (y)perform diligence on and monitor the investment performance of each sub-advised portion and the investment sub-advisor’s adherence to the investment strategy of the sub-advised portion or the Fund, as applicable, and compliance procedures of each investment sub-advisor providing services to the Fund; and (z) seek to implement decisions with respect to the allocation and reallocation of the Fund’s assets among one or more current or additional investment sub-advisors from time to time, as the Advisor hereunder will not depreciate in value or at any time will not be affected deems appropriate, to enable the Fund to achieve its investment goals. In addition, the Advisor shall monitor compliance by adverse tax consequenceseach investment sub-advisor of the Fund with the investment objectives, nor does it give any warranty as policies and restrictions of the Fund, and review and periodically report to the Board on the performance or profitability of the assets or the success of any each investment strategy recommended or used by the Advisorsub-advisor.