Common use of Futures and Options Clause in Contracts

Futures and Options. Subadvisor's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor may, using such of the securities and other property in the Brokerage Accounts as Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the Funds, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as Subadvisor deems appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Subadviser's investment authority shall include the authority advice with regard to purchasepurchasing, sellselling, cover covering open positions, and generally to deal dealing in financial futures contracts and options thereon, in accordance with Rule 4.5 of the Commodity Futures Trading Commission. Subadvisor will The Subadviser's authority shall include authority to: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Subadviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Subadviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Subadviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Trust represents and warrants that it is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. Subadvisor's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the FundsFund, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor may, using such of the securities and other property in the Brokerage Accounts as Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as Subadvisor deems appropriate. The Funds Each Fund represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. Subadvisor's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Strategic Allocation Funds, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor may, using such of the securities and other property in the Brokerage Accounts as Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the Strategic Allocation Funds, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as Subadvisor deems appropriate. The Strategic Allocation Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Strategic Allocation Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Sub-Adviser's investment authority shall include include, to the extent permitted under Section 2, the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser may: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, ; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Funds, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "COMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Funds represents represent and warrants warrant that it is a they are "qualified eligible clientclients" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Sub-Adviser's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser will: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Fund represents and warrants that it is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. Subadvisor's The Sub-Adviser’s investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser will: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "“Brokerage Accounts"”) on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC"THE “COMMISSION”) IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE TIDE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Fund represents and warrants that it is a “qualified eligible client” within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. The Subadvisor's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. The Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the FundsACRE Fund, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. The Subadvisor may, using such of the securities and other property in the Brokerage Accounts as the Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the FundsACRE Fund, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as the Subadvisor deems appropriate. The Funds ACRE Fund represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds ACRE Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Sub-Adviser's investment authority shall include include, to the extent permitted under Section 2, the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser may: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Funds, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Funds represent and warrant that each is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consent to be treated in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. SubadvisorThe Sub-Adviser's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser will: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "COMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMISSION DOES NOT PASS UPON TIDE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Funds Fund represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Investment Manager's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Investment Manager will: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage AccountsAccount, standard customer agreements with a broker or brokers. Subadvisor The Investment Manager may, using such of the securities and other property in the Brokerage Accounts Account as Subadvisor the Investment Manager deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Investment Manager deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Fund represents and warrants that it is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Portfolio in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. Subadvisor's ’s investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "“Brokerage Accounts"”) on behalf of and in the name of the Strategic Allocation Funds, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor may, using such of the securities and other property in the Brokerage Accounts as Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the Strategic Allocation Funds, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as Subadvisor deems appropriate. The Strategic Allocation Funds represents and warrants that it is a "“qualified eligible client" ” within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Strategic Allocation Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("“CFTC"”) IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. Subadvisor's The Sub-Adviser’s investment authority shall include include, to the extent permitted under Section 2, the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will The Sub-Adviser may: (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "“Brokerage Accounts"”) on behalf of and in the name of the Funds, ; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Sub-Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Funds, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE “COMMISSION”) IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Funds represents represent and warrants warrant that it is a "they are “qualified eligible client" clients” within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Futures and Options. SubadvisorThe Adviser's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will . (ai) open and maintain brokerage accounts for financial futures and options (such accounts account hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Adviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Adviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Fund represents and warrants that it is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Fund in accordance with the exemption in CFTC Regulations Section 4.7(b).

Futures and Options. SubadvisorThe Subadviser's investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will . (ai) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts") on behalf of and in the name of the Funds, Fund; and (bii) execute, execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor The Subadviser may, using such of the securities and other property in the Brokerage Accounts as Subadvisor the Subadviser deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Subadviser deems desirable or appropriate. The Funds represents and warrants that it is a "qualified eligible client" within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTCCOMMISSION") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTCCOMMISSION. THE CFTC COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The Fund represents and warrants that it is a "qualified eligible client" within the meaning of CFTC Regulations Section 4.7 and, as such, consents to treat the Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b).

Futures and Options. Subadvisor's (1) If allowed by the Subsidiary’s investment objectives, policies and investment restrictions and limitations as stated in the Articles or Prospectus, the Sub-Adviser’s investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will thereon in accordance with the Prospectus and Articles. (a2) The Sub-Adviser, on behalf of the Subsidiary, shall: (i) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "Brokerage Accounts"“brokerage accounts”) on behalf of and in the name of the Funds, Subsidiary and (bii) executeenter into, for and on behalf of the Brokerage AccountsSubsidiary, standard customer agreements with a broker or brokers. Subadvisor The Sub-Adviser may, using such of the securities and other property in of the Brokerage Accounts Subsidiary as Subadvisor the Sub-Adviser deems necessary or desirable, direct the Subsidiary’s custodian to deposit deposit, on behalf of the FundsSubsidiary, original and maintenance brokerage deposits and other otherwise direct payments of cash, cash equivalents, equivalents and securities and other property into such Brokerage Accounts brokerage accounts and to such brokers as Subadvisor the Sub-Adviser deems desirable or appropriate. Notwithstanding the foregoing, the Adviser shall have the ultimate authority to determine how brokerage accounts shall be set up. (3) The Funds represents Sub-Adviser is registered with the National Futures Association (“NFA”) as a commodity trading advisor (“CTA”) and warrants commodity pool operator (“CPO”). Commodity Futures Trading Commission (“CFTC”) Rule 4.14(c)(2) exempts registered CTAs like the Sub-Adviser from the requirements applicable to a registered CTA for any client that it is among those described in CFTC Rule 4.14(a)(1)-(8). Since the Subsidiary is relying on CFTC Rule 4.5 and the Adviser is relying on CFTC Rule 4.14(a)(8), the Sub-Adviser hereby informs Adviser that the Sub-Adviser will provide commodity interest trading advice to the Subsidiary as if the Sub-Adviser is exempt from registration as a "qualified eligible client" within CTA. Thus, with respect to its provision of commodity trading advice to the meaning Subsidiary, the Sub-Adviser is exempt from the requirements applicable to a registered CTA. Sub-Adviser shall not be responsible for meeting any CFTC filing or notice requirements on behalf of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds Subsidiary or Adviser. Adviser and Sub-Adviser acknowledge that they have not been furnished with a disclosure document prepared in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE regulations because no such document is required pursuant to CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENTRegulation 4.7.

Futures and Options. Subadvisor's ’s investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in financial futures contracts and options thereon. Subadvisor will (a) open and maintain brokerage accounts for financial futures and options (such accounts hereinafter referred to as "“Brokerage Accounts"”) on behalf of and in the name of the FundsFund, and (b) execute, for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. Subadvisor may, using such of the securities and other property in the Brokerage Accounts as Subadvisor deems necessary or desirable, direct the custodian to deposit on behalf of the FundsFund, original and maintenance brokerage deposits and other direct payments of cash, cash equivalents, and securities and other property into such Brokerage Accounts and to such brokers as Subadvisor deems appropriate. The Funds Each Fund represents and warrants that it is a "“qualified eligible client" ” within the meaning of the CFTC Regulations Section 4.7 and, as such, consents to treat the Funds Fund in accordance with the exemption contained in CFTC Regulations Section 4.7(b). PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("“CFTC"”) IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.