Common use of Futures and Options Clause in Contracts

Futures and Options. The 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, in accordance with the Prospectus and Statement of Additional Information. The Manager will instruct the Adviser to: (i) 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 Portfolio and (ii) execute for and on behalf of the Portfolio, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Portfolio, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser has delivered to the Manager a copy of its Disclosure Document, as amended, dated June 15, 2000, on file with the Commodity Futures Trading Commission. The Manager hereby acknowledges receipt of such copy.

Futures and Options. The Adviser'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, in accordance with the Prospectus and Statement of Additional Information. The Manager will instruct the Adviser to: (i) 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 Portfolio and (ii) execute for and on behalf of the Portfolio, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Portfolio, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser has delivered to the Manager a copy of its most recent Disclosure Document, as amended, dated June 15, 2000, on file with the Commodity Futures Trading Commission. The Manager hereby acknowledges receipt of such copy.

Futures and Options. The 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, in accordance with the Prospectus and Statement of Additional Information. The Manager will instruct the Adviser to: (i) 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 Portfolio and (ii) execute for and on behalf of the Portfolio, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Portfolio, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser has delivered to the Manager a copy of its Disclosure Document, as amended, dated June 15January 30, 20002003, on file with the Commodity Futures Trading Commission. The Manager hereby acknowledges receipt of such copy.

Futures and Options. The 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, in accordance with the Prospectus and Statement of Additional Information. The Manager will instruct the Adviser to: (i) 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 Portfolio and (ii) execute for and on behalf of the Portfolio, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Portfolio, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser has delivered to the Manager a copy of its Disclosure Document, as amended, dated June 15, 2000, on file with the Commodity Futures Trading Commission. The Manager hereby acknowledges receipt of such copy.

Futures and Options. The 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, in accordance with the Prospectus and Statement of Additional Information. The Manager will instruct the Adviser to: (i) 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 Portfolio and (ii) execute for and on behalf of the Portfolio, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Portfolio, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser has delivered to the Manager a copy of its Disclosure Document, as amended, dated June 15March 31, 20002003, on file with the Commodity Futures Trading Commission. The Manager hereby acknowledges receipt of such copy.