Common use of Investment Activities Clause in Contracts

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub- Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub-Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed provided by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's historical track record of investment performance and investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s Porfolio's assets using in the same manner in which the Advisor has directed the investment methodology referred to of the assets which produced the historical track record of investment performance as stated in Paragraph 3(b) (ii)the Prospectus and Statement of Additional Information. The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioPorffolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). , The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the PortfolioFund’s assets in said manner. (iv) The Advisor will monitor or, if requested by the Manager, assist the Manager in monitoring compliance with the asset segregation and “cover” requirements imposed on the Fund by Section 18(f) of the Investment Company Act of 1940 and applicable guidance and interpretive positions of the Securities and Exchange Commission related thereto. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's ’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub-Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub-Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub-Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub-Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s 's historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the PortfolioFund's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated in writing by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (iv) The Advisor will monitor or, if requested by the Manager, assist the Manager in monitoring compliance with the asset segregation and “cover” requirements imposed on the Portfolio by Section 18(f) of the Investment Company Act of 1940 and applicable guidance and interpretive positions of the Securities and Exchange Commission related thereto. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's ’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed provided by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's historical track record of investment performance and investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s 's assets using in the same manner in which the Advisor has directed the investment methodology referred to of the assets which produced the historical track record of investment performance as stated in Paragraph 3(b) (ii)the Prospectus and Statement of Additional Information. The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated in writing by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's ’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub- Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub-Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions.. Saratoga Advantage Trust Agreement Page2 (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (iv) The Advisor will monitor or, if requested by the Manager, assist the Manager in monitoring compliance with the asset segregation and “cover” requirements imposed on the Portfolio by Section 18(f) of the Investment Company Act of 1940 and applicable guidance and interpretive positions of the Securities and Exchange Commission related thereto. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed provided by the Board of Trustees of the Trust (the "'Board"'), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's historical track record of investment performance and investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s 's assets using in the same manner in which the Advisor has directed the investment methodology referred to of the assets which produced the historical track record of investment performance as stated in Paragraph 3(b) (ii)the Prospectus and Statement of Additional Information. The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed provided by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's historical track record of investment performance and investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using in the same manner in which the Advisor has directed the investment methodology referred to of the assets which produced the historical track record of investment performance as stated in Paragraph 3(b) (ii)the Prospectus and Statement of Additional Information. The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s 's historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s 's assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (iv) The Advisor will monitor or, if requested by the Manager, assist the Manager in monitoring compliance with the asset segregation and "cover" requirements imposed on the Portfolio by Section 18(f) of the Investment Company Act of 1940 and applicable guidance and interpretive positions of the Securities and Exchange Commission related thereto. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s 's historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s 's assets using the same investment methodology referred to in Paragraph 3(b) (ii). , The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information lnformation is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (iv) The Advisor will monitor or, if requested by the Manager, assist the Manager in monitoring compliance with the asset segregation and "cover" requirements imposed on the Portfolio by Section 18(f) of the Investment Company Act of 1940 and applicable guidance and interpretive positions of the Securities and Exchange Commission related thereto. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub- Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub- Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub- Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's Fund’s assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio Fund contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "“Board"”), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub- Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the PortfolioFund. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the PortfolioFund’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub- Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub-Advisor directing the investment of the PortfolioFund’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the PortfolioFund.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s 's historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s 's investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s 's assets using the same investment methodology referred to in Paragraph 3(b) (ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s 's assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Sub-Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated in writing by the Manager to the Sub-Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Sub-Advisor. The Sub-Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Sub-Advisor hereby specifically acknowledges and represents: (i) The Sub-Advisor has provided the Manager with full information regarding the Sub-Advisor’s historical track record of investment performance. (ii) The Sub-Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information (in each case, as in effect as of the date of this Agreement) stating the Sub-Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions. (iii) The Sub-Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Sub-Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information (in each case, as in effect as of the date of this Agreement) is inconsistent with the Sub- Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Sub-Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are materially accurate and true and there are no material omissions. (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.

Investment Activities. (a) The Advisor will direct the investment of the Portfolio's assets on a discretionary basis in accordance with applicable law and the investment objectives, policies and restrictions set forth in the then-current Prospectus and Statement of Additional Information relating to the Portfolio contained in its Registration Statement under the Investment Company Act of 1940 and the Securities Act of 1933, as amended; in accordance with the investment objectives, policies and restrictions from time to time prescribed by the Board of Trustees of the Trust (the "Board"), and communicated by the Manager to the Advisor and; subject to such further reasonable limitations as the Manager may from time to time impose by written notice to the Advisor. The Advisor hereby acknowledges that it has carefully reviewed the Prospectus, Statement of Additional Information, Declaration of Trust and By-laws, if any, of the Trust and it agrees that it will make investments solely for the purpose of achieving the stated investment objectives of the Portfolio. (b) The Advisor hereby specifically acknowledges and represents: (i) The Advisor has provided the Manager with full information regarding the Advisor’s historical track record of investment performance. (ii) The Advisor has carefully reviewed the portions of the Prospectus and Statement of Additional Information stating the Advisor’s investment methodology and that all representations made therein are accurate and true and there are no material omissions.. Saratoga Advantage Trust Agreement (iii) The Advisor will direct the investment of the Portfolio’s assets using the same investment methodology referred to in Paragraph 3(b) (ii3(b)(ii). The Advisor represents that nothing contained in Paragraph 3(a) or elsewhere in this Agreement, the Prospectus, or the Statement of Additional Information is inconsistent with the Advisor directing the investment of the Portfolio’s assets in said manner. (c) The Advisor will place orders to purchase and sell securities (and where appropriate commodity futures contracts and other investments) for the Portfolio.