Common use of Segregated Accounts for Futures Commission Merchants Clause in Contracts

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM's") which the Trust uses (each an "FCM agreement"), pursuant to which the Trust's margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust ("FCM contract"), SEC rules governing such segregated accounts, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will only be entered into upon receipt of written instructions from the Trust which state that (a) an agreement between the FCM and the Trust has been entered into, and (b) the Trust is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM's"“FCMs”) which the Trust a Fund uses (each an "“FCM agreement"”), pursuant to which the Trust's Fund’s margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "“FCM account"”) subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust ("“FCM contract"”), SEC rules federal securities regulations and interpretations governing such segregated accountscontracts and arrangements, Commodities Futures Trading Commission ("“CFTC"”) rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will only be entered into upon receipt of written instructions from the Trust which state that (a) an a written agreement between the FCM and the Trust has been entered into, and (b) the Trust Fund is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM's") which the Trust Fund uses (each an "FCM agreement"), pursuant to which the TrustFund's margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust Fund ("FCM contract"), SEC rules governing such segregated accounts, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will shall only be entered into upon receipt of written instructions from the Trust Fund which state that (a) an a customer agreement between the FCM and the Trust Fund has been entered into, and (b) the Trust Fund is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will shall be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM'sFCMs") which the Trust Fund uses (each an "FCM agreement"), pursuant to which the TrustFund's margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust Fund ("FCM contract"), SEC rules governing such segregated accounts, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will only be entered into upon receipt of written instructions from the Trust Fund which state that (a) an agreement between the FCM and the Trust Fund has been entered into, and (b) the Trust Fund is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM's"FCM"s) which the Trust Fund uses (each an "FCM agreement"), agreement pursuant to which the TrustFund's margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust Fund ("FCM contract"), SEC rules federal securities regulations and interpretations governing such segregated accountscontracts and arrangements, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will only be entered into upon receipt of written instructions from the Trust Fund which state that (a) an a written agreement between the FCM and the Trust Fund has been entered into, and (b) the Trust Fund is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM'sFCMs") which the Trust a Fund uses (each an "FCM agreement"), pursuant to which the TrustFund's margin deposits made on behalf of the Fund(s) in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust ("FCM contract"), SEC rules federal securities regulations and interpretations governing such segregated accountscontracts and arrangements, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will only be entered into upon receipt of written instructions from the Trust which state that (a) an a written agreement between the FCM and the Trust has been entered into, and (b) the Trust Fund is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.

Segregated Accounts for Futures Commission Merchants. The Custodian may enter into separate custodial agreements with various Futures Commission Merchants ("FCM's") which the Trust uses (each an "FCM agreement"), pursuant to which the Trust's margin deposits made on behalf of the Fund(s) its series in certain transactions involving futures contracts and options on futures contracts will be held by the Custodian in accounts (each an "FCM account") subject to the disposition by the FCM involved in such contracts in accordance with the customer contract between FCM and the Trust ("FCM contract"), SEC rules governing such segregated accounts, Commodities Futures Trading Commission ("CFTC") rules and the rules of applicable securities or commodities exchanges. Such custodial agreements will shall only be entered into upon receipt of written instructions from the Trust which state that (a) an a customer agreement between the FCM and the Trust has been entered into, and (b) the Trust is in compliance with all the rules and regulations of the CFTC. Transfers of initial margin will shall be made into an FCM account only upon written instructions; transfers of premium and variation margin may be made into an FCM account pursuant to oral instructions. Transfers of funds from an FCM account to the FCM for which the Custodian holds such an account may only occur upon certification by the FCM to the Custodian that pursuant to the FCM agreement and the FCM contract, all conditions precedent to its right to give the Custodian such instructions have been satisfied.