Common use of Investment Advisory Services Clause in Contracts

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio and shall, subject to the supervision of the Fund's Board of Directors, direct the investments of the Portfolio in accordance with the investment objective, policies and limitations as provided in the Portfolio's registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "1940 Act"), the Limited Liability Company Agreement of the Fund, as amended from time to time (the "LLC Agreement"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the Fund, of all Directors of the Fund who are "interested persons" of the Fund or of the Adviser, and of all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio Fund and shall, subject to the supervision of the Fund's Company’s Board of Directors, direct the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations as provided in the Portfolio's Fund’s registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "“1940 Act"”), the Limited Liability Company Agreement of the FundCompany, as amended from time to time (the "“LLC Agreement"”), and such other limitations as the Portfolio Fund may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio Fund office space and all necessary office facilities, equipment and personnel for servicing the investments of the PortfolioFund; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the FundCompany, of all Directors of the Fund Company who are "“interested persons" ” of the Fund Company or of the Adviser, and of all personnel of the Fund Company or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the PortfolioFund, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the PortfolioFund. The investment policies and all other actions of the Portfolio Fund are and shall at all times be subject to the control and direction of the Fund's Company’s Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio and shall, subject to the supervision of the Fund's Funds Board of Directors, direct the investments of the Portfolio in accordance with the investment objective, policies and limitations as provided in the Portfolio's Portfolios registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "1940 Act"), the Limited Liability Company Agreement of the Fund, as amended from time to time (the "LLC Agreement"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the Fund, of all Directors of the Fund who are "interested persons" of the Fund or of the Adviser, and of all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Funds Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio and shall, subject to the supervision of the Fund's ’s Board of Directors, direct the investments of the Portfolio in accordance with the investment objective, policies and limitations as provided in the Portfolio's ’s registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "“1940 Act"”), the Limited Liability Company Agreement of the Fund, as amended from time to time (the "“LLC Agreement"”), and such other limitations as the Portfolio may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the Fund, of all Directors of the Fund who are "“interested persons" ” of the Fund or of the Adviser, and of all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's ’s Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of to the Portfolio Fund and shall, subject to the supervision of the Trustees, invest and reinvest the Fund's Board of Directors, property and otherwise direct the investments of the Portfolio Fund in accordance with the Fund's investment objectiveobjectives, policies and limitations as provided in the PortfolioTrust's registration statement filed on Form N-1A or other governing instruments, as amended or supplemented from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "1940 Act"), the Limited Liability Company Agreement of the Fund, as amended from time to time (the "LLC Agreement"), and such other limitations as the Portfolio Fund may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio Fund office space and all necessary office facilities, equipment and personnel for servicing the investments of the PortfolioFund; and the Adviser shall (either itself or through an affiliate) pay the salaries and fees of all officers of the Fund, of all Directors (if any) of the Fund who are "interested persons" of the Fund or simultaneously employees of the Adviser, of all Trustees who are simultaneously employees of the Adviser and of all personnel of the Fund (if any) or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, Fund to buy, sell, exchange, convert, lend and otherwise trade in any stocks, bonds bonds, convertible instruments, and other securities securities, assets and investment instruments on behalf of the PortfolioFund, or to hold assets uninvested in cash. The investment policies and all other actions of the Portfolio Fund are and shall at all times be subject to the control and direction of the Fund's Board of DirectorsTrustees.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio Fund and shall, subject to the supervision of the Fund's Company’s Board of Directors, direct the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations as provided in the Portfolio's Fund’s registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "“1940 Act"”), the Limited Liability Company Agreement of the FundCompany, as amended from time to time (the "“LLC Agreement"”), and such other limitations as the Portfolio Fund may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio Fund office space and all necessary office facilities, equipment and personnel for servicing the investments of the PortfolioFund; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the FundCompany, of all Directors of the Fund Company who are "“interested persons" ” of the Fund Company or of the Adviser, Adviser and of all personnel of the Fund Company or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the PortfolioFund, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the PortfolioFund. The investment policies and all other actions of the Portfolio Fund are and shall at all times be subject to the control and direction of the Fund's Company’s Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio Fund and shall, subject to the supervision of the FundCompany's Board of Directors, direct the investments of the Portfolio Fund in accordance with the investment objective, policies and limitations as provided in the PortfolioFund's registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "1940 Act"), the Limited Liability Company Agreement of the FundCompany, as amended from time to time (the "LLC Agreement"), and such other limitations as the Portfolio Fund may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio Fund office space and all necessary office facilities, equipment and personnel for servicing the investments of the PortfolioFund; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the FundCompany, of all Directors of the Fund Company who are "interested persons" of the Fund Company or of the Adviser, and of all personnel of the Fund Company or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the PortfolioFund, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the PortfolioFund. The investment policies and all other actions of the Portfolio Fund are and shall at all times be subject to the control and direction of the FundCompany's Board of Directors.

Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio and shall, subject to the supervision of the Fund's Board of Directors, direct the investments of the Portfolio in accordance with the investment objective, policies and limitations as provided in the Portfolio's registration statement or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "“1940 Act"”), the Limited Liability Company Agreement of the Fund, as amended from time to time (the "“LLC Agreement"”), and such other limitations as the Portfolio may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall (either itself or through an affiliate) pay the salaries and fees of all officers of the Fund, of all Directors of the Fund who are "interested persons" of the Fund or of the Adviser, and of all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Directors.