Common use of Activities of the Investment Adviser Clause in Contracts

Activities of the Investment Adviser. The services of the Investment Adviser to the Fund are not deemed to be exclusive, and the Investment Adviser is free to render services to others, so long as the Investment Adviser's services under this Agreement are not impaired. It is understood that Directors, officers, employees, and shareholders of the Fund are or may become interested in the Investment Adviser, as Directors, officers, employees, and shareholders or otherwise, and the Investment Adviser may become interested in the Fund as a shareholder or otherwise. It is agreed that the Investment Adviser may use any supplemental investment research obtained for the benefit of the Fund in providing investment advice to its other investment advisory accounts. The Investment Adviser or its affiliates may use such information in managing their own accounts. Conversely, such supplemental information obtained by the placement of business for the Investment Adviser or other entities advised by the Investment Adviser will be considered by and may be useful to the Investment Adviser in carrying out its obligations to the Fund. Securities held by the Fund may also be held by separate investment accounts or other mutual funds for which the Investment Adviser may act as an adviser or by the Investment Adviser or its affiliates. Because of different investment objectives or other factors, a particular security may be bought by the Investment Adviser or its affiliates or for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for the Fund or other entities for which the Investment Adviser or its affiliates act as investment adviser or for their advisory clients arise for consideration at or about the same time, the Fund agrees that the Investment Adviser may make transactions in such securities, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of the Investment Adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, the Fund recognizes that there may be an adverse effect on price. It is agreed that, on occasions when the Investment Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other accounts or companies, it may, to the extent permitted by applicable laws or regulations, but will not be obligated to, aggregate the securities to be sold or purchased for other accounts or companies in order to obtain favourable execution and lower brokerage commissions. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by the Investment Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and to such other accounts or companies. The Fund recognizes that in some cases this procedure may adversely affect the size of the position obtainable for a Series of the Fund.