Common use of COMPLIANCE GUIDELINES Clause in Contracts

COMPLIANCE GUIDELINES. The Adviser and the Subadviser have established the following compliance guidelines relating to the Subadviser's duties with regard to the regulatory and other investment limitations of the Fund. A. Guidelines relating to compliance with the limitations of CFTC Rule 4.5(c)(2)(iii)(B): (i) Compliance with CFTC Rule 4. 5(c)(2)(iii)(B) will be monitored and measured at the Fund level by the Adviser in consultation with the Fund's administrator (the "Administrator"); (ii) the Subadviser will provide daily position reporting to the Fund and the Administrator; (iii) the Adviser will review the daily reporting package received from the Administrator and the Subadviser; (iv) if the Adviser determines that trading in commodity interests approaches pre-determined threshold levels established by the Adviser and the Administrator, the Adviser will notify the Subadviser. Upon such notification, the Adviser and the Subadviser will cooperate to implement trading plans to ensure trading does not exceed the limits under CFTC Rule 4.5(c)(2)(iii)(B); and (v) from time to time, the Adviser may place additional investment limitations on the Subadviser to ensure the Fund remains in compliance with its investment limitations. B. Compliance with all other regulatory and other investment limitations of the Fund will be the responsibility of, and monitored by, the Adviser.

COMPLIANCE GUIDELINES. The Adviser and the Subadviser have established the following compliance guidelines relating to the Subadviser's duties with regard to the regulatory and other investment limitations of the Fund. A. Guidelines relating to compliance with the limitations of CFTC Rule 4.5(c)(2)(iii)(B): (i) Compliance with CFTC Rule 4. 5(c)(2)(iii)(B4.5(c)(2)(iii)(B) will be monitored and measured at the Fund level by the Adviser in consultation with the Fund's administrator (the "Administrator"); (ii) the Subadviser will provide daily position reporting to the Fund and the Administrator; (iii) the Adviser will review the daily reporting package received from the Administrator and the Subadviser; (iv) if the Adviser determines that trading in commodity interests approaches pre-determined threshold levels established by the Adviser and the Administrator, the Adviser will notify the Subadviser. Upon such notification, the Adviser and the Subadviser will cooperate to implement trading plans to ensure trading does not exceed the limits under CFTC Rule 4.5(c)(2)(iii)(B); and (v) from time to time, the Adviser may place additional investment limitations on the Subadviser to ensure the Fund remains in compliance with its investment limitations. B. Compliance with all other regulatory and other investment limitations of the Fund will be the responsibility of, and monitored by, the Adviser.