Common use of Proprietary Information of the Fund Clause in Contracts

Proprietary Information of the Fund. The Administrator acknowledges that the Shareholder list and all information related to Shareholders furnished to the Administrator by the rust or by a Shareholder in connection with this Agreement (collectively, "Customer Data"), all information regarding the Fund Portfolios, arrangements with brokerage firms, compensation paid to or by the Fund, trading strategies and all such related information (collectively, "the Fund's Proprietary Information") constitute proprietary information of substantial value to the Fund. In no event shall the Administrator's Proprietary Information be deemed the Fund's Proprietary Information or Customer Data. The Administrator agrees to treat all of the Fund's Proprietary Information and Customer Data as proprietary to the Fund and further agrees that it shall not divulge any of the Fund's Proprietary Information or Customer Data to any person or organization except s may be provided under this Agreement or as may be directed by the Fund or as may be duly requested by regulatory authorities.