Common use of Aggregation of Trades Clause in Contracts

Aggregation of Trades. Advisor may, in its discretion, combine transactions in the same securities for multiple clients at approximately the same time to obtain best execution, negotiate more favorable commission rates or fairly allocate differences in prices, commissions and other transaction costs among clients. When Advisor aggregates transactions, it will (or have the Custodian) average the executed prices of the aggregated transactions and allocate the transactions in proportion to the orders placed for each client on any given day. Accounts will be deemed to have purchased or sold their proportionate share of the instruments involved at the average priced obtained. Advisor will not receive any additional compensation or remuneration from aggregating multiple client orders. If Client directed Advisor to use a specific broker-dealer to execute some or all transactions for the Client, Advisor is not obligated to seek better execution services or prices from other broker-dealers or aggregate Client transactions for execution through other broker-dealers with orders for other client accounts managed by Advisor (especially as they may not be using the same broker-dealer). As a result, Client may pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices on these transactions than would otherwise be the case. Client understands that Advisor would be in a better position to negotiate brokerage commissions by aggregating Client’s transactions with those of other clients if Client had not directed Advisor to use a specific broker.

Aggregation of Trades. Advisor may, in its discretion, combine transactions in the same securities for multiple clients at approximately the same time to obtain best execution, negotiate more favorable commission rates or fairly allocate differences in prices, commissions and other transaction costs among clients. When Advisor aggregates transactions, it will (or have the Custodian) average the executed prices of the aggregated transactions and allocate the transactions in proportion to the orders placed for each client on any given day. Accounts will be deemed to have purchased or sold their proportionate share of the instruments involved at the average priced obtained. Advisor will not receive any additional compensation or remuneration from aggregating multiple client orders. If Client directed Advisor to use a specific broker-dealer to execute some or all transactions for the Client, Advisor is not obligated to seek better execution services or prices from other broker-dealers or aggregate Client transactions for execution through other broker-dealers with orders for other client accounts managed by Advisor (especially as they may not be using the same broker-dealer). As a result, Client may pay higher commissions or other transaction costs or greater spreads, spreads or receive less favorable net prices on these transactions than would otherwise be the case. Client understands that Advisor would be in a better position to negotiate brokerage commissions by aggregating Client’s transactions with those of other clients if Client had not directed Advisor to use a specific broker.