Common use of Broker/Dealer Relationships Clause in Contracts

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust or provide the Trust, the Adviser's other clients, or a Sub-Adviser's other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust and their other clients and that the total commissions or spreads paid by the Trust will be reasonable in relation to the benefits to the Trust over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Funds or provide the TrustFunds, the Adviser's other clients, or a Sub-Adviser's other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust Funds and their other clients and that the total commissions or spreads paid by the Trust each Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust a Fund and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Funds or provide the TrustFunds, the Adviser's ’s other clients, or a Sub-Adviser's ’s other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust Funds and their other clients and that the total commissions or spreads paid by the Trust each Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust a Fund and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser Advisor agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser Advisor may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Funds or provide the TrustFunds, the AdviserAdvisor's other clients, or a Sub-AdviserAdvisor's other clients with research, analysis, advice and similar services. Each Sub-Adviser Advisor may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser Advisor determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser Advisor and such Sub-Adviser Advisor to the Trust Funds and their other clients and that the total commissions or spreads paid by the Trust each Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-AdviserAdvisor, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser Advisor simultaneously places orders to purchase or sell the same security on behalf of the Trust a Fund and one or more other accounts advised by such Sub-AdviserAdvisor, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each the Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Funds or provide the TrustFunds, the Adviser's ’s other clients, or a Sub-Adviser's ’s other clients with research, analysis, advice and similar services. Each The Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust Funds and their other clients and that the total commissions or spreads paid by the Trust each Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust a Fund and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each The Sub-Adviser Advisor agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and executionexecution under the circumstances. Consistent with this obligation, each the Sub-Adviser Advisor may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Fund or provide the TrustFund, the AdviserAdvisor's other clients, or a the Sub-AdviserAdvisor's other clients with research, analysis, advice and similar services. Each The Sub-Adviser Advisor may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such the Sub-Adviser Advisor determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser Advisor and such the Sub-Adviser Advisor to the Trust Fund and their other clients and that the total commissions or spreads paid by the Trust Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-AdviserAdvisor, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser Advisor simultaneously places orders to purchase or sell the same security on behalf of the Trust Fund and one or more other accounts advised by such the Sub-AdviserAdvisor, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each The Sub-Adviser Advisor agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and executionexecution under the circumstances. Consistent with this obligation, each the Sub-Adviser Advisor may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Fund or provide the TrustFund, the Adviser's Advisor’s other clients, or a the Sub-Adviser's Advisor’s other clients with research, analysis, advice and similar services. Each The Sub-Adviser Advisor may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such the Sub-Adviser Advisor determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser Advisor and such the Sub-Adviser Advisor to the Trust Fund and their other clients and that the total commissions or spreads paid by the Trust Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-AdviserAdvisor, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser Advisor simultaneously places orders to purchase or sell the same security on behalf of the Trust Fund and one or more other accounts advised by such the Sub-AdviserAdvisor, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust or provide the Trust, the Adviser's ’s other clients, or a Sub-Adviser's ’s other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust and their other clients and that the total commissions or spreads paid by the Trust will be reasonable in relation to the benefits to the Trust over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Fund or provide the TrustFund, the Adviser's other clients, or a Sub-Adviser's other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust Fund and their other clients and that the total commissions or spreads paid by the Trust Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust Fund and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Fund or provide the TrustFund, the Adviser's ’s other clients, or a Sub-Adviser's ’s other clients with research, analysis, advice and similar services. Each Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such Sub-Adviser to the Trust Fund and their other clients and that the total commissions or spreads paid by the Trust Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust Fund and one or more other accounts advised by such Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.

Broker/Dealer Relationships. Each The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result in terms of price and executionexecution under the circumstances. Consistent with this obligation, each the Sub-Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who sell shares of the Trust Fund or provide the TrustFund, the Adviser's ’s other clients, or a the Sub-Adviser's ’s other clients with research, analysis, advice and similar services. Each The Sub-Adviser may pay to brokers and dealers, in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such the Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of the overall responsibility of the Adviser and such the Sub-Adviser to the Trust Fund and their other clients and that the total commissions or spreads paid by the Trust Fund will be reasonable in relation to the benefits to the Trust Fund over the long term. In no instance will portfolio securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Trust Fund and one or more other accounts advised by such the Sub-Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.