Common use of Broker/Dealer Relationships Clause in Contracts

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of the Trust by placing purchase and sale orders for the Trust, the Adviser shall select such broker-dealers (“brokers”) as shall, in the Adviser’s judgment, implement the policy of the Trust to achieve “best execution”, i.e. prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the Adviser. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s overall discretion. The Adviser shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith and to show the overall reasonableness of commissions paid, the Adviser shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily and customarily available and offered to the public on a commercial basis; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii2(a) (ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of by the Trust by placing purchase and sale orders for the Trust, the Adviser Advisor shall select such broker-dealers (“brokers”) as shall, in the AdviserAdvisor’s judgment, implement the policy of the Trust to achieve “best execution”,” as such concept is defined under applicable laws, i.e. prompt rules and efficient execution at the most favorable securities priceregulatory interpretations. In making such selection, the Adviser Advisor is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser Advisor is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the AdviserAdvisor. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the AdviserAdvisor’s overall responsibilities as to the accounts as to which it exercises investment discretion. The Adviser Advisor shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily provide lawful and customarily available and offered appropriate assistance to the public on a commercial basisAdvisor in the performance of its decision-making responsibilities; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. On occasions when the Advisor deems that the purchase of or sale of a security to be in the best interest of a Fund as well as other clients of the Advisor, the Advisor may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be purchased or sold. In such event, the Advisor will allocate securities so purchased or sold, as well as expenses incurred in the transaction, in a manner the Advisor reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and such other clients under the circumstances.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of the Trust by placing purchase and sale orders for the Trust, the Adviser shall select such broker-dealers (“"brokers”") as shall, in the Adviser’s 's judgment, implement the policy of the Trust to achieve “"best execution”", i.e. prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the Adviser. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s 's overall discretion. The Adviser shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith and to show the overall reasonableness of commissions paid, the Adviser shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily and customarily available and offered to the public on a commercial basis; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of the Trust Fund by placing purchase and sale orders for the TrustFund, the Adviser Advisor shall select such broker-broker dealers (“brokers”"broker") as shall, shall in the Adviser’s judgment, Advisor's judgment implement the policy of the Trust Fund to achieve “"best execution”", i.e. prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser Advisor is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser Advisor is also authorized to consider whether the broker provides brokerage and/or research services to the Trust Fund and/or other accounts of the AdviserAdvisor. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s Advisor's overall responsibilities as to the account as to which it exercises investment discretion. The Adviser the Advisor shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreementagreement; (ii) were not allocated or paid for products or services which were readily and customarily available and offered to the public on a commercial basis; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust Fund recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. The Advisor is also authorized to consider sales of shares as a factor in the selection of brokers to execute brokerage and Principal transactions, subject to the requirements of "best execution", as defined above.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in by the portfolio of the Trust Fund by placing purchase and sale orders for the TrustFund, the Adviser Advisor shall select such broker-dealers (“"brokers”") as shall, in the Adviser’s Advisor's judgment, implement the policy of the Trust to achieve “"best execution”", i.e. i.e., prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser Advisor is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser Advisor is also authorized to consider whether the broker provides brokerage and/or research and other services to the Trust Fund and/or other accounts of the AdviserAdvisor. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s Advisor's overall responsibilities as to the accounts as to which it exercises investment discretion. The Adviser Advisor shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily provide lawful and customarily available and offered appropriate assistance to the public on a commercial basisAdvisor in the performance of its decision-making responsibilities; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. The Advisor also is authorized to consider sales of shares, and any other factors that the Trustees shall direct, in the selection of brokers to execute brokerage and principal transactions, subject to the requirements of "best execution", as defined above.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities and other assets held in the portfolio of the Trust by each Fund by placing purchase and sale orders for the TrustFund, the Adviser and/or any Sub-Adviser shall select such broker-dealers (“"brokers”") as shall, in the Adviser’s 's or Sub-Adviser's judgment, implement the policy of the Trust to achieve “"best execution”," i.e., i.e. prompt and efficient execution at the most favorable securities net price. In making such selection, the Adviser and/or Sub-Adviser is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser and/or Sub-Adviser is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the Adviser or Sub-Adviser. The commissions paid to such brokers may be higher than another broker would have charged if is a good faith determination is made by the Adviser and/or Sub-Adviser that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s 's or Sub-Adviser's overall responsibilities as to the accounts as to which it exercises investment discretion. The Adviser and/or Sub-Adviser shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser and/or Sub-Adviser shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily provide lawful and customarily available and offered appropriate assistance to the public on a commercial basisAdviser and/or Sub-Adviser in the performance of its decision-making responsibilities; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. The Adviser and/or Sub-Adviser is also authorized to consider sales of shares as a factor in the selection of brokers to execute brokerage and principal transactions, subject to the requirements of "best execution," as defined above.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii2(a) (ii) of this Agreement to arrange for the purchase and the sale of securities and other assets held in the portfolio of the Trust by each Fund by placing purchase and sale orders for the TrustFund, the Adviser and/or any Sub-Advisor shall select such broker-dealers (“brokers”) as and shall, in the Adviser’s or Sub-Advisor’s judgment, implement the policy of the Trust to achieve “best execution”,” i.e., i.e. prompt and efficient execution at the most favorable securities net price. In making such selection, the Adviser and/or Sub-Advisor is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser and/or Sub-Advisor is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the AdviserAdviser or Sub-Advisor. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser and/or Sub-Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s or Sub-Advisor’s overall responsibilities as to the accounts as to which it exercises investment discretion. The Adviser and/or Sub-Advisor shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser and/or Sub-Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily provide lawful and customarily available and offered appropriate assistance to the public on a commercial basisAdviser and/or Sub-Advisor in the performance of its decision-making responsibilities; and (iii) were within a d reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. The Adviser and/or Sub-Advisor is also authorized to consider sales of shares as a factor in the selection of brokers to execute brokerage and principal transactions, subject to the requirements of “best execution,” as defined above.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of the Trust Fund by placing purchase and sale orders for the TrustFund, the Adviser Advisor shall select such broker-broker dealers (“brokers”"broker") as shall, in the Adviser’s Advisor's judgment, implement the policy of the Trust Fund to achieve “"best execution”", i.e. prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser Advisor is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser Advisor is also authorized to consider whether the broker provides brokerage and/or research services to the Trust Fund and/or other accounts of the AdviserAdvisor. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s Advisor's overall responsibilities as to the account as to which it exercises investment discretion. The Adviser , the Advisor shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith faith, and to show the overall reasonableness of commissions paid, the Adviser Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreementagreement; (ii) were not allocated or paid for products or services which were readily and customarily available and offered to the public on a commercial basis; and (iiiIII) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust Fund recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question. The Advisor is also authorized to consider sales of shares as a factor in the selection of brokers to execute brokerage and principal transactions, subject to the requirements of "best execution", as defined above.

Broker/Dealer Relationships. In connection with its duties set forth in Section 2(a)(ii) of this Agreement to arrange for the purchase and the sale of securities held in the portfolio of the Trust on behalf of the Funds by placing purchase and sale orders for the Trust, the Adviser shall select such broker-dealers (“brokers”) as shall, in the Adviser’s judgment, implement the policy of the Trust to achieve “best execution”, i.e. prompt and efficient execution at the most favorable securities price. In making such selection, the Adviser is authorized to consider the reliability, integrity and financial condition of the broker. The Adviser is also authorized to consider whether the broker provides brokerage and/or research services to the Trust and/or other accounts of the Adviser. The commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Adviser that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Adviser’s overall discretion. The Adviser shall use its judgment in determining that the amount of commissions paid are reasonable in relation to the value of brokerage and research services provided and need not place or attempt to place a specific dollar value on such services or on the portion of commission rates reflecting such services. To demonstrate that such determinations were in good faith and to show the overall reasonableness of commissions paid, the Adviser shall be prepared to show that commissions paid (i) were for purposes contemplated by this Agreement; (ii) were not allocated or paid for products or services which were readily and customarily available and offered to the public on a commercial basis; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other institutional investors as such rates may become known from available information. The Trust recognizes that, on any particular transaction, a higher than usual commission may be paid due to the difficulty of the transaction in question.