Common use of Broker-Dealers Clause in Contracts

Broker-Dealers. Absent written instructions from Investment Manager to the contrary, JCC shall place all orders for the purchase and sale of investment instruments for the Portfolio with brokers or dealers selected by JCC, which may include brokers or dealers affiliated with JCC. Purchase or sell orders for a Portfolio may be aggregated with contemporaneous purchase or sell orders of other clients of JCC. JCC shall use its best efforts to obtain execution of Portfolio transaction at prices that are advantageous to the Portfolios and at commission rates that are reasonable in relation to the benefits received. However, JCC may select brokers or dealers on the basis that they provide brokerage, research, or other services or products to a Portfolio and/or other accounts serviced by JCC. JCC may place portfolio transactions with a broker or dealer with whom it has negotiated a commission in excess of the commission another broker or dealer would have charged for effecting that transaction if JCC determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research provided by such broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities that JCC and its affiliates have with respect to the Portfolio and to accounts over which they exercise investment discretion, and not all such services or products will necessarily be used by JCC in managing the Portfolios. In addition, consistent with best execution, JCC may execute Portfolio transactions through brokers and dealers that sell shares of mutual funds advised by JCC or recommend to their customers that they purchase shares of such funds. If JCC determines that any product or service furnished by a broker has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, JCC may allocate the costs of such service or product accordingly. The portion of the product or service that JCC determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. This allocation may create a conflict of interest for JCC.

Broker-Dealers. Absent written instructions from Investment Manager to the contrary, JCC JCM shall place all orders for the purchase and sale of investment instruments for the Portfolio with brokers or dealers selected by JCCJCM, which may include brokers or dealers affiliated with JCCJCM. Purchase or sell orders for a the Portfolio may be aggregated with contemporaneous purchase or sell orders of other clients of JCCJCM. JCC JCM shall use its best efforts to obtain execution of Portfolio transaction at prices that are advantageous to the Portfolios Portfolio and at commission rates that are reasonable in relation to the benefits received. However, JCC JCM may select brokers or dealers on the basis that they provide brokerage, research, or other services or products to a the Portfolio and/or other accounts serviced by JCCJCM. JCC JCM may place portfolio transactions with a broker or dealer with whom it has negotiated a commission in excess of the commission another broker or dealer would have charged for effecting that transaction if JCC JCM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research provided by such broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities that JCC JCM and its affiliates have with respect to the Portfolio and to accounts over which they exercise investment discretion, and not all such services or products will necessarily be used by JCC JCM in managing the PortfoliosPortfolio. In addition, consistent with best execution, JCC JCM may execute Portfolio transactions through brokers and dealers that sell shares of mutual funds advised by JCC JCM or recommend to their customers that they purchase shares of such funds. If JCC JCM determines that any product or service furnished by a broker has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, JCC JCM may allocate the costs of such service or product accordingly. The portion of the product or service that JCC JCM determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. This allocation may create a conflict of interest for JCCJCM.

Broker-Dealers. Absent written instructions from Investment Manager to the contrary, JCC JCM shall place all orders for the purchase and sale of investment instruments for the Portfolio with brokers or dealers selected by JCCJCM, which may include brokers or dealers affiliated with JCCJCM. Purchase or sell orders for a Portfolio may be aggregated with contemporaneous purchase or sell orders of other clients of JCCJCM. JCC JCM shall use its best efforts to obtain execution of Portfolio transaction at prices that are advantageous to the Portfolios and at commission rates that are reasonable in relation to the benefits received. However, JCC JCM may select brokers or dealers on the basis that they provide brokerage, research, or other services or products to a Portfolio and/or other accounts serviced by JCCJCM. JCC JCM may place portfolio transactions with a broker or dealer with whom it has negotiated a commission in excess of the commission another broker or dealer would have charged for effecting that transaction if JCC JCM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research provided by such broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities that JCC JCM and its affiliates have with respect to the Portfolio and to accounts over which they exercise investment discretion, and not all such services or products will necessarily be used by JCC JCM in managing the Portfolios. In addition, consistent with best execution, JCC JCM may execute Portfolio transactions through brokers and dealers that sell shares of mutual funds advised by JCC JCM or recommend to their customers that they purchase shares of such funds. If JCC JCM determines that any product or service furnished by a broker has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, JCC JCM may allocate the costs of such service or product accordingly. The portion of the product or service that JCC JCM determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. This allocation may create a conflict of interest for JCCJCM.

Broker-Dealers. Absent written instructions from Investment Manager to the contrary, JCC JCM shall place all orders for the purchase and sale of investment instruments for the Portfolio with brokers or dealers selected by JCCJCM, which may include brokers or dealers affiliated with JCCJCM. Purchase or sell orders for a the Portfolio may be aggregated with contemporaneous purchase or sell orders of other clients of JCCJCM. JCC JCM shall use its best efforts to obtain execution of Portfolio transaction at prices that are advantageous to the Portfolios Portfolio and at commission rates that are reasonable in relation to the benefits received. However, JCC JCM may select brokers or dealers on the basis that they provide brokerage, research, or other services or products to a the Portfolio and/or other accounts serviced by JCCJCM. JCC JCM may place portfolio transactions with a broker or dealer with whom it has negotiated a commission in excess of the commission another broker or dealer would have charged for effecting that transaction if JCC JCM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research provided by such broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities that JCC JCM and its affiliates have with respect to the Portfolio and to accounts over which they exercise investment discretion, and not all such services or products will necessarily be used by JCC JCM in managing the PortfoliosPortfolio. As permitted by Section 28(e) of the Securities Exchange Act of 1934 (the "1934 Act"), JCM may cause the Portfolio to pay a broker-dealer, which provides "brokerage and research services" (as defined in the 0000 Xxx) to JCM, an amount of commission for effecting a securities transaction for the Portfolio which may be in excess of the commission which another broker-dealer would have charged for effecting that same transaction. In addition, consistent with best execution, JCC JCM may execute Portfolio transactions through brokers and dealers that sell shares of mutual funds advised by JCC JCM or recommend to their customers that they purchase shares of such funds. If JCC JCM determines that any product or service furnished by a broker has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, JCC JCM may allocate the costs of such service or product accordingly. The portion of the product or service that JCC JCM determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. This allocation may create a conflict of interest for JCCJCM.

Broker-Dealers. Absent written instructions from Investment Manager to the contrary, JCC shall place all orders for the purchase and sale of investment instruments for the Portfolio with brokers or dealers selected by JCC, which may include brokers or dealers affiliated with JCC. Purchase or sell orders for a the Portfolio may be aggregated with contemporaneous purchase or sell orders of other clients of JCC. JCC shall use its best efforts to obtain execution of Portfolio transaction at prices that are advantageous to the Portfolios Portfolio and at commission rates that are reasonable in relation to the benefits received. However, JCC may select brokers or dealers on the basis that they provide brokerage, research, or other services or products to a the Portfolio and/or other accounts serviced by JCC. JCC may place portfolio transactions with a broker or dealer with whom it has negotiated a commission in excess of the commission another broker or dealer would have charged for effecting that transaction if JCC determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research provided by such broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities that JCC and its affiliates have with respect to the Portfolio and to accounts over which they exercise investment discretion, and not all such services or products will necessarily be used by JCC in managing the PortfoliosPortfolio. In addition, consistent with best execution, JCC may execute Portfolio transactions through brokers and dealers that sell shares of mutual funds advised by JCC or recommend to their customers that they purchase shares of such funds. If JCC determines that any product or service furnished by a broker has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, JCC may allocate the costs of such service or product accordingly. The portion of the product or service that JCC determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. This allocation may create a conflict of interest for JCC.