Common use of Broker Clause in Contracts

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the Trust, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust on a continuing basis. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFunds, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Funds on a continuing basis. Accordingly, the price to the Trust Funds in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees Trustees/Directors may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Funds to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, a particular Fund and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Funds to such brokers and dealers who also provide research or statistical material, or other services to the TrustFunds, to the Adviser, or to any sub-adviseradvisor. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees Trustees/Directors indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trustone or more Funds, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisersadvisors, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser advisor appointed to provide investment research or advisory services in connection with the TrustFunds, and may take into consideration any research services provided to such sub-adviser advisor by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust Funds are affiliated.

Broker. Dealer Relationships. Relationships The Adviser Advisor is responsible for decisions to buy and sell securities for the TrustPortfolio, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The AdviserAdvisor's primary consideration in effecting a security securities transaction will be to obtain execution at the best execution. (b) most favorable price. In selecting a broker-dealer to execute each particular transaction, the Adviser Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Portfolio on a continuing basis. Accordingly, the price to the Trust Portfolio in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Portfolio to pay a broker or dealer that provides brokerage and or research services to the Adviser Advisor an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser Advisor is further authorized to allocate the orders placed by it on behalf of the Trust Portfolio to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the AdviserAdvisor, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser Advisor shall determine determine, and the Adviser will Advisor shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Advisor is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price.

Broker. Dealer Relationships. The Adviser Advisor is responsible for decisions to buy and sell securities for the TrustFunds, broker-dealer selection, and negotiation of brokerage commission rates. (a) The AdviserAdvisor's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Funds on a continuing basis. Accordingly, the price to the Trust Funds in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the Adviser Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Funds to pay a broker or dealer that provides brokerage and research services to the Adviser Advisor an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect to a particular Fund, other Funds of the Trust, and to other clients of the Adviser Advisor as to which the Adviser Advisor exercises investment discretion. The Adviser Advisor is further authorized to allocate the orders placed by it on behalf of the Trust Funds to such brokers and dealers who also provide research or statistical material, or other services to the TrustFunds, to the AdviserAdvisor, or to any sub-adviseradvisor. Such allocation shall be in such amounts and proportions as the Adviser Advisor shall determine and the Adviser Advisor will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trustone or more Funds, to the extent the Adviser Advisor does not delegate trading responsibility to one or more sub-advisersadvisors, in making decisions regarding broker-dealer relationships, the Adviser Advisor may take into consideration the recommendations of any sub-adviser advisor appointed to provide investment research or advisory services in connection with the TrustFunds, and may take into consideration any research services provided to such sub-adviser advisor by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser Advisor may select brokers or dealers with which it or the Trust Funds are affiliated.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The With regard to the portions of the Funds allocated to it, the Sub-Adviser is responsible for decisions to buy and sell securities for the Trustsecurities, broker-dealer selection, and negotiation of brokerage commission rates. . The Sub-Adviser may select any affiliated person of the Trust, the Investment Adviser, or the Sub-Adviser to the extent permitted pursuant to the Trust's procedures for securities transactions with affiliated brokers pursuant to Section 17(e)(2) and Rule 17e-1 under the Investment Company Act of 1940, as amended (a) the "Investment Company Act"). The Sub-Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Sub-Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust a Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust a Fund to pay a broker or dealer that provides brokerage and research services to the Sub-Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust a Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any subSub-adviserAdviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine and the Sub-Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustGovernment Fund, broker-dealer selection, selection and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be execution at the most favorable price. The Trust understands that a substantial amount of the portfolio transactions of the Government Fund may be transacted with primary market makers acting as principal on a net basis, with no brokerage being paid by the Government Fund. Such principal transactions may, however, result in a profit to obtain market makers. In certain instances the best execution. (b) Adviser may make purchases of underwritten issues for the Government Fund at prices which include underwriting fees. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Government Fund on a continuing basis. Accordingly, the price to the Trust Government Fund in any transaction may be less favorable than that available from another broker-broker- dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Government Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Government Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price. In the Agreement, the term "broker" and "broker-dealer" shall include futures commission merchants.

Broker. Dealer Relationships. The Adviser PowerShares is responsible for decisions to buy and sell securities securities, commodities and/or derivatives for the TrustCompany, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's PowerShares’s primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser PowerShares will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Company on a continuing basis. Accordingly, the price to the Trust Company in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board Directors of Trustees the Company may from time to time determine, the Adviser PowerShares shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Company to pay a broker or dealer that provides brokerage and research services to the Adviser PowerShares an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser PowerShares determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's PowerShares’s overall responsibilities with respect to the TrustCompany, and to other clients of the Adviser PowerShares as to which the Adviser PowerShares exercises investment discretion. The Adviser PowerShares is further authorized to allocate the orders placed by it on behalf of the Trust Company to such brokers and dealers who also provide research or statistical material, or other services to the TrustCompany, to the AdviserPowerShares, or to any sub-adviseradvisor. Such allocation shall be in such amounts and proportions as the Adviser PowerShares shall determine and the Adviser PowerShares will report on said allocations regularly to the Board Directors of Trustees the Company indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the TrustCompany, to the extent the Adviser PowerShares does not delegate trading responsibility to one or more sub-advisersadvisors, in making decisions regarding broker-dealer relationships, the Adviser PowerShares may take into consideration the recommendations of any sub-adviser advisor appointed to provide investment research or advisory services in connection with the TrustCompany, and may take into consideration any research services provided to such sub-adviser advisor by broker-dealers. (e) Subject to the other provisions of this Section 87, the 1940 Advisers Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser PowerShares may select brokers or dealers with which it or the Trust Company are affiliated.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustTotal Return Bond Fund, broker-dealer selection, selection and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be execution at the most favorable price. The Trust understands that a substantial amount of the portfolio transactions of the Total Return Bond Fund may be transacted with primary market makers acting as principal on a net basis, with no brokerage being paid by the Total Return Bond Fund. Such principal transactions may, however, result in a profit to obtain market makers. In certain instances the best execution. (b) Adviser may make purchases of underwritten issues for the Total Return Bond Fund at prices which include underwriting fees. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Total Return Bond Fund on a continuing basis. Accordingly, the price to the Trust Total Return Bond Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Total Return Bond Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Total Return Bond Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustGrowth Fund, broker-dealer selection, selection and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be execution at the most favorable price. The Trust understands that a substantial amount of the portfolio transactions of the Growth Fund may be transacted with primary market makers acting as principal on a net basis, with no brokerage being paid by the Growth Fund. Such principal transactions may, however, result in a profit to obtain market makers. In certain instances the best execution. (b) Adviser may make purchases of underwritten issues for the Growth Fund at prices which include underwriting fees. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Growth Fund on a continuing basis. Accordingly, the price to the Trust Growth Fund in any transaction may be less favorable than that available from another broker-broker- dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Growth Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Growth Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price. In the Agreement, the term "broker" and "broker-dealer" shall include futures commission merchants.

Broker. Dealer Relationships. The Adviser is responsible for decisions DEALER RELATIONSHIPS --------------------------- In connection with its duties set forth in Section 2(a)(ii) of this Agreement to buy and sell securities arrange for the Trustpurchase and the sale of securities held in the portfolio of the Fund by placing purchase and sale orders for the Fund, the Advisor shall select such broker dealers ("broker-dealer ") as shall in the Advisor's judgment implement the policy of the Fund to achieve "best execution", i.e. prompt and efficient execution at the most favorable securities price. In making such selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be the Advisor is authorized to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; consider the reliability, integrity and financial condition of the broker-dealer; . The Advisor is also authorized to consider whether the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust on a continuing basis. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust to pay a broker or dealer that provides brokerage and and/or research services to the Adviser an amount of commission for effecting a fund investment transaction in excess Fund and/or other accounts of the amount of commission Advisor. The commissions paid to such brokers may be higher than another broker or dealer would have charged for effecting that transaction, if the Adviser determines in a good faith determination is made by the Advisor that such amount of the commission was is reasonable in relation to the value of the brokerage and research services provided by such broker or dealerprovided, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect as to the Trust, and to other clients of the Adviser account as to which the Adviser it exercises investment discretion. The Adviser is further authorized to allocate Advisor shall use its judgment in determining the orders placed by it on behalf amount of the Trust to such brokers and dealers who also provide research or statistical material, or other services commissions paid are reasonable in relation to the Trust, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts value of brokerage and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided and need not place or attempt to place a specific dollar value on such sub-adviser 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 Advisor shall be prepared to show that commissions paid (i) were for purposes contemplated by broker-dealers. this agreement; (eii) Subject were for products or services which provide lawful and appropriate assistance to the Advisor's decision-making process; and (iii) were within a reasonable range as compared to the rates charged by qualified brokers to other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, institutional investors as such statutesrates may become known from available information. The Fund recognizes that, rules and regulations are amended from time on any particular transaction, a higher than usual commission may be paid due to time or are interpreted from time to time by the staff difficulty of the SECtransaction 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, any exemptive orders issued by subject to the SEC, and any other applicable provisions requirements of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated"best execution," as defined above.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a brokerabroker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The With regard to the portions of the Funds allocated to it, the Sub-Adviser is responsible for decisions to buy and sell securities for the Trustsecurities, broker-dealer selection, and negotiation of brokerage commission rates. . The Sub-Adviser may select any affiliated person of the Trust, the Investment Adviser, or the Sub-Adviser to the extent permitted pursuant to the Trust's procedures for securities transactions with affiliated brokers pursuant to Section 17(e)(2) and Rule 17e-1 under the Investment Company Act of 1940, as amended (a) the "Investment Company Act"). The Sub-Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Sub-Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust a Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust a Fund to pay a broker or dealer that provides brokerage and research services to the Sub-Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust a Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any subSub-adviserAdviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine and the Sub-Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.of

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the Trust, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust on a continuing basis. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of Sub-Item 77Q1(e) the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees Managing General Partners may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the TrustFund, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the TrustFund, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees Managing General Partners indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the TrustFund, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the TrustFund, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust Fund are affiliated.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The Adviser may select Gintel & Co. as the broker-dealer to effect all or substantially all of the security transactions which are effected on the New York Stock Exchange, Inc. or the American Stock Exchange or which are listed on NASDAQ. The Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; , the size of and the difficulty in executing the order; order and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserAdviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees of the Fund indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser Investment Manager is responsible for decisions to buy and sell securities for the TrustPortfolio, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The AdviserInvestment Manager shall determine the securities to be purchased or sold by the Portfolio pursuant to its determinations with or through such persons, brokers or dealers, in conformity with the policy with respect to brokerage as set forth in the Fund's Prospectus and Statement of Additional information, or as the Board of Trustees may determine from time to time. Generally, the Investment Manager's primary consideration in effecting a security transaction will be placing Portfolio securities transactions with broker-dealers for execution is to obtain and maintain the availability of, execution at the best net price and in the most effective manner possible The Investment Manager may consider sale of the shares of the Portfolio, subject to the requirements of best net price and most favorable execution. (b) In selecting a broker-dealer to execute each particular transaction. Consistent with this policy, the Adviser Investment Manager will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Portfolio on a continuing basis. Accordingly, the price cost of the brokerage commissions to the Trust in any transaction Portfolio may be less favorable greater than that available from another broker-dealer other brokers if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees of the Fund may from time to time determine, the Adviser Investment Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Portfolio to pay a broker or dealer that provides brokerage and research services to the Adviser Investment Manager for the Portfolio's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transactionaction, if the Adviser Investment Manager, determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealerbroker, viewed in terms of either that particular transaction or the AdviserInvestment Manager's overall ongoing responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionPortfolio. The Adviser Investment Manager is further authorized to allocate the orders placed by it on an behalf of the Trust Portfolio to such brokers and dealers who also provide research or statistical material, material or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Manager. Such allocation shall be in such amounts and proportions as the Adviser Investment Manager shall determine and the Adviser Investment Manager will report on said allocations regularly to the Board of Trustees of the Fund regularly as requested by the Board and, in any event, at least once each calendar year if no specific request is made, indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.there

Broker. Dealer Relationships. The With regard to the portions of the Funds allocated to it, the Sub-Adviser is responsible for decisions to buy and sell securities for the Trustsecurities, broker-dealer selection, and negotiation of brokerage commission rates. . The Sub-Adviser may select any affiliated person of the Trust, the Investment Adviser, or the Sub-Adviser to the extent permitted pursuant to the Trust's procedures for securities transactions with affiliated brokers pursuant to Section 17(e)(2) and Rule 17e-1 under the Investment Company Act of 1940, as amended (a) the "Investment Company Act"). The Sub-Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Sub-Adviser will seek the best overall terms available and will take the following into consideration: the best net price available; the reliability, integrity and integrity, financial condition and execution capability of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of brokerage and research services provided by the broker-dealer to the investment performance of the Trust on a continuing basisdealer. Accordingly, the price to the Trust a Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the dealer. The Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust a Fund to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust a Fund to such brokers and dealers who also provide research or statistical material, or other services to the TrustFund, to the Adviser, Trust and/or other accounts over which the Sub-Adviser or to any sub-adviseran affiliate exercises investment discretion. Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine and the Sub-Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The Adviser may select Lepercq, de Neuflize Securities Inc. as the broker-dealer to effect security transactions which are effected on The New York Stock Exchange, Inc. or the American Stock Exchange or which are listed on NASDAQ. The Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Adviser for the Fund's use an amount of commission for effecting affecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserAdviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board Trustees of Trustees the Trust indicating the brokers to whom such allocations have been made and the basis therefortherefore. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser Advisor is responsible for decisions to buy and sell securities for the TrustFunds, broker-dealer selection, and negotiation of brokerage commission rates. (a) The AdviserAdvisor's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; , the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Funds on a continuing basis. Accordingly, the price paid by a Fund to the Trust a particular broker-dealer in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, and applicable laws, the Adviser Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust a Fund to pay a broker or dealer that provides brokerage and research services to the Adviser Advisor an amount of commission for effecting a fund Fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect to a Fund other Funds of the Trust, Trust and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser Advisor is further authorized to allocate the orders placed by it on behalf of the Trust Funds to such brokers and dealers who also provide research or statistical material, or other services to the TrustFunds, to the AdviserAdvisor, or to any sub-adviseradvisor. Such allocation shall be in such amounts and proportions as the Adviser Advisor shall determine and the Adviser Advisor will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trustone or more Funds, to the extent the Adviser Advisor does not delegate trading responsibility to one or more sub-advisersadvisors, in making decisions regarding broker-dealer relationships, the Adviser Advisor may take into consideration the recommendations of any sub-adviser sub- advisor appointed to provide investment research or advisory services in connection with the TrustFunds, and may take into consideration any research services provided to such sub-adviser advisor by broker-dealers. (e) Subject to the other provisions of this Section 87, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser Advisor may select brokers or dealers with which it or the Trust Funds are affiliated.

Broker. Dealer Relationships. The Adviser Investment Manager is responsible for decisions to buy and sell securities for the TrustPortfolio, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The AdviserInvestment Manager shall determine the securities to be purchased or sold by the Portfolio pursuant to its determinations with or through such persons, brokers or dealers, in conformity with the policy with respect to brokerage as set forth in the Fund's Prospectus and Statement of Additional Information, or as the Board of Trustees may determine from time to time. Generally, the Investment Manager's primary consideration in effecting a security transaction will be placing Portfolio securities transactions with broker-dealers for execution is to obtain and maintain the availability of, execution at the best net price and in the most effective manner possible. The Investment Manager may consider sale of the shares of the Portfolio, subject to the requirements of best net price and most favorable execution. (b) In selecting a broker-dealer to execute each particular transaction. Consistent with this policy, the Adviser Investment Manager will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; , and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Portfolio on a continuing basis. Accordingly, the price cost of the brokerage commissions to the Trust in any transaction Portfolio may be less favorable greater than that available from another broker-dealer other brokers if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees of the Fund may from time to time determine, the Adviser Investment Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Portfolio to pay a broker or dealer that provides brokerage and research services to the Adviser Investment Manager for the Portfolio's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Investment Manager, determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealerbroker, viewed in terms of either that particular transaction or the AdviserInvestment Manager's overall ongoing responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionPortfolio. The Adviser Investment Manager is further authorized to allocate the orders placed by it on behalf of the Trust Portfolio to such brokers and dealers who also provide research or statistical material, or other services service; to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Manager. Such allocation shall be in such amounts and proportions as the Adviser Investment Manager shall determine and the Adviser Investment Manager will report on said allocations regularly to the Board of Trustees of the Fund regularly as requested by the Board and, in any event, at least once each calendar year if no specific request is made, indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The With regard to the portions of the Funds allocated to it, the Sub-Adviser is responsible for decisions to buy and sell securities for the Trustsecurities, broker-dealer selection, and negotiation of brokerage commission rates. . The Sub-Adviser may select any affiliated person of the Trust, the Investment Adviser, or the Sub-Adviser to the extent permitted pursuant to the Trust's procedures for securities transactions with affiliated brokers pursuant to Section 17(e)(2) and Rule 17e-1 under the Investment Company Act of 1940, as amended (a) the "Investment Company Act"). The Sub-Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Sub-Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust a Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust a Fund to pay a broker or dealer that provides brokerage and research services to the Sub-Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust a Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.who

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Directors/Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Directors/Trustees of the Fund indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFunds, broker-dealer selection, and negotiation of brokerage commission rates. (a. The Investment Adviser may select Xxxxxxx & Co., Inc. or any other affiliated person of the Trust or the Investment Adviser to the extent permitted pursuant to the Trust's procedures for securities transactions with affiliated brokers pursuant to Section 17(e)(2) and Rule 17e-1 under The Investment Company Act. The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions, including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Funds to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Funds' use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFunds. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Funds to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Funds or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees of the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustCompany, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be to obtain execution at the best execution. (b) most favorable price. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Company on a continuing basis; and other factors such as the broker-dealer's ability to engage in transactions in shares of issuers which are typically not listed on an organized stock exchange. Accordingly, the price to the Trust Company in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees Directors may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Company to pay a broker or dealer that provides brokerage and research services to the Investment Adviser an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionCompany. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Company to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Company or the Investment Adviser, or to any sub-adviser. Such allocation allocations shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees Directors of the Company indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Investment Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Investment Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions including similarly securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Investment Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Investment Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Investment Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Investment Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Investment Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserInvestment Adviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Investment Adviser shall determine and the Investment Adviser will report on said allocations regularly to the Board of Trustees of the Fund indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. Relationships The Adviser Advisor is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The AdviserAdvisor's primary consideration in effecting a security securities transaction will be to obtain execution at the best execution. (b) most favorable price. In selecting a broker-dealer to execute each particular transaction, the Adviser Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser Advisor an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser Advisor is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the AdviserAdvisor, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser Advisor shall determine determine, and the Adviser will Advisor shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Advisor is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be to obtain execution at the best execution. (b) most favorable price. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, I.E., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustTechnology Fund, broker-dealer selection, selection and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be execution at the most favorable price. The Trust understands that a substantial amount of the portfolio transactions of the Technology Fund may be transacted with primary market makers acting as principal on a net basis, with no brokerage being paid by the Technology Fund. Such principal transactions may, however, result in a profit to obtain market makers. In certain instances the best execution. (b) Adviser may make purchases of underwritten issues for the Technology Fund at prices which include underwriting fees. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Technology Fund on a continuing basis. Accordingly, the price to the Trust Technology Fund in any transaction may be less favorable than that available from another broker-broker- dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Technology Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Technology Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price. In the Agreement, the term "broker" and "broker-dealer" shall include futures commission merchants.

Broker. Dealer Relationships. Relationships The Adviser Advisor is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of brokerage commission rates. (a) . The AdviserAdvisor's primary consideration in effecting a security securities transaction will be to obtain execution at the best execution. (b) most favorable price. In selecting a broker-dealer to execute each particular transaction, the Adviser Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-broker- dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser Advisor an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the AdviserAdvisor's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser Advisor is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the AdviserAdvisor, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser Advisor shall determine determine, and the Adviser will Advisor shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Advisor is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution, i.e., that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price.

Broker. Dealer Relationships. Relationships The Adviser is responsible for decisions to buy and sell securities for the TrustBBB Bond Fund, broker-dealer selection, selection and negotiation of brokerage commission rates. (a) . The Adviser's primary consideration in effecting a security securities transaction will be execution at the most favorable price. The Trust understands that a substantial amount of the portfolio transactions of the BBB Bond Fund may be transacted with primary market makers acting as principal on a net basis, with no brokerage being paid by the BBB Bond Fund. Such principal transactions may, however, result in a profit to obtain market makers. In certain instances the best execution. (b) Adviser may make purchases of underwritten issues for the BBB Bond Fund at prices that include underwriting fees. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust BBB Bond Fund on a continuing basis. Accordingly, the price to the Trust BBB Bond Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies as the Board of Trustees of the Trust may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust BBB Bond Fund to pay a broker or dealer that provides brokerage and or research services to the Adviser an amount of commission for effecting a fund investment portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust BBB Bond Fund to such brokers and or dealers who also provide research or statistical material, or other services services, to the Trust, to the Adviser, or to any sub-adviseraffiliate of either. Such allocation shall be in such amounts and proportions as the Adviser shall determine determine, and the Adviser will shall report on said such allocations regularly to the Board of Trustees Trust, indicating the brokers broker-dealers to whom such allocations have been made and the basis therefor. (d) With respect . The Adviser is also authorized to consider sales of shares as a factor in the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations selection of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it to execute portfolio transactions, subject to the requirements of best execution (namely, that such brokers or dealers are able to execute the Trust are affiliatedorder promptly and at the best obtainable securities price). In this Agreement, the term "broker" and "broker-dealer" shall include futures commission merchants.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFund, broker-dealer selection, and negotiation of its brokerage commission rates. (a) . The Adviser may select Lepercq, de Neuflize Securities Inc. as the broker- dealer to effect security transactions which are effected on The New York Stock Exchange, Inc. or the American Stock Exchange or which are listed on NASDAQ. The Adviser's primary consideration in effecting a security transaction will be execution at a price that is reasonable and fair compared to obtain the best execution. (b) commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions including similar securities being purchased or sold on a securities exchange during a comparable period of time. In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Fund on a continuing basis. Accordingly, the price to the Trust Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund portfolio execution services offered. (c) . Subject to such policies and procedures as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Fund to pay a broker or dealer that provides brokerage and research services to the Adviser for the Fund's use an amount of commission for effecting a fund portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretionFund. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Fund to such brokers and dealers who also provide research or statistical material, or other services to the Trust, to Fund or the Adviser, or to any sub-adviserAdviser for the Fund's use. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board Trustees of Trustees the Trust indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide investment research or advisory services in connection with the Trust, and may take into consideration any research services provided to such sub-adviser by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust are affiliated.

Broker. Dealer Relationships. The Adviser is responsible for decisions to buy and sell securities for the TrustFunds, broker-dealer selection, and negotiation of brokerage commission rates. (a) The Adviser's primary consideration in effecting a security transaction will be to obtain the best execution. (b) In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust Funds on a continuing basis. Accordingly, the price to the Trust Funds in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered. (c) Subject to such policies as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust Funds to pay a broker or dealer that provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to a particular Fund, other Funds of the Trust, and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate the orders placed by it on behalf of the Trust Funds to such brokers and dealers who also provide research or statistical material, or other services to the TrustFunds, to the Adviser, or to any sub-adviseradvisor. Such allocation shall be in such amounts and proportions as the Adviser shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such allocations have been made and the basis therefor. (d) With respect to the Trustone or more Funds, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisersadvisors, in making decisions regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser advisor appointed to provide investment research or advisory services in connection with the TrustFunds, and may take into consideration any research services provided to such sub-adviser advisor by broker-dealers. (e) Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it or the Trust Funds are affiliated.