Common use of Brokerage Commissions Clause in Contracts

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors may reasonable request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board trustees of Directorsthe Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the each Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the each Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board trustees of Directors the Trust may reasonable reasonably request with respect to the each Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board trustees of Directorsthe Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the each Fund and for the selection of to select the markets on or in which the transactions will be executed. The Adviser may cause the each Fund to pay a broker-broker dealer which that provides brokerage and or research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-broker dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-broker dealer viewed in terms of either that particular transaction or his the Adviser’s overall responsibilities with respect to the accounts as to which he the Adviser exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board trustees of Directors the Trust may reasonable reasonably request with respect to the each Fund’s total brokerage and commissions, the manner in which that brokerage was allocated, and brokerage and research services received.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board trustees of Directorsthe Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the each Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the each Fund to pay a broker-dealer which provides brokerage and or research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his the Adviser’s overall responsibilities with respect to the accounts as to which he the Adviser exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board trustees of Directors the Trust may reasonable reasonably request with respect to the each Fund’s total brokerage and commissions, the manner in which that brokerage was allocatedallocated and brokerage and research services received.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable reasonably request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer broker‑dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors may reasonable request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors may reasonable request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Mid-Cap Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Mid-Cap Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Mid-Cap Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board of DirectorsTrustees, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his the Adviser’s overall responsibilities with respect to the accounts as to which he it exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors Trustees may reasonable reasonably request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and --------------------- direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board directors of Directorsthe Fund, shall have the authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors may reasonable request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and ---------------------- direction of the Company’s Board trustees of Directorsthe Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to ------------ the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board trustees of Directors the Trust may reasonable reasonably request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board trustees of Directorsthe Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board trustees of Directors the Trust may reasonable reasonably request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Emerging Growth Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Emerging Growth Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Emerging Growth Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Technology Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Technology Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable reasonably request with respect to the Technology Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the directors of the Company’s Board of Directors, shall have the authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors may reasonable request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s Board of DirectorsTrustees, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research servicesservices to the Adviser, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s Board of Directors Trustees may reasonable reasonably request with respect to the Fund’s total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Micro-Cap Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Micro-Cap Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable request with respect to the Micro-Cap Fund’s 's total brokerage and the manner in which that brokerage was allocated.

Brokerage Commissions. The Adviser, subject to the control and --------------------- direction of the Company’s 's Board of Directors, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund and for the selection of the markets on or in which the transactions will be executed. The Adviser may cause the Fund to pay a broker-dealer which provides brokerage and research services, as such services are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended 1934 (the “"Exchange Act”"), to the Adviser a commission for effecting a securities transaction in excess of the amount another broker-dealer would have charged for effecting such transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the executing broker-dealer viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion (as defined in Section 3(a)(35) of the Exchange Act). The Adviser shall provide such reports as the Company’s 's Board of Directors may reasonable reasonably request with respect to the Fund’s 's total brokerage and the manner in which that brokerage was allocated.