Common use of Brokerage Transactions Clause in Contracts

Brokerage Transactions. (a) The Manager, subject to the control and ---------------------- direction of the Board of Trustees of the Trust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Funds, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Manager shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Trust nor the Manager will adopt a formula for allocation of the brokerage of the Funds. It is further understood that the Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for a Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as well as expenses incurred in the transaction, shall be made by the Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager shall provide such reports as the Board of Trustees may reasonably request with respect to each Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated. (b) The Manager agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net results in terms of price and execution; provided that, on behalf of any Fund, the Manager may, in its discretion, purchase and sell portfolio securities through brokers-dealers that provide research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934), and the Manager may cause a Fund to pay those brokers- dealers, in return for such brokerage and research services, a higher commission than may be charged by other brokers-dealers, subject to the Manager determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager to the Fund and its other clients.

Brokerage Transactions. (a) The ManagerAdviser, subject to the control and ---------------------- direction of the Board of Trustees Directors of the TrustFund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the FundsFund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Manager Adviser shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Trust Fund nor the Manager Adviser will adopt a formula for allocation of the brokerage of the FundsFund. It is further understood that the Manager Adviser may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for a the Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as well as expenses incurred in the transaction, shall be made by the Manager Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager Adviser shall provide such reports as the Board of Trustees Directors may reasonably request with respect to each the Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated. (b) The Manager Adviser agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net results in terms of price and execution; provided that, on behalf of any the Fund, the Manager Adviser may, in its discretion, purchase and sell portfolio securities through brokersbroker-dealers that provide research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934), and the Manager Adviser may cause a the Fund to pay those brokers- broker- dealers, in return for such brokerage and research services, a higher commission than may be charged by other brokersbroker-dealers, subject to the Manager Adviser determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager Adviser to the Fund and its other clients.

Brokerage Transactions. (a) In providing services hereunder, the Advisor may employ third parties, including its affiliates, to render investment advice and provide other services, including, without limitation, to provide legal, tax, financial, administrative or other advice or services. The Manager, subject Client shall be responsible for any fees or other costs related to the control and ---------------------- direction retention of any such third parties. (b) Unless otherwise instructed by the Board of Trustees of Client, the TrustAdvisor, shall have authority and discretion to select in its sole discretion, may effect transactions through or with affiliated brokers and dealers or dealers. In choosing a broker or dealer to execute portfolio transactions for the Funds, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3a transaction, the Manager shall place orders through such brokers or dealers in conformity with Advisor will seek to obtain the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Trust nor the Manager will adopt a formula for allocation of the brokerage of the Funds. It is further best prices and execution considering all circumstances, it being understood that the Manager mayAdvisor will consider the full range and quality of a broker's or dealer's services including, among other things, the value of research provided, execution capability, commission rate, financial responsibility, experience, responsiveness, reputation and access to the markets for securities being traded for the Account. If the Advisor determines in good faith that the transaction costs charged by a broker-dealer are reasonable in relation to the value of brokerage and research services provided by such broker-dealer, the Advisor may select broker-dealers that provide research or other transaction-related services and may cause the Client to pay such broker-dealers commissions for effecting transactions in excess of commissions other broker-dealers may have charged. Such research and other services may be used for the Advisor's own account or for other of its clients' accounts to the extent permitted by applicable laws and regulationslaw. (c) To the extent permitted by law, the Advisor may, but is not required to, aggregate securities to be sold or purchased for a Fund sales and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as well as expenses incurred in the transaction, shall be made by the Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager shall provide such reports as the Board of Trustees may reasonably request purchase orders placed with respect to each Fund's total the Account with similar orders for brokerage transactions being made simultaneously for other accounts managed by the Advisor or its affiliates. When aggregate sales purchase orders occur, the objective of the Advisor (and portfolio transaction activities, any of its affiliates involved in such transactions) will be to allocate the executions among the accounts managed by the Advisor or its affiliates in a manner believed by the Advisor or its affiliates to be fair and the manner in which such transactions were allocatedequitable for all accounts involved. (bd) The Manager agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net results in terms of price and execution; provided thatAdvisor may, on behalf of the Client and in accordance with applicable law, effect principal transactions in which it purchases investments from, or sells investments to, itself or any Fundof its affiliates. Except to the extent required by applicable law, the Manager may, in its discretion, purchase and sell portfolio securities through brokers-dealers that provide research services (within the meaning of Section 28(e) Advisor or any affiliate of the Securities Exchange Act of 1934), and the Manager may cause a Fund Advisor with whom such transactions are placed shall not have any obligation to pay those brokers- dealers, in return for such brokerage and research services, a higher commission than may be charged by other brokers-dealers, subject account to the Manager determining in good faith that Client for brokerage fees or profits arising from such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager to the Fund and its other clientstransactions.

Brokerage Transactions. (a) The In the event that the Manager provides ---------------------- services pursuant to paragraph (b) of Section 2, the Manager, subject to the control and ---------------------- direction of the Board of Trustees Directors of the TrustCompany, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fundseach Fund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Manager shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Trust Company nor the Manager will adopt a formula for allocation of the brokerage of the Funds. It is further understood that the Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for a Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as well as expenses incurred in the transaction, shall be made by the Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager shall provide such reports as the Board of Trustees Directors may reasonably request with respect to each Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated. (b) The Manager agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net results in terms of price and execution; provided that, on behalf of any Fund, the Manager may, in its discretion, purchase and sell portfolio securities through brokers-dealers that provide research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934), and the Manager may cause a Fund to pay those brokers- dealers, in return for such brokerage and research services, a higher commission than may be charged by other brokers-dealers, subject to the Manager determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager to the Fund and its other clients.

Brokerage Transactions. (a) The ManagerAdviser, subject to the control and ---------------------- direction of the Board of Trustees Directors of the TrustFund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the FundsFund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Manager Adviser shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Trust Fund nor the Manager Adviser will adopt a formula for allocation of the brokerage of the FundsFund. It is further understood that the Manager Adviser may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for a the Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as as, well as expenses incurred in the transaction, shall be made by the Manager Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager Adviser shall provide such reports as the Board of Trustees Directors may reasonably request with respect to each the Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated. (b) The Manager Adviser agrees that in placing orders with brokers and dealers, it will attempt to obtain the best net results in terms of price and execution; provided that, on behalf of any the Fund, the Manager Adviser may, in its discretion, purchase and sell portfolio securities through brokersbroker-dealers that provide research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934), and the Manager Adviser may cause a the Fund to pay those brokers- broker-dealers, in return for such brokerage and research services, a higher commission than may be charged by other brokersbroker-dealers, subject to the Manager Adviser determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager Adviser to the Fund and its other clients.