Common use of Brokerage Transactions Clause in Contracts

Brokerage Transactions. (a) 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 Directors of the Company, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for each 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 Company nor the Manager will adopt a formula for allocation of the brokerage of the Funds. It is 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 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.

Brokerage Transactions. (a) In the event that the Manager provides ---------------------- services pursuant to paragraph (b) of Section 2, the ManagerThe Adviser, subject to the control and direction of the Board of Directors of the CompanyFund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for each the Fund, 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 Company 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 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.

Brokerage Transactions. (a) In the event that the Manager provides ---------------------- services pursuant to paragraph (b) of Section 2, the ManagerThe Adviser, subject to the control and ---------------------- direction of the Board of Directors of the CompanyFund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for each the Fund, 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 Company 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 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.

Brokerage Transactions. (a) In the event that the Manager provides ---------------------- services pursuant to paragraph (b) of Section 2, the The Manager, subject to the control and ---------------------- direction of the Board of Directors Trustees of the CompanyTrust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for each Fundthe 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 Company 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 Directors 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.