Common use of Execution and Allocation of Portfolio Brokerage Commissions Clause in Contracts

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“best execution”) for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Adviser may, where it deems appropriate, place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may select brokers for the execution of any Fund’s securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s 's securities transactions from among: a. (a) Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. (b) Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Adviser may, may where it deems appropriate, appropriate place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may select brokers for the execution of any Fund’s 's securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s 's securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or the Money Managers, subject to and in accordance with any directions which the Trust’s Board of Trustees may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to investSub-Trust’s portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Trust, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Trust, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fundthe Sub-Trust’s securities portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the Trust’s assetsassets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Xxxxx Xxxxxxx Securities, Inc., an affiliate of the Manager, when the Manager or Money Manager has determined that the Trust will receive competitive execution, price, and commission. The Adviser Manager shall render regular reports to the Trust, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxx Xxxxxxx Securities, Inc., and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the AdviserManager’s or Money Manager’s primary duty to obtain the best net price and execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“best execution”) for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“best execution”) for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s securities transactions from among: a. (a) Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. (b) Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or ----------------------------------------------------------- the Money Managers, subject to and in accordance with any directions which the Trust's Board of Trustees may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to investSub-Trusts' portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Trust, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(328(e) (3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Trust, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fund’s securities the Sub-Trusts' portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the Trust’s assets's assets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Xxxxx Xxxxxxx Securities, Inc., an affiliate of Manager, when the Manager or Money Manager has determined that the Trust will receive competitive execution, price, and commissions. The Adviser Manager shall render regular reports to the Trust, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxx Xxxxxxx Securities, Inc., and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s Managers' or Money Managers' primary duty to obtain the best net price and execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserFRIMCo or the Money Managers, subject to and in accordance with any directions which the Trust's Board of Trustees may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to investSub-Trust's portfolio transactions. When placing such orders, the primary objective of the Adviser FRIMCo and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Trust, but this requirement shall not be deemed to obligate the Adviser FRIMCo or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Trust, FRIMCo and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust will benefit, directly or indirectly, by doing so, FRIMCo or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser FRIMCo agree that FRIMCo and the Adviser may Money Managers shall select brokers for the execution of any Fund’s securities the Sub-Trust's portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to FRIMCo and/or its affiliated corporations, or the Adviser Money Managers, which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser FRIMCo or Money Managers in a better position to make decisions in connection with the management of the Trust’s assets's assets and portfolios, whether or not such data may also be useful to FRIMCo and its affiliates, or the Adviser Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Xxxxx Xxxxxxx Securities, Inc., an affiliate of FRIMCo, when FRIMCo or Money Manager has determined that the Trust will receive competitive execution, price, and commission. The Adviser FRIMCo shall render regular reports to the Trust, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxx Xxxxxxx Securities, Inc., and the manner in which the allocation has been accomplished. FRIMCo agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s FRIMCo's or Money Manager's primary duty to obtain the best net price and execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board Fund’s investment objective and policies as stated in the Fund’s Registration Statement as it may issue be amended from time to time, shall place, in the name of the TrustCompany, orders for the execution of the securities transactions in which any Fund the Company is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“best execution”) for the Trust Company but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Company and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Company will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust Company and the Adviser agree that the Adviser may shall select brokers for the execution of any FundCompany’s securities transactions from among: a. (a) Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the TrustCompany’s net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. (b) Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the TrustCompany, or which place the Adviser in a better position to make decisions in connection with the management of the TrustCompany’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary duty to obtain the best execution for the TrustCompany.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or the Money Managers, subject to and in accordance with any directions which the Company’s Board of Directors may issue from time to time, shall place, in the name of the TrustCompany, orders for the execution of the securities transactions in which any Fund is authorized to investCompany’s portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Company, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Company, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Company will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fundthe Company’s securities portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the TrustCompany’s net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securitiessecurities or other instruments, actual or potential, of the TrustCompany, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the TrustCompany’s assetsassets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and X. Xxxxxxx Implementation Services Inc., an affiliate of the Manager, when the Manager or Money Manager has determined that the Company will receive competitive execution, price, and commission. The Adviser Manager shall render regular reports to the Company, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxxxx Implementation Services Inc., and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the AdviserManager’s or Money Manager’s primary duty to obtain the best net price and execution for the TrustCompany.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserSubadvisors (and sometimes the Manager), subject to and in accordance with any directions which the Board Company's Trustees may issue from time to time, shall place, in the name of the TrustCompany, orders for the execution of the securities transactions in which any Fund is authorized to investCompany's portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Subadvisors shall be to obtain the best net price and execution (“best execution”) for the Trust Company, but this requirement shall not be deemed to obligate the Adviser Manager or a Subadvisor to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in the selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Company, the Manager and/or the Adviser Subadvisors in accordance with the standards set forth below. The Adviser mayIn addition, where the Company recognizes that, in many instances, it deems appropriateis desireable for the Manager and/or the Subadvisors to enter into "directed brokerage" arrangements in which they will direct the brokerage for certain of the Company's securities transactions to a certain broker in exchange for that broker's agreement to pay a portion of the custodian, transfer agent or other administrative fees incurred by the Company. Moreover, to the extent that it continues to be lawful to do so and so long as the Trustees determine as a matter of general policy that the Company will benefit, directly or indirectly, by doing so, the Manager or a Subadvisor may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to (i) the value of brokerage and research services provided by that broker or (ii) the custodian, transfer agent or other administrative fees of the Company paid by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser Manager and the Subadvisors may select brokers for the execution of any Fund’s securities the Company's portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the Trust’s value of the Company's net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager or the Subadvisors which relate directly to portfolio securities, actual or potential, of the TrustCompany, or which place the Adviser Manager or Subadvisors in a better position to make decisions in connection with the management of the Trust’s assetsCompany's assets and portfolio, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Subadvisors and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Those brokers and dealers who pay a portion of the custodian, transfer agent or other administrative fees incurred by the Company, in such amount as may reasonably be required in light of such payments. The Adviser Manager shall render regular reports to the Company of the total brokerage business placed and the manner in which the allocation has been accomplished. The Manager agrees and each Subadvisor will be required to agree that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s Manager's or Subadvisors' primary duty to obtain the best net price and execution for the TrustCompany.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or the Money Managers, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trustapplicable Fund, orders for the execution of the securities transactions in which any Fund is authorized to investsuch Fund's portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Funds, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes Funds recognize that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Funds, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Funds will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fund’s securities the Funds' portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustFunds, specifically including the quotations necessary to determine the Trust’s value of a Fund's net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securities, actual or potential, of the TrustFunds, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the Trust’s assetsFunds' assets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Xxxxx Xxxxxxx Securities, Inc., an affiliate of Manager, when the Manager or Money Manager has determined that the Funds will receive competitive execution, price, and commissions. The Adviser Manager shall render regular reports to the Funds, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxx Xxxxxxx Securities, Inc., and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s Managers' or Money Managers' primary duty to obtain the best net price and execution for the TrustFunds.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by 3 that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s 's securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager, subject to and in accordance with any directions which the Company's Board of Directors may issue from time to time, shall place, in the name of the TrustCompany, orders for the execution Execution of the securities transactions in which any Fund is authorized to investFund's portfolio transactions. When placing such orders, the a primary objective of the Adviser Manager shall be to obtain the best net price and execution (“best execution”) for the Trust Company, but this requirement shall not be deemed to obligate the Adviser Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and administrative and research services” " (as defined in Section 28(e)(328(e) (3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser on services in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board of Directors determines as a matter of general policy that the Company will benefit, directly or indirectly, by doing so, the Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation relations to the value of brokerage brokerage, research and research administrative services provided by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any the Fund’s securities 's portfolio transactions from among: a. (A) Those brokers and dealers who to provide clerical, administrative, brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the Trust’s Company's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to . The Manager may, for reasons of administrative benefit for the Adviser which relate directly to portfolio securitiesFund, actual use only a single broker-dealer if no interested person has an interest, direct or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clientsindirect, in such amount of total brokerage as may reasonably be requiredbroker-dealer. The Adviser Manager shall render regular reports to the Company, not more frequently than quarterly, or how much brokerage business has been placed and the manner in which the allocation has been accomplished. The Manager agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary Manager's duty to obtain the best net price and execution for the TrustCompany consistent with other Fund needs.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Adviser may, where it deems appropriate, place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may select brokers for the execution of any Fund’s 's securities transactions from among: a. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserPortfolio Managers, subject to and in accordance with any directions which the Board Company's Trustees may issue from time to time, shall place, in the name of the TrustSeries of the Company for which they act as Portfolio Manager, orders for the execution of the securities transactions in which any Fund is authorized to investthat Series' portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Portfolio Managers shall be to obtain the best net price and execution (“best execution”) for the Trust series, but this requirement shall not be deemed to obligate the Adviser Manager or a Portfolio Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in the selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” , (as defined in Section 28(e)(328 (e) (3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Company, the Manager and/or the Adviser Portfolio Managers in accordance with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Trustees determine as a matter of general policy that the Company will benefit, directly or indirectly, by doing so, the Manager or a Portfolio Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser Manager and the Portfolio Managers may select brokers for the execution of any Fund’s securities the Company's portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the Trust’s value of the Company's Series' net assets, assets in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager or the Portfolio Managers which relate directly to portfolio securities, actual or potential, of the TrustSeries, or which place the Adviser Manager or Portfolio Managers in a better position to make decisions in connection with the management of the Trust’s assetsSeries assets and portfolio, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Portfolio Managers and their affiliates, in managing other portfolios portfolios, including other Series, or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser Manager shall render regular reports to the Company of the total brokerage business placed and the manner in which the allocation has been accomplished. The Manager agrees and each Portfolio Manager will be required to agree that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s Manager's or Portfolio Managers' primary duty to obtain the best net price and execution for the TrustCompany.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“"best execution”") for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s 's securities transactions from among: a. (a) Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services. b. (b) Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s 's assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s 's primary duty to obtain the best execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or the Money Managers, subject to and in accordance with any directions which the Company’s Board of Directors may issue from time to time, shall place, in the name of the TrustCompany, orders for the execution of the securities transactions in which any Fund is authorized to investCompany’s portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Company, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust Company recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Company, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Company will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust Company and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fundthe Company’s securities portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the TrustCompany, specifically including the quotations necessary to determine the TrustCompany’s net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securitiessecurities or other instruments, actual or potential, of the TrustCompany, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the TrustCompany’s assetsassets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and X. Xxxxxxx Investments Implementation Services, LLC, an affiliate of the Manager, when the Manager or Money Manager has determined that the Company will receive competitive execution, price, and commission. The Adviser Manager shall render regular reports to the Company, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxxxx Investments Implementation Services, LLC, and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the AdviserManager’s or Money Manager’s primary duty to obtain the best net price and execution for the TrustCompany.

Execution and Allocation of Portfolio Brokerage Commissions. The AdviserManager or the Money Managers, subject to and in accordance with any directions which the Trust's Board of Trustees may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to investSub-Trusts' portfolio transactions. When placing such orders, the primary objective of the Adviser Manager and Money Managers shall be to obtain the best net price and execution (“best execution”) for the Trust Trust, but this requirement shall not be deemed to obligate the Adviser Manager or a Money Manager to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selection selecting among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “"brokerage and research services” " (as defined in Section 28(e)(328(e) (3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust Trust, the Manager and/or the Adviser Money Managers in accordance accord with the standards set forth below. The Adviser mayMoreover, where to the extent that it deems appropriatecontinues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust will benefit, directly or indirectly, by doing so, the Manager or a Money Manager may place orders with a broker who charges a higher commission than for that transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser Manager agree that the Adviser may Manager and the Money Managers shall select brokers for the execution of any Fund’s securities the Sub-Trusts' portfolio transactions from among: a. A. Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s 's net assets, in such amount of total brokerage as may reasonably be required in light of such services.; b. B. Those brokers and dealers who provide supply brokerage and research services to the Adviser Manager and/or its affiliated corporations, or the Money Managers, which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser Manager or Money Managers in a better position to make decisions in connection with the management of the Trust’s assets's assets and portfolios, whether or not such data may also be useful to the Adviser Manager and its affiliates, or the Money Managers and their affiliates, in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required; and C. Xxxxx Xxxxxxx Securities, Inc., an affiliate of Manager, when the Manager or Money Manager has determined that the Trust will receive competitive execution, price, and commissions. The Adviser Manager shall render regular reports to the Trust, not more frequently than quarterly, of how much total brokerage business has been placed with Xxxxx Xxxxxxx Securities, Inc., and the manner in which the allocation has been accomplished. The Manager agrees and each Money Manager will be required to agree, that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s Managers' or Money Managers' primary duty to obtain the best net price and execution for the Trust.

Execution and Allocation of Portfolio Brokerage Commissions. The Adviser, subject to and in accordance with any directions which the Board may issue from time to time, shall place, in the name of the Trust, orders for the execution of the securities transactions in which any Fund is authorized to invest. When placing such orders, the primary objective of the Adviser shall be to obtain the best net price and execution (“best execution”) for the Trust but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Trust recognizes that there are likely to be many cases in which different brokers are equally able to provide such best execution and that, in selection among such brokers with respect to particular trades, it is desirable to choose those brokers who furnish “brokerage and research services” (as defined in Section 28(e)(3) of the Securities and Exchange Act of 1934) or statistical quotations and other information to the Trust and/or the Adviser in accordance with the standards set forth below. The Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines as a matter of general policy that the Trust and the respective Funds will benefit, directly or indirectly, by doing so, the Adviser may, where it deems appropriate, may place orders with a broker who charges a higher commission than another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of brokerage and research services provided by that broker. Accordingly, the Trust and the Adviser agree that the Adviser may shall select brokers for the execution of any Fund’s securities transactions from among: a. (a) Those brokers and dealers who provide brokerage and research services, or statistical quotations and other information to the Trust, specifically including the quotations necessary to determine the Trust’s net assets, in such amount of total brokerage as may reasonably be required in light of such services.; and b. (b) Those brokers and dealers who provide brokerage and research services to the Adviser which relate directly to portfolio securities, actual or potential, of the Trust, or which place the Adviser in a better position to make decisions in connection with the management of the Trust’s assets, whether or not such data may also be useful to the Adviser in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s primary duty to obtain the best execution for the Trust.