Common use of Execution of Brokerage Transactions Clause in Contracts

Execution of Brokerage Transactions. Our firm will arrange to execute securities brokerage transactions for your assets through Broker-Dealers that we reasonably believe will provide “best execution”. In seeking best execution, the determinative factor is not the lowest possible commission cost but whether the transaction represents the best qualitative execution. We may take into consideration the full range of a Broker-Dealer’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Our firm will seek competitive commission rates, but we may not necessarily obtain the lowest possible commission rates for account transactions. It is important to note that we generally do not have discretion to negotiate commission rates. We do not receive a portion of the brokerage commissions and/or transaction fees charged to you by a non- affiliated Broker-Dealer. We generally process transactions for each client account independently, unless we decide to purchase or sell the same securities for several clients at approximately the same time. Our firm may (but is not obligated to) combine or “batch” orders for a variety of factors. Some factors are to obtain best execution or to negotiate more favorable commission rates. Under this procedure, transactions’ price will be averaged and will be allocated among our firm’s clients in proportion to the purchase and sale orders placed for each client account, on any given day.

Execution of Brokerage Transactions. Our firm will arrange to execute securities brokerage transactions for your assets through Broker-Dealers that we reasonably believe will provide “best execution”. In seeking best execution, the determinative factor is not the lowest possible commission cost but whether the transaction represents the best qualitative execution. We may take into consideration the full range of a Broker-Dealer’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Our firm will seek competitive commission rates, but we may not necessarily obtain the lowest possible commission rates for account transactions. It is important to note that we generally do not have discretion to negotiate commission rates. We (meaning us and our associated persons) do not receive a portion of the brokerage commissions and/or transaction fees charged to you by a non- non-affiliated Broker-Dealer. We generally process transactions for each client account independently, unless we decide to purchase or sell the same securities for several clients at approximately the same time. Our firm may (but is not obligated to) combine or “batch” orders for a variety of factors. Some factors are to obtain best execution or to negotiate more favorable commission rates. Under this procedure, transactions’ price will be averaged and will be allocated among our firm’s clients in proportion to the purchase and sale orders placed for each client account, on any given day.

Execution of Brokerage Transactions. Our firm will arrange to execute securities brokerage transactions for your assets through Broker-Dealers that we reasonably believe will provide “best execution”. In seeking We seek best execution, the determinative factor is not the lowest possible commission cost but execution as whether the transaction represents the best qualitative execution. We may take into consideration the full range of a Broker-Dealer’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Our firm will seek competitive commission rates, but we may not necessarily obtain the lowest possible commission rates for account transactions. It is important to note that we generally do not have discretion to negotiate commission rates. We (meaning us and our associated persons) do not receive a portion of the brokerage commissions and/or transaction fees charged to you by a non- non-affiliated Broker-Dealer. We generally process transactions for each client Client account independently, unless we decide to purchase or sell the same securities for several clients Clients at approximately the same time. Our firm may (but is not obligated to) combine or “batch” orders for a variety of factors. Some factors are to obtain best execution or to negotiate more favorable commission rates. Under this procedure, transactions’ price the transaction’s prices will be averaged and will be allocated among our firm’s clients in proportion to the purchase and sale orders placed for each client account, on any given day.

Execution of Brokerage Transactions. Our firm will arrange to execute securities brokerage transactions for your assets through Broker-Dealers that we reasonably believe will provide “best execution”. In seeking best execution, the determinative factor is not the lowest possible commission cost but whether the transaction represents the best qualitative execution. We may take into consideration the full range of a Broker-Dealer’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Our firm will seek competitive commission rates, but we may not necessarily obtain the lowest possible commission rates for account transactions. It is important to note that we generally do not have discretion to negotiate commission rates. We do not receive a portion of the brokerage commissions and/or transaction fees charged to you by a non- non-affiliated Broker-Dealer. We generally process transactions for each client account independently, unless we decide to purchase or sell the same securities for several clients at approximately the same time. Our firm may (but is not obligated to) combine or “batch” orders for a variety of factors. Some factors are to obtain best execution or to negotiate more favorable commission rates. Under this procedure, transactions’ price will be averaged and will be allocated among our firm’s clients in proportion to the purchase and sale orders placed for each client account, on any given day.

Execution of Brokerage Transactions. Our firm will arrange to execute securities brokerage transactions for your assets through Broker-Broker- Dealers that we reasonably believe will provide “best execution”. In seeking best execution, the determinative factor is not the lowest possible commission cost but whether the transaction represents the best qualitative execution. We may take into consideration the full range of a Broker-Broker- Dealer’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Our firm will seek competitive commission rates, but we may not necessarily obtain the lowest possible commission rates for account transactions. It is important to note that we generally do not have discretion to negotiate commission rates. We (meaning us and our associated persons) do not receive a portion of the brokerage commissions and/or transaction fees charged to you by a non- non-affiliated Broker-Dealer. We generally process transactions for each client account independently, unless we decide to purchase or sell the same securities for several clients at approximately the same time. Our firm may (but is not obligated to) combine or “batch” orders for a variety of factors. Some factors are to obtain best execution or to negotiate more favorable commission rates. Under this procedure, transactions’ price will be averaged and will be allocated among our firm’s clients in proportion to the purchase and sale orders placed for each client account, on any given day.