Common use of Execution of Transactions and Selection of Broker Dealers Clause in Contracts

Execution of Transactions and Selection of Broker Dealers. The Manager shall be responsible for effecting transactions for the Company and selecting brokers, dealers or futures commission merchants to execute such transactions for the Company. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Company, the Manager shall use its best efforts to obtain for the Company the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the Manager, bearing in mind the Company’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company to pay a broker or dealer that provides brokerage or research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Company and to other clients of the Manager as to which the Manager exercises investment discretion. The Company hereby agrees that any entity or person associated with the Manager which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company hereby consents to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager Adviser shall be responsible for effecting transactions for the Company each Series and selecting brokers, brokers or dealers or futures commission merchants to execute such transactions for the Companyeach Series. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Series, the Manager Adviser shall use its best efforts to obtain for the Company each Series the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the ManagerAdviser, bearing in mind the Company’s each Series’ best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Series to pay a broker or dealer that provides brokerage or research services to the Manager Adviser an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the ManagerAdviser’s overall responsibilities with respect to the Company such Series and to other clients of the Manager Adviser as to which the Manager Adviser exercises investment discretion. The Company hereby Trust agrees that than any entity or person associated with the Manager which Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company Trust, which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Company hereby consents Trust has consented to the retention of compensation for such transactionstransactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

Execution of Transactions and Selection of Broker Dealers. The Manager shall be responsible for effecting transactions for the Company each Fund and selecting brokers, dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the Manager, bearing in mind the Companyeach Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Company Trust hereby agrees that any entity or person associated with the Manager which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trust hereby consents to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager shall be responsible for effecting transactions for the Company each Fund and selecting brokers, dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the Manager, bearing in mind the Companyeach Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Company Each Trust hereby agrees that any entity or person associated with the Manager which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company a Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trusts hereby consents consent to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager Adviser shall be responsible for effecting transactions for the Company each Fund and selecting brokers, brokers or dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the ManagerAdviser) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager Adviser shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the ManagerAdviser, bearing in mind the Companyeach Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager Adviser an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the ManagerAdviser’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager Adviser as to which the Manager Adviser exercises investment discretion. The Company Trust hereby agrees that any entity or person associated with the Manager Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trust hereby consents to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager Adviser shall be responsible for effecting transactions for the Company Fund and selecting brokers, brokers or dealers or futures commission merchants to execute such transactions for the CompanyFund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the ManagerAdviser) and the placement of orders for the purchase and sale of portfolio investments for the CompanyFund, the Manager Adviser shall use its best efforts to obtain for the Company Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the ManagerAdviser, bearing in mind the CompanyFund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company Fund to pay a broker or dealer that provides brokerage or research services to the Manager Adviser an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the ManagerAdviser’s overall responsibilities with respect to the Company Fund and to other clients of the Manager Adviser as to which the Manager Adviser exercises investment discretion. The Company Trust hereby agrees that any entity or person associated with the Manager Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trust hereby consents to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager Advisor shall be responsible for effecting transactions for the Company each Fund and selecting brokers, brokers or dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the ManagerAdvisor) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager Advisor shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the ManagerAdvisor, bearing in mind the Companyeach Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager Advisor an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the ManagerAdvisor’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager Advisor as to which the Manager Advisor exercises investment discretion. The Company Trust hereby agrees that any entity or person associated with the Manager Advisor which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trust hereby consents to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager shall be responsible for effecting transactions for the Company each Fund and selecting brokers, dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the Manager, bearing in mind the Companyeach Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Company Trust hereby agrees that any entity or person associated with the Manager which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company a Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trust hereby consents consent to the retention of compensation for such transactions.

Execution of Transactions and Selection of Broker Dealers. The Manager shall be responsible for effecting transactions for the Company each Fund and selecting brokers, dealers or futures commission merchants to execute such transactions for the Companyeach Fund. In the selection of brokers or dealers (which may include brokers or dealers affiliated with the Manager) and the placement of orders for the purchase and sale of portfolio investments for the Companyeach Fund, the Manager shall use its best efforts to obtain for the Company each Fund the best execution available, except to the extent that it may be permitted to pay higher brokerage commissions for brokerage or research services as described below. In using its best efforts to obtain the best execution available, the Manager, bearing in mind the Company’s each Fund’ best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of execution and research services provided by the broker or dealer. Subject to such policies as the Company Board or the Trust Board may determine, the Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Company a Fund to pay a broker or dealer that provides brokerage or research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Manager determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Company such Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Company Each Trust hereby agrees that any entity or person associated with the Manager which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Company a Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Company Trusts hereby consents consent to the retention of compensation for such transactions.