Common use of Placement of Orders Clause in Contracts

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a each Fund’s account with brokers or dealers selected by the Adviser. In the selection of such these brokers or dealers and the placing of such these orders, the Adviser is directed at all times to seek for each Fund the most most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds each Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a each Fund with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other instruments for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities or other instruments for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the Funds the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund the Funds with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable best execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fundthe Company’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such said orders, the Adviser is directed at all times to seek for each Fund the most Company the most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Company that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Company than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a Fund the Company with such said brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such said brokers may be useful to the Adviser in connection with its the Adviser or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fundthe Company’s account with brokers or dealers selected by the Adviser. In the selection of such these brokers or dealers and the placing of such these orders, the Adviser is directed at all times to seek for each Fund the most Company the most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Company that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Company than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a Fund the Company with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities and other instruments for a each Fund’s account with brokers or dealers selected by the Adviser. In the selection of such these brokers or dealers and the placing of such these orders, except as provided below, the Adviser is directed at all times to seek best execution for each Fund the most favorable execution and net price available under the circumstancesFund. It also is also understood that it is desirable for the Funds each Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities and other instruments for a each Fund with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other investments for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It , provided that it is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such said brokers or dealers and the placing of such said orders, the Adviser is directed at all times to seek for each the Fund the most most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a the Fund with such said brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It also is understood that the services provided by such said brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other investments for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the Funds the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities or other investments for a Fund the Funds with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such said brokers or dealers and the placing of such said orders, the Adviser is directed at all times to seek for each the Fund the most most- favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a the Fund with such said brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It also is understood that the services provided by such said brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund the Funds with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. thereof Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission SEC staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other investments for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the Funds the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to TO place orders for the purchase and sale of securities or other investments for a Fund the Funds with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e28(c) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission or Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It , provided that it is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a each Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds each Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a each Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such these brokers or dealers and the placing of such these orders, the Adviser is directed at all times to seek for each the Fund the most most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a the Fund with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser’s or its the Adviser’s affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission or staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a each Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such these brokers or dealers and the placing of such these orders, the Adviser is directed at all times to seek for each Fund the most most-favorable execution and net price available under the circumstances. It also is also understood that it is desirable for the Funds each Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. ThereforeThe Adviser, the Adviser therefore, is authorized to place orders for the purchase and sale of securities for a each Fund with such these brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such these brokers may be useful to the Adviser in connection with its the Adviser's or its the Adviser's affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a the Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a the Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s 's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each the Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds Fund that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds Fund than may result when allocating brokerage to other brokers, consistent with section Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ ' services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission or staff interpretations thereof. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.

Placement of Orders. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities for a Fund’s account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for each Fund the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Funds that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Funds than may result when allocating brokerage to other brokers, consistent with section 28(e) of the 1934 Act and any Commission staff interpretations thereof. thereof Therefore, the Adviser is authorized to place orders for the purchase and sale of securities for a Fund with such brokers, subject to review by the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates’ services to other clients.