Common use of Selection of Brokers and Dealers Clause in Contracts

Selection of Brokers and Dealers. Consistent with any policy guidelines adopted by the Fund, in the selection of brokers and dealers to execute portfolio transactions, the Investment Advisor is authorized to consider not only the available prices and rates of brokerage commissions, but also other relevant factors, which may include, without limitation: the execution capabilities of the brokers and dealers; the research, custody, and other services provided by the brokers and dealers that the Investment Advisor believes will enhance its general portfolio management capabilities; the size of the transaction; the difficulty of execution; the operational facilities of these brokers and dealers; the risk to a broker or dealer of positioning a block of securities; and the overall quality of brokerage and research services provided by the brokers and dealers. In connection with the foregoing, the Investment Advisor is specifically authorized to pay those brokers and dealers who provide brokerage and research services to the Investment Advisor a higher commission than that charged by other brokers and dealers if the Investment Advisor determines in good faith that the amount of the commission is reasonable in relation to the value of the services in terms of either the particular transaction or in terms of the Investment Advisor’s overall responsibilities with respect to the Fund and to any other client accounts or portfolios that the Investment Advisor advises.

Selection of Brokers and Dealers. Consistent with any To the extent permitted by the policy guidelines adopted by the Fund, in the selection of brokers and dealers to execute portfolio transactions, the Investment Advisor Manager is authorized to consider not only the available prices and rates of brokerage commissions, but also other relevant factors, which may include, without limitation: the execution capabilities of the brokers and dealers; the research, custody, and other services provided by the brokers and dealers that the Investment Advisor Manager believes will enhance its general portfolio management capabilities; the size of the transaction; the difficulty of execution; the operational facilities of these brokers and dealers; the risk to a broker or dealer of positioning a block of securities; and the overall quality of brokerage and research services provided by the brokers and dealers. In connection with the foregoing, the Investment Advisor Manager is specifically authorized to pay those brokers and dealers who provide brokerage and research services to the Investment Advisor Manager a higher commission than that charged by other brokers and dealers if the Investment Advisor Manager determines in good faith that the amount of the commission is reasonable in relation to the value of the services in terms of either the particular transaction or in terms of the Investment Advisor’s Manager's overall responsibilities with respect to the Fund and to any other client accounts or portfolios that the Investment Advisor Manager advises.