Common use of Series Transactions Clause in Contracts

Series Transactions. The Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Series in accordance with the policies with respect to portfolio transactions set forth in the Fund's registration statement, and is directed to use its best efforts to obtain the best available price and most favorable execution, except as prescribed herein. It is understood that neither the Fund nor the Manager will adopt a formula for the allocation of Series brokerage. It is further understood that the Manager may, in its discretion, use brokers who provide the Series with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Series, and the Manager may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Manager determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager to the Series and its other clients and that the total commissions paid by such Series will be reasonable in relation to the benefits to the Series over the long term. It is understood that the Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for any Series and for other clients in order to obtain the most favorable price and efficient execution. In that event, allocation of the securities purchased or sold, as well as expenses incurred in the transaction, will be made by the Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager will promptly communicate to the officers and trustees of the Fund such information relating to transactions for the Series as they may reasonably request.

Series Transactions. The Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Series in accordance with the policies with respect to portfolio transactions set forth in the Fund's registration statement, and is directed to use its best efforts to obtain the best available price and most favorable execution, except as prescribed herein. It is understood that neither the Fund nor the Manager will adopt a formula for the allocation of Series brokerage. It is further understood that the Manager may, in its discretion, use brokers who provide the a Series with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Series, and the Manager may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Manager determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Manager to the Series and its other clients and that the total commissions paid by such Series will be reasonable in relation inrelation to the benefits to the Series over the long term. It is understood that the Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for any Series and for other clients in order to obtain the most favorable price and efficient execution. In that event, allocation of the securities purchased or sold, as well as expenses incurred in the transaction, will be made by the Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Manager will promptly communicate to the officers and trustees of the Fund such information relating to transactions for the Series as they may reasonably request.