Common use of Best Execution; Research Services Clause in Contracts

Best Execution; Research Services. (a) It is acknowledged that the Advisor will not typically use a broker or dealer, but if a broker or dealer is required to effectuate a transaction on behalf of the Fund, the Advisor will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Advisor will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities. It is acknowledged that although the Advisor will generally seek reasonably competitive trade execution costs, the Fund may not necessarily pay the lowest spread or commission available. Consistent with this obligation, and subject to applicable legal requirements, the Advisor may select brokers partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge, provided that the Advisor determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Advisor to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.

Best Execution; Research Services. (a) It is acknowledged that the Advisor Adviser will not typically use a broker or dealer, but if a broker or dealer is required to effectuate a transaction on behalf of the Fund, the Advisor Adviser will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Advisor Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities. It is acknowledged that although the Advisor Adviser will generally seek reasonably competitive trade execution costs, the Fund may not necessarily pay the lowest spread or commission available. Consistent with this obligation, and subject to applicable legal requirements, the Advisor Adviser may select brokers partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge, provided that the Advisor Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Advisor Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.