Common use of Selection of Broker Clause in Contracts

Selection of Broker. Dealers and Execution of Transactions. Primary Sub-Adviser will generally be responsible for effecting transactions and selecting brokers or dealers to execute such transactions for each Fund, unless otherwise agreed by Primary Sub-Adviser and Sub-Adviser. In the selection of brokers or dealers (which may include brokers or dealers affiliated with Primary Sub-Adviser) and the placement of orders for the purchase and sale of portfolio investments for each Fund, Primary Sub-Adviser shall use its best efforts to obtain for 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, Primary Sub-Adviser bearing in mind the 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 provide by the broker or dealer. Subject to such policies as the Trustees may determine, Primary Sub-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 a Fund to pay a broker or dealer that provides brokerage or research services to Primary Sub-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 Primary Sub-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 Primary Sub-Adviser's overall responsibilities with respect to such Fund and to other clients of Primary Sub-Adviser as to which Primary Sub-Adviser exercises investment discretion. The Trust hereby agrees that any entity or person associated with Primary Sub-Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Trust hereby consents to the retention of compensation for such transactions. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund, to the extent permitted by applicable laws and regulations, the Primary Sub-Adviser may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. The Manager acknowledges that the Primary Sub-Adviser is a fiduciary to other clients, some of which have the same or similar investment objectives and will hold the same or similar investments as a Fund. The Manager further acknowledges that, notwithstanding the sameness or similarity of the investment objectives and/or investments of a Fund relative to those of another client of Primary Sub-Adviser, the Primary Sub-Adviser may give advice and take action in the performance of its duties with respect to other clients that may differ from the advice given, or the timing or nature of actions taken, with respect to the Fund.

Selection of Broker. Dealers and Execution of Transactions. Primary To the extent that transactions are effected in the Allocated Portion, Sub-Adviser will generally shall be responsible for effecting such transactions and selecting brokers or dealers to execute such transactions for each Fund, unless otherwise agreed by Primary Sub-Adviser and Sub-Adviserthe Allocated Portion. In the selection of brokers or dealers (which may include brokers or dealers affiliated with Primary Sub-Adviser) and the placement of orders for the purchase and sale of portfolio investments for each Fundthe Allocated Portion, Primary Sub-Adviser shall use its best efforts to obtain for 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, Primary Sub-Adviser Adviser, bearing in mind the 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 provide provided by the broker or dealer. Subject to such policies as the Trustees may determine, Primary Sub-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 a the Fund to pay a broker or dealer that provides brokerage or research services to Primary Sub-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 Primary Sub-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 Primary Sub-Adviser's overall responsibilities with respect to such the Fund and to other clients of Primary Sub-Adviser as to which Primary Sub-Adviser exercises investment discretion. The Trust hereby agrees that any entity or person associated with Primary Sub-Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Trust hereby consents to the retention of compensation for such transactions. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the FundFund as well as other clients of the Sub-Adviser, to the extent permitted by applicable laws and regulations, the Primary Sub-Adviser may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. The Manager acknowledges that the Primary Sub-Adviser is a fiduciary to other clients, some of which have the same or similar investment objectives and will hold the same or similar investments as a Fund. The Manager further acknowledges that, notwithstanding the sameness or similarity of the investment objectives and/or investments of a Fund relative to those of another client of Primary Sub-Adviser, the Primary Sub-Adviser may give advice and take action in the performance of its duties with respect to other clients that may differ from the advice given, or the timing or nature of actions taken, with respect to the Fund.

Selection of Broker. Dealers and Execution of Transactions. The Primary Sub-Adviser Adviser, and not Sub-Adviser, will generally be responsible for effecting transactions and selecting brokers or dealers to execute such transactions for each a Fund, unless otherwise agreed by Primary Sub-Adviser and Sub-Adviser. In the event that Sub-Adviser becomes responsible for effecting or effects transactions for a Fund, in the selection of brokers or dealers (which may include brokers or dealers affiliated with Primary Sub-Adviser) and the placement of orders for the purchase and sale of portfolio investments for each Fundthe Allocated Portion, Primary Sub-Adviser shall use its best efforts to obtain for 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, Primary Sub-Adviser Adviser, bearing in mind the 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 provide provided by the broker or dealer. Subject to such policies as the Trustees may determine, Primary Sub-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 a the Fund to pay a broker or dealer that provides brokerage or research services to Primary Sub-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 Primary Sub-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 Primary Sub-Adviser's overall responsibilities with respect to such the Fund and to other clients of Primary Sub-Adviser as to which Primary Sub-Adviser exercises investment discretion. The Trust hereby agrees that any entity or person associated with Primary Sub-Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934, as amended, and the Trust hereby consents to the retention of compensation for such transactions. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the FundFund as well as other clients of the Sub-Adviser, to the extent permitted by applicable laws and regulations, the Primary Sub-Adviser may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. The Manager acknowledges that the Primary Sub-Adviser is a fiduciary to other clients, some of which have the same or similar investment objectives and will hold the same or similar investments as a Fund. The Manager further acknowledges that, notwithstanding the sameness or similarity of the investment objectives and/or investments of a Fund relative to those of another client of Primary Sub-Adviser, the Primary Sub-Adviser may give advice and take action in the performance of its duties with respect to other clients that may differ from the advice given, or the timing or nature of actions taken, with respect to the Fund.