Common use of Aggregating Orders Clause in Contracts

Aggregating Orders. On occasions when the Manager deems the purchase or sale of a security to be in the best interest of the Fund as well as other advisory clients of the Manager, the Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities so purchased or sold, as well as the expense incurred in the transaction, will be made by the Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and its other clients. It is believed that the ability to participate in combined transactions will generally be beneficial to the accounts and/or funds managed by Manager, it is recognized that, in some cases, combined execution of orders and/or random allocation of smaller combined orders could adversely affect the price or volume of the security that any particular account may obtain.