Common use of Brokerage Commissions Clause in Contracts

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Janus Capital is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Janus Capital may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesJanus Capital. Xxxxxx Associates Janus Capital is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates Janus Capital shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Janus Capital or an affiliate is registered as a broker-dealer, Xxxxxx Associates Janus Capital may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates Janus Capital or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Janus Capital in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates Janus Capital shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesJanus Capital. Whenever Xxxxxx Associates Janus Capital simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesJanus Capital, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates Janus Capital to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust Fund to the contrary, Xxxxxx Associates Janus Capital is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Janus Capital may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesJanus Capital. Xxxxxx Associates Janus Capital is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates Janus Capital shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Janus Capital or an affiliate is registered as a broker-dealer, Xxxxxx Associates Janus Capital may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates Janus Capital or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees Directors of the Trust Fund may establish policies or guidelines to be followed by Xxxxxx Associates Janus Capital in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates Janus Capital shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such TrusteesDirectors. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesJanus Capital. Whenever Xxxxxx Associates Janus Capital simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesJanus Capital, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates Janus Capital to be fair and equitable to each client. The Trust Fund recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates Idex Management is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to Janus Capital the authority and direction to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates Idex Management or Janus Capital, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates Idex Management or Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services services, provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesIdex Management or Janus Capital. Xxxxxx Associates is Idex Management and Janus Capital are also authorized to consider sales of Fund Portfolio shares (which shall be deemed to include also shares of other registered investment companies with the same investment adviser) by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates Idex Management and Janus Capital shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Idex Management and Janus Capital in placing portfolio transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates Idex Management shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundTrust.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Tempest Xxxxxxxx is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Tempest Xxxxxxxx may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Tempest Xxxxxxxx determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesTempest Xxxxxxxx. Xxxxxx Associates Tempest Xxxxxxxx is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates Tempest Xxxxxxxx shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Tempest Xxxxxxxx in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates Tempest Xxxxxxxx shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesTempest Xxxxxxxx. Whenever Xxxxxx Associates Tempest Xxxxxxxx simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesTempest Xxxxxxxx, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates Tempest Xxxxxxxx to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to GE Investments and Scottish Equitable the authority and direction to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or GE Investments and Scottish Equitable may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates InterSecurities or GE Investments and Scottish Equitable determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is InterSecurities and GE Investments and Scottish Equitable are also authorized to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and GE Investments and Scottish Equitable shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and GE Investments and Scottish Equitable in placing portfolio securities transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the a Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates ATF Advisers is authorized and directed to place Fund portfolio transactions a Fund's securities transactions, or to delegate to each sub-adviser the authority and direction to place a Fund's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates ATF Advisers or each sub-adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates ATF Advisers or each sub-adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesATF Advisers or each sub-adviser. Xxxxxx Associates is ATF Advisers and each sub-adviser are also authorized to consider sales of Fund shares (which shall be deemed to include also shares of other registered investment companies with the same investment adviser) by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute Fund portfolio the Fund's securities transactions. In , provided that in placing portfolio fund business with such broker-dealers, Xxxxxx Associates ATF Advisers and each sub-adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms of this Agreement and the applicable requirements and provisions Conduct Rules of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of each Fund, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates ATF Advisers and each sub-adviser in placing portfolio transactions for the Trust each Fund pursuant to the foregoing provisions. Xxxxxx Associates ATF Advisers shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundTrust.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to NWQ the authority and direction to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or NWQ may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates InterSecurities or NWQ determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is InterSecurities or NWQ InterSecurities and NWQ are also authorized to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and NWQ shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and NWQ in placing portfolio securities transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates WRL is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates WRL or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates WRL or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesWRL or the Sub-Adviser. Xxxxxx Associates is WRL and the Sub-Adviser are also authorized to consider sales of Fund shares the individual and group life insurance policies issued by WRL by a broker-dealer as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates WRL and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust Directors may establish policies or guidelines to be followed by Xxxxxx Associates WRL and the Sub-Adviser in placing portfolio securities transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates WRL shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Directors of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Janus Capital is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Janus Capital may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesJanus Capital. Xxxxxx Associates Janus Capital is also authorized to consider sales of Fund shares shares/variable insurance contracts that permit allocation of contract values to the Fund as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates Janus Capital shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Janus Capital or an affiliate is registered as a broker-dealer, Xxxxxx Associates Janus Capital may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates Janus Capital or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Janus Capital in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates Janus Capital shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesJanus Capital. Whenever Xxxxxx Associates Janus Capital simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesJanus Capital, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates Janus Capital to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is Bergxx xx authorized and directed to place Fund portfolio transactions for the Fund only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may Bergxx xxx pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates determines Bergxx xxxermines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBergxx. Xxxxxx Associates is Xxrgxx xx also authorized to consider sales of variable insurance contracts that permit allocation of contract values to the Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Fund. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall Bergxx xxxll seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or Bergxx xx an affiliate is registered as a broker-dealer, Xxxxxx Associates may Bergxx xxx select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or Bergxx xx such affiliated broker may effect or execute Fund portfolio securities transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates in Bergxx xx placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall Bergxx xxxll report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBergxx. Whenever Xxxxxx Associates simultaneously Xxenever Bergxx xxxultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBergxx, such xxch orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to Bergxx xx be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to Alger Management the authority axx xxrection to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or Alger Management, may pay a broker brokxx xx dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates InterSecurities or Alger Management determines in good xxxx faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesInterSecurities or Alger Management. Xxxxxx Associates is InterSecuritixx xnd Alger Management are also authorized authoxxxxx to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and Alger Management shall seek the best txx xxst execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and Alger Management in placing portfolio secxxxxxes transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Idex Management is authorized and directed to place Fund portfolio transactions transactions, or to delegate to Janus Capital the authority and direction to place Fund portfolio transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates Idex Management or Janus Capital, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates Idex Management or Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services services, provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesIdex Management or Janus Capital. Xxxxxx Associates is Idex Management and Janus Capital are also authorized to consider sales of Fund shares (which shall be deemed to include also shares of other registered investment companies with the same investment adviser) by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates Idex Management and Janus Capital shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Idex Management and Janus Capital in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates Idex Management shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates is Bergxx xx authorized and directed to place Fund portfolio transactions for the Portfolio only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may Bergxx xxx pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates determines Bergxx xxxermines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBergxx. Xxxxxx Associates is Xxrgxx xx also authorized to consider sales of Fund shares in any fund investing in the Portfolio as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Portfolio. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall Bergxx xxxll seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or Bergxx xx an affiliate is registered as a broker-dealer, Xxxxxx Associates may Bergxx xxx select a broker with which it or any of its affiliates or the Fund Portfolio is affiliated. Xxxxxx Associates or Bergxx xx such affiliated broker may effect or execute Fund portfolio Portfolio securities transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund Portfolio therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates in Bergxx xx placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall Bergxx xxxll report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund Portfolio may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBergxx. Whenever Xxxxxx Associates simultaneously Xxenever Bergxx xxxultaneously places orders to purchase or sell the same security on behalf of the Fund Portfolio and one or more other clients of Xxxxxx AssociatesBergxx, such xxch orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to Bergxx xx be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundPortfolio.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates Idex Management is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Portfolio transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates Idex Management or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates Idex Management or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services services, provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesIdex Management or the Sub-Adviser. Xxxxxx Associates is Idex Management and the Sub-Adviser are also authorized to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates Idex Management and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of th Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Idex Management and the Sub-Adviser in placing portfolio securities transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates Idex Management shall report on the placement of portfolio Portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundPortfolio.

Brokerage Commissions. For purposes of this Agreement, brokerage --------------------- commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the Investment Company Act of 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker or dealer with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker broker-dealer may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees Directors of the Trust Fund may establish policies or guidelines to be followed by Xxxxxx Associates in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundDirectors.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolios upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolios and shall be paid by the FundPortfolios. Absent instructions from the Trust to the contrary, Xxxxxx Associates WRL is authorized and directed to place Fund portfolio transactions the Portfolios' securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Portfolios' securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates WRL or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates WRL or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesWRL or the Sub-Adviser. Xxxxxx Associates is WRL and the Sub-Adviser are also authorized to consider sales of Fund shares the individual and group life insurance policies issued by WRL by a broker-dealer as a factor in selecting broker-dealers to execute Fund portfolio the Portfolios' securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates WRL and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolios, and the Trustees of the Trust Directors may establish policies or guidelines to be followed by Xxxxxx Associates WRL and the Sub-Adviser in placing portfolio securities transactions for the Trust Portfolios pursuant to the foregoing provisions. Xxxxxx Associates WRL shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Directors of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to Luther King the authority and dixxxxxxx xx place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or Luther King, may pay a broker an ox xxxxxx xx amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates InterSecurities or Luther King determines in good faith that such fxxxx xxxx xuch amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of InterSecurities or Luther King. InterSecurities xxx Xxxxxx Associates. Xxxxxx Associates is King are also authorized to consider authorizex xx xxxxxxer sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and Luther King shall seek the best execution xxxxxxxxx xf each transaction and all such brokerage placement shall be consistent with the Rules of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and Luther King in placing portfolio transactions securitxxx xxxxxxctions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates ATF Advisers is authorized and directed to place Fund portfolio transactions the Fund's securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Fund's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates ATF Advisers or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates ATF Advisers or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesATF Advisers or the Sub-Adviser. Xxxxxx Associates is ATF Advisers and the Sub-Adviser are also authorized to consider sales of Fund shares (which shall be deemed to include also shares of other registered investment companies with the same investment adviser) by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute Fund portfolio the Fund's securities transactions. In , provided that in placing portfolio fund business with such broker-dealers, Xxxxxx Associates ATF Advisers and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms of this Agreement and the applicable requirements and provisions Conduct Rules of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Fund, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates ATF Advisers and the Sub-Adviser in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates ATF Advisers shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundTrust.

Brokerage Commissions. For purposes of this Agreement, --------------------- brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Berger Associates is authorized axxxxxxzed and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Berger Associates may pay a xxx x broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Berger Associates determines detexxxxxx in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Berger Associates. Xxxxxx Associates Bexxxx Xssociates is also authorized axxx xxthorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Berger Associates shall seek shalx xxxx the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the Investment Company Act of 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Berger Associates or an affiliate ax xxxxliate is registered as a broker-dealer, Xxxxxx Berger Associates may select xxxxxx a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Berger Associates or such affiliated sxxx xxfiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Berger Associates in placing pxxxxxx portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Berger Associates shall report shalx xxxxrt on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Portfolio's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates InterSecurities or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesInterSecurities or the Sub-Adviser. Xxxxxx Associates is InterSecurities and the Sub-Adviser are also authorized to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio's securities transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Portfolio, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and the Sub-Adviser in placing portfolio securities transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundPortfolio.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the Investment Company Act of 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker or dealer with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker broker-dealer may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from Bergxx xx the Trust to the contrary, Xxxxxx Associates BIAM shall place all orders for the purchase and sale of securities for the Fund with brokers and dealers selected by BIAM in the exercise of its fiduciary duty to obtain best execution. BIAM is authorized and directed to place Fund portfolio transactions for the Fund only with brokers and dealers who BIAM believes will render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, best overall terms available; provided, however, that Xxxxxx Associates BIAM may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates BIAM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBIAM. Xxxxxx Associates BIAM is also authorized authorized, consistent with the requirements of NASD Conduct Rule 2830(k), to consider sales of variable insurance contracts that permit allocation of contract values to the Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Fund. In placing portfolio business with such broker-dealers, Xxxxxx Associates BIAM shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates BIAM or an affiliate is registered as a broker-dealer, Xxxxxx Associates BIAM may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates BIAM or such affiliated broker may effect or execute Fund portfolio transactionssecurities transactions on an agency basis, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and Bergxx xx the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates BIAM in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates BIAM shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such the Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBIAM. Whenever Xxxxxx Associates BIAM simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBIAM, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates BIAM to be fair and equitable to each client. The Bergxx xxx the Trust recognizes that recognize that, in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, --------------------- brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from BBOI Worldwide or the Trust to the contrary, Xxxxxx Associates BIAM shall place all orders for the purchase and sale of securities for the Fund with brokers and dealers selected by BIAM. BIAM is authorized and directed to place Fund portfolio transactions for the Fund only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, -------- however, that Xxxxxx Associates BIAM may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates BIAM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBIAM. Xxxxxx Associates BIAM is also authorized to consider sales of variable insurance contracts that permit allocation of contract values to the Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Fund. In placing portfolio business with such broker-dealers, Xxxxxx Associates BIAM shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates BIAM or an affiliate is registered as a broker-dealer, Xxxxxx Associates BIAM may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates BIAM or such affiliated broker may effect or execute Fund portfolio transactionssecurities transactions on an agency basis, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and BBOI Worldwide or the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates BIAM in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates BIAM shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such the Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBIAM. Whenever Xxxxxx Associates BIAM simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBIAM, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates BIAM to be fair and equitable to each client. The BBOI Worldwide and the Trust recognizes that recognize that, in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Idex Management is authorized and directed to place Fund portfolio transactions transactions, or to delegate to Janus Capital the authority and direction to place Fund portfolio transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates Idex Management or Janus Capital may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction transaction, if Xxxxxx Associates Idex Management or Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesIdex Management or Janus Capital. Xxxxxx Associates is Idex Management and Janus Capital are also authorized to consider sales of Fund shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates Idex Management and Janus Capital shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Idex Management and Janus Capital in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates Idex Management shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from Bergxx xx the Trust to the contrary, Xxxxxx Associates BIAM shall place all orders for the purchase and sale of securities for the Portfolio with brokers and dealers selected by BIAM in the exercise of its fiduciary duty to obtain best execution. BIAM is authorized and directed to place Fund portfolio transactions for the Portfolio only with brokers and dealers who BIAM believes will render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, best overall terms available; provided, however, that Xxxxxx Associates BIAM may pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates BIAM determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBIAM. Xxxxxx Associates BIAM is also authorized authorized, consistent with the requirements of NASD Conduct Rule 2830(k), to consider sales of Fund shares of any fund investing in the Portfolio as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Portfolio. In placing portfolio business with such broker-dealers, Xxxxxx Associates BIAM shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates BIAM or an affiliate is registered as a broker-dealer, Xxxxxx Associates BIAM may select a broker with which it or any of its affiliates or the Fund Portfolio is affiliated. Xxxxxx Associates BIAM or such affiliated broker may effect or execute Fund portfolio transactionsPortfolio securities transactions on an agency basis, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund Portfolio therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and Bergxx xx the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates BIAM in placing portfolio transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates BIAM shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such the Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund Portfolio may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBIAM. Whenever Xxxxxx Associates BIAM simultaneously places orders to purchase or sell the same security on behalf of the Fund Portfolio and one or more other clients of Xxxxxx AssociatesBIAM, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates BIAM to be fair and equitable to each client. The Bergxx xxx the Trust recognizes that recognize that, in some cases, this procedure may adversely affect the results obtained for the FundPortfolio.

Brokerage Commissions. For purposes of this --------------------- Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the Investment Company Act of 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker or dealer with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker broker-dealer may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees Directors of the Trust Fund may establish policies or guidelines to be followed by Xxxxxx Associates in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates shall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundDirectors.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates ATF Advisers is authorized and directed to place Fund portfolio transactions the Fund's securities transactions, or to delegate to the sub-adviser the authority and direction to place the Fund's securities transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates ATF Advisers or the sub-adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates ATF Advisers or the sub-adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesATF Advisers or the sub-adviser. Xxxxxx Associates is ATF Advisers and the sub-adviser are also authorized to consider sales of Fund shares (which shall be deemed to include also shares of other registered investment companies with the same investment adviser) by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute Fund portfolio the Fund's securities transactions. In , provided that in placing portfolio fund business with such broker-dealers, Xxxxxx Associates ATF Advisers and the sub-adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms of this Agreement and the applicable requirements and provisions Conduct Rules of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionssecurities transactions of the Fund, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates ATF Advisers and the sub-adviser in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates ATF Advisers shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundTrust.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is Berxxx xx authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates may Berxxx xxy pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates determines Berxxx xxtermines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBerxxx. Xxxxxx Associates is Xerxxx xx also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall Berxxx xxall seek the best execution of each transaction. Subject to the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or Berxxx xx an affiliate is registered as a broker-dealer, Xxxxxx Associates may Berxxx xxy select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or Berxxx xx such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates in Berxxx xx placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall Berxxx xxall report on the placement of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBerxxx. Whenever Xxxxxx Associates simultaneously Xhenever Berxxx xxmultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBerxxx, such xuch orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to Berxxx xx be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Idex Management is authorized and directed to place Fund portfolio transactions transactions, or to delegate to Janus Capital the authority and direction to place the Fund portfolio transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates Idex Management or Janus Capital, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Xxxxxx Associates Idex Management or Janus Capital determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesIdex Management or Janus Capital. Xxxxxx Associates is Idex Management and Janus Capital are also authorized to consider sales of Fund shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Fund shares as a factor in selecting broker-dealers to execute the Fund portfolio transactions. In , provided that in placing portfolio business with such broker-dealers, Xxxxxx Associates Idex Management and Janus Capital shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Fund shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Idex Management and Janus Capital in placing portfolio transactions for the Trust Fund pursuant to the foregoing provisions. Xxxxxx Associates Idex Management shall report on the placement of portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting Trustees of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes Seller represents and warrants to Buyer that Seller has not engaged any broker or finder in connection with the transaction contemplated by this Agreement other than Xxxxxxx Xxxxxxxx, Xxxxxx Xxxxxxxx Realty East Idaho, an Idaho corporation and Xxxxxx Xxxxxx as Sales Agent (“Seller’s Broker”), whose commission (if the Closing occurs) shall be paid pursuant to a separate agreement entered into by Seller and Broker. Buyer represents and warrants to Seller that Buyer has not engaged any broker or finder in connection with the transaction contemplated by this Agreement other than Xxxxxxx Xxxxxxxx, Xxxxxx Xxxxxxxx Realty East Idaho, an Idaho corporation and Xxxxxx Xxxxxx as Sales Agent ("Broker" and collectively with Seller’s Broker, the “Brokers”), whose commission (if the Closing occurs) shall be paid pursuant to a separate agreement entered into by Buyer and Broker. Buyer shall indemnify, defend and hold Seller and Broker harmless from and against any liability, cost or expense arising out of or connected with any claim for any commission or compensation made by any person or entity other than Broker claiming to have been retained or contacted by Buyer in connection with, this transaction, and Seller shall indemnify, defend and hold Buyer harmless from and against any liability, cost or expense arising out of or connected with any claim for any commission or compensation made by any person or entity other than Seller’s Broker claiming to have been retained or contacted by Seller in connection with this transaction. This indemnity provision shall survive the Closing or any earlier termination of this Agreement. The Brokers shall not be deemed a party or thirdparty beneficiary of this Agreement. As a condition to Seller's obligation to pay the commission to Broker pursuant to this Section 13.1, brokerage commissions paid by Broker shall execute the Fund upon signature page for Broker attached hereto solely for purposes of confirming the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates is authorized and directed to place Fund portfolio transactions only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, matters set forth therein; provided, however, that Xxxxxx Associates may pay (a) Broker's signature hereon shall not be a broker an amount of commission for effecting a securities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates determines in good faith that such amount of commission was reasonable in relation prerequisite to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx Associates. Xxxxxx Associates is also authorized to consider sales of Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates shall seek the best execution of each transaction. Subject to the terms binding nature of this Agreement on Buyer and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactionsSeller, and the Trustees same shall become fully effective upon execution by Buyer and Seller, and (b) the signature of the Trust may establish policies or guidelines Broker will not be necessary to be followed by Xxxxxx Associates in placing portfolio transactions for the Trust pursuant to the foregoing provisions. Xxxxxx Associates shall report on the placement amend any provision of portfolio transactions in the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundAgreement.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Berger is authorized and directed to place Fund portfolio transactions traxxxxxxons only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Berger may pay a broker an amount of commission for effecting a securities x xxxurities transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Berger determines in good faith that such amount of commission was commissiox xxx reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBerger. Xxxxxx Associates Berger is also authorized to consider sales of Fund shares sxxxxx as a factor x xxxtor in selecting broker-dealers to execute Fund portfolio transactions. In placing portfolio business with such broker-dealers, Xxxxxx Associates Berger shall seek the best execution of each transaction. Subject to Subxxxx xo the terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Berger or an affiliate is registered as a broker-dealer, Xxxxxx Associates may Bergxx xxx select a broker with which it or any of its affiliates or affilixxxx xr the Fund is affiliated. Xxxxxx Associates Berger or such affiliated broker may effect or execute Fund portfolio pxxxxxxio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Berger in placing portfolio transactions for the Trust pursuant to pursuaxx xx the foregoing provisions. Xxxxxx Associates Berger shall report on the placement of portfolio transactions in the transactionx xx xhe prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBerger. Whenever Xxxxxx Associates Berger simultaneously places orders to purchase or purchxxx xx sell the same security sxxx xxcurity on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBerger, such orders will be allocated as to price and amount among xxxxx all such clients in a manner reasonably believed by Xxxxxx Associates Berger to be fair and equitable to each client. The Trust recognizes recxxxxxxs that in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Berger is authorized and directed to place Fund portfolio transactions xxx xxe Fund only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Berger may pay a broker an amount of commission for effecting a securities sexxxxxxes transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Berger determines in good faith that such amount of commission was reasonable xxxxxnable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBerger. Xxxxxx Associates Berger is also authorized to consider sales of variable inxxxxxxe xxxxxxcts that permit allocation of contract values to the Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Fund. In placing portfolio business with such broker-dealers, Xxxxxx Associates Berger shall seek the best execution of each transaction. Subject to the xx xxx terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Berger or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select Berger max xxxxct a broker with which it or any of its affiliates or the xx xxx Fund is affiliated. Xxxxxx Associates Berger or such affiliated broker may effect or execute Fund portfolio transactionssecurixxxx xransactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Berger in placing portfolio transactions for the Trust pursuant to the foregoing xxx xoregoing provisions. Xxxxxx Associates Berger shall report on the placement of portfolio transactions in the prior xxx xxior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBerger. Whenever Xxxxxx Associates Berger simultaneously places orders to purchase or sell ox xxxx the same security sxxxxxxy on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBerger, such orders will be allocated as to price and amount among all such xxx xuch clients in a manner reasonably believed by Xxxxxx Associates Berger to be fair and equitable to each client. The Trust recognizes that recognizxx xxxt in some cases, this procedure may adversely affect the results obtained for the Fund.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund Portfolio upon the purchase or sale of its portfolio Portfolio securities shall be considered a cost of securities of the Fund Portfolio and shall be paid by the FundPortfolio. Absent instructions from the Trust to the contrary, Xxxxxx Associates InterSecurities is authorized and directed to place Fund portfolio transactions the Portfolio's securities transactions, or to delegate to the Sub-Adviser the authority and direction to place the Portfolio transactions, only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, ; provided, however, that Xxxxxx Associates InterSecurities or the Sub-Adviser, may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction transaction, if Xxxxxx Associates InterSecurities or the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services services, provided by such broker or dealer viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesInterSecurities or the Sub-Adviser. Xxxxxx Associates is InterSecurities and the Sub-Adviser are also authorized to consider sales of Fund Portfolio shares by a broker-dealer or the recommendation of a broker-dealer to its customers that they purchase Portfolio shares as a factor in selecting broker-dealers to execute Fund portfolio the Portfolio transactions. In , provided that in placing portfolio Portfolio business with such broker-dealers, Xxxxxx Associates InterSecurities and the Sub-Adviser shall seek the best execution of each transaction. Subject to transaction and all such brokerage placement shall be consistent with the terms Rules of this Agreement and the applicable requirements and provisions Fair Practice of the lawNational Association of Securities Dealers, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select a broker with which it or any of its affiliates or the Fund is affiliated. Xxxxxx Associates or such affiliated broker may effect or execute Fund portfolio transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Inc. Notwithstanding the foregoing, the Trust Portfolio shall retain the right to direct the placement of all portfolio Portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates InterSecurities and the Sub-Adviser in placing portfolio Portfolio transactions for the Trust Portfolio pursuant to the foregoing provisions. Xxxxxx Associates InterSecurities shall report on the placement of portfolio Portfolio transactions in each quarter to the prior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx Associates. Whenever Xxxxxx Associates simultaneously places orders to purchase or sell the same security on behalf Trustees of the Fund and one or more other clients of Xxxxxx Associates, such orders will be allocated as to price and amount among all such clients in a manner reasonably believed by Xxxxxx Associates to be fair and equitable to each client. The Trust recognizes that in some cases, this procedure may adversely affect the results obtained for the FundPortfolio.

Brokerage Commissions. For purposes of this Agreement, brokerage commissions paid by the Fund upon the purchase or sale of its portfolio securities shall be considered a cost of securities of the Fund and shall be paid by the Fund. Absent instructions from the Trust to the contrary, Xxxxxx Associates Berger is authorized and directed to place Fund portfolio transactions xxx xhe Fund only with brokers and dealers who render satisfactory service in the execution of orders at the most favorable prices and at reasonable commission rates, provided, however, that Xxxxxx Associates Berger may pay a broker an amount of commission for effecting a securities sxxxxxxies transaction in excess of the amount of commission another broker would have charged for effecting that transaction if Xxxxxx Associates Berger determines in good faith that such amount of commission was reasonable wax xxxxonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either that particular transaction or the overall responsibilities of Xxxxxx AssociatesBerger. Xxxxxx Associates Berger is also authorized to consider sales of variable ixxxxxxce xxxxxacts that permit allocation of contract values to the Fund shares as a factor in selecting broker-dealers to execute Fund portfolio transactionstransactions for the Fund. In placing portfolio business with such broker-dealers, Xxxxxx Associates Berger shall seek the best execution of each transaction. Subject to the xx xxe terms of this Agreement and the applicable requirements and provisions of the law, including the 1940 Act and the Securities Exchange Act of 1934, as amended, and in the event that Xxxxxx Associates Berger or an affiliate is registered as a broker-dealer, Xxxxxx Associates may select Berger mxx xxxect a broker with which it or any of its affiliates or the xx xxe Fund is affiliated. Xxxxxx Associates Berger or such affiliated broker may effect or execute Fund portfolio securxxxxx transactions, whether on a securities exchange or in the over-the-counter market, and receive separate compensation from the Fund therefor. Notwithstanding the foregoing, the Trust shall retain the right to direct the placement of all portfolio transactions, and the Trustees of the Trust may establish policies or guidelines to be followed by Xxxxxx Associates Berger in placing portfolio transactions for the Trust pursuant to the tx xxx foregoing provisions. Xxxxxx Associates Berger shall report on the placement of portfolio transactions in the prior xxx xrior fiscal quarter at each quarterly meeting of such Trustees. To the extent consistent with applicable law, purchase or sell orders for the Fund may be aggregated with simultaneous purchase or sell orders for other clients of Xxxxxx AssociatesBerger. Whenever Xxxxxx Associates Berger simultaneously places orders to purchase or sell xx xxxl the same security xxxxxxty on behalf of the Fund and one or more other clients of Xxxxxx AssociatesBerger, such orders will be allocated as to price and amount among all amonx xxx such clients in a manner reasonably believed by Xxxxxx Associates Berger to be fair and equitable to each client. The Trust recognizes that recognixxx xxat in some cases, this procedure may adversely affect the results obtained for the Fund.