Common use of Brokerage Transactions Clause in Contracts

Brokerage Transactions. (a) The Adviser, subject to the control and direction of the Board of Directors of the Fund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Adviser shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Fund nor the Adviser will adopt a formula for allocation of the brokerage of the Fund. It is further understood that the Adviser may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for the Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as, well as expenses incurred in the transaction, shall be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Adviser shall provide such reports as the Board of Directors may reasonably request with respect to the Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated.

Brokerage Transactions. (a) The AdviserManager, subject to the control and ---------------------- direction of the Board of Directors Trustees of the FundTrust, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the FundFunds, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Adviser Manager shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Fund Trust nor the Adviser Manager will adopt a formula for allocation of the brokerage of the FundFunds. It is further understood that the Adviser Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for the a Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as, as well as expenses incurred in the transaction, shall be made by the Adviser Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Adviser Manager shall provide such reports as the Board of Directors Trustees may reasonably request with respect to the each Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated.

Brokerage Transactions. (a) The Adviser, subject to the control and ---------------------- direction of the Board of Directors of the Fund, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the Fund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Adviser shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Fund nor the Adviser will adopt a formula for allocation of the brokerage of the Fund. It is further understood that the Adviser may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for the Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as, as well as expenses incurred in the transaction, shall be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Adviser shall provide such reports as the Board of Directors may reasonably request with respect to the Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated.

Brokerage Transactions. (a) The AdviserIn the event that the Manager provides ---------------------- services pursuant to paragraph (b) of Section 2, the Manager, subject to the control and direction of the Board of Directors of the FundCompany, shall have authority and discretion to select brokers and dealers to execute portfolio transactions for the each Fund, and to select the markets on or in which the transactions will be executed. In acting pursuant to this Section 3, the Adviser Manager shall place orders through such brokers or dealers in conformity with the policies with respect to portfolio transactions set forth in the Registration Statement. It is understood that neither the Fund Company nor the Adviser Manager will adopt a formula for allocation of the brokerage of the FundFunds. It is further understood that the Adviser Manager may, to the extent permitted by applicable laws and regulations, aggregate securities to be sold or purchased for the a Fund and for other clients in order to obtain the most favorable execution. In such event, allocation for the securities purchased or sold, as, as well as expenses incurred in the transaction, shall be made by the Adviser Manager in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients. The Adviser Manager shall provide such reports as the Board of Directors may reasonably request with respect to the each Fund's total brokerage and portfolio transaction activities, and the manner in which such transactions were allocated.