Common use of Placement of Orders Clause in Contracts

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the Fund’s account with brokers or dealers selected by the Sub-Adviser. In the selection of these brokers or dealers and the placing of these orders, the Sub-Adviser is directed at all times to seek for the Fund the most-favorable execution and net price available under the circumstances. It also is understood that it is desirable for the Fund that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Sub-Adviser, therefore, is authorized to place orders for the purchase and sale of securities for the Fund with these brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s or the Sub-Adviser’s affiliates’ services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the Fund’s 's account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the Fund the most-most favorable execution and net price available under the circumstancesexcept as described herein. It is also is understood that it is desirable for the Fund that the Sub-Adviser have access to brokerage supplemental investment and market research services and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, as consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the Fund with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with its or its affiliates' services to other clients. In addition, subject to the Sub-Adviser’s or 's obligation to seek the most favorable execution and net price available, the Sub-Adviser’s affiliates’ services to other clientsAdviser may consider the sale of the Fund's shares in selecting brokers and dealers.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the a Fund’s 's account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the a Fund the most-most favorable execution and net price available under the circumstances. It is also is understood that it is desirable for the Fund Funds that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund Funds than may result when allocating brokerage to other brokers, consistent with Section section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the Fund Funds with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s its or the Sub-Adviser’s its affiliates’ ' services to other clients.

Placement of Orders. The Sub-Adviser shall have full discretion to select brokers and dealers, open securities accounts, and arrange for the placing of all orders for the purchase and sale of securities for the each Fund’s account with brokers or dealers selected by the Sub-Adviser. In the selection of these brokers or dealers and the placing of these orders, the Sub-Adviser is directed at all times to seek for the each Fund the most-favorable execution and net price available under the circumstances. It also is understood that it is desirable for the each Fund that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Sub-Adviser, therefore, is authorized to place orders for the purchase and sale of securities for the each Fund with these brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s or the Sub-Adviser’s affiliates’ services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the Fund’s Funds' account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the Fund Funds the most-most favorable execution and net price available under the circumstances. It is also is understood that it is desirable for the Fund Funds that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund Funds than may result when allocating brokerage to other brokers, consistent with Section section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the Fund Funds with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s its or the Sub-Adviser’s its affiliates’ ' services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the Fund’s 's account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the Fund the most-most favorable execution and net price available under the circumstancesexcept as described herein. It is also is understood that it is desirable for the Fund that the Sub-Adviser have access to brokerage supplemental investment and market research services and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, as consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the Fund with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s its or the Sub-Adviser’s its affiliates’ ' services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other instruments for the a Fund’s 's account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the a Fund the most-most favorable execution and net price available under the circumstances. It is also is understood that it is desirable for the each Fund that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, consistent with Section section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the each Fund with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s its or the Sub-Adviser’s its affiliates’ ' services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the each Fund’s account with brokers or dealers selected by the Sub-Adviser. In the selection of these brokers or dealers and the placing of these orders, the Sub-Adviser is directed at all times to seek for the Fund Funds the most-favorable execution and net price available under the circumstances. It also is understood that it is desirable for the Fund Funds that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund Funds than may result when allocating brokerage to other brokers, consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Sub-Adviser, therefore, is authorized to place orders for the purchase and sale of securities for the Fund Funds with these brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these brokers may be useful to the Sub-Adviser in connection with the Sub-Adviser’s or the Sub-Adviser’s affiliates’ services to other clients.

Placement of Orders. The Sub-Adviser shall arrange for the placing of all orders for the purchase and sale of securities for the a Fund’s 's account with brokers or dealers selected by the Sub-Adviser. In the selection of these such brokers or dealers and the placing of these such orders, the Sub-Adviser is directed at all times to seek for the a Fund the most-most favorable execution and net price available under the circumstances. It is also is understood that it is desirable for the Fund that the Sub-Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, consistent with Section section 28(e) of the 1934 Act and any Commission or Commission staff interpretations thereof. The Therefore, the Sub-Adviser, therefore, Adviser is authorized to place orders for the purchase and sale of securities for the Fund with these such brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these such brokers may be useful to the Sub-Adviser in connection with its or its affiliates' services to other clients. For the avoidance of doubt, this Section 4(b) shall at all times be subject to the Sub-Adviser’s or 's policies and procedures relating to placement of orders, provided that all such policies are in compliance with the Sub-Adviser’s affiliates’ services to other clientsInvestment Company Act of 1940.