Common use of Purchase and Sale of Securities Clause in Contracts

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series or as the trustees of the Fund may direct from time to time. In providing the Series with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees of the Fund may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series with such brokers, subject to review by the trustees of the Series from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Series, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees of the Fund, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees of the Fund from approving the payment by the Series of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager or, pursuant to the Subadvisory Agreement, the Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager and the Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series each Portfolio with investment management and supervision, it is recognized that the Manager or the Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager or the Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series each Portfolio that the Manager and the Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolio than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is and the Subadviser are authorized to place orders for the purchase and sale of securities for the Series each Portfolio with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager and the Subadviser in connection with its their services to other clients as well as the Serieseach Portfolio. The placing of purchase and sale orders may be carried out by the Manager or the Subadviser or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Serieseach Portfolio, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series a Portfolio of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Fund or as the trustees Board of Directors of the Fund may direct from time to time. In providing the Series Fund with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Fund that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Fund with such brokers, subject to review by the trustees Fund's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerFund. If, in connection with purchases and sales of securities for the SeriesFund, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the Fund, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund from approving the payment by the Series Fund of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for of the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) Prospectus of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager or, pursuant to the Subadvisory Agreement, the Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager and the Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series with investment management and supervision, it is recognized that the Manager or the Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager or the Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series that the Manager and the Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is and the Subadviser are authorized to place orders for the purchase and sale of securities for the Series with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager and the Subadviser in connection with its their services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or the Subadviser or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Series, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolio with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolio that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolio than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Portfolio with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerPortfolio. If, in connection with purchases and sales of securities for the SeriesPortfolio, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolio of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement of the Corporation and Prospectus(es) of the Series Funds or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Funds with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Funds that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Funds than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Funds with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesFunds. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesFunds, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Funds of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerCorporation. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager or, pursuant to the Subadvisory Agreement, the Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager and the Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolios with investment management and supervision, it is recognized that the Manager or the Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager or the Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolios that the Manager and the Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolios than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is and the Subadviser are authorized to place orders for the purchase and sale of securities for the Series Portfolios with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager and the Subadviser in connection with its their services to other clients as well as the SeriesPortfolios. The placing of purchase and sale orders may be carried out by the Manager or the Subadviser or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesPortfolios, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolios of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing Providing the Series Portfolios with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolios that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolios than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Portfolios with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerPortfolios. If, in connection with purchases and sales of securities for the SeriesPortfolios, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolios of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager or, pursuant to the Subadvisory Agreement, the Subadviser, shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager and or Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series with investment management and supervision, it is recognized that the Manager or the Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager or the Subadvisor for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series that the Manager or the Subadvisor have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is and the Subadvisor are authorized to place orders for the purchase and sale of securities for the Series with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager and the Subadvisor in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or the Subadvisor or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Series, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) Prospectus of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 3(a) hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) Prospectus of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager it have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolios with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolios that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolios than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Portfolios with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesPortfolios. The placing of purchase and sale orders may be carried out by the Manager or the Subadviser or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesPortfolios, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolios of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Corporation relating to the Series or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager have access to supplemental investment and market research and security and economic econonic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series of the Corporaton with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesSeries of the Corporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolios with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolios that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolios than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Portfolios with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerPortfolios. If, in connection with purchases and sales of securities for the SeriesPortfolios, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolios of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Funds or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Funds with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Funds that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Funds with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesFunds. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesFunds, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Funds of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolio with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolio that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolio than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Portfolio with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the SeriesPortfolio. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesPortfolio, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolio of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series or as the trustees of the Fund Series may direct from time to time. In providing the Series with investment management and supervision, it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees of the Fund Series may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series with such brokers, subject to review by the trustees of the Series from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Series, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees of the FundSeries, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees of the Fund Series from approving the payment by the Series of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager or, pursuant to the Subadvisory Agreement, the Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager and the Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series with investment management and supervision, it is recognized that the Manager or the Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager or the Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and a nd to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series that the Manager and the Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is and the Subadviser are authorized to place orders for the purchase and sale of securities for the Series with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager and the Subadviser in connection with its their services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or the Subadviser or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the Series, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series of additional compensation to others for consulting services, supplemental research and security and economic analysis. 5.

Purchase and Sale of Securities. The Manager Subadviser shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager Subadviser shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions as set forth in the Registration Statement and Prospectus(es) of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Portfolio with investment management and supervision, it is recognized that the Manager Subadviser will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager Subadviser for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Portfolio that the Manager Subadviser have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Portfolio than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager Subadviser is authorized to place orders for the purchase and sale of securities for of the Series Portfolio with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager Subadviser in connection with its services to other clients as well as the Series. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the ManagerPortfolio. If, in connection with purchases and sales of securities for the SeriesPortfolio, the Manager or any subsidiary of the Manager Subadviser may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager Subadviser shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager Subadviser pursuant to Section 3 Section3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Portfolio of additional compensation to others for consulting services, supplemental research and security and economic analysis.

Purchase and Sale of Securities. The Manager shall purchase securities from or through and sell securities to or through such persons, brokers or dealers (including the Manager or an affiliate of the Manager) as the Manager shall deem appropriate in order to carry out the policy with respect to allocation of portfolio transactions brokerage as set forth in the Registration Statement and Prospectus(es) Prospectus of the Series Corporation or as the trustees Board of Directors of the Fund Corporation may direct from time to time. In providing the Series Corporation with investment management and supervision, supervision it is recognized that the Manager will seek the most favorable price and execution, and, consistent with such policy, may give consideration to the research, statistical and other services furnished by brokers or dealers to the Manager for its use, to the general attitude of brokers or dealers toward investment companies and their support of them, and to such other considerations as the trustees Board of Directors of the Fund Corporation may direct or authorize from time to time. Notwithstanding the above, it is understood that it is desirable for the Series Corporation that the Manager have access to supplemental investment and market research and security and economic analysis provided by brokers who execute brokerage transactions at a higher cost to the Series Corporation than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and execution. Therefore, the Manager is authorized to place orders for the purchase and sale of securities for the Series Corporation with such brokers, subject to review by the trustees Corporation's Board of the Series Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Manager in connection with its services to other clients as well as to the SeriesCorporation. The placing of purchase and sale orders may be carried out by the Manager or any wholly-owned subsidiary of the Manager. If, in connection with purchases and sales of securities for the SeriesCorporation, the Manager or any subsidiary of the Manager may, without material risk, arrange to receive a soliciting dealer's fee or other underwriter's or dealer's discount or commission, the Manager shall, unless otherwise directed by the trustees Board of Directors of the FundCorporation, obtain such fee, discount or commission and the amount thereof shall be applied to reduce the compensation to be received by the Manager pursuant to Section 3 hereof. Nothing herein shall prohibit the trustees Board of Directors of the Fund Corporation from approving the payment by the Series Corporation of additional compensation to others for consulting services, supplemental research and security and economic analysis.