Common use of Research Services Clause in Contracts

Research Services. The Sub-Adviser is authorized by the Manager on behalf of each Fund to direct the execution of the Fund’s portfolio transactions under the management of the Sub-Adviser to dealers and brokers furnishing statistical information or research deemed by the Sub-Adviser to be useful or valuable to the performance of its investment advisory functions for the Funds. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which a Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed by the Sub-Adviser. It is understood that the expenses of the Sub-Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to the Sub-Adviser by brokers who effect transactions for a Fund may be used by the Sub-Adviser in servicing other investment companies, funds and accounts which it manages. Similarly, research services furnished to the Sub-Adviser by brokers who effect transactions for other investment companies, funds and accounts which the Sub-Adviser manages may be used by the Sub-Adviser in servicing the Funds. It is understood that not all of these research services are used by the Sub-Adviser in managing any particular account, including any particular Fund. The Sub-Adviser may aggregate purchase or sale orders for a Fund with purchase or sale orders for the same instrument for the accounts of other clients of the Sub-Adviser or of its affiliates and the Sub-Adviser’s own accounts, if such aggregation is consistent with applicable law. However, the Sub-Adviser is under no obligation to aggregate any such orders under any circumstances.