Common use of Brokerage and Research Services Clause in Contracts

Brokerage and Research Services. The Subadviser shall, with respect to the Allocated Assets of the All America Fund, subject to the supervision of the Adviser and the Board of Directors of the Investment Company, arrange for the placement of orders for the All America Fund, either directly with the issuer, with any broker-dealer or underwriter that specializes in the securities for which the order is made or with any other broker or dealer selected by the Subadviser, subject to the following limitations. The Subadviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities constituting the Allocated Assets of the All America Fund and will use its best efforts to obtain the most favorable net results, taking into account all appropriate factors, including price, dealer spread or commission, if any, size of the transaction and difficulty of execution. However, in selecting brokers or dealers to execute a particular transaction and in evaluating the best overall terms available, the Subadviser may consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to All America Fund and/or other accounts over which the Subadviser or an affiliate exercises investment discretion. The Subadviser will periodically evaluate the statistical data, research and other investment services provided by brokers and dealers to it. Such services may be used by the Subadviser in connection with the performance of its obligations under this Agreement or in connection with other advisory activities or investment operations.

Brokerage and Research Services. The Subadviser shall, with respect to the ------------------------------- Allocated Assets of the All America Fund, subject to the supervision of the Adviser and the Board of Directors of the Investment Company, arrange for the placement of orders for the All America Fund, either directly with the issuer, with any broker-dealer or underwriter that specializes in the securities for which the order is made or with any other broker or dealer selected by the Subadviser, subject to the following limitations. The Subadviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities constituting the Allocated Assets of the All America Fund and will use its best efforts to obtain the most favorable net results, taking into account all appropriate factors, including price, dealer spread or commission, if any, size of the transaction and difficulty of execution. However, in selecting brokers or dealers to execute a particular transaction and in evaluating the best overall terms available, the Subadviser may consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to All America Fund and/or other accounts over which the Subadviser or an affiliate exercises investment discretiondirection. The Subadviser will periodically evaluate the statistical data, research and other investment services provided by brokers and dealers to it. Such services may be used by the Subadviser in connection with the performance of its obligations under this Agreement or in connection with other advisory activities or investment operations.