Common use of Compensation of the Investment Adviser Clause in Contracts

Compensation of the Investment Adviser. Neither the Investment Adviser nor any affiliate of the Investment Adviser will act as principal or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Trust, other than the compensation provided for in this Section and such brokerage commissions as are permitted by the 1940 Act, it being contemplated that WPG will act as principal broker for the Trust in U.S. securities transactions. (a) Except as provided in Subsection (b) below, the Trust will pay the Investment Adviser an annual fee, payable monthly, which varies in accordance with the total amount of daily net assets of the Trust under the management of the Investment Adviser. The annual advisory fee expressed as a percentage of the average daily net assets of the Trust is 0.75% of the average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month. For the purposes hereof, the net assets of the Trust shall be computed in the manner specified in the Trust's prospectus for the computation of the value of such net assets in connection with the determination of the net asset value of its shares. On any day that the net asset value calculation is suspended as specified in the Trust's prospectus, the net asset value for purposes of calculating the advisory fee shall be calculated as of the date last determined. (b) If the operating expenses of the Trust in any year (including the investment advisory fee referred to in Subsection (a) above, but excluding taxes, brokerage commissions, interest, dividends on securities sold short, distribution expenses, and extraordinary legal fees and expenses) exceed the limits set by certain state securities administrators in states in which shares of the Trust are sold, the amount payable to the Investment Adviser under Subsection (a) above will be reduced (but not below $0) by the amount of such excess. If amounts have already been advanced to the Investment Adviser under this Agreement, the Investment Adviser will return such amounts to the Trust to the extent required by the preceding sentence. (c) In addition to the foregoing, the investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Trust for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser. Any such fee reduction or undertaking may be discontinued or modified by the Investment Adviser at any time.

Compensation of the Investment Adviser. Neither the Investment Adviser nor any affiliate of the Investment Adviser will act as principal or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Trust, other than the compensation provided for in this Section and such brokerage commissions as are permitted by the 1940 Act, it being contemplated that WPG will act as principal broker for the Trust in U.S. securities transactions. (a) Except as provided in Subsection (b) below, the Trust will pay the Investment Adviser an annual fee, payable monthly, which varies in accordance with the total amount of daily net assets of the Trust under the management of the Investment Adviser. The annual advisory fee expressed as a percentage of the average daily net assets of the Trust is 0.751.00% of the average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month. For the purposes hereof, the net assets of the Trust shall be computed in the manner specified in the Trust's prospectus for the computation of the value of such net assets in connection with the determination of the net asset value of its shares. On any day that the net asset value calculation is suspended as specified in the Trust's prospectus, the net asset value for purposes of calculating the advisory fee shall be calculated as of the date last determined. (b) If the operating expenses of the Trust in any year (including the investment advisory fee referred to in Subsection (a) above, but excluding taxes, brokerage commissions, interest, dividends on securities sold short, distribution expenses, and extraordinary legal fees and expenses) exceed the limits set by certain state securities administrators in states in which shares of the Trust are sold, the amount payable to the Investment Adviser under Subsection (a) above will be reduced (but not below $0) by the amount of such excess. If amounts have already been advanced to the Investment Adviser under this Agreement, the Investment Adviser will return such amounts to the Trust to the extent required by the preceding sentence. (c) In addition to the foregoing, the investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Trust for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser. Any such fee reduction or undertaking may be discontinued or modified by the Investment Adviser at any time.

Compensation of the Investment Adviser. Neither the Investment Adviser nor any affiliate of the Investment Adviser will act as principal or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Trust, other than the compensation provided for in this Section and such brokerage commissions as are permitted by the 1940 Act, it being contemplated that WPG will act as principal broker for the Trust in U.S. securities transactions. (a) Except as provided in Subsection (b) below, the Trust will pay the Investment Adviser an annual fee, payable monthly, which varies in accordance with the total amount of daily net assets of the Trust under the management of the Investment Adviser. The annual advisory fee expressed as a percentage of the average daily net assets of the Trust is 0.750.31% of the average daily net assetsassets up to $200 million, 0.26% of net assets of $200 million to $500 million, 0.24% of net assets of $500 million to $1 billion, 0.22% of net assets of $1 billion to $2 billion and 0.20% of net assets in excess of $2 billion. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month. For the purposes hereof, the net assets of the Trust shall be computed in the manner specified in the Trust's prospectus for the computation of the value of such net assets in connection with the determination of the net asset value of its shares. On any day that the net asset value calculation is suspended as specified in the Trust's prospectus, the net asset value for purposes of calculating the advisory fee shall be calculated as of the date last determined. (b) If the operating expenses of the Trust in any year (including the investment advisory fee referred to in Subsection (a) above, but excluding taxes, brokerage commissions, interest, dividends on securities sold short, distribution expenses, and extraordinary legal fees and expenses) exceed the limits set by certain state securities administrators in states in which shares of the Trust are sold, the amount payable to the Investment Adviser under Subsection (a) above will be reduced (but not below $0) by the amount of such excess. If amounts have already been advanced to the Investment Adviser under this Agreement, the Investment Adviser will return such amounts to the Trust to the extent required by the preceding sentence. (c) In addition to the foregoing, the investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Trust for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser. Any such fee reduction or undertaking may be discontinued or modified by the Investment Adviser at any time.

Compensation of the Investment Adviser. Neither the Investment Adviser nor any affiliate of the Investment Adviser will act as principal or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Trust, other than the compensation provided for in this Section and such brokerage commissions as are permitted by the 1940 ActAct and brokerage and research services as are permitted by the Securities Exchange Act of 1934, it being contemplated that WPG will act as principal broker for the Trust in U.S. securities transactions. (a) Except as provided in Subsection (b) belowThe Trust, on behalf of the Trust Fund, will pay the Investment Adviser an annual fee, payable monthlymonthly in arrears, which varies in accordance with the total amount of daily net assets of the Trust Fund under the management of the Investment Adviser. The annual advisory fee expressed as a percentage of the average daily net assets of the Trust Fund is 0.75% of the average daily net assets1.50%. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month. For the purposes hereof, the net assets of the Trust Fund shall be computed in the manner specified in the TrustFund's prospectus for the computation of the value of such net assets in connection with the determination of the net asset value of its shares. On any day that the net asset value calculation is suspended as specified in the TrustFund's prospectus, the net asset value for purposes of calculating the advisory fee shall be calculated as of the date last determined. (b) If the operating expenses of the Trust in any year (including the investment advisory fee referred to in Subsection (a) above, but excluding taxes, brokerage commissions, interest, dividends on securities sold short, distribution expenses, and extraordinary legal fees and expenses) exceed the limits set by certain state securities administrators in states in which shares of the Trust are sold, the amount payable to the Investment Adviser under Subsection (a) above will be reduced (but not below $0) by the amount of such excess. If amounts have already been advanced to the Investment Adviser under this Agreement, the Investment Adviser will return such amounts to the Trust to the extent required by the preceding sentence. (c) In addition to the foregoing, the investment Investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Trust assume responsibility for all or a portion of its any expenses related to the operations of the Fund that are not otherwise required to be directly or indirectly borne or reimbursed by the Investment Adviser. Any Further, any agreement by the Investment Adviser to limit the Fund's operating expenses to a specific level may be made with the understanding that the Fund, to the extent legally permissable, will reimburse the Investment Adviser for advisory fees foregone and/or expenses paid by the Investment Adviser for a particular year pursuant to such agreement if in any subsequent year operating expenses for the Fund are less than the operating expenses limitation (if any), for such subsequent year to which the Investment Adviser may agree. Subject to the foregoing, and unless otherwise agreed by the Trust and the Investment Advise, any fee reduction or undertaking referred to in this Subsection shall constitute a binding modification of this Agreement while it is in effect but may be discontinued or modified prospectively by the Investment Adviser at any time.

Compensation of the Investment Adviser. Neither the Investment Adviser nor any affiliate of the Investment Adviser will act as principal or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Trust, other than the compensation provided for in this Section and such brokerage commissions as are permitted by the 1940 Act, it being contemplated that WPG will act as principal broker for the Trust in U.S. securities transactions. (a) Except as provided in Subsection (b) below, the Trust Trust, on behalf of the Fund, will pay the Investment Adviser an annual fee, payable monthly, which varies in accordance with the total amount of daily net assets of the Trust Fund under the management of the Investment Adviser. The annual advisory fee expressed as a percentage of the average daily net assets of the Trust Fund is 0.75% of the average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month. For the purposes hereof, the net assets of the Trust Fund shall be computed in the manner specified in the TrustFund's prospectus for the computation of the value of such net assets in connection with the determination of the net asset value of its shares. On any day that the net asset value calculation is suspended as specified in the TrustFund's prospectus, the net asset value for purposes of calculating the advisory fee shall be calculated as of the date last determined. (b) If the operating expenses of the Trust Fund in any year (including the investment advisory fee referred to in Subsection (a) above, but excluding taxes, brokerage commissions, interest, dividends on securities sold short, distribution expenses, and extraordinary legal fees and expenses) exceed the limits set by certain state securities administrators in states in which shares of the Trust Fund are sold, the amount payable to the Investment Adviser under Subsection (a) above will be reduced (but not below $0) by the amount of such excess. If amounts have already been advanced to the Investment Adviser under this Agreement, the Investment Adviser will return such amounts to the Trust Fund to the extent required by the preceding sentence. (c) In addition to the foregoing, the investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Trust Fund for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser. Any such fee reduction or undertaking may be discontinued or modified by the Investment Adviser at any time.