Common use of COMPENSATION OF THE MANAGER BY FUND Clause in Contracts

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50% Next 100,000,000 .45% Next 100,000,000 .40% Next 100,000,000 .35% Amount Over 400,000,000 .30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ ----------------------------------------------------------------------- First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50250,000,000 0.75% Next 100,000,000 .45$250,000,000 0.70% Next 100,000,000 .40$250,000,000 0.65% Next 100,000,000 .35$250,000,000 0.60% Amount Over 400,000,000 .30$1,000,000,000 0.55% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .500.50% Next $100,000,000 .450.45% Next $100,000,000 .400.40% Next $100,000,000 .350.35% Amount Over $400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .501.25% Next 100,000,000 .451.20% Next 100,000,000 .401.15% Next 100,000,000 .351.10% Amount Over 400,000,000 .301.05% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50.04167% Next 100,000,000 .45.03750% Next 100,000,000 .40.03333% Next 100,000,000 .35.02917% Amount Over 400,000,000 .30.02500% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .500.85% Next 100,000,000 .450.80% Next 100,000,000 .400.75% Next 100,000,000 .350.70% Amount Over 400,000,000 .300.65% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------------------ ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50.90% Next 100,000,000 .45.85% Next 100,000,000 .40.80% Next 100,000,000 .35.75% Amount Over 400,000,000 .30.70% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ ----------------------------------------------------------------------- First $100,000,000 .500.60% Next 100,000,000 .450.55% Next 100,000,000 .400.50% Next 100,000,000 .350.45% Amount Over 400,000,000 .300.40% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ----------------------------------- ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------------ ------------------------ First $100,000,000 .500.60% Next 100,000,000 .450.55% Next 100,000,000 .400.50% Next 100,000,000 .350.45% Amount Over 400,000,000 .300.40% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .65% Next 100,000,000 .50% Next 100,000,000 .45.55% Next 100,000,000 .40% Next 100,000,000 .35.50% Amount Over 400,000,000 .30.45% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- -------------------------- ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .500.60% Next 100,000,000 .450.55% Next 100,000,000 .400.50% Next 100,000,000 .350.45% Amount Over 400,000,000 .300.40% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ---------------------------- ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ --------------------------------------------------------------- First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50.05000% Next 100,000,000 .45.04583% Next 100,000,000 .40.04167% Next 100,000,000 .35.03750% Amount Over 400,000,000 .30.03333% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .50.75% Next 100,000,000 .45.70% Next 100,000,000 .40.65% Next 100,000,000 .35.60% Amount Over 400,000,000 .30.55% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ ------------------------------------------------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------------ ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- -------------------------- ------------------------ First $100,000,000 .500.65% Next 100,000,000 .450.60% Next 100,000,000 .400.55% Next 100,000,000 .350.50% Amount Over 400,000,000 .300.45% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ---------------------------------- ------------------------ First $100,000,000 .500.50% Next 100,000,000 .450.45% Next 100,000,000 .400.40% Next 100,000,000 .350.35% Amount Over 400,000,000 .300.30% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 4 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ---------------------------------- ------------------------ First $100,000,000 .500.75% Next 100,000,000 .450.70% Next 100,000,000 .400.65% Next 100,000,000 .350.60% Amount Over 400,000,000 .300.55% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

COMPENSATION OF THE MANAGER BY FUND. For all services to be rendered and payments made as provided in Sections 1, 2 and 3 hereof, the Fund will accrue daily and pay the Manager within five days after the end of each calendar month a fee based on the average of the values placed on the net assets of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with the following schedule. Average Daily Net Fee as a Percentage of Assets of the Fund Average Daily Net Assets --------------------------- ------------------------ First $100,000,000 .60% Next 100,000,000 .55% Next 100,000,000 .50% Next 100,000,000 .45% Next 100,000,000 .40% Next 100,000,000 .35% Amount Over 400,000,000 .30.40% Net asset value shall be determined pursuant to applicable provisions of the Certificate of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 4 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.