Common use of Expenses and Personnel Clause in Contracts

Expenses and Personnel. The Adviser will bear the costs of administrative services for shareholders and various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Adviser will also bear the costs and expenses of the Trust’s Board of Trustees. Each Fund will bear its own expenses for taxes and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, securities lending expenses, extraordinary expenses (such as litigation and indemnification expenses) and fees and expenses of any independent legal counsel as defined in Rule 0-1(a)(6) under the 1940 Act.