Common use of EXPENSES BORNE BY FUND Clause in Contracts

EXPENSES BORNE BY FUND. The Fund will pay, without reimbursement by the Manager, the following expenses: (a) Taxes, including in the case of redeemed shares any initial transfer taxes, and other local, state and federal taxes, governmental fees and other charges attributable to investment transactions; (b) Portfolio brokerage fees and incidental brokerage expenses; (c) Interest; (d) The fees and expenses of the Custodian of its assets; (e) The fees and expenses of all directors of the Fund who are not persons affiliated with the Manager; and (f) The cost of meetings of shareholders.