Common use of Expenses of Each Fund Clause in Contracts

Expenses of Each Fund. It is understood that each Fund will pay all of its expenses other than those expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: A. Fees to the Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. The allocated portion of fees and expenses of legal counsel in connection with legal services rendered to the Company, including the Board of Directors of the Company, committees of the Board of Directors and those directors who are not "interested persons" of the Company or the Adviser, as defined in the Investment Company Act of 1940, and litigation; D. Brokerage fees and commissions and other transaction costs in connection with the purchase and sale of portfolio securities for the Fund; E. Costs, including the interest expense, of borrowing money; F. All federal, state and local taxes levied against the Fund; G. The allocated portion of fees of directors of the Company not affiliated with the Adviser; H. The allocated portion of costs and expenses of meetings of the Board of Directors, committees of the Board of Directors and shareholders of the Company; I. Fees and expenses of the Company's transfer agent, registrar, custodian, dividend disbursing agent, shareholder accounting agent, and other agents approved by the Board of Directors of the Company; J. Cost of printing stock certificates representing shares of the Fund; K. Fees and expenses of registering and qualifying and maintaining registration and qualification of the Company, the Fund and its shares under federal, state and foreign securities laws; L. The allocated portion of fees and expenses incident to filing of reports with regulatory bodies and maintenance of the Company's existence; M. The allocated portion of premiums for insurance carried by the Company pursuant to the requirements of Section 17(g) of the Investment Company Act of 1940; N. The allocated portion of fees and expenses incurred in connection with any investment company organization or trade association of which the Company may be a member; O. The allocated portion of expenses of preparation, printing (including typesetting) and distribution of reports, notices and prospectuses to existing shareholders of the Company; P. Expenses of computing the Fund's daily per share net asset value; and Q. The allocated portion of expenses incurred by the Company in connection with litigation proceedings or claims, including any obligation the Company may have to indemnify its officers and directors with respect thereto.

Expenses of Each Fund. It (a) Except as otherwise provided herein, the Adviser will at its own expense furnish to the Trust office space in its offices or in such other place as may be agreed upon from time to time, and all necessary office facilities, equipment and personnel for managing each Fund’s investments, and the Adviser will arrange, if desired by the Trust, for members of its organization to serve as trustees, officers or agents of the Trust. (b) The Adviser will pay directly or reimburse the Trust for the compensation (if any) of the members of the Board who are interested persons of the Adviser and all officers of the Trust who are Adviser employees (“Adviser Employees”); provided that the Chief Compliance Officer may be an Adviser Employee and receive compensation from the Trust. (c) All of the ordinary business expenses incurred in the operations of the Fund and the offering of its shares shall be borne by the Fund unless specifically otherwise provided in this Agreement. The Trust, on behalf of each Fund to the extent allowable to that Fund, will assume and will pay: (i) charges and expenses for fund accounting, pricing and appraisal services and related overhead, including, to the extent such services are performed by the Adviser personnel, or its affiliated persons, office space and facilities and personnel compensation, training and benefits; (ii) the charges and expenses of auditors; (iii) the charges and expenses of any administrator, custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the Trust; (iv) issue and transfer taxes chargeable to a Fund in connection with securities transactions to which the Fund is understood that a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate fees payable by the Trust to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Trust and/or its shares with the SEC, state or blue sky securities agencies and foreign countries, including the preparation of prospectuses and statements of additional information for filing with the SEC; (vii) all expenses of shareholders’ and Board meetings and of preparing, printing and distributing prospectuses, notices, proxy statements, and reports to shareholders and reports to governmental agencies; (viii) charges and expenses of legal counsel to the Trust and to the trustees of the Trust who are not interested persons of the Trust (“Independent Trustees”); (ix) any distribution fees paid by a Fund in accordance with Rule 12b-1 under the 1940 Act; (x) compensation of the Independent Trustees; (xi) the cost of preparing and printing share certificates; (xii) interest on borrowed money, if any; and (xiii) any expenses related to the Trust’s indemnity obligations under this Agreement. (d) In addition to the expenses described in Section 3(c) above, each Fund will pay all brokers’ and underwriting commissions chargeable to the Fund in connection with securities transactions to which the Fund is a party. (e) The Adviser shall not be obligated to pay any expenses of its expenses other than those or for the Fund not expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: A. Fees to the Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. The allocated portion of fees and expenses of legal counsel in connection with legal services rendered to the Company, including the Board of Directors of the Company, committees of the Board of Directors and those directors who are not "interested persons" of the Company or the Adviser, as defined in the Investment Company Act of 1940, and litigation; D. Brokerage fees and commissions and other transaction costs in connection with the purchase and sale of portfolio securities for the Fund; E. Costs, including the interest expense, of borrowing money; F. All federal, state and local taxes levied against the Fund; G. The allocated portion of fees of directors of the Company not affiliated with the Adviser; H. The allocated portion of costs and expenses of meetings of the Board of Directors, committees of the Board of Directors and shareholders of the Company; I. Fees and expenses of the Company's transfer agent, registrar, custodian, dividend disbursing agent, shareholder accounting agent, and other agents approved by the Board of Directors of the Company; J. Cost of printing stock certificates representing shares of the Fund; K. Fees and expenses of registering and qualifying and maintaining registration and qualification of the Company, the Fund and its shares under federal, state and foreign securities laws; L. The allocated portion of fees and expenses incident to filing of reports with regulatory bodies and maintenance of the Company's existence; M. The allocated portion of premiums for insurance carried by the Company it pursuant to the requirements of Section 17(g) of the Investment Company Act of 1940; N. The allocated portion of fees and expenses incurred in connection with any investment company organization or trade association of which the Company may be a member; O. The allocated portion of expenses of preparation, printing (including typesetting) and distribution of reports, notices and prospectuses to existing shareholders of the Company; P. Expenses of computing the Fund's daily per share net asset value; and Q. The allocated portion of expenses incurred by the Company in connection with litigation proceedings or claims, including any obligation the Company may have to indemnify its officers and directors with respect theretothis Section.

Expenses of Each Fund. It (a) Except as otherwise provided herein, the Adviser will at its own expense furnish to the Corporation office space in its offices or in such other place as may be agreed upon from time to time, and all necessary office facilities, equipment and personnel for managing each Fund’s investments, and the Adviser will arrange, if desired by the Corporation, for members of its organization to serve as directors, officers or agents of the Corporation. (b) The Adviser will pay directly or reimburse the Corporation for the compensation (if any) of the members of the Board who are interested persons of the Adviser and all officers of the Corporation who are Adviser employees (“Adviser Employees”); provided that the Chief Compliance Officer may be an Adviser Employee and receive compensation from the Corporation. (c) All of the ordinary business expenses incurred in the operations of the Fund and the offering of its shares shall be borne by the Fund unless specifically otherwise provided in this Agreement. The Corporation, on behalf of each Fund to the extent allowable to that Fund, will assume and will pay: (i) charges and expenses for fund accounting, pricing and appraisal services and related overhead; (ii) the charges and expenses of auditors; (iii) the charges and expenses of any administrator, custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the Corporation; (iv) issue and transfer taxes chargeable to a Fund in connection with securities transactions to which the Fund is understood that a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate fees payable by the Corporation to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Corporation and/or its shares with the SEC, state or blue sky securities agencies and foreign countries, including the preparation of prospectuses and statements of additional information for filing with the SEC; (vii) all expenses of shareholders’ and Board meetings and of preparing, printing and distributing prospectuses, notices, proxy statements, and reports to shareholders and reports to governmental agencies; (viii) charges and expenses of legal counsel to the Corporation and to the directors of the Corporation who are not interested persons of the Corporation (“Independent Directors”); (ix) any distribution fees paid by a Fund in accordance with Rule 12b-1 under the 1940 Act; (x) compensation of the Independent Directors; (xi) the cost of preparing and printing share certificates; (xii) interest on borrowed money, if any; and (xiii) any expenses related to the Corporation’s indemnity obligations under this Agreement. (d) In addition to the expenses described in Section 3(c) above, each Fund will pay all brokers’ and underwriting commissions chargeable to the Fund in connection with securities transactions to which the Fund is a party. (e) The Adviser shall not be obligated to pay any expenses of its expenses other than those or for the Fund not expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: A. Fees to the Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. The allocated portion of fees and expenses of legal counsel in connection with legal services rendered to the Company, including the Board of Directors of the Company, committees of the Board of Directors and those directors who are not "interested persons" of the Company or the Adviser, as defined in the Investment Company Act of 1940, and litigation; D. Brokerage fees and commissions and other transaction costs in connection with the purchase and sale of portfolio securities for the Fund; E. Costs, including the interest expense, of borrowing money; F. All federal, state and local taxes levied against the Fund; G. The allocated portion of fees of directors of the Company not affiliated with the Adviser; H. The allocated portion of costs and expenses of meetings of the Board of Directors, committees of the Board of Directors and shareholders of the Company; I. Fees and expenses of the Company's transfer agent, registrar, custodian, dividend disbursing agent, shareholder accounting agent, and other agents approved by the Board of Directors of the Company; J. Cost of printing stock certificates representing shares of the Fund; K. Fees and expenses of registering and qualifying and maintaining registration and qualification of the Company, the Fund and its shares under federal, state and foreign securities laws; L. The allocated portion of fees and expenses incident to filing of reports with regulatory bodies and maintenance of the Company's existence; M. The allocated portion of premiums for insurance carried by the Company it pursuant to the requirements of Section 17(g) of the Investment Company Act of 1940; N. The allocated portion of fees and expenses incurred in connection with any investment company organization or trade association of which the Company may be a member; O. The allocated portion of expenses of preparation, printing (including typesetting) and distribution of reports, notices and prospectuses to existing shareholders of the Company; P. Expenses of computing the Fund's daily per share net asset value; and Q. The allocated portion of expenses incurred by the Company in connection with litigation proceedings or claims, including any obligation the Company may have to indemnify its officers and directors with respect theretothis Section.

Expenses of Each Fund. It (a) Except as otherwise provided herein, the Adviser will at its own expense furnish to the Corporation office space in its offices or in such other place as may be agreed upon from time to time, and all necessary office facilities, equipment and personnel for managing each Fund's investments, and the Adviser will arrange, if desired by the Corporation, for members of its organization to serve as directors, officers or agents of the Corporation. (b) The Adviser will pay directly or reimburse the Corporation for the compensation (if any) of the members of the Board who are interested persons of the Adviser and all officers of the Corporation who are Adviser employees ("Adviser Employees"); provided that the Chief Compliance Officer may be an Adviser Employee and receive compensation from the Corporation. (c) All of the ordinary business expenses incurred in the operations of the Fund and the offering of its shares shall be borne by the Fund unless specifically otherwise provided in this Agreement. The Corporation, on behalf of each Fund to the extent allowable to that Fund, will assume and will pay: (i) charges and expenses for fund accounting, pricing and appraisal services and related overhead; (ii) the charges and expenses of auditors; (iii) the charges and expenses of any administrator, custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the Corporation; (iv) issue and transfer taxes chargeable to a Fund in connection with securities transactions to which the Fund is understood that a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate fees payable by the Corporation to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Corporation and/or its shares with the SEC, state or blue sky securities agencies and foreign countries, including the preparation of prospectuses and statements of additional information for filing with the SEC; (vii) all expenses of shareholders' and Board meetings and of preparing, printing and distributing prospectuses, notices, proxy statements, and reports to shareholders and reports to governmental agencies; (viii) charges and expenses of legal counsel to the Corporation and to the directors of the Corporation who are not interested persons of the Corporation ("Independent Directors"); (ix) any distribution fees paid by a Fund in accordance with Rule 12b-1 under the 1940 Act; (x) compensation of the Independent Directors; (xi) the cost of preparing and printing share certificates; (xii) interest on borrowed money, if any; and (xiii) any expenses related to the Corporation's indemnity obligations under this Agreement. (d) In addition to the expenses described in Section 3(c) above, each Fund will pay all brokers' and underwriting commissions chargeable to the Fund in connection with securities transactions to which the Fund is a party. (e) The Adviser shall not be obligated to pay any expenses of its expenses other than those or for the Fund not expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: A. Fees to the Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. The allocated portion of fees and expenses of legal counsel in connection with legal services rendered to the Company, including the Board of Directors of the Company, committees of the Board of Directors and those directors who are not "interested persons" of the Company or the Adviser, as defined in the Investment Company Act of 1940, and litigation; D. Brokerage fees and commissions and other transaction costs in connection with the purchase and sale of portfolio securities for the Fund; E. Costs, including the interest expense, of borrowing money; F. All federal, state and local taxes levied against the Fund; G. The allocated portion of fees of directors of the Company not affiliated with the Adviser; H. The allocated portion of costs and expenses of meetings of the Board of Directors, committees of the Board of Directors and shareholders of the Company; I. Fees and expenses of the Company's transfer agent, registrar, custodian, dividend disbursing agent, shareholder accounting agent, and other agents approved by the Board of Directors of the Company; J. Cost of printing stock certificates representing shares of the Fund; K. Fees and expenses of registering and qualifying and maintaining registration and qualification of the Company, the Fund and its shares under federal, state and foreign securities laws; L. The allocated portion of fees and expenses incident to filing of reports with regulatory bodies and maintenance of the Company's existence; M. The allocated portion of premiums for insurance carried by the Company it pursuant to the requirements of Section 17(g) of the Investment Company Act of 1940; N. The allocated portion of fees and expenses incurred in connection with any investment company organization or trade association of which the Company may be a member; O. The allocated portion of expenses of preparation, printing (including typesetting) and distribution of reports, notices and prospectuses to existing shareholders of the Company; P. Expenses of computing the Fund's daily per share net asset value; and Q. The allocated portion of expenses incurred by the Company in connection with litigation proceedings or claims, including any obligation the Company may have to indemnify its officers and directors with respect theretothis Section.

Expenses of Each Fund. It (a) Except as otherwise provided herein, the Adviser will at its own expense furnish to the Trust office space in its offices or in such other place as may be agreed upon from time to time, and all necessary office facilities, equipment and personnel for managing each Fund’s investments, and the Adviser will arrange, if desired by the Trust, for members of its organization to serve as trustees, officers or agents of the Trust. (b) The Adviser will pay directly or reimburse the Trust for the compensation (if any) of the members of the Board who are interested persons of the Adviser and all officers of the Trust who are Adviser employees (“Adviser Employees”); provided that the Chief Compliance Officer may be an Adviser Employee and receive compensation from the Trust. (c) All of the ordinary business expenses incurred in the operations of the Fund and the offering of its shares shall be borne by the Fund unless specifically otherwise provided in this Agreement. The Trust, on behalf of each Fund to the extent allowable to that Fund, will assume and will pay: (i) charges and expenses for fund accounting, pricing and appraisal services and related overhead, including, to the extent such services are performed by the Adviser personnel, or its affiliated persons, office space and facilities and personnel compensation, training and benefits; (ii) the charges and expenses of auditors; (iii) the charges and expenses of any administrator, custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the Trust; (iv) issue and transfer taxes chargeable to a Fund in connection with securities transactions to which the Fund is understood that a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate fees payable by the Trust to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Trust and/or its shares with the SEC, state or blue sky securities agencies and foreign countries, including the preparation of prospectuses and statements of additional information for filing with the SEC; (vii) all expenses of shareholders’ and Board meetings and of preparing, printing and distributing prospectuses, notices, proxy statements, and reports to shareholders and reports to governmental agencies; (viii) charges and expenses of legal counsel to the Trust and to the Independent Trustees; (ix) any distribution fees paid by a Fund in accordance with Rule 12b-1 under the 1940 Act; (x) compensation of the Independent Trustees; (xi) the cost of preparing and printing share certificates; (xii) interest on borrowed money, if any; and (xiii) any expenses related to the Trust’s indemnity obligations under this Agreement. (d) In addition to the expenses described in Section 3(c) above, each Fund will pay all brokers’ and underwriting commissions chargeable to the Fund in connection with securities transactions to which the Fund is a party. (e) The Adviser shall not be obligated to pay any expenses of its expenses other than those or for the Fund not expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: A. Fees to the Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. The allocated portion of fees and expenses of legal counsel in connection with legal services rendered to the Company, including the Board of Directors of the Company, committees of the Board of Directors and those directors who are not "interested persons" of the Company or the Adviser, as defined in the Investment Company Act of 1940, and litigation; D. Brokerage fees and commissions and other transaction costs in connection with the purchase and sale of portfolio securities for the Fund; E. Costs, including the interest expense, of borrowing money; F. All federal, state and local taxes levied against the Fund; G. The allocated portion of fees of directors of the Company not affiliated with the Adviser; H. The allocated portion of costs and expenses of meetings of the Board of Directors, committees of the Board of Directors and shareholders of the Company; I. Fees and expenses of the Company's transfer agent, registrar, custodian, dividend disbursing agent, shareholder accounting agent, and other agents approved by the Board of Directors of the Company; J. Cost of printing stock certificates representing shares of the Fund; K. Fees and expenses of registering and qualifying and maintaining registration and qualification of the Company, the Fund and its shares under federal, state and foreign securities laws; L. The allocated portion of fees and expenses incident to filing of reports with regulatory bodies and maintenance of the Company's existence; M. The allocated portion of premiums for insurance carried by the Company it pursuant to the requirements of Section 17(g) of the Investment Company Act of 1940; N. The allocated portion of fees and expenses incurred in connection with any investment company organization or trade association of which the Company may be a member; O. The allocated portion of expenses of preparation, printing (including typesetting) and distribution of reports, notices and prospectuses to existing shareholders of the Company; P. Expenses of computing the Fund's daily per share net asset value; and Q. The allocated portion of expenses incurred by the Company in connection with litigation proceedings or claims, including any obligation the Company may have to indemnify its officers and directors with respect theretothis Section.