Common use of Expenses of the Funds Clause in Contracts

Expenses of the Funds. It is understood that the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Funds, reports to the Funds' shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' and the Trust's legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' shares for sale; K. Trustees' fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping recordkeeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund's net assets; E. Salaries and other compensations of executive officers of the Trust Fund who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the FundsFund (to the extent such obligations are not the obligations of the Fund's shareholders); G. Brokerage fees and commissions in connection with the purchase and sale of securities for the FundsFund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees Managing General Partners and shareholders of the FundsFund, reports to the Funds' Fund's shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' and the TrustFund's legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund's shares for sale;: K. Trustees' fees Fees and expenses to trustees of the Managing General Partners who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds Fund and their its shares under federal the applicable Federal, state and any applicable state foreign securities laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and N. The Funds' Fund's pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability bond insurance premiums.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' each Fund's net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Fundseach Fund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Fundseach Fund, reports to the Funds' each Fund's shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' each Fund's and the Trust's legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' each Fund's shares for sale; K. Trustees' fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' Each Fund's pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager Adviser herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' each Fund’s net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager Adviser or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Fundseach Fund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees and shareholders of the Funds, reports to the Funds' ’ shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' ’ and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' each Fund’s shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager Adviser or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds each Fund and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' ’ pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and O. The Funds’ portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager Advisor herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager Advisor as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of fund administration and accounting agent, transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund's net assets; E. Salaries and other compensations compensation of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager Advisor or its affiliates; provided however, that the Fund may bear its proportionate share of the cost of any chief compliance officer even if such officer is an officer, director, stockholder or employee of the Advisor or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the FundsFund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees and shareholders of the FundsFund, reports to the Funds' Fund's shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund's and the Trust's legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund's shares for sale; K. Trustees' fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager Advisor or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds Trust and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' Fund's pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and O. The Fund's portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the FundsFund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees and shareholders of the FundsFund, reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds Fund and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and O. The Fund’s portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager Adviser herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of fund administration and accounting agent, transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. Salaries and other compensations compensation of executive officers of the Trust JIF who are not officers, directors, stockholders or employees of the Manager Adviser or its affiliates; provided however, that the Fund may bear its proportionate share of the cost of any chief compliance officer even if such officer is an officer, director, stockholder or employee of the Adviser or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions fees, commissions, spreads or other costs in connection with the purchase and sale of securities or other investments for the FundsFund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees Directors and shareholders of the FundsFund (including third party reports purchased to help the Board evaluate performance, fees and expenses as part of the 15(c) process), reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's JIF’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. Trustees' Directors’ fees and expenses to trustees directors who are not directors, officers, employees or stockholders of the Manager Adviser or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds JIF and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees directors and officer liability insurance premiums; and O. The Fund’s portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' each Fund's net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Fundseach Fund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Fundseach Fund, reports to the Funds' each Fund's shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' each Fund's and the Trust's legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' each Fund's shares for sale; K. Trustees' fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' Each Fund's pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to for the Manager services of the Manager, as provided hereinin Section 7; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent agent, and shareholder record-keeping recordkeeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of custodial services including recordkeeping services provided by the Custodian; E. Expenses of obtaining quotations for calculating the value of the Funds' net assets; E. F. If approved by a majority of the independent members of the Board, expenses of obtaining statistical, financial, analytical or other reports or analyses from Xxxxxxx/Xxxxxx Analytical Services, LLC or any other provider of such services for the Fund; G. Expenses of maintaining each Fund's tax records; H. Salaries and other compensations compensation of any of the Company's executive officers of the Trust and employees, if any, who are not officers, directors, stockholders stockholders, or employees of the Manager or its affiliatesManager; F. I. Taxes levied against against, or with respect to, the Funds; G. J. Brokerage fees and commissions in connection with the purchase and sale of portfolio securities for the Funds;. H. K. Costs, including the interest expense, of borrowing money; I. L. Costs and/or fees incident to meetings of Board of Trustees and shareholders of the Funds, the preparation and mailings of prospectuses and reports of the Funds to the Funds' their shareholders, the filing of reports with regulatory bodies and bodies, the maintenance of the Funds' existence, and the Trust's legal existenceregistration of their shares with federal and state securities authorities; J. M. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' shares for sale; K. TrusteesN. Costs of printing stock certificates representing shares of the Funds; O. Directors' fees and expenses to trustees directors who are not directors, officers, employees employees, or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. P. The Funds' pro rata portion of the fidelity bondbond required by Section 17(g) of the 1940 Act, errors and omissionsor other insurance premiums; Q. Association membership dues; and R. Extraordinary expenses as may arise with respect to the Funds, including expenses incurred in connection with litigation, proceedings, other claims, and trustees the legal obligations of the Funds to indemnify their shareholders, the Company's Directors, officers, or employees, distributors, and officer liability insurance premiumsagents with respect thereto.

Expenses of the Funds. It is understood that the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' ’ net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Funds, reports to the Funds' ’ shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' ’ and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' ’ shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' ’ pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds;.Fund; <BCLPAGE>2</BCLPAGE> # 4084182 v. 3 H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees and shareholders of the FundsFund, reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds Fund and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and O. The Fund’s portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees Xxxx and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-record- keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' net assets; E. Salaries Xxxxxxxx and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage Xxxxxxxxx fees and commissions in connection with the purchase and sale of securities for the Funds;. H. CostsXxxxx, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Funds, reports to the Funds' shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' and the Trust's legal existence; ; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' shares for sale; K. Trustees' fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds Fund will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds Fund shall include: A. a. Fees and expenses paid to the Manager as provided herein; B. b. Expenses of all audits by independent public accountants; C. c. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. d. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. e. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. f. Taxes levied against the FundsFund; G. g. Brokerage fees and commissions in connection with the purchase and sale of securities for the FundsFund;. H. h. Costs, including the interest expense, of borrowing money; I. i. Costs incident to meetings of the Board of Trustees and shareholders of the FundsFund, reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's ’s legal existence; J. j. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. k. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. l. Costs and expense of registering and maintaining the registration of the Funds Fund and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. m. Trade association dues; and; N. n. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and o. The Fund’s portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager Adviser herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' each Fund’s net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager Adviser or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Fundseach Fund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Fundseach Fund, reports to each Fund’s shareholders or contractholders investing in the Funds' shareholdersFund, the filing of reports with regulatory bodies and the maintenance of the Funds' each Fund’s and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' each Fund’s shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager Adviser or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholdersits shareholders or contractholders investing in the Funds; M. Trade association dues; and N. The Funds' ’ pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of Board of Trustees and shareholders of the Funds, reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's ’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds will pay all of their its own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their shares; D. Expenses of obtaining quotations for calculating the value of the Funds' ’ net assets; E. Salaries and other compensations of executive officers of the Trust who are not officers, directors, stockholders or employees of the Manager or its affiliates; F. Taxes levied against the Funds; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees and shareholders of the Funds, reports to the Funds' ’ shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' and the Trust's ’ legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' ’ shares for sale; K. Costs of printing stock certificates representing shares of the Funds. L. Trustees' ’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Manager or any of its affiliates; L. M. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal Federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. N. Trade association dues; and N. O. The Funds' ’ pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums.

Expenses of the Funds. It is understood that the Funds each Fund will pay all of their its own expenses other than those expressly assumed by the Manager Adviser herein, which expenses payable by the Funds Fund shall include: A. Fees and expenses paid to the Manager Adviser as provided herein; B. Expenses of all audits by independent public accountants; C. Expenses of fund administration and accounting agent, transfer agent, registrar, custodian, dividend disbursing agent and shareholder record-keeping services, including the expenses of issue, repurchase or redemption of their its shares; D. Expenses of obtaining quotations for calculating the value of the Funds' Fund’s net assets; E. Salaries and other compensations compensation of executive officers of the Trust Corporation who are not officers, directors, stockholders or employees of the Manager Adviser or its affiliates; provided however, that the Fund may bear its proportionate share of the cost of any chief compliance officer even if such officer is an officer, director, stockholder or employee of the Adviser or its affiliates; F. Taxes levied against the FundsFund; G. Brokerage fees and commissions fees, commissions, spreads or other costs in connection with the purchase and sale of securities or other investments for the FundsFund;. H. Costs, including the interest expense, of borrowing money; I. Costs incident to meetings of the Board of Trustees Directors and shareholders of the FundsFund (including third party reports purchased to help the Board evaluate performance, fees and expenses as part of the 15(c) process), reports to the Funds' Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the Funds' Fund’s and the Trust's Corporation’s legal existence; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' Fund’s shares for sale; K. Trustees' Directors’ fees and expenses to trustees directors who are not directors, officers, employees or stockholders of the Manager Adviser or any of its affiliates; L. Costs and expense of registering and maintaining the registration of the Funds Corporation and their its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their its shareholders; M. Trade association dues; and; N. The Funds' Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees directors and officer liability insurance premiums; and O. The Fund’s portion of the cost of any proxy voting service used on its behalf.

Expenses of the Funds. It is understood that each Fund will pay, or that the Trust will enter into arrangements that require third parties to pay, all expenses of the Funds will pay all of their own expenses other than those expressly assumed by the Manager herein, which expenses payable by the Funds shall include: A. Fees and expenses paid to the Manager as provided herein; B. Expenses of all audits by independent public accountants; C. B. Expenses of transfer agent, registrar, custodian, dividend disbursing agent, accounting and pricing agent and shareholder record-keeping recordkeeping services; C. Expenses of custodial services, including recordkeeping services provided by the expenses of issue, repurchase or redemption of their sharescustodian; D. Expenses of obtaining security valuation quotations for calculating the value of the Funds' each Fund's net assets; E. Salaries and other compensations compensation of any of its executive officers of the Trust and employees, if any, who are not officers, directors, stockholders or employees of the Manager or its affiliatesthe Adviser; F. Taxes or governmental fees levied against the Funds; ; G. Brokerage fees and commissions in connection with the purchase and sale of securities for the Funds' portfolio securities;. H. Costs, including the interest expense, of borrowing money; I. Costs and/or fees incident to meetings of Board of Trustees Trustee and shareholder meetings, the preparation and mailings of prospectuses, reports and notices to the existing shareholders of the Funds, reports to the Funds' shareholders, the filing of reports with regulatory bodies and bodies, the maintenance of the Funds' Trust's existence as a business trust, membership in investment company organizations, and the Trust's legal existenceregistration of shares with federal and state securities authorities; J. Legal fees, including the legal fees related to the registration and continued qualification of the Funds' each Fund's shares for salesale and legal fees arising from litigation to which the Trust may be a party and indemnification of the Trust's officers and trustees with respect thereto; K. Costs of printing share certificates (in the event such certificates are issued) representing shares of the Funds; L. Trustees' fees and expenses to trustees of Trustees who are not directors, officers, employees or stockholders of the Manager Manager, the Adviser or any of its their affiliates; L. Costs and expense of registering and maintaining the registration of the Funds and their shares under federal and any applicable state laws; including the printing and mailing of prospectuses to their shareholders; M. Trade association dues; and N. The Funds' M. Each Fund's pro rata portion of the fidelity bond, errors bond required by Section 17(g) of the Act and omissions, and trustees and officer liability other insurance premiums.