Common use of Expenses of the Portfolios Clause in Contracts

Expenses of the Portfolios. The Portfolios or Trust will pay, or will enter into arrangements that require third parties to pay, all expenses other than those expressly assumed by the Co-Adviser herein, which expenses payable by the Portfolios or Trust shall include: (a) Expenses of all audits by independent public accountants; (b) Expenses of Investment Adviser, transfer agent, registrar, dividend disbursing agent and shareholder recordkeeping services; (c) Expenses of custodial services including recordkeeping services provided by the custodian; (d) Expenses of obtaining quotations for calculating the value of the Portfolios' net assets; (e) Salaries and other compensation of any of its executive officers or employees, if any, who are not officers, directors, stockholders or employees of the Investment Adviser, the Co-Adviser, the Administrator or the Distributor; (f) Taxes levied against the Portfolios; (g) Brokerage fees and commissions in connection with the purchase and sale of portfolio securities for the Portfolios; (h) Costs, including the interest expense, of borrowing money; (i) Costs and/or fees incident to Trustees and shareholder meetings of the Trust and the Portfolios, the preparation and mailings of prospectuses and reports of the Portfolios to its existing shareholders, the filing of reports with regulatory bodies, the maintenance of the Portfolios' legal existence, and the registration of shares with federal and state securities authorities; (j) Legal fees, including the legal fees related to the registration and continued qualification of the Portfolios' shares for sale; (k) Costs of printing any share certificates representing shares of the Portfolios; (l) Fees and expenses of Trustees who are not affiliated persons, as defined in the 1940 Act, of the Co-Adviser, the Investment Adviser, the Distributor or any of their affiliates; and (m) Its pro rata portion of the fidelity bond required by Section 17(g) of the 1940 Act, or of other insurance premiums.

Expenses of the Portfolios. The Portfolios or Trust will pay, or will enter into arrangements that require third parties to pay, all expenses other than those expressly assumed by the Co-Investment Adviser herein, which expenses payable by the Portfolios or Trust shall include: (a) Expenses of all audits by independent public accountants; (b) Expenses of Investment the Co-Adviser, transfer agent, registrar, dividend disbursing agent and shareholder recordkeeping services; (c) Expenses of custodial services including recordkeeping services provided by the custodian; (d) Expenses of obtaining quotations for calculating the value of the Portfolios' net assets; (e) Salaries and other compensation of any of its executive officers or employees, if any, who are not officers, directors, stockholders or employees of the Investment Adviser, the Co-Adviser, the Administrator administrator or the Distributordistributor; (f) Taxes levied against the Portfolios; (g) Brokerage fees and commissions in connection with the purchase and sale of portfolio securities for the Portfolios; (h) Costs, including the interest expense, of borrowing money; (i) Costs and/or fees incident to Trustees and shareholder meetings of the Trust and the Portfolios, the preparation and mailings of prospectuses and reports of the Portfolios to its existing shareholders, the filing of reports with regulatory bodies, the maintenance of the Portfolios' legal existence, and the registration of shares with federal and state securities authorities; (j) Legal feesfees in connection with the representation of the Trust and/or Portfolios, including the legal fees related to the registration and continued qualification of the Portfolios' shares for sale; (k) Costs of printing any share certificates representing shares of the Portfolios; (l) Fees and expenses of Trustees who are not affiliated persons, as defined in the 1940 Act, of the Investment Adviser, the Co-Adviser, the Investment Adviser, the Distributor distributor or any of their affiliates; and (m) Its pro rata portion of the fidelity bond required by Section 17(g) of the 1940 Act, or of other insurance premiums.