Common use of Fund Expenses Clause in Contracts

Fund Expenses. The Trust shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust on behalf of each Fund, assumes and shall pay or cause to be paid all expenses of the Trust (including any a Fund of the Trust) not otherwise allocated in this Agreement. For avoidance of doubt, includingFund expenses incurred shall be borne by the Funds and include, without limitationbut are not limited to, organizational costsinitial organization and offering expenses; costs of maintaining corporate existence; taxes; costs of preferred shares; expenses of conducting repurchase orders for legal the purpose of repurchasing fund shares; transfer agency, custodial and auditing dividend disbursing expenses; interest; compensation and expenses of the Trust’s trustees and compliance officers; brokerage fees and commissions; fees associated with Securities and Exchange Commission filings, including XXXXX fees and securities pricing data and expenses; regulatory fees; state and federal registration fees and fees for blue sky services; the expenses advisory, sub-advisory, administration and shareholder servicing fees; insurance premiums; fidelity bond premiums; costs relating to use of preparing (vendors to meet fund regulatory requirements, including typesetting), liquidity vendors; costs relating to printing and mailing reports, Trust Materials, proxy solicitation and tender offer delivery of materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs meetings of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administratortrustees; costs associated with DST FanMail or similar reporting servicerelating to printing; bank service charges; NSCC trading charges; fees Fund legal, accounting and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring audit expenses; and extraordinary expenses, including litigation affecting any Fund and legal obligations relating thereto for which the Fund may have to indemnify its Trustees or officers. In certain instances an Investment Adviser of a Fund in the Trust may elect to be responsible for certain Fund expenses but in no circumstance will any Fund expenses be borne by the Administrator. The Administrator may determine in its sole discretion which Fund expenses may be allocated to multiple Funds in the Trust or across all fees and charges of service providers to Funds in the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expensesTHIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI GLOBAL SERVICES, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this AgreementINC.

Fund Expenses. The Trust Funds assume and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) Funds not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Fund Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation UnitsShares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administratorFunds; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board membersdirectors; the costs of Board directors’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the TrustFunds. The Trust Funds shall also reimburse the Administrator for its reasonable costs and out-of-pocket expensesexpenses incurred in the performance of the Services, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.duties. SEI – 296447 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders (including, without limitation, any fees charged by Automated Data Processing, Inc. with respect to mailing materials to beneficial shareholders); all expenses incurred in connection with issuing and redeeming Creation UnitsShares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board memberstrustees; the costs of Board trustees’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expenses, including without limitation all reasonable charges for independent third party SAS 70 audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, SEI – 266179 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Unitsshares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust Each Fund shall pay or cause to be paid all of its own expenses and its allocable share of the Trust (Corporation expenses incurred in managing its portfolio of Securities, including any all commissions, xxxx-ups, transfer fees, registration fees, ticket charges, transfer taxes, custodian fees and similar expenses. Each Fund will also pay its allocable share of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; such extraordinary expenses for legal and auditing services; the expenses of preparing (as may arise including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing litigation, proceedings, and redeeming Creation Units; claims and the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration legal obligations of the shares under Federal Corporation to indemnify its officers and state securities laws; costs associated Directors and agents with attempting to locate lost shareholders; all expenses incurred in connection with respect thereto. Each Fund will promptly reimburse FIM for any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers such expense to the Trustextent advanced by FIM. The Trust shall also reimburse In no event will FIM have any obligation to pay any of the Administrator for its reasonable out-of-pocket Funds' expenses, including without limitation all reasonable charges limitation, the expenses of organizing the Corporation and continuing its existence; fees and expenses of Directors and officers of the Corporation; fees for independent third party audit chargesadministrative personnel and services; expenses incurred in the distribution of its shares ("Shares"), including expenses of administrative support services; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1933 and the 1940 Act; expenses of registering and qualifying the Corporation, the Funds, and Shares of the Funds under federal and state laws and regulations; expenses of preparing, printing, financial reporting software/typesetting and distributing prospectuses (and any amendments thereto) to shareholders; interest expense, taxes, fees, copyingand commissions of every kind; expenses of issue (including cost of Share certificates), postagepurchase, telephonerepurchase, and fax redemption of Shares; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents, and registrars; printing and mailing costs, auditing, accounting, and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of Directors and shareholders and proxy solicitations therefor; insurance expenses; association membership dues and such nonrecurring items as may arise, including all losses and liabilities incurred by in administering the Administrator in Corporation and the performance of its duties under this AgreementFunds.

Fund Expenses. The Trust Each Fund assumes and shall pay or cause to be paid all expenses of the Trust (including any such Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust MaterialsOffering Memorandum, statements of additional information, proxy solicitation and tender offer materials materials, and notices to existing shareholdersInterest holders; all expenses incurred in connection with issuing and redeeming Creation UnitsInterests; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost costs of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Interests under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board membersdirectors; the costs of Board directors’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trustsuch Fund. The Trust Each Fund shall also reimburse the Administrator for its reasonable costs and out-of-pocket expensesexpenses incurred in the performance of the Services, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.duties. In the event that the Administrator receives any rebate from a Special Third Party Vendor in connection with the services provided by such Special Third Party Vendor on behalf of the Fund, the Administrator shall pass through such rebate to the applicable Fund. SEI – 144089v4 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Unitsshares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result SEI – 273023 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Except as otherwise agreed upon between the Trust and Adviser pursuant to the Investment Advisory Agreement dated March 30, 2022, as amended, (the “Investment Advisory Agreement”), the Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.

Fund Expenses. The Trust Each Fund assumes and shall pay or cause to be paid all expenses of the Trust (including any such Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust MaterialsOffering Memorandum, statements of additional information, proxy solicitation and tender offer materials materials, and notices to existing shareholdersInterest holders; all expenses incurred in connection with issuing and redeeming Creation UnitsInterests; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost costs of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Interests under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board membersdirectors; the costs of Board directors’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trustsuch Fund. The Trust Each Fund shall also reimburse the Administrator for its reasonable costs and out-of-pocket expensesexpenses incurred in the performance of the Services, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. In the event that the Administrator receives any rebate from a Special Third Party Vendor in connection with the services provided by such Special Third Party Vendor on behalf of the Fund, the Administrator shall pass through such rebate to the applicable Fund.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expensesexpenses incurred in the performance of the Services, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust Fund assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Fund Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation UnitsShares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the TrustFund; any expense, if applicable, incurred to reprint the Trust Fund documents identifying the Administrator (along with its address and telephone number) as the TrustFund’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board memberstrustees; the costs of Board trustees’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the TrustFund. The Trust Fund shall also reimburse the Administrator for its reasonable costs and out-of-pocket expensesexpenses incurred in the performance of the Services, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.duties. THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Unitsshares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to SEI – 266109 locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing SEI – 266179 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES shareholders; all expenses incurred in connection with issuing and redeeming Creation Unitsshares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust Fund assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust MaterialsFund Data, proxy solicitation and tender offer materials and notices to existing shareholders (including, without limitation, any fees charged by Automated Data Processing, Inc. with respect to mailing materials to beneficial shareholders); all expenses incurred in connection with issuing and redeeming Creation UnitsShares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any unique reports or services requested by Fund (upon prior notice to and consent of the TrustFund); any expenseexpenses, if applicable, incurred to reprint the Trust Fund documents identifying the Administrator (along with its address and telephone number) as the Trust’s Fund's new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board membersdirectors; the costs of Board directors' meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the TrustFund. The Trust Fund shall also reimburse the Administrator for its reasonable out-of-pocket expensesexpenses actually incurred in the performance of the Services and which are supported by documentary evidence provided to the Fund upon request, including without limitation all reasonable pro-rated charges for independent third party SAS 70 audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Highland Funds I and II Sub-Administration Agreement Page 11 of 24 SEI – 266168 THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI INVESTMENTS GLOBAL FUNDS SERVICES Trust Materials, proxy solicitation and solicitation, tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Unitsshares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensesexpenses (provided that such expenses are not the result of a breach of this Agreement by Administrator); and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties. Upon request, the Administrator will provide reasonable supporting documentation for all such costs and out-of-pocket expenses.

Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit chargesInternal Control Audits, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust Fund assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust MaterialsFund Data, proxy solicitation and tender offer materials and notices to existing shareholders (including, without limitation, any fees charged by Automated Data Processing, Inc. with respect to mailing materials to beneficial shareholders); all expenses incurred in connection with issuing and redeeming Creation UnitsShares; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares Shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any unique reports or services requested by Fund (upon prior notice to and consent of the TrustFund); any expenseexpenses, if applicable, incurred to reprint the Trust Fund documents identifying the Administrator (along with its address and telephone number) as the TrustFund’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board membersdirectors; the costs of Board directors’ meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the TrustFund. The Trust Fund shall also reimburse the Administrator for its reasonable out-of-pocket expensesexpenses actually incurred in the performance of the Services and which are supported by documentary evidence provided to the Fund upon request, including without limitation all reasonable pro-rated charges for independent third party SAS 70 audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust Company assumes and shall pay or cause to be paid all expenses of the Trust Company (including any Fund of the TrustCompany) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Company Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the TrustCompany; any expense, if applicable, incurred to reprint the Trust Company documents identifying the Administrator (along with its address and telephone number) as the TrustCompany’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the TrustCompany. The Trust Company shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreement.

Fund Expenses. The Adviser, on behalf of the Trust and as described in Section 8.01, assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust Adviser shall also reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementduties.

Fund Expenses. The Trust Each Fund shall pay or cause to be paid all of its own expenses and its allocable share of the Trust (expenses incurred in managing its portfolio of Securities, including any all commissions, xxxx-ups, transfer fees, registration fees, ticket charges, transfer taxes, custodian fees and similar expenses. Each Fund will also pay its allocable share of the Trust) not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; such extraordinary expenses for legal and auditing services; the expenses of preparing (as may arise including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders; all expenses incurred in connection with issuing litigation, proceedings, and redeeming Creation Units; claims and the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and archival services, the costs of responding to document production requests; the cost of initial and ongoing registration legal obligations of the shares under Federal Trust to indemnify its officer and state securities laws; costs associated Trustees and agents with attempting to locate lost shareholders; all expenses incurred in connection with respect thereto. Each Fund will promptly reimburse FIMCO for any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers such expense to the Trustextent advanced by FIMCO. The Trust shall also reimburse In no event will FIMCO have any obligation to pay any of the Administrator for its reasonable out-of-pocket Funds' expenses, including without limitation all reasonable charges limitation, the expenses of organizing the Trust and continuing its existence; fees and expenses of Trustees and officers of the Trust; fees for independent third party audit chargesadministrative personnel and services; expenses incurred in the distribution of its shares ("Shares"), including expenses of administrative support services; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1933 and the 1940 Act; expenses of registering and qualifying the Trust, the Funds, and Shares of the Funds under federal and state laws and regulations; expenses of preparing, printing, financial reporting software/typesetting and distributing prospectuses (and any amendments thereto) to shareholders; interest expense, taxes, fees, copyingand commissions of every kind; expenses of issue (including cost of Share certificates), postagepurchase, telephonerepurchase, and fax redemption of Shares; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents, and registrars; printing and mailing costs, auditing, accounting, and legal expenses; reports to shareholders and governmental officers and commissions; expenses of meetings of Trustees and shareholders and proxy solicitations therefor; insurance expenses; association membership dues and such nonrecurring items as may arise, including all losses and liabilities incurred by in administering the Administrator in Trust and the performance of its duties under this AgreementFunds.

Fund Expenses. The Trust shall pay or cause to be paid all expenses Each Fund is responsible for and has assumed the obligation for payment of the Trust (including any Fund of the Trust) not otherwise allocated its expenses, other than as stated in this Agreement, includingincluding but not limited to: fees and expenses (including legal fees) incurred in connection with the issuance, without limitationregistration (and maintenance of registration) and transfer of its shares; commissions, organizational costsspreads, fees and other expenses connected with the acquisition, holding, disposition of securities and other investments including placement and similar fees in connection with direct placements entered into on behalf of the Fund; taxes; expenses for legal and auditing services; the all expenses of preparing (transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Trust for the benefit of the Fund including typesetting)all fees and expenses of its custodian, printing shareholder services agent and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholdersaccounting services agent; all expenses incurred in connection with issuing borrowings; dividend expenses related to short sales; costs and redeeming Creation Unitsexpenses of pricing and calculating its daily net asset value and of maintaining its books of account required under the 1940 Act; taxes, if any; its portion of expenditures in connection with meetings of the costs Board that are properly payable by the Fund; its allocable portion of Pricing Sourcesexpenditures in connection with meetings of shareholders as determined by the Board; its allocable portion of salaries and expenses, if any, of officers of the costs Trust other than officers and employees of loan credit activity dataU.S. Bancorp Fund Services, LLC or any duly appointed successor (the “Administrator”) (except the Trust’s Chief Compliance Officer if determined to be appropriate by the Board); its allocable portion of fees and expenses of members of the costs Board or members of escrow any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser or the Administrator; its allocable portion of the Trust’s insurance premiums on property or personnel of the Fund which inure to its benefit, including liability and custodial servicesfidelity bond insurance; the cost of document retention preparing and archival servicesprinting reports, proxy statements, the costs of responding to document production requests; the cost of initial and ongoing registration Prospectus of the shares under Federal Fund or other communications for distribution to existing shareholders; its allocable portion of the Trust’s legal, auditing and state securities lawsaccounting fees; costs associated with attempting to locate lost shareholdersits allocable portion of the Trust’s trade association dues or educational program expenses determined appropriate by the Board; all expenses incurred in connection of maintaining and servicing shareholder accounts of the Fund maintained with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees and out-of-pocket expenses of Board members; the costs of Board meetings; insurance; interest; brokerage costs; litigation and other extraordinary or nonrecurring expensestransfer agent, including all charges for transfer, shareholder recordkeeping, distribution disbursing, redemption; and all fees other charges and charges costs of its operation plus any extraordinary and non-recurring expenses including litigation, proceedings, claims and indemnification obligations to its directors, officers, service providers to the Trust. The Trust shall also reimburse the Administrator for its reasonable out-of-pocket expensesand shareholders, including without limitation all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties under this Agreementexcept as herein otherwise prescribed.